Facing issues with SGD deposits via bank transfers on Coinhako? We answer all the frequently asked questions here:
- Why is the beneficiary name not Coinhako?
- Who is MatchMove Pte Ltd? Are they a bank?
- How long do deposits via bank transfers take?
- I am a verified user, why does it show pending additional verification?
- I have tried to deposit SGD multiple times but the transaction is not going through. What’s going on?
- How to deposit SGD on Coinhako?
The beneficiary name shown to each user is unique and can be accessed by viewing the deposit page in the app. Do note that while making a transfer, the beneficiary name has to be entered in the exact order shown on the app.
MatchMove is one of the world’s fastest growing fintech companies in digital payments and banking, that helps enterprise clients digitise their payments. MatchMove is among the few eligible non-bank financial institutions (NFIs) in Singapore licensed to connect directly to Fast and Secure Transfers (FAST).
While MatchMove is not a bank, we strongly believe that their payment support can alleviate long-standing concerns surrounding disruptions to our bank transfer payments, allowing us to provide you with a better overall Coinhako experience.
Is MatchMove regulated?
MatchMove Pay Pte Ltd, is a company duly established and operating under the laws of Singapore. The issuer of Wallet or Responsible Financial Institution (“FI”), holds a Major Payment Institution License or “Regulated Entity” under the Payment Services Act .
Why is the bank account number from MatchMove longer than the usual bank numbers?
With MatchMove, every user is given their own unique virtual wallet account number on Coinhako. This is a string of 16 digits and gives MatchMove an “address” to send your funds to. This account number is unique to you, and you should transfer funds to your account number only. Your transfer will not be processed if you use someone else’s virtual wallet account number.
Are there any fees charged for depositing via MatchMove?
No fees are charged for depositing via Matchmove.
Deposits should be processed within minutes. Please reach out to our team if you have not receive the deposit within 30 minutes.
Reasons your deposit might be delayed
- You forget to enter Your Unique Deposit Code in the 'Comment/Description' Section.
- The deposit bank account details are not entered properly.
- The words like Bitcoin / Cryptocurrency / Coinhako are entered when you make the transfer.
- Funds transferred from a bank account that does not match your submitted identity card/ passport name or from a joint bank account.
Here are some things you can do if your deposit is delayed
If your deposit has not been credited to your account within the stated time frame, please contact our support team here.
**Kindly attach a screenshot of the transaction and its details to help us expedite the process for you. Visit this guide for information on deposits via bank transfers in Coinhako.
Don’t worry, this has nothing to do with your verification status on Coinhako.
As we are working with an external payment provider, they need to onboard users from our customer base and this takes some time.
Typically, the process takes anywhere from 24 - 72 hours. However, you may be subject to another round of verification depending on your risk level and assessment.
If you require further assistance on this kindly contact us at email@example.com.
5. I have tried to deposit SGD multiple times but the transaction is not going through. What’s going on?
This could be due to a few factors.
- You have entered the wrong beneficiary name
- Your bank has a character limit on the recipient/beneficiary name
- You have entered the wrong account number
Your deposit will not go through unless the name entered at the point of transfer matches the beneficiary name in the exact order.
We are aware that certain banking providers impose a character limit for beneficiary names and are working alongside payment service provider to resolve the issue as soon as possible. Resolution is already in the works, and most users should be able to make SGD deposits seamlessly very soon.
For information on how to make deposits via bank transfers on Coinhako, you can visit our ‘Deposits via Bank Transfers’ guide.