There are several differences between wire transfers (using Fedwire) and ACH transfers. Knowing these differences will help you to identify whether you are sending a wire transfer or an ACH transfer.
Note: This is simply to get to the wire submission page for popular banks. The information for submitting the wire will be in your Kraken account under the appropriate funding option.How do I send a domestic wire transfer to Kraken from Bank of America?
How do I send a domestic wire transfer to Kraken from Wells Fargo?
How do I send a domestic wire transfer to Kraken from Chase?
How do I send a domestic wire transfer to Kraken from Citibank?
There are a couple important factors to consider when choosing between wire transfers and ACH transfers via Plaid:
|Fedwire||ACH (Via Plaid)|
|Cost to send
(what your bank charges)
($3-10 to expedite)
(what we charge)
next or X-business day
15-digit Trace ID (TRN)
*This does not mean that your funds will always be credited to your Kraken account on the same day. Our funding providers may need to perform additional due diligence which can delay the settlement of your funds.
Consult your bank to ensure you are sending a wire if you notice the following traits:
- The transfer is not specified as a "same day".
- The transfer does not cost $25-$30.
- You can schedule recurring payments or payment periods.
- Your bank requires sending 2 micro-deposits (deposits below a dollar) to verify the account details by having you confirm the transaction amounts.