Exchange to a bank account

How does an exchange to a bank account work?

Wanting to make a cashless purchase or sale of cryptocurrencies via bank transfer at a cryptocurrency exchange, the customer should inform the exchange service in advance about the planned transaction, indicating specific parameters, i.e., currency and amount.

In the case of a wire transfer transaction, regardless of the amount, the customer must undergo an identity verification process per the internal anti-money laundering and counter-terrorist financing procedure of the serving exchange office.

Wanting to purchase cryptocurrencies, the customer receives from the employee the necessary data for the transfer, including the account number, the entity's name, the bank's name, and the transaction's title. Once the funds are credited to the exchange office account, the staff calculates the exact amount of cryptocurrency to be transferred to the customer's wallet. The client accepts the amount and gives his wallet address to which the cryptocurrencies will be sent, and then the exchange office proceeds to transfer funds.

The customer then transfers the data for the transfer (fills out a form or sends the data to the indicated email address) to his bank account. In addition, to confirm that the customer is the holder of the indicated bank account, he must confirm any transfer from this account generated by the customer's bank. Once the cryptocurrencies are credited to the account, the exchange office locks in the price and then calculates the amount of PLN to be transferred to the customer's bank account.

The currency exchange office has 8 hours to complete the transfer to the customer, and the time for crediting the funds to the customer's account is typically from 1 to 2 business days. For an additional fee (PLN 50), the customer can use the SORBNET express transfer option, thanks to which the funds will be credited within 1-2 hours.

Any transactions made via bank transfer increase the transaction time due to the waiting time for the funds to be credited. However, these transactions provide convenience, security and the ability to complete the transaction without the need to visit a cryptocurrency exchange office in person.