Kucoin wire transfer is rubbish

[Charles-Tim]

I was sent an email today that Kucoin users can use wire transfer to send money. What I know about wire transfer is that someone from aborad can use it to send foreign currencies to you in Nigeria. This is why it can be useful on Kucoin to send foreign currencies to your Nigeria account. One of the reason I hate it is the time it would take before the money would be sent to you, it can take two weeks or more, although those are free wire transfers.

Kucoin wire transfer will take 3 to 5 business working days. The withdrawal fee is 80 USD.



The parallel market rate is getting higher than the I&E windows. Wire transfer will use I&E windows which is another reason this is not a good alternative at all.

[Hyphen(-)]

The fee is high, and the I don't think it is necessary since we can share crypto through exchanges and p2p to people by just paying a transaction fee.

What I know about wire transfer is that someone from aborad can use it to send foreign currencies to you in Nigeria. This is why it can be useful on Kucoin to send foreign currencies to your Nigeria account. One of the reason I hate it is the time it would take before the money would be sent to you, it can take two weeks or more, although those are free wire transfers.

Kucoin wire transfer will take 3 to 5 business working days. The withdrawal fee is 80 USD.

I actually don't actually know much about wire transfer, but with the explanation you have made, I think sending normal USDT or BTC through exchanges can be a better option than sending another currency through the same exchange that support sending BTC.

Moreover, the time it will take to be confirmed is something else.

Are(Kucoin) sending the money direct to bank account registered with them through p2p?

[Charles-Tim]

The fee is high, and the I don't think it is necessary since we can share crypto through exchanges and p2p to people by just paying a transaction fee.

I guess you meant 'without fee'. If that is what you meant, you are correct. With CexP2P, there is no fee. This may differ from one exchange to another but the centralized exchanges that I have used before, it has no fee. Even the express (fast) P2P transaction has no fee.

Are(Kucoin) sending the money direct to bank account registered with them through p2p?

Yes. Directly from bank to bank. International transfer.

[Amphenomenon]

Kucoin wire transfer will take 3 to 5 business working days. The withdrawal fee is 80 USD.

I don't really know if it because of their change of ToS because I started using them a month before they change their ToS and never bothered to check their withdrawal fee (thought it will be similar to binance) but the sad thing was that  they charged alot. To withdraw Trx they requested for a fee of approximately 6 Trx to withdraw $1 Trx

[Charles-Tim]

I don't really know if it because of their change of ToS because I started using them a month before they change their ToS and never bothered to check their withdrawal fee (thought it will be similar to binance) but the sad thing was that  they charged alot. To withdraw Trx they requested for a fee of approximately 6 Trx to withdraw $1 Trx

Right from the start, Kucoin transaction fee is high. If you are the type that is using the exchange to withdraw, there are better options. The best that I have seen is OKX if you want lower withdrawal fee. I still also prefer Bybits and Binance.

About wire transfer, if Binance will support it, likely it would be of high fee as well.

CexP2P that I know do not charge any fee for P2P.

[Doan9269]

I don't think it's only kucoin that is involved in this kind of poor quality service on their network, i don't often make use of some centralized exchanges that have lesser reputation than Binance, we should know that even Binance is not the safest but still appears the best and most preferred among others, it's not by their names we get the best of them, it's by what they offer that is satisfactory by every user for recommendations.

[Timmzzy]

I was sent an email today that Kucoin users can use wire transfer to send money. What I know about wire transfer is that someone from aborad can use it to send foreign currencies to you in Nigeria. This is why it can be useful on Kucoin to send foreign currencies to your Nigeria account. One of the reason I hate it is the time it would take before the money would be sent to you, it can take two weeks or more, although those are free wire transfers.

Kucoin wire transfer will take 3 to 5 business working days. The withdrawal fee is 80 USD.



The parallel market rate is getting higher than the I&E windows. Wire transfer will use I&E windows which is another reason this is not a good alternative at all.

I got the email as well i can't afford to take such chances KUCOIN cant beat binance no matter what they will bring up and trust me that fee $80 is freaking too high for a middle class man. Aside this i think there are other platforms that should offer this means of sending money across the globe.

[Asiska02]

The fee is high, and the I don't think it is necessary since we can share crypto through exchanges and p2p to people by just paying a transaction fee.

