CoinJar currently supports the ability to transfer funds to Australian bank accounts exclusively. For more information, please refer to CoinJar's Supported regions Knowledge Base article.
PayID / NPP deposits
Payments made using the New Payment Platform (NPP) via PayID are often considered to be "instant", due to them being able to be approved within a minute of the amount being sent. In some cases, PayID payments can take longer than expected due to (but not limited to) the following reasons:
- It's your first PayID deposit to CoinJar. Some banks will enforce a delay if it's your first payment to a new payee.
- Your reference number is entered incorrectly, or not at all. Most banks will either prevent this, or simply return the funds to you - it's best to contact your bank if this doesn't happen automatically.
There are two factors which make up the amount of time it takes for a new deposit to be available in your Cash Account - bank transfer time and internal review time. If you have a BPAY transfer showing as 'Pending' in your Cash Account, please refer to our dedicated Knowledge Base article Reasons for a pending BPAY transfer.
Bank transfer time
CoinJar does not have control over the time it takes for your bank to send your bank deposit. In our experience, most BPAY deposits are received during the morning of the next business day, provided the transfer was completed before your bank's cut-off time.
Some banks can take up to three full business days to send deposits. If you haven't seen your deposit displayed in your Cash Account by the 4th business day, we recommend contacting your bank to confirm the status.
Internal BPAY review time
CoinJar receives new BPAY deposits each business day, usually between 9:00am and 12:00pm midday (Melbourne time). As soon as we receive your deposit, we automatically transfer the funds into your Cash Account balance in a Pending state. This lets you know the deposit has been successfully received by CoinJar from your bank.
As part of our fraud prevention initiatives we then review deposits before the funds are fully released into your Cash Account. These deposits will remain in a pending state until approved, at which point you'll receive a notification that the deposit is available.
The more regularly you make deposits to CoinJar, the faster this internal review time will become. If you feel your deposit is being held for too long we encourage you to contact CoinJar Support to request an expedited review.
Expected bank withdrawal timeframes in Australia
CoinJar processes withdrawals each business day at 3:30pm (Melbourne time). Withdrawals requested after this time on any business day, or any time during the weekend, will be processed at 3:30pm the following business day.
Bank withdrawals are not instantaneous. In our experience, most customer withdrawals are received during the morning of the next business day - provided the transfer is made before 3:30pm on a business day. CoinJar does not have control over the time it takes for your bank to credit your account, and some banks can take up to three business days to process withdrawals.
If you haven't seen your withdrawal in your bank account by the 4th business day we recommend you contact CoinJar Support to confirm the withdrawal status and gather information to help you follow up with your bank.
Updated: 17 Jan 2019 (AS)
Reviewed: 17 Jan 2019 (AS)