Altify customers have the option to fund their accounts in their local currency by making a bank transfer or via a crypto deposit.
Bank Deposits/Transfers
Bank deposits can be processed within a few minutes or up to 2 business days.
If your bank offers instant or ‘real-time’ payment options, then your deposit may reflect within your Altify account in a few minutes. However, most deposits via bank transfer will depend on the standard bank transfer times in your region. Once your deposit arrives, you’ll get an email and a notification on your phone.
ℹ️Note:
Bank deposits are not processed on weekends or public holidays.
Include your unique deposit reference for all bank transfers.
Make sure that your deposit reference is 100% correct before you make a deposit.
We don't accept deposits from third parties; payments must be made from an account in your own name.
Deposits can be delayed if our system flags them for a compliance check. These are usually completed within 1 business day.
If your bank deposit to Altify does not arrive within the 2 business days, here are the steps to take:
Check if there are any banking holidays.
Next, consider whether it’s a weekend or if a weekend just passed one to two business days ago.
If neither point 1 or point 2 apply, that means the deposit hasn't yet reached our bank, or you used an incorrect deposit reference (without a reference, some deposits cannot be automatically assigned to your account).
Check your banking transfer receipt to make sure you entered our bank details correctly.
If the above steps don’t help, please contact support@altify.app.
Crypto Deposits/Transfers
The minimum expected deposit allocation time ranges from two minutes to two hours. However, high network activity can push this out further, as well as compliance checks relating to the Travel Rule (see this article to learn more).
The Travel Rule now applies to regulated firms like Altify. This means we are legally required to verify sender details before we can allocate new crypto deposits. This can sometimes cause deposit delays as we're legally obligated by financial regulations to first obtain and verify this information before allocating new crypto deposits to your account.
The information requested depends on a number of factors, including the value of the transfer as well as whether the crypto deposit is being sent from a personal wallet, also called a self-hosted wallet (ex: Ledger, Metamask, or Phantom), or another crypto platform or exchange, also called a hosted-wallet.
If additional information is required for any crypto deposit, we’ll reach out to you by email to request this information.
We’ll then notify you with an email and push notification on your phone as soon as your crypto deposit is allocated to your account and can be used.
Remember, an incoming crypto transaction requires a set number of blockchain confirmations before it is considered received. You’ll only be able to view and access that cryptocurrency on the Altify platform after confirmation requirements are met.
Each cryptocurrency is unique, so the number of confirmations required for incoming transactions differs from coin to coin and on different blockchains.
Once a transaction has enough confirmations, you’ll receive a notification and it’ll appear in the appropriate wallet, ready for you to use.
How Long Do Confirmations Take?
Transactions need to be confirmed on their respective blockchains before they can be considered valid. These times vary depending on the cryptocurrency being sent and aren’t within Altify’s control.
Confirmation times also depend on the fee paid by the sender. If the fee is high enough, transactions can obtain enough confirmations in a shorter time frame. If the fee is low, it might be slow and take days for a transaction to be confirmed.
If your incoming cryptocurrency deposit transaction is not being confirmed on the blockchain, we can only recommend being patient or approaching the sender and asking them to redo the transaction with a higher fee.
ℹ️ What is a Confirmation & How Many Does Altify Require?
A confirmation on a cryptocurrency blockchain occurs when the transaction in question is included in a block that is added to the blockchain. For example, if you make a transaction now, it will be included in the block that’s being added to the blockchain next.
Bitcoin, for example, takes around 10 minutes, which is what is known as “block time”, and can be pushed out longer due to various reasons, like mining difficulty and high network usage (This is why Altify uses dynamic send fees to ensure your transaction is included in the next block).
These confirmations are counted from the block that has been added. For example, if my transaction was included in block 100 and there are now 110 blocks, the transaction then has 11 confirmations. It’s counted from the block the transaction is included in.