Bitcoin Forum

Hello everyone !
Just wanted to know if anyone else is facing delay for withdrawing cash at Unocoin.

I have a cash withdrawal request pending on Unocoin since 10 January.
I have tried to raise a ticket on their support system, however that was closed without confirming if I received my funds. When I called their support helpline they suggested me to re-update my bank account details, which were already correct.
Could this be a red flag for Unocoin. There could be a genuine reason against the delay however I just wanted to now if anyone else is facing this delay?

Update:
Funds still not received.
I am worried a bit now... The amount is significant.

P.S. the amount is approximately 100K

Don't worry, you would receive your funds. Probably the delay is due to banks being closed for the weekend. Wait until Monday.

Well this really a sign of worry because Unocoin actually does not delay that long about withdrawing the funds. Probably you may be a new user and suddenly withdrawing 1 lac due to which they are checking and taking time. If that is not the case then there should be delay more than a day.

Their rep advised that the funds bounced back to their account. Which is coz I do transact a lot on this bank account and the details are correct.

I would surely think twice before funding my Unocoin account now.

You had withdrwn the amount so they have to deposit in your account. How come the amount bounced back when they send it from the NEFT? They have money so they would have done NEFT and your is recipient account so it will receive it. How come it will bounce from your account?

Hope your problems is settled by now.Usually Unocoin does have a fast service and i have not faced any delays but since the amount you are trying to withdraw is significantly higher i do not know how that will come out with the kind of restrictions enforced by the RBI after demonetization is pretty strict ,i really do not know whether that has anything to do with the case,but like to hear about it from Unocoin.

Update:
Funds still not received.
I was advised by the Unocoin rep to provide different account number yesterday, they will then try NEFT in evening.
Provided another account yesterday afternoon, no funds received yet.
P.S. Theirs no reason for bounce back of funds, I have been using same account on other service providers.

I am not sure why Unocoin uses NEFT at evening knowing that the transaction would take effect next day.... earning/saving interest??
Other service providers have already shifted their system to IMPS.

Never experienced like this when i used to use UNOCOIN, withdrawal always came within some hours or max within 1 business day , there is a representative here of unocoin , i forgot his profile link . But this is bad really you requested withdraw on 10th Jan and its almost over 7 days .. I hope all gets solved , I am glad i moved to coinsecure . Fastest withdrawal ever and amazing support of Benson and his team .

Here I don't found doubt about your problem .
I will suggest you first of all read my points clearly and retain in your mind if you want make more deals through exchanges in India .
1) If you are making transactions above of 50k INR then you need To join your account of bank with pan card .
2) You can get instant deals at bitcoin exchange in India , because recently the government of India made a rule to cash out the bitcoin in fiat , that is , usually during sell of your bitcoin at exchange will take 2-3 days to come the balance in your account .
3) Your account should be verified with e-adhar

Hope this will work for you in better manner to under the  delay .

Govt made what rule for Bitcoin withdraw ? , i am also curious about this input of your and i don't see any delay from coinsecure which i use regularly , Always get paid within usually 10 - 30 min and max 2 to 3 hours after request . 2 - 3 Days i would say way too much for a popular Exchange like Unocoin frankly speaking .

Just wondering why did they ask different account details because they have to sent to the one registered with them and since you are already using that account then it should be fine sending the amount to that bank. Hope you get funds quickly.

Umm I am not sure if this advise is for me, I am a regular trader on Coinsecure no such delays are being observed.
1. Bank account need PAN implicitly.
2. We aren't aware of any such rule please reveal your source.
3. Linking Aadhar with bank account has nothing to do with transactions I do, its already linked to my account though.

Please avoid publishing baseless information on forums.


Exactly.. plot thickens. I am worried about the funds now.

Do not worry about the funds. You will get it since it a reputed company but thinking are you only facing this problem or anybody else too because no body else complaint as such. Neither the Unocoin team have replied on this matter yet here.

It's surprising that till now you haven't received your cash. I withdrew on the 7th and was paid on the 9th without any issue but mine was a small amount. Which bank are you using? ICICI is faster. I've also sent over 20-30k via unocoin without any issues and can say it is trusted.


One question. Have you withdrawn via unocoin before? If not, you can again contact the support department and ask them to cancel your transaction. Then try withdrawing small amounts if you want to test else send your bitcoins to coinsecure as you've used them before. I don't think it should be tough for unocoin to cancel the trade since they find an issue in NEFT.

Not sure if they are active on the forums.
Will mail Satvik to look into the thread.

Finally the funds are in now in the new account.
A bit relived now, the Unocoin reps were quite slow responding and acting.
Bailing out of Unocoin now!
Thanks everyone for attending my thread.

Were you told the reason why did it took so long for them to transfer and also why they were not able to transfer to your old A/c and required a new A/c to transfer the amount. Better late than never but its a bit concern now if it takes above a week to get money

Nope, no reason communicated. Changing my service provider to Coinsecure now. Unocoin could have handled this scene more gracefully.

Good decision indeed , at least Coinsecure never ever delay for withdrawals always fastest and the lowest fees in the market :)

I terms of fee, Unocoin charges the highest around 1.15% of the transaction amount. Well on other hand CS charges less and also thier withdrawal and deposit are quite instant and best service also provided by them.

Unocoin had a toll free number where you can communicate if there is any issues with your account and by reading your thread i did not see you doing that ,why dont you try contacting them through their toll free number and settle the issue as you wont be able to see their response from the unocoin team till now in this forum.

I did call them every alternate day when the issue was open coz they never responded on their support ticket system.
The issue is resolved now.

After the funds were received they suggested the problem was at my end. However I didn't face this issue with other service providers.

Hi,
Yeah, I am less active on this forum.

We cannot process our going payments during weekends. We are still trying to get the bulk uploading IMPS facility with our bankers. Given the number of out going INR transactions we need to process, individual IMPS transactions to be entered manually is not feasible.

Not exactly sure of the issue in our OP's case, but most of time either it is the presence/absence of leading zero in bank account number (some sending banks have issue with it but others will just processs it - they seem to have a list of number of digits in accountn number that every bank as identified through IFSC should have) or the wrong account number itself.

I m sorry for the delayed processing. Such reversals are very very rare but when it happens, it is a bit of comborsome and slow process due to lot of manual intervention from our end.