What is Transfer to Bank and How do I use it?

Modified on Wed, 03 Jan 2024 at 02:57 PM

Transfer to Bank lets you convert BTC into ZAR (South African Rand) and transfer the changed currency into your bank accountThis functionality allows users to have better access to digital currencies, and it further helps users seamlessly integrate their crypto needs into their everyday lives. 

How does it work?

Transferring your crypto to your account can be done in five easy steps. Keep reading to see how you can use the functionality.

    1. Start from the Paxful home page and head to your Wallet

    2. Within your Wallet, hit the tab Transfer to Bank

    3. Then decide how much crypto you would like to exchange and transfer to your bank account. You will also be able to see how much ZAR you’ll be receiving.

      Note: Keep in mind that there is a flat fee of 60 ZAR associated with each transfer.

    4. After you confirm the amount, you will have to input the following information:
      - Your full name
      - Your bank’s name
      - Your account number
      - Your branch code

    5. You will be asked to review the amount of ZAR you want to transfer to your bank account.

      Note: You will be asked to enter a 2FA code for security purposes. To ensure you have 2FA set up properly, visit our help center article.

    6. That’s it! Once you have successfully transferred the amount, you’ll see the confirmation page below.

Note: Transfers are processed between 10:00am - 11:00am SAST and 3:00pm - 4:00pm SAST. Deposits made after 4:00 pm SAST will be processed the following day. If you post a transaction between these times, and you don’t see your transaction posted on Paxful, we recommend you reach out to our support team.

See the image below for what a posted transaction should look like: 

If you need any assistance from our Support team, do not hesitate to contact us. Check out this article on How to Contact Support