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

Transfer to Bank lets you convert BTC into ZAR (South African Rand) and transfer the changed currency into your bank account. This 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

      Transfer_to_Bank_KB_Step_1.png
    2. Within your Wallet, hit the tab Transfer to Bank 

      Transfer_to_Bank_KB_Step_2.png
    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.

      Transfer_to_Bank_KB_Step_3.png

      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


      Transfer_to_Bank_KB_Step_4_.png

    5. You will be asked to review the amount of ZAR you want to transfer to your bank account.
      Transfer_to_Bank_KB_Step_5.png

      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.

      Transfer_to_Bank_Step_6.png

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 on what a posted transaction should look like: Transfer_to_Bank_Step_6_note.png

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