Bitcoin Forum

I'm hoping somebody with experience can help me.  I've verified my account to Tier 3 and can now fund my Kraken account with USD.  I added my bank account/routing number and entered an amount that I wanted to deposit.  The next screen gave me instructions of how to wire money to Kraken's bank account along with a reference number.  Generally when I pay for something or send money from my bank account I simply enter my bank account and routing number OR I go to my bank's website and send money to the recipient's bank account/routing number, not both.  If I want to fund my Kraken account, must I wire money to them or are they already withdrawing it?  The status of my deposit says pending and when I select the transaction ID it says its a wire transfer which makes it sound like I need to go to my bank account and wire money to Kraken through it.  If this is the case, why does Kraken need to know my bank account/routing number and specify the amount if I'm just going to wire it to their bank anyways? 

When you contacted support what did they say? This is a very specific issue so I don't think you'll get the answer you're looking for here. Why do they want your account number? Probably for AML/KYC regulations.

Anything to do with your states regulations? I know certain exchanges do not allow certain states to be able to purchase through them.

Well i think you just gives the informations that be asked by Kraken, and the deposit of USD will be added on your account on Kraken. They need more about your information to anticipate money laundering use Kraken, but if you want buy bitcoins anonymous without show your identity, you can try to buy bitcoins on exchange currency on bitcointalk of course you must use escrow for safety.

i think need to know your bank account/routing number so they can identify that number is really you. i think in the other site which need us to give personal identification, it needs bank account to process the transaction. i think what you do is right and maybe you can contact kraken team support system and explain your problem and see what answer they will give to you.

no. you must wire your money to them. they can't withdraw anything from your bank.

Thanks guys.  Very helpful posts.  I decided not to use Kraken because my bank would have charged a $25 wire fee and Kraken another $5.  Using a credit card on Coinbase had less fees and I got some points to offset some of the fees.