Release of Payments on Weekends

[bitcoinisfurture]

I was just trying to analyze which Indian site/exchange actually work 24/7 in terms of making payments.

As far as I am aware only BTCXINDIA is the only site which actually accepts & releases payment even in midnight including weekends too.

I dont think any of them  Zebpay, Coinsecure & Unocoin releases payment on weekend during day as well.

Is there any other useful site in India for Bitcoin?

[shahadil]

I was just trying to analyze which Indian site/exchange actually work 24/7 in terms of making payments.

As far as I am aware only BTCXINDIA is the only site which actually accepts & releases payment even in midnight including weekends too.

I dont think any of them  Zebpay, Coinsecure & Unocoin releases payment on weekend during day as well.

Is there any other useful site in India for Bitcoin?

For Weekends, if you need INR deposits and withdrawals, BTCXIndia is the only option. Got a deposit done at midnight yesterday(though not a weekend), and a withdrawal was processed at 130 in the morning.

Your only other option for weekends is localbitcoins.

Coinsecure and Unocoin have bank issues. They get too much volume, and are unable to handle it.

And its funny, as BTCXIndia had actually shut operations for a while, as they had bank issues, but they came out much stronger than before. Both Unocoin, and BtcxIndia use HDFC bank as their banking partners, so the situation should be the same for them.

If i am not wrong, Zebpay does process on weekends, although i would like to add the word, "sometimes" to that.

[Benson Samuel]

We going to try Saturdays as well from now.
So only withdrawals outside hours on Saturday and Sunday or Bank holidays will be pushed to the next day.

[bitcoinisfurture]

We going to try Saturdays as well from now.
So only withdrawals outside hours on Saturday and Sunday or Bank holidays will be pushed to the next day.

This is indeed a very good move from Coinsecure. Appreciate it.

Your timings are 9 AM to 9PM. But withdrawals after 4 PM are done on the next day. Will that be also taken into consideration that any withdrawal done before 9 PM could be processed on same day?

[shahadil]

 I have a suggestion for all entities involved here. We should select 3-4 banks. doesnt matter who they are, have a vote and decide and all exchanges, coinsecure, btcxindia, unocoin, zebpay, igot have accounts in those banks, and so do the customers.  if 3-4 is difficult, choose between 1-2. what happens then, is that payments outside banking hours are possible, they are free, as bank-bank is free of charge and it happens instantly.

   Possible?

 

[Benson Samuel]

I have a suggestion for all entities involved here. We should select 3-4 banks. doesnt matter who they are, have a vote and decide and all exchanges, coinsecure, btcxindia, unocoin, zebpay, igot have accounts in those banks, and so do the customers.  if 3-4 is difficult, choose between 1-2. what happens then, is that payments outside banking hours are possible, they are free, as bank-bank is free of charge and it happens instantly.

   Possible?

 

We have 4 banking partners. 2 of which are being tested on some accounts at the moment.
Problems arise when funds have been deposited across account and they need to be consolidated to ensure a withdrawal.

We have set the cut off time for withdrawals as 6PM for now as standard practice as it is tough to answer customers individually at this point.
And we are hiring as well in Delhi, so hopefully, that gives us more bandwidth to extend hours, etc on fiat until we can automate that bit as well.

A very cool service, if someone is looking at opportunities, would be to process fiat payments for Bitcoin companies in India.
That way, the service levels and last mile fund transfer can be maintained by the processor, while companies can use their services for a fee.

[buysellbitcoin]

I will agree with shadadil that we do sometimes process payments on weekend. In fact, most of the time in Diwali we have processed payments and its always visible on our activity feed.

Also the idea of having common bank account across all services is really good one, shahadil.

We have bank accounts with HDFC, IndusInds, Yes, Kotak Mahindra. We will be releasing ICICI very soon. AXIS, SBI are under processing.

Thanks
Mahin
Zebpay

[emkay47]

I agree all our customers are not happy with us not making withdrawals on the weekend. As our volumes have increased, We face the following issues which we will be resolving all by this month end itself :-

1. Initial withdrawal limits given to us by banks are 10 Lacks a day. We have now increased the limits to 35 Lacks a day. We have requested to increase these limits even further. So, this issue has already been resolved. We get daily withdrawal requests of 20 lacks on an average as of now.

