Covering how to make a bank transfer to your CoinJar.
Transferring funds to your CoinJar in Australia
BPAY and POLi transfers are made digitally from either your bank account or directly within the CoinJar interface, whereas Blueshyft allows you to deposit cash directly into your CoinJar from a physical location.
In order to be eligible to transfer Australian dollars into your CoinJar, you must first become verified. If you don’t wish to become verified, you can still use CoinJar to send and receive bitcoin, however you won’t be able to transfer funds to or from your personal bank account.
Linking your bank account to your CoinJar is not required in order to make a new deposit, however the bank account you transfer funds from must be under your own name - not a third party.
|Supports instant transfers||No||Yes||Yes|
|Supports cash deposits||No||No||Yes|
Transferring funds to your CoinJar with BPAY
Similar to a regular bank transfers, BPAY allows you to send funds to your CoinJar from your online banking. There are no fees involved with making new BPAY transfers, however please refer to 'Important BPAY requirements' below for details regarding credit payments.
All verified CoinJar customers have been assigned their own unique BPAY reference number. This reference number will never change, meaning you can easily schedule future transfers from your online banking.
- If you're using a desktop browser, you'll be given the option to make a 'Quick Deposit' at the top of your CoinJar. You can select this for your BPAY details, including your reference number. On mobile browsers, select the dropdown menu attached to your profile image at the top of your screen and choose 'Add funds' for your BPAY details.
- Once you have your reference number, it’s simply a matter of signing in to your online banking and creating a new BPAY transfer. Enter CoinJar's BPAY Biller Code and your CoinJar's Reference number, along with the amount you wish to transfer to your CoinJar.
For details on how long it will take for your funds to reach CoinJar, please refer to our dedicated Knowledge Base article.
Important BPAY requirements
Please note that CoinJar does not accept BPAY transfers sent from credit accounts or from third parties. Only make BPAY transfers from a transaction account in your own name and from a regular transaction account. Accidental credit card transfers to CoinJar can face delays of up to several weeks, as well as additional processing fees beginning at 2.9%.
When making a transfer, please ensure the amount remains within your daily deposit limit to avoid additional delays. A minimum transfer amount of $10 is required.
When entering CoinJar's Biller Code in your online banking, it will be displayed as 'Bill Buddy'. This is normal behaviour, as our BPAY Master Biller is 'Bill Buddy'.
Transferring funds to your CoinJar with POLi
Just like BPAY, POLi is a fee-free online payment method that allows you to easily transfer funds to CoinJar from your Australian bank account. Transfers made through POLi will typically take 1-2 business days to be processed, however you can also make an instant transfer of up to $2,500 if your transfer meets certain requirements.
Currently, CoinJar can accept POLi transfers from the following Australian banks:
- Bank of Melbourne
- Bendigo Bank
- Bank of Queensland
- Commonwealth Bank
- ING Direct*
- Peoples Choice Credit Union
- St. George Bank*
- Suncorp Bank
Your POLi transfer must originate from a bank account under your own name to be accepted.
* Due to certain payment risks, some bank are ineligible for instant transfers (described below).
POLi instant transfer
When making a new POLi transfer to your CoinJar, you may be eligible for an instant transfer. An instant transfer allows your POLi payment to be available in your CoinJar's Cash Account right away - even while the transfer itself is still undergoing the typical 1-2 business day bank processing.
The 'Quick Deposit' section of your CoinJar takes the following requirements into account when you're making a new POLi transfer, and will advise you if the amount will be approved instantly, or arrive in the typical 1-2 business day bank processing period.
To be eligible for an instant transfer, the following requirements must be met:
- Your previous POLi transfer has now completed bank processing and arrived at CoinJar. This typically takes 1-2 business days to finalise. Our article on bank transfer time frames can provide an idea of how long transfers can take to reach CoinJar.
- You are not transferring from an ING Direct, IMB bank account, Westpac, or St. George bank account. Due to certain payment risks, some bank are ineligible for instant transfers. In these cases, CoinJar must wait the full 1-2 business day transfer period for the funds to arrive - before they can be approved into your Cash Account.
- Your transfer is below or equal to $2,500 Australian dollars and your daily limit for POLi transfers will allow this new amount to be cleared.
- You have been fully verified using our current identity verification system, originally implemented in late 2015 or have verified your legal name.
If you're looking to transfer more than $2,500 to your CoinJar using POLi, it's recommended you process your instant transfer of $2,500, and then transfer your remaining funds in a separate transaction. These additional funds will be processed within the typical 1-2 business days.
POLi instant transfer eligibility checker
The 'Quick Deposit' section of your CoinJar will always warn you if your POLi transfer will not be approved into your CoinJar instantly, taking into account the reasons above. This eligibility checker has no way of determining your banking partner, so please take into consideration the banks that are ineligible for instant transfers as described above.
Making a POLi transfer to your CoinJar
To transfer Australian dollars to your CoinJar using POLi, please complete the following:
- Once signed in to your CoinJar, navigate to your ‘Quick Deposit’ option at the top of your screen to show the Quick Deposit window.
- If the POLi tab is not visible, you must become verified using our latest ID verification system.
- Select the POLi tab and enter the amount you wish to transfer. You can check your current daily POLi limit in your CoinJar Settings. POLi transfers must be of at least $10.
- In order to proceed, you must agree to the terms of the deposit, then select 'Add funds'. All POLi transfers must be made from a bank account under your own name in order to be accepted. Third party transfers will automatically be placed on hold, and can face delays before being refunded.
- You will be redirected to POLi Payments to complete the bank transfer. Follow the onscreen instructions to complete this process.
Once you have completed your POLi transfer, your funds will be shown in your Cash Account as 'Pending' to signify that CoinJar has received acknowledgement of your payment. These funds will be approved automatically within 1-2 business days, and you'll receive an automatic email notification once those funds have been added to your CoinJar.
Transferring funds to your CoinJar with Blueshyft
Blueshyft allows you to deposit physical cash into your CoinJar from a selection of locations across Australia. These cash deposits do require a Blueshyft payment processing fee of 2.5%, however they allow you to make instant cash transfers into your CoinJar.
To transfer Australian dollars to your CoinJar using Blueshyft:
- Once signed in to your CoinJar, navigate to the ‘Quick Deposit’ option at the top of your screen to show the Quick Deposit window.
- Select the Blueshyft tab and enter the amount you wish to transfer into your CoinJar. You can check your current daily Blueshyft limit in your CoinJar Settings. Transfers must be of at least $50, and are limited to $1,000 per 24 hours.
- Select 'Add funds'. You'll then be provided with a unique QR code - sent to your email address. Present this QR code to a sales assistant at the Blueshyft cash deposit location of your choice, advising you wish to make a new cash deposit using Blueshyft. They will be able to assist with completing your deposit.
- Your cash deposit (minus the Blueshyft payment processing fee of 2.5%) will be added directly to your CoinJar's Cash Account.
Transferring funds to your CoinJar from a non-Australian bank account
CoinJar currently supports the ability to accept bank transfers from Australian bank accounts exclusively.
United Kingdom and Eurozone bank transfers have been supported previously, however have temporarily been disabled while CoinJar transitions to an alternative payment provider.
Updated: 14 Jul 2017 (AS)
Reviewed: 14 Jul 2017 (AS)