Topic: Something I noticed when sending USD from Coinbase to my bank account (Read 3084 times)
July 29, 2019, 03:25:56 PM
Thanks for the info, figment. It makes better sense now but it is still really SLOW. My transaction is over with though.
July 28, 2019, 09:40:10 PM
Sending fiat from Coinbase into my bank account should be instant and anybody who justifies it is pushing lies. It should be the same speed of going up to an ATM machine to get cash.
in the USA we're still using the archaic ACH system. that requires settlement of interbank payments. a cash withdrawal from an ATM doesn't require interbank settlement.
The amount of money I withdrew from Coinbase was not a huge amount, and I have never had any suspicious activity on neither my Coinbase or my bank account. It's almost the year 2020 with drones flying around in the air and we are sending space shuttles to Mars for cripes sake. The banks should have caught up with the rest of the speediness of the world by now.
isn't that one of the selling points of cryptocurrencies---avoiding banking delays?
in all likelihood, it's the recipient bank (your bank) that's causing the delays, as a matter of risk management against fraud. that's the primary reason coinbase can't guarantee an effective payment date. the recipient bank generally waits out the "settlement period" for an ACH payment before crediting funds to your account. otherwise they are effectively extending you credit if the payment doesn't end up clearing. in other words, your bank is worried that coinbase's bank might be defrauding them and is taking steps to mitigate that. https://www.quora.com/What-is-the-shortest-ACH-debit-settlement-period-that-is-needed-to-avoid-fraud/answer/Faisal-Khan-1
July 28, 2019, 08:57:54 PM
The banking system we have is a mess of pretty little lies.
Sending fiat from Coinbase into my bank account should be instant and anybody who justifies it is pushing lies. It should be the same speed of going up to an ATM machine to get cash. The amount of money I withdrew from Coinbase was not a huge amount, and I have never had any suspicious activity on neither my Coinbase or my bank account. It's almost the year 2020 with drones flying around in the air and we are sending space shuttles to Mars for cripes sake. The banks should have caught up with the rest of the speediness of the world by now.
Sending fiat from Coinbase into my bank account should be instant and anybody who justifies it is pushing lies. It should be the same speed of going up to an ATM machine to get cash. The amount of money I withdrew from Coinbase was not a huge amount, and I have never had any suspicious activity on neither my Coinbase or my bank account. It's almost the year 2020 with drones flying around in the air and we are sending space shuttles to Mars for cripes sake. The banks should have caught up with the rest of the speediness of the world by now.
July 28, 2019, 10:11:32 AM
I'd be interested to know which countries have right now these systems you are referring to. SEPA as you are saying is "in the process" of creating an instant wire-transfer processing system, which in banking terms means 2-10 years.
Did you look at the link I provided? I don't have to click links and I rarely do. It is your duty to answer in detail since you did jump in the discussion without being asked.
Then again I admit that I was wrong as I didn't believe that EU banks could have adopted so fast and didn't wire-transfer money since 2018. The information you provided was valuable.
July 28, 2019, 09:47:28 AM
I'd be interested to know which countries have right now these systems you are referring to. SEPA as you are saying is "in the process" of creating an instant wire-transfer processing system, which in banking terms means 2-10 years.
Did you look at the link I provided? 50% of payment service providers in Europe are already using this system to make transfers in under 10 seconds right now. They are "in the process" of rolling it out to try to reach 100% adoption.Which countries are these?
As of right now, there are payment service providers in the following 20 countries using this instant transfer system: Germany, France, Belgium, Netherlands, Luxembourg, Austria, Italy, Spain, Portugal, United Kingdom, Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Bulgaria, Malta, Cyprus, and Monaco. July 28, 2019, 09:35:15 AM
Where have you seen wire transfers processing instantly? It takes 3 days minimum. This is the traditional banking we are speaking about. Who the hell told you it is instant???
There are some countries with systems in place to allow instant transfers. The Single Euro Payments Area (SEPA) are in the process of setting up a European wide payment processor called SEPA Instant Credit Transfer (https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer) which should allow instant transfers between accounts at any time of day or night. Whether or not exchanges will start using this is another matter, but it is certainly possible.Fiat banking systems are generally pretty slow and archaic, but the US banking system is very poor even by those standards. Perhaps the growth of bitcoin might force them to actually modernize a little.
I'd be interested to know which countries have right now these systems you are referring to. SEPA as you are saying is "in the process" of creating an instant wire-transfer processing system, which in banking terms means 2-10 years.
So you are basically saying that their is no system available to process transactions in the same day.
I don't understand why you don't answer my question with a simple yes you are right and you are starting with "There are some countries with systems in place to allow instant transfers."
Which countries are these? Can you go in detail?
July 23, 2019, 09:18:34 AM
Today I checked my bank account and I have verified that the funds were finally deposited. The transaction posted as pending in my bank ledger on the day I submitted my order to move funds out of Coinbase, however it did not post for probably the 3 days. I say probably because I did not see an exact date for when my bank received the funds -- it could have been 3 days less or more, I really do not know for sure.