2. As of now , we were processing all withdrawals same day if they were raised before 4:00 PM IST, and any withdrawal after 4:00 was getting processed the next day. We are changing this policy by this coming Monday. From Monday, All withdrawals processed before 8:00 PM IST, will be processed the same day. Any withdrawals after 8:00 PM , will be processed the following working day. We will be following this schedule for Saturdays too from next weekend. Any withdrawals done on Sundays , will be processed the following day.

3. As for Banks, We already have ICICI and AXIS bank. We are testing HDFC, KOTAK & YES Bank. These Bank accounts are already opened , and we will be providing these for our customers form the 1st of December on our platform.

4. Everyone must understand there is a priority system we follow for Deposits and Withdrawals. We process withdrawals in order we have received requests. Its as simple as first come first serve. Whosoever processes withdrawals first, gets first whatsoever the amount may be.

5. Kindly, let us know if any other Banks are required, we will get them processed as soon as possible.

6. We will be launching something really cool in December, keep your eyes on our mailers for updates


Mohit Kalra
Coinsecure.in

[shahadil]

A very cool service, if someone is looking at opportunities, would be to process fiat payments for Bitcoin companies in India.
That way, the service levels and last mile fund transfer can be maintained by the processor, while companies can use their services for a fee.

Aren't there already services like these for other companies?

1. Initial withdrawal limits given to us by banks are 10 Lacks a day. We have now increased the limits to 35 Lacks a day. We have requested to increase these limits even further. So, this issue has already been resolved. We get daily withdrawal requests of 20 lacks on an average as of now.

Thank you for being open. much appreciated.

if you all keep adding banks, it will create only hassle for you. as consolidating money across various banks will be so much hassle, you all will end up moving money between your own accounts only. I am sure you all have data as to the banks majority of your customers use. Just pick the top 2-3 only

[emkay47]

A very cool service, if someone is looking at opportunities, would be to process fiat payments for Bitcoin companies in India.
That way, the service levels and last mile fund transfer can be maintained by the processor, while companies can use their services for a fee.

Aren't there already services like these for other companies?

1. Initial withdrawal limits given to us by banks are 10 Lacks a day. We have now increased the limits to 35 Lacks a day. We have requested to increase these limits even further. So, this issue has already been resolved. We get daily withdrawal requests of 20 lacks on an average as of now.

Thank you for being open. much appreciated.

if you all keep adding banks, it will create only hassle for you. as consolidating money across various banks will be so much hassle, you all will end up moving money between your own accounts only. I am sure you all have data as to the banks majority of your customers use. Just pick the top 2-3 only

As of the PSS Act by the RBI, They are not supposed to provide payment gateways to companies who are storing customers funds. These gateways must be used for purchasing products and services. None of these gateway providers are giving any company in India their gateway who are storing customers funds. We have found out a way to solve this issue, but we are still working on it. Even after getting the gateway, The major problem is the charges, 3.5% will be charged on each deposits. For e-commerce, they bear these charges from their own pockets as they already have margins in the product they are selling. For us , bearing 3.5% on each deposit does not make sense, so either user pays 3.5% or they use normal channels to deposit fiat.

Adding more banks and maintaining them is not at all a problem for us. All banks provides net banking and stuff which enables us to transfer funds to our another bank within minutes. Though, 90% of the funds our customers deposits , is in AXIS bank, Not sure why our customers are not using ICICI for deposits.

Mohit Kalra
Coinsecure.in

[mca]

Want to know   the lowest spread  for bitcoin in India. for buying and selling. I am with UNOCOIN

Can be use to get Bit coins into  BTCXINDIA.It shows it is only for trading.

[emkay47]

http://www.bitcoinrates.in/

This is a decent place to check spreads of all companies in India.
Well, a trading platform will also let you buy and sell Bitcoin, Its the same thing.

