When we complete a sell trade, we send a bank transfer to the bank account you provided to us. Sometimes, the receiving bank will return a transfer to Coinify if there is something wrong with it. Here's a few cases where this can happen:
- Your bank does not accept transfers from companies dealing with cryptocurrency
- The bank account details you provided are incorrect
- Your bank does not accept a bank transfer in the currency you requested
Coinify will contact you when we receive a bounce-back for your bank transfer. In such a case, we can re-issue the bank transfer but we will deduct a 20 EUR administrative fee (or equivalent) from the amount of the bounce-back. We charge this in order to cover our costs for issuing bank transfers.
Before you request your bank transfer to be re-issued, it's a good idea to do the following:
- Contact your bank and ask them if they will accept a transfer from Coinify
- Check that the bank account details you have provided to us are correct
- Check that your account can receive the currency in which you requested your transfer
What happens if you don't want your bank transfer to be re-issued?
If you do not want us to re-issue the bank transfer, we will refund a crypto amount to an address of your choosing. The crypto amount that will be refunded is calculated based on the FIAT amount of your payout at the time the trade's exchange rate was locked. This means that you can receive back more or less than what you sold to Coinify.
The reason we have to do this is because when you sell your crypto to us, we sell it forward in order to lock in the value promised to you. If the price increases after you have sold your crypto and we need to buy the same amount back in order to refund you, we will incur a loss. In the opposite case, we will make a gain on the refund. This is why we think it's fair for both you and us that we convert the FIAT amount of your payout to a crypto amount at the exchange rate available at the moment the refund is created.
IMPORTANT (for USD payouts)
From the 1st of February 2021, Coinify will not be re-issuing bank transfers in USD. This means that any bounce-back received in USD will be refunded in crypto. The crypto amount of your refund will be based on the FIAT amount of your payout. Coinify will convert this FIAT amount to a crypto amount at the available exchange rate at the time the refund is created.