FAQs about SGD deposits via bank transfers on Coinhako

FAQs about SGD deposits via bank transfers on Coinhako

Facing issues with SGD deposits via bank transfers on Coinhako? We answer all the frequently asked questions here:

1. Why is the beneficiary name not 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.

 

2. Questions about MatchMove

MatchMove Who is MatchMove Pte Ltd? Are they a bank?

MatchMove is one of the world’s fastest-growing fintech companies in digital payments and banking, that helps enterprise clients digitize 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.

 

How long do deposits via MatchMove take?

Deposits are typically processed almost instantly, outside of blackout windows. Please reach out to our team if you have not received the deposit within 30 minutes.

 

*Withdrawals requested from 10 AM - 11.30 AM and 4.30 PM - 6 PM will be processed at 11.30 AM and 6 PM respectively.

 

3. Questions about RHB Bank

Why can I only deposit to RHB Bank and not MatchMove?

Based on our team’s assessment, you are not eligible for the MatchMove option based on your individual risk level.

 

Will the bank I deposit to be changed from RHB Bank to MatchMove?

There are currently no plans to move existing users on RHB Bank to MatchMove. We will inform users should alternative options be opened up for them.

 

How long do deposits via RHB Bank take?

If your details were filled in correctly, deposits are usually processed between 10 AM and 4 PM. Please reach out to our team if you have not received the deposit within 24 hours.

 

4. Why was my deposit delayed?

  • You forgot to enter your unique deposit code in the 'Comment/Description' section.
  • The deposit bank account details are not entered properly.
  • Words like Bitcoin / Cryptocurrency / Coinhako were mentioned when you made the transfer.
  • Funds transferred were 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.

 

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. 

  1. You have entered the wrong beneficiary name
  2. Your bank has a character limit on the recipient/beneficiary name
  3. You have entered the wrong account number
  4. You have selected a non-FAST transfer. Your deposit will not go through unless it is a FAST transfer

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 providers 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.

 

6. How to deposit SGD on Coinhako?

For information on how to make deposits via bank transfers on Coinhako, you can visit our ‘Deposits via Bank Transfers’ guide.

 

Figured it out? Deposit now!


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