Obviously Coinbase, well, let's just say that Coinbase leaves it's clients in the dark best they can. If you need to argue and defend Coinbase just read this whole topic over again. They leave clients in the dark best the can in the form of little bits and sneaky pieces of darkness here and here. Who knows where the money goes? Nobody. Don't bother asking because Coinbase is like a box of financial chocolates. You just never know what you are going to get.
Obviously Coinbase, well, let's just say that Coinbase leaves it's clients in the dark best they can. If you need to argue and defend Coinbase just read this whole topic over again. They leave clients in the dark best the can in the form of little bits and sneaky pieces of darkness here and here. Who knows where the money goes? Nobody. Don't bother asking because Coinbase is like a box of financial chocolates. You just never know what you are going to get.
July 22, 2019, 03:18:24 PM
Let's just say that I am a concerned customer and I am leaving really excellent feedback for their company. Coinbase is now potentially bigger than a lot of big banks in the world. The same thing goes with Binance. They are both simply huge now. All I would expect from Coinbase is a little pop up box confirmation saying Your funds will be transferred in 3 days, would you still like to proceed? Or Your funds of $XXXXX of dollars has been sent and processed, thank you.
i don't think they actually know for sure. initiating a withdrawal triggers fraud/due diligence checks which differ on a case-by-case basis. then there are possible delays from the customer's bank (or intermediary banks in the case of wires).
so they give you a time window that indicates the latest time you'll receive it, which seems like the best we can expect. anytime i've confirmed a bank withdrawal from coinbase pro, the confirmation says "coinbase_payout_at: xxxxx" where xxxxx is the latest date the ACH will hit my account. it's always hit my account earlier than that.
doesn't seem like a big deal to me.
July 22, 2019, 11:40:44 AM
For some reason, you seem to want Coinbase to be the bad guy here. They aren't.
Let's just say that I am a concerned customer and I am leaving really excellent feedback for their company. Coinbase is now potentially bigger than a lot of big banks in the world. The same thing goes with Binance. They are both simply huge now. All I would expect from Coinbase is a little pop up box confirmation saying Your funds will be transferred in 3 days, would you still like to proceed? Or Your funds of $XXXXX of dollars has been sent and processed, thank you.
July 22, 2019, 03:46:04 AM
Being used to international transfers as I'm banking in a small country, I'm not surprised. Within the SEPA zone, transfers are fast, some banks even proposing same day service at extra cost, but elsewhere, it's quite normal for a transfer to take 2 business days.
July 22, 2019, 03:35:12 AM
Well it has been 4 days now and my Coinbase transfer was probably sent to my bank account. I say probably because I do not know for sure unless I log into my bank account.
Coinbase also do not know for sure, unless they are also able to log in to your bank account to check. Think of the ACH system like mailing some physical cash to someone, via standard non-tracked shipping. The sender, in this case Coinbase, processes your transaction and puts it in the post immediately upon receiving it. Their part is now done, and there is nothing they can do from this point onwards to speed the process up. You now have to wait several days for the postal system/ACH system to deliver your transaction. Coinbase don't know when your transaction arrives - all they know is when they processed it and how long on average these things take.I guess it is up to me to log in and see what's there?
Yes. The same with any payment or bank transfer. If you transfer money to someone else's bank account, does their bank email you to say the funds have been received?Again, I have no love for Coinbase, but this has nothing to do with them.
July 22, 2019, 02:51:26 AM
Well it has been 4 days now and my Coinbase transfer was probably sent to my bank account. I say probably because I do not know for sure unless I log into my bank account. Why? Because Coinbase did not send a confirmation email that confirms whether or not my money was sent. I guess it is up to me to log in and see what's there?
By the way, after a 3 days wait, I would totally expect Coinbase to send me a confirmation email stating that my funds we successfully sent. I guess they just like to leave that little bit of mystery for their clients. Little surprises!
By the way, after a 3 days wait, I would totally expect Coinbase to send me a confirmation email stating that my funds we successfully sent. I guess they just like to leave that little bit of mystery for their clients. Little surprises!
For some reason, you seem to want Coinbase to be the bad guy here. They aren't. Coinbase has no way to know when your bank will credit the money to your account. I'm sure that they dislike the delays as much as you do.
July 21, 2019, 10:20:59 PM
Well it has been 4 days now and my Coinbase transfer was probably sent to my bank account. I say probably because I do not know for sure unless I log into my bank account. Why? Because Coinbase did not send a confirmation email that confirms whether or not my money was sent. I guess it is up to me to log in and see what's there?
By the way, after a 3 days wait, I would totally expect Coinbase to send me a confirmation email stating that my funds we successfully sent. I guess they just like to leave that little bit of mystery for their clients. Little surprises!
By the way, after a 3 days wait, I would totally expect Coinbase to send me a confirmation email stating that my funds we successfully sent. I guess they just like to leave that little bit of mystery for their clients. Little surprises!
July 20, 2019, 04:27:08 AM
Where have you seen wire transfers processing instantly? It takes 3 days minimum. This is the traditional banking we are speaking about. Who the hell told you it is instant???
