Kraken SEPA withdrawal Reverted


#1

Hi

I requested a euro SEPA withdrawal from Kraken exchange yesterday (for the first time) afternoon UK time, and this morning I noticed that the payment was greyed out in my Revolut account and it said reverted. The amount was never credited. So it is being reversed and going back to Kraken.

Has anyone had this experience? It’s from my understanding that there were no longer problems with SEPA payment from exchanges once Revolut introduced GB IBAN numbers. My euro account is activated and all IBAN information was entered correctly.

Can anyone please elaborate if they have further or current information. Are Revolut no longer accepting withdrawals from Kraken or any other cryptocurrency exchange for that matter?

Thanks
Rory


Transfers to Kraken Rejected
Declined withdrawal from Kraken.com
#2

Hey mate i had exactly the same issue with a SEPA transaction from Bitpanda today. All info entered correctly but funds were sent back. Just jumping in on your post to say this and also see what others will say.

Thanks
Dariush


#3

Yeah I contacted Kraken support, and they also told me that they were receiving a lot of support tickets from Revolut transactions, see below:

“We’re receiving quite a few tickets on withdrawal rejection from Revolut, checked at our end just now, haven’t received your failed withdrawal yet, might show up later today or tomorrow, once received, we’ll credit the funds to your kraken.”

Also not getting anywhere with the Revolut chat support. There’s only a robot to talk to.


#4

OK, the funds are now back in my Euro Wallet on Bitpanda so i’m sure the fiat will be sent back to Kraken. Also having the same issue with Revolut support that normally has been very prompt (suspect or what?).

Let me know if you find anything out! Theres no reason why this shouldn’t work, i know people that have done it before.


#5

Have been chatting to Revolut support who just confirmed that as of May 1, they have stopped support for Kraken exchange.

Not just Kraken, but some other exchanges as well. Not all. This was due to FCA regulations and compliance. Not sure of exact details why. I inquired about Bitpanda and they said that they also no longer support Bitpanda. Coinbase seems to still be supported.

This isn’t great news…


#6

Are these exchanges sending from accounts in one’s name or will the name of the exchange appear as the sender?


#7

Damn, that is bad news.

Ok so basically we have to move all out cryptos to GDAX / Coinbase. What a faff.

Thanks for the info dude. Much appreciated.


#8

How can Revolut become a replacement for banks if we can’t even receive transfers in our accounts?


#9

It’s showing as the business account name of the exchange, so for Kraken it showed as Payward Ltd.

I know. I wanted to stick with Kraken because they have much better reliability and support, and history. I might still use Fire bank as an intermediary between Kraken and Revolut. Although I hate having to do so many transfers.

I couldn’t agree more. A lot of these restrictions are defeating the purpose of using processors such as Revolut. Many times I get the “Merchant isn’t supported” popup when making purchases.

Not sure what changed in the FCA regulations that they could no longer support certain exchanges starting May. It could be new regulation.


#10

Does Fire Bank 100% receive SEPA from crypto exchanges like Kraken and Bitpanda?


#11

So, now that Revolut is absolutely useless, does anyone have any suggestions for a bank that doesn’t censor their customers and allows EUR payments to whomever I chose to send them to?


#12

I’ve just initiated a transfer from Kraken to my Fire account. So I’ll let you know how that goes hopefully very soon.

The good thing is you can transfer between Fire and Revolut by SEPA and it only took less than 2 hours, so you can still take advantage of the Revolut FX exchanging.

So if everything goes smooth with Fire (and I’m assuming it will be because I’ve heard many people had no problems) then I’d recommend using that for Euro bank account. SEPA transfers are free, and so is opening and maintaining an account.


#13

it seems that Revolut is not serious and “changes the rules during the game”. So I will not be able to recommend this card just for this reason.


#14

Wtf? Why?
At least some information beforehand could be useful, I expected the money from Kraken because it has worked everytime until now. But now it’s just reverted…


#15

I just received my transfer from Kraken to my Fire Bank Euro account :slight_smile:

Overall it took about 9 hours.


#16

Swift… Good news mate. Thanks for the update.


#17

It does not work in Hungary :frowning:


#18

Did it work to use Fire as a bridge between Kraken and Revolut? Had no troubles with my local bank while withdrawing money from Crypto but I had really loved Revolut for daily spending as they exchange rate for EUR-RON was pretty good.


#19

What countries are supported by Fire? I was searching but did not find. I’m based in Romania and would like to use a personal account with them as bridge from Kraken/Bitstamp to Revolut. (sadly Coinbase is not supported in my country)


#20

Yes it worked fine for me sending money back and forth between Fire and Revolut via SEPA. It took 2 hours.

Mind you that Fire processes Euro transfers twice a day, at 9am and 1.30pm, so transfers after 1.30pm will probably be queued for the next day.

Fire debit card however did not work when I tried to use it to top up my Revolut by card. It said merchant not supported. So it’s strange that they support SEPA to Fire but not debit card top ups.