When will I need to request a refund?

You may be required to request a refund in the following situations: 

1. Inaccurate declaration of the sender’s origin

If the origin of the address you are sending crypto from is inaccurate, the crypto deposit to Coinhako will likely be rejected.

For example: If you are sending from Exchange A, but when declaring you accidentally selected Exchange B. This may cause your deposit to be rejected.

In this case, you can either opt to re-verify the deposit or to request a refund. 

2. Inaccurate declaration of the sender’s full name

If the sender’s name is entered incorrectly, or is incomplete, the deposit to Coinhako may be rejected. 

For example: If your full name is James Tan, but when declaring you accidentally misspell your name as ‘Jame Tan’, or you leave out a part of your full name and entered simply ‘James’. This may cause your deposit to be rejected. 

In this case, you can either opt to re-verify the deposit or to request a refund. 

3. Deposit is of a dubious origin

If the crypto deposit is coming from an address that is deemed to be against company policy and/or local regulations, it will be rejected. 

In this case, you can only request for a refund. 

Where do I go to request a refund?

Go to the History tab and select Wallet History. Then, select transactions with the status “Verification needed” or “Waiting for refund” and request a refund.

Where does my refund go?

Currently, you can choose from two options:

1. Verified personal wallets

2. Sender’s address

Verified personal wallets refer to the addresses that you’ve added and verified on Coinhako, using the address book feature.

Sender’s address refers to the wallet address from which you tried to send the crypto.                  

Note that you may be required to provide supplementary information like memo or destination tag for selected tokens.

How do I request a refund?

Follow the steps below to request a refund:

1. On the ‘History’ tab, go  to Wallet History. 

On this page, look for the transaction you wish to refund. These are usually the transactions marked with “Verification needed” and “Waiting for refund” statuses.

2. On ‘Transaction details’, select ‘Refund this transaction’.

3. On this page, select the refund destination — you can choose from a personal address that you’ve previously verified, or back to sender address (the address you originally sent the crypto from). 

Once done, select ‘Submit refund request’.

4. Your refund request will be processed and you will receive an email once the refund is complete.

5. You can check the status of your refund on the Wallet History page.

FAQs about Refunds on Coinhako

I have crypto to refund, but the refund amount shows 0

Refunding your crypto will incur a network fee like any other crypto transaction — if the amount you want to refund is lower than the cost of the network fee, you will not receive any crypto if you choose to continue the refund. 

In this case, you are encouraged to verify your information so that you can receive the deposit instead. 

Why was my refund request cancelled?

Here are some reasons why refund requests may be rejected:

• Missing destination tag/memo for specific tokens*

• Address entered did not match sender address

• Address entered was not a verified personal wallet

You can re-initiate the refund process on the same transaction on the Wallet History. 

*Refunds for XRP and XLM will require you to input destination tag and memo respectively

How long will it take to process my refund?

Refund requests may be subjected to manual review that may sometimes take 1 - 3 business days. As such, please allow up to 3 business days for your refund requests to be processed.