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.
We do not currently support deposits or withdrawals via ACH.
What are Wire Transfers?
Wire transfers are facilitated either by a bank or through a third party provider, and allow you to quickly transfer money between two parties.
Note: We can only accept wire payments originating from a bank account in your own name. It is advisable to use an individual bank account and not a joint bank account as often times they are returned automatically.
What are ACH Transfers?
ACH stands for “Automated Clearing House” which is a system created by the Federal Reserve specifically designed for regularly sending funds between accounts or sending and receiving payments.
Wire Transfers vs. ACH Transfers
There are a couple important factors to consider when choosing between wire transfers and ACH transfers:
|Cost to send
(what your bank charges)
($5-10 to expedite)
(what we charge)
|Speed||Same day*||Not supported|
*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.
How do I send a wire with my bank?
While the method for most banks vary, we do provide support articles on some of the most popular banking options and are always looking to add more. Below are support articles you can use to find how to initiate a wire.
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?