I guess you meant 'without fee'. If that is what you meant, you are correct. With CexP2P, there is no fee. This may differ from one exchange to another but the centralized exchanges that I have used before, it has no fee. Even the express (fast) P2P transaction has no fee.

If this method is still available and convenient to use, then coming with such new innovations is like them retrogressing for how far they’ve come. Exchanges try to make means of transacting with them easier and stress free for their customers, but in this case, they’re giving us more reasons why they can’t be reliant on.

Are(Kucoin) sending the money direct to bank account registered with them through p2p?

Yes. Directly from bank to bank. International transfer.

If this transaction goes through from the bank registered with them. Is it not like telling the government that you’re into crypto and using KuCoin exchange service for that? Although, I don’t know how strict the government is about its crypto regulation if they find a users bank attached to it. Or the bank will see it as just a separate service provided by the exchange and not that the user is into crypto by using the platform for wire transfer.

[Agbe]

One of the reason I hate it is the time it would take before the money would be sent to you, it can take two weeks or more, although those are free wire transfers.

Even na free day kind thing I no fit use am.  2 or more weeks before I go see the money na nonsense na. Now I wan use di money do urgent something, I go come dey wait till that time, which kind thing be that abeg let dem carry their nonsense service go one corner.

The parallel market rate is getting higher than the I&E windows. Wire transfer will use I&E windows which is another reason this is not a good alternative at all.

I never see any exchange platforms in Nigeria wey dey customer friendly except Binance and Ramitano all di rest I know their transactions fees are something else. The parallel market is high and even at that people like to use am more than the stock exchange market.

[Charles-Tim]

I don't think it's only kucoin that is involved in this kind of poor quality service on their network, i don't often make use of some centralized exchanges that have lesser reputation than Binance, we should know that even Binance is not the safest but still appears the best and most preferred among others, it's not by their names we get the best of them, it's by what they offer that is satisfactory by every user for recommendations.

Do not get this wrong. The KucoinP2P have no transaction fee, just like BinanceP2P which is also CexP2P. What I am just surprised about is that Kucoin can send such email of wire transfer of $80 fee which will use I&E window or CBN rate which is just stupidity when we have CexP2P and P2P.

If this transaction goes through from the bank registered with them. Is it not like telling the government that you’re into crypto and using KuCoin exchange service for that? Although, I don’t know how strict the government is about its crypto regulation if they find a users bank attached to it. Or the bank will see it as just a separate service provided by the exchange and not that the user is into crypto by using the platform for wire transfer.

I think the bank can easily know that it is crypto transaction using wire transfer.

I never see any exchange platforms in Nigeria wey dey customer friendly except Binance and Ramitano all di rest I know their transactions fees are something else. The parallel market is high and even at that people like to use am more than the stock exchange market.

If you use KucoinP2P, it is also like BinanceP2P. There are other centralized exchanges with P2P too. P2P is just the best way to go about this, which is us trading within ourselves.

[Dr.Bitcoin_Strange]

This service is likely not to be used by many people because of its drawbacks. I wonder who will pay the $30 fee just for top-up first and will still have to wait 5 days for processing, after which the user will still spend the $80 fee for withdrawal and still wait an extra 5 days for the process to complete. That's about a week and some days. So, despite this high transaction fee, if they can't even make the deposit and withdraw to be instantly, then what's the need for such a feature?
     Even the 3-4% bank charge for international transfers is far less than the charge Kucoin is taking for this wired transfer, and for bank international transfers, the transaction is smart in some cases, depending on the bank. Although the bank says it takes 1–5 days, but ones I have carried out, even before 24 hours, the transaction has been successful.

This new service is just rubbish, as you said, @OP.

[Sim_card]

If this transaction goes through from the bank registered with them. Is it not like telling the government that you’re into crypto and using KuCoin exchange service for that? Although, I don’t know how strict the government is about its crypto regulation if they find a users bank attached to it. Or the bank will see it as just a separate service provided by the exchange and not that the user is into crypto by using the platform for wire transfer.

I think the bank can easily know that it is crypto transaction using wire transfer.

The word wire is used for funds transfer from one bank to another bank. It means that Kucoin will help you convert your crypto to your local currency and send it to your bank account. In this way the bank would know that you are using crypto apart from Kucoin. This is what I understand that wire is on this. If it isn't done this way then it will be a problem to the person because the banks will know that you are using crypto and can lead to freeze of account. The delay is annoying but I know that if it is a normal bank wire it takes three working days.