May 10, 2018

How South Africans Can Make Use of Coindirect’s ZAR Wallet

The new ZAR Wallet makes it even easier to move your crypto investments

The introduction of the ZAR Wallet will make the process of moving your investments around even easier than before. If you have a South African bank account, Coindirect is now able to offer you the new feature of depositing rands straight into your Coindirect ZAR Wallet. From there, you’ll be able to instantly convert your rand value to bitcoin on Coindirect.

In addition, you can now also withdraw your South African Rands back to your bank account from the wallet. Keep an eye on future announcements for similar support of other countries coming in the future. The ZAR Wallet will act as the replacement for the Instant EFT option for buying and selling on Coindirect’s peer-to-peer marketplace.

How to deposit South African Rands to the ZAR Wallet

The new feature is specifically for our South African customer base and accepts deposits from your local bank. Follow these steps to make your first deposit from a South African bank account:

  1. Login and navigate to your Wallets page where you will see the ZAR Wallet has been automatically added.
  2. Click the “Deposit” button on the Wallet and choose the bank you would like to complete the transaction with. This will bring up the Coindirect bank details and your specific customer reference number to use (it should start with a ‘D’).
  3. Use these exact details to add Coindirect as a beneficiary on your online banking account. The reference number assigned to you will stay the same for future deposits as it is linked to your Coindirect account.
  4. Deposit your chosen amount to your newly added Coindirect beneficiary, checking that your reference number is correct. There is no minimum limit for depositing, what you send is what you should receive in the ZAR Wallet. A Proof of Payment does not need to be sent as the deposit into your ZAR Wallet will only take place once we have received a notification from our bank.

Depending on the bank, the time Coindirect will take to credit your ZAR Wallet will be a few minutes, or at most, 3 business days. In the case of any further delay or any irregularity, you’ll be able to mail our support team directly to manually reconcile your deposit. Coindirect has no additional fees for a standard online bank transfer.   

How to withdraw South African Rands from the ZAR Wallet

Similarly to depositing, Coindirect is currently only able to facilitate fiat currency withdrawals in ZAR for our South African customer base. Here are the simple steps to follow in order to withdraw directly into a South African bank account:

  1. If you have not yet added your bank details to your Coindirect account, navigate to ‘Edit Profile’ in the top right-hand side menu and click “Manage Bank Accounts”. You’ll be able to insert your bank details by clicking “Add a bank account’ button.  
  2. Go to your Wallets page where you’ll find your ZAR Wallet. Click the “Withdraw” button.
  3. Enter the amount you decide you want to withdraw, you will see the standard R10 deduction displayed below.
  4. Select the bank account you want the money to be deposited into from the “Transfer To” drop-down menu. Once confirmed, you will be required to enter your Coindirect password or Two Factor Authentication code to confirm the withdraw.

Payments are made twice a day on business days and the status of your withdrawal will be updated once payment has been successfully made. Withdraws that exceed a certain limit or are from a new customer may be manually reviewed. Allow 1 to 3 business days for the money to reflect in your bank account.

Click here for a list of FAQs relating to the ZAR Wallet click here.