There are some countries with systems in place to allow instant transfers. The Single Euro Payments Area (SEPA) are in the process of setting up a European wide payment processor called SEPA Instant Credit Transfer (https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer) which should allow instant transfers between accounts at any time of day or night. Whether or not exchanges will start using this is another matter, but it is certainly possible.Most SEPA transfers reach no later than the next business day these days, and depending on the bank/country transfers under 15k EUR are near-instant as in your link. It only applies to EU/EEA/EFTA+microstates, though, other European countries such Russia, Belarus, Ukraine, the Caucasus, and a handful of Balkan countries aren't covered (...yet).
July 20, 2019, 02:13:47 AM
Where have you seen wire transfers processing instantly? It takes 3 days minimum. This is the traditional banking we are speaking about. Who the hell told you it is instant???
There are some countries with systems in place to allow instant transfers. The Single Euro Payments Area (SEPA) are in the process of setting up a European wide payment processor called SEPA Instant Credit Transfer (https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer) which should allow instant transfers between accounts at any time of day or night. Whether or not exchanges will start using this is another matter, but it is certainly possible.Fiat banking systems are generally pretty slow and archaic, but the US banking system is very poor even by those standards. Perhaps the growth of bitcoin might force them to actually modernize a little.
July 20, 2019, 12:34:16 AM
Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.
Where have you seen wire transfers processing instantly? It takes 3 days minimum. This is the traditional banking we are speaking about. Who the hell told you it is instant???
Even the money you sent from your card to buy on Amazon they are not delivered instantly. Amazon sees them on their account on the next working day! So if you buy something at Friday Amazon will have the money available only on Monday.
What is actually instant is only transfers between accounts of the same bank.
July 19, 2019, 07:03:45 PM
Because the NSA keeps tabs on the entire world, they are able to find the source of terrorism. They share this information with the 'five eyes' and in a way keep much of the world safe.
That's the justification they use for mass surveillance, but it just isn't true. Terrorists aren't communicating via Facebook or GoogleMail. They are using encrypted lines of communication.Because companies know so much about us, they know what kind of technology we use, what kind of technology we will buy. This is not only good for the economy, but also technological advancement of the whole world.
This can be known from sale figures, it doesn't require mass surveillance.Because companies sell our data, we are able to use their services for free. How would you feel if you needed to pay a subscription for google maps, facebook, twitter, email, or pretty much any free service that you use?
I don't use Facebook, Twitter, or any other social media. I use encrypted email providers which are free. I don't use Google Maps, but use a free alternative which doesn't track me. There are free and privacy conscious alternatives for pretty much everything. Even Tor is free to use.There is good and bad to the invasion of privacy. Where to draw the line?
There is no good invasion of privacy. July 19, 2019, 04:36:31 PM
It's probably for fraud and AML checks. Once the bank transfer settles -- especially wires -- they can't claw the money back. If your account doesn't get flagged for suspicious activity in those few days, then they release the funds.
It's annoying but I've never faced any issues. They've always been upfront about the delay.
It's annoying but I've never faced any issues. They've always been upfront about the delay.
Yeah, but in OP's case he's withdrawing from Coinbase to his bank account. If it was the other way around that would have been understandable, but in his case it doesn't make sense unless it's the fault of USA's antiquated banking systems taking their time to process bank transfers.
July 19, 2019, 04:27:27 PM
Today I sent a small amount of USD from my Coinbase account, to my bank account. It says I will not receive those funds for 3 full days. Any other bank in the world would make that transaction almost immediately. Why does Coinbase take their sweet time? That is cruddy. Coinbase treats fiat like it is crypto. I am glad I do not have funds in Coinbase anymore, well, in a few days I won't.
I visited a country where a wire transfer among different local banks can take up to TWO weeks, so no...
In my country, it would normally take about one to two working days, but we can't do any international transfers.
Bitcoin? A mere hour at most, border-less, tax-less.
Fiat and banks we don't need, they get in the way.
Right I think depends on the volume of transactions how long the confirmation of the money funds transfer.
Herein my country I use local wallet to transafer my fund into bank process time 24 hours before the transaction completed to cofirm.
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July 19, 2019, 04:10:22 PM
You do have options though. Use Linux instead of Windows. Use Firefox instead of Chrome. Use DuckDuckGo instead of Google search. Use ProtonMail instead of GoogleMail. For every service you use which invades your privacy, there is an alternative which doesn't.
Use Linux instead of Windows.
- I never used Linux and I do not think I will ever consider it too.
Use Firefox instead of Chrome.
- I feel Chrome service is better and using it however changing it to firefox is that that hard.
Use DuckDuckGo instead of Google search
- Not user friendly. Google is bringing exactly that I want but in DuckDuckGo every time I am going from the start.
Use ProtonMail instead of GoogleMail
- Never tried ProtonMail. Guess I will give it a try.
Problem is that - the alternatives are not very much up to date with the comfort lever the regular services offer. It's like your phone company. In your circle if everyone is using service A then you are using the same because service A is giving some specific offers which you can not find with other service to communicate with your friends.
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