Mohit Kalra
Coinsecure.in

[shahadil]

Adding more banks and maintaining them is not at all a problem for us. All banks provides net banking and stuff which enables us to transfer funds to our another bank within minutes. Though, 90% of the funds our customers deposits , is in AXIS bank, Not sure why our customers are not using ICICI for deposits.

I think it has something to do with the account number actually being a name. i honestly found it quite funny. And the other part being, i think the other time i tried doing an IMPS to icici, it got rejected. So never bothered with it and always transfer into axis.

[Patatas]

Why are people not aware about LocalBitcoins. ?They have services through the night/day and over the weekends.Infact I don't trust any of these newly developed buy/sell trading sites in India as majority of them take hours to process the requests.LocalBitcoins also has an option for onsite buying and selling of bitcoins.I have discovered a number of shops/traders accepting bitcoins in Mumbai through Localbitcoins.

[emkay47]

Adding more banks and maintaining them is not at all a problem for us. All banks provides net banking and stuff which enables us to transfer funds to our another bank within minutes. Though, 90% of the funds our customers deposits , is in AXIS bank, Not sure why our customers are not using ICICI for deposits.

I think it has something to do with the account number actually being a name. i honestly found it quite funny. And the other part being, i think the other time i tried doing an IMPS to icici, it got rejected. So never bothered with it and always transfer into axis.

We fixed that problem last month itself , by adding the account number too with the ICICI banks details. The name thing din't work out like we planned.
Its good though if you are doing cash deposits to ICICI, using name there makes it easier for us to track the payment. But, Both works for us.

Mohit Kalra
Coinsecure.in

[emkay47]

Why are people not aware about LocalBitcoins. ?They have services through the night/day and over the weekends.Infact I don't trust any of these newly developed buy/sell trading sites in India as majority of them take hours to process the requests.LocalBitcoins also has an option for onsite buying and selling of bitcoins.I have discovered a number of shops/traders accepting bitcoins in Mumbai through Localbitcoins.

Maybe you've not faced any scammers yet on Local Bitcoins. You have no clue what issues I have heard from people trading on LBC. You will not even get to know and your Bank account will be frozen. Its a tricky business , where no one is taking authority to verify and responsibility of the buyer and seller. How do you know the person buying Bitcoin from you is not gonna make his friend send you money for something else he has sold him ?

At Coinsecure, We have automated Bitcoin deposits and withdrawals, so our customers never have to wait for their Bitcoin after withdrawal. What makes you say you can get instant fiat withdrawal from LBC , I don't think there is such a thing as fiat withdrawal in LBC India. All fiat withdrawals are done manually by the buyer. He can delay your payments too or if prices go low , he might not even send fiat to you and just cancel the trade. At least on exchanges, if you have sold coins , its sold , there is no turn around.

A very basic scenario , for example -

A person purchased a TV from someone, that person asked the buyer to deposit money to his bank account for the TV. Instead of giving his bank details , he can give your bank details. So the person buying TV will deposit INR to your bank account, thinking he'll get the TV. Now, the person selling TV , is gonna call you and ask you weather you have received INR for the Bitcoin he wants to buy from you , You will confirm him , as you can see fiat in your Bank. You will obviously send him Bitcoin. Now that person will never send TV to the guy who has sent you money. That guy is now gonna go to Cops, and file an FIR against you, as he sent money to your Bank account. Your account will get frozen , and it might take months to get it fixed.

LBC takes no authority or responsibility in such cases.

All current Exchanges or Buy and Sell platforms in India, such as Coinsecure, Unocoin, ZebPay & BTCXIndia are taking KYC from customers and taking responsibilities too , that you will receive your fiat or coins for sure.

Now you may decide what is better for long run. I am pretty sure regulators in India in future are gonna have problems with something like LBC.

Mohit Kalra
Coinsecure.in

[mca]

Please any one can give information

[tnrmedia]

I am only familiar with Unocoin only and they must not process payments in weekends.

[zencomp]

if you are telling about buying and selling 24 hrs then you can go to localbitcoins.com site, their are so many members who do transaction online neft and imps transaction through bank day and night. i had a good experience with them