Why Hasn’t My Cryptocurrency Been Delivered After Paying via Open Banking or SEPA Bank Transfer?
If you have paid for cryptocurrency using Open Banking or SEPA Bank Transfer and haven't received your assets yet, this article explains the potential reasons for the delay and how the SEPA process impacts settlement timing.
Understanding SEPA Bank Transfers
The Single Euro Payments Area (SEPA) enables seamless and secure Euro bank transfers across Europe. SEPA offers two types of transfers:
1. Instant SEPA Transfer – Usually settles within seconds, providing near-instant confirmation.
2. Standard SEPA Transfer – Generally takes between 1 to 3 business days for settlement.
While the majority of European banks support Instant SEPA, a few may still rely on Standard SEPA, which takes longer.
Why Instant SEPA Transfers Settle Faster
- When you initiate an Instant SEPA transfer, funds are typically confirmed within seconds, allowing us to process and deliver your cryptocurrency quickly, almost instantly upon confirmation from the bank.
- If your bank only supports Standard SEPA, the transaction may take 1 to 3 business days to settle. In this case, we cannot release the cryptocurrency until we receive the confirmation from your bank.
Why This Affects Your Crypto Delivery Time
For customers whose banks do not support Instant SEPA, delays can happen because:
- Bank Processing Time: The transaction requires additional time (up to 3 business days) to reach our account.
- Settlement Confirmation: We only deliver the cryptocurrency after receiving settlement confirmation from your bank.
How to Check Your Bank’s SEPA Type
To confirm the type of SEPA transfer available:
- Contact your bank or check your bank’s online banking platform to determine whether they support Instant SEPA or Standard SEPA.
- If using Standard SEPA, please allow for up to 3 business days for funds to arrive and for us to settle the cryptocurrency transfer.
What to Do if There Is a Delay
If you experience a delay longer than expected:
1. Confirm with Your Bank: Check with your bank to confirm the status of the transfer.
2. Allow Sufficient Time: If using Standard SEPA, wait for 1 to 3 business days from the transaction date.
3. Contact Support: If your funds haven’t arrived after 3 business days, reach out to our support team with details of your transaction, including:
- Transfer date
- Transfer amount
- SEPA transfer type (Instant or Standard)
- Bank confirmation or any reference details provided by your bank
We are committed to ensuring the secure and timely delivery of your cryptocurrency and appreciate your understanding of the SEPA processing timelines.
For further assistance, contact Rampnow Support
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