This error occurs when there is an insufficient amount of funds in your chosen currency. If you are looking to withdraw USD to your bank account, you must first have USD in your Kraken balance.
To see the available balance for your selected currency, go to the Funding page of your account. The maximum withdrawal amount for each currency will be shown in the Amount column.
A common mistake is to use the full Trade Balances shown on the Overview page. This is a combined value of all the assets in your account and not necessarily the available balance for your chosen withdrawal currency.
If you do not have USD in your account, you will need to trade any of your existing currencies to USD. Once the trade is closed, you will be able to withdraw USD to your bank account.
When a withdrawal or trading lock has been applied to your account for security purposes, this error will be shown.
To resolve this, please follow these instructions:
- Add a sign-in 2FA to your account. You can add sign-in 2FA by selecting your name in the upper-right corner and clicking security.
- Contact our support team to let us know this security feature has been added.
In most cases, these errors will be shown if you already have an open ticket with Kraken Support. Please check your email account (including your spam folders) and respond to the latest email from Kraken support with reference to the error and also let us know that you have the added sign-in 2FA. Once you have replied to the email, a Kraken Support specialist will respond to let you know once the lock has been removed.
If you cannot find an email from Kraken Support in your inbox, please submit an Account Access Issues request and let us know that you have a ‘null’ or ‘withdrawal’ error and that you have now added sign-in 2FA.
If you receive this error message when adding a bank account for United States (US) domestic withdrawals via Synapse, it means one of two things:
(1) Your routing number is not FedWire capable.
Kraken does not currently support ACH bank transfers for deposits and withdrawals. Make sure that you are entering a FedWire account and routing numbers and not an ACH account and routing numbers.
(2) You have reached the limit of two bank accounts.
You are only able to have two domestic USD accounts on profile for withdrawals.
This error may happen only after Intermediate or Pro verification and does not affect your Kraken verification level in any way. It only affects the Synapse funding option on your Kraken account. Please reach out to our US funding team for further assistance.
You may be required to provide one or more of the following documents:
- US government-issued ID such as passport, driver's license, etc.
- Face Photo
- Proof of Residence document
- Social Security Number (SSN)
SWIFT: The "Invalid BIC" error when trying to carry out SWIFT withdrawals usually means that the length or format of your entered BIC/SWIFT code is not correct.
SEPA: The "Invalid BIC" error when trying to carry out EUR SEPA withdrawals usually means that your bank is not part of the network of SEPA reachable banks or is located outside the SEPA zone (e.g. Turkey, Kosovo, etc.). A full list of SEPA reachable BICs can be found by clicking here (PDF file).
You may also check if your bank is SEPA-reachable by entering your IBAN on a validator such as ibancalculator.com. In addition, this will help you verify that the IBAN´s checksum is correct (i.e. the IBAN is valid) and that you are providing the relevant BIC.
If your bank is part of the SEPA network but you still get the “Invalid BIC” error, this could mean that withdrawals to your bank are restricted because past withdrawals have frequently been rejected or returned. Please contact support for more information.
For clients using our default SEPA withdrawal option with Fidor AG:
There are certain rare instances where the first 2 letters of the IBAN do not match the 5th and 6th character in the BIC. This is typically seen with banks or branches of banks located in overseas regions, such as Isle of Man and Réunion. Unfortunately, our funding provider Fidor AG cannot process such transfers due to technical reasons. InCore or Bank Frick may be available as withdrawal options depending on your location. If this does not resolve your issue, please contact support.
All first-time cash deposits will result in a temporary 72 hour withdrawal hold on the account. For more information please see Withdrawal lock on account due to certain cash deposits.
Your ability to trade on Kraken and access your funds is not limited by this protection measure.
This error occurs when you try to add a new withdrawal account with the same description as a previously added or existing withdrawal account.
All withdrawal bank accounts must have a unique description; you cannot use the same description, even if it's for two different currencies or funding methods. This applies across our different banking partners and different transfer methods: Bank Transfer; CHAPS; EFT; FPS; SEPA; SIC; SWIFT; and FedWire, as well as crypto wallets.
For example: If you have a Euro (SEPA) withdrawal account called "My bank", you cannot add additional withdrawal addresses for Euro (SWIFT); Canadian Dollar (EFT); US Dollar (FedWire); etc. also called "My bank".
To prevent these errors from occurring, you can modify the description to "My bank New", "My bank EFT", "My bank_2", etc.
Some banks do not accept transfers involving crypto exchanges and result in withdrawals being rejected and returned to us. To prevent unnecessary delays with crediting these rejected withdrawals back to your Kraken account, the applicable bank is blocked on our system.
If you are trying to withdraw to a bank that is not located in one of the supported regions, you will be prevented from saving these banking details.
Our Funding Providers may, at their own discretion, deny funding to certain geographical locations without prior notice. As this is outside of Kraken’s control, we are not able to process any withdrawals that do not comply with their regulations.