BANK003 - Bank transfer FAQ

How long will my bank transfer take?

How fast is rapid bank transfer?

Rapid bank transfer is instant. Once transferred, the transfer will appear pending in your bank account until they clear it. Rapid bank transfer is only for US customers and banks. 

Why does a standard bank transfer take time?

When transferring money to a bank, XTRM chooses the lowest cost and fastest route for you. Some countries have faster bank transfers than others. If there is no low-cost and fast (typically free) route available such as low-cost ACH in the US, we will send via SWIFT or WIRE. Wires are a very old and traditional bank transfer method and take time.

• Bank transfers can take from 2 to 7 business days. This does not include weekends when banks are closed.
  
• Exotic currencies can take up to 14 business days, occasionally more. Again, this does not include weekends when banks are closed.

Unfortunately, XTRM has no control over the time that bank transfers take or how quickly returns come back to us. We wish we did! Please try to be patient and understand that if you did enter incorrect information, your money will bounce back and be credited to your wallet.

I transferred my money using a standard bank transfer, but it has not arrived.

If you enter the bank details incorrectly, the banks will return them. Unfortunately, the timing of this is 100% out of our control. Once it returns, it will be reflected in your wallet, and you will be alerted by email. You can then delete your old bank, relink a new bank with the correct information, and re-transfer. 

We cannot stop a transfer once it has been sent. Nor can we accelerate a return. We wish we could. 

I read the above, but I want more details.

After you initiate a transfer, there are only 2 outcomes:

1) The bank details are correct, and it will be successful. > 99.8%  

2) The bank details are wrong, and the bank cant match your account, and it will be returned.    < 0.2%  

Please read these points:

• Of the < 0.2% failed transfers, almost all are caused by entering incorrect bank details. So please be careful when linking. Very few are rejected for compliance reasons.
• In the USA, use the correct ABA routing number for ACH. Some banks have 2, one for ACH and one for WIRE. Please use the one for ACH. If you are not sure, please ask your bank.
  
• We don't know if it has failed until it is returned. There is no way around that. That is the way EFT works.
• Return time takes a few days to a few weeks or sometimes even longer for foreign transfers.
• We can request a bank trace, which often takes longer than waiting for a return.
• Once funds return, we instantly credit the user's wallet and notify them via email of the issue.
• Users with returns need to delete and carefully relink their banks.
• In some cases, we will delete their bank for them.
• Managing companies can delete and relink banks for their customers.

My bank says they didn't receive the transfer.

If your bank denies receipt of the transfer. Please request a SWIFT/MT103 from support@xtrm.com. Providing the MT103 message to the bank assists them in locating the payment and crediting the account. Sometimes the banks receive the transfer but don't apply it to your account, so a call from you is all that is needed to credit your account. 

Please note that we mostly transfer using an alternate low-cost and faster method instead of a swift wire. This is referred to as a 'low value' transfer, and in this case, there is no swift confirmation and no MT103 message.