When you are selling bitcoin, make sure you know how long the payment method you are accepting takes to clear.
Every different payment method has its own perks and things you need to keep in mind. Bank transfers are relatively low risk because there are no charge backs. However the processing times vary vastly depending on which bank you use and what country you are in.
SEPA payments all over Europe go through in a few hours, international transfers can take days. The cut off point for SEPA payments is 16.30, payments done after this time will be credited the next day.
Wire transfers in the US can be instant to a few hours.
Bank transfers in Africa vary a lot depending on which country you are in, some offer same day transfers that can go through instantly, some countries the standard protocol can be 24h. Please check with your local bank.
Domestic bank transfers in China can go through instantly or within a few hours, the cut-off time is normally 16.00 this can vary depending on what bank you use. Internal bank transfer cut-off time is normally 19.30, this too can vary depending on the bank.
It is generally better to accept bank transfer payments from your local country or even better, the same bank.
The standard rule is that bank transfers are done on business days and will not go through on weekends unless it is coming from the same bank – in this case do also check with your bank if they do transfers on weekends.
Here are some things you need to know when accepting bank transfers
- Transfer times between different banks
- Transfer time between the same back
It is always a good idea to check with your bank about processing times and whether there’s a daily cut-off point for transfers.
If you have any more questions, please contact support.