Kraken Transfers are an efficient, and cost-free way to transfer funds directly between accounts on Kraken.
Take a look at our instructions and FAQ below to get started with Kraken Transfers
Enabling Kraken Transfers
Kraken Transfers are only available through the Kraken App, keep an eye on our blog for updates regarding other Kraken platforms.
- 1.Go to your Kraken App settings by tapping the Account button in the bottom right corner.
- 2.Tap Transfers, then use the toggle to enable Kraken Transfers.
- 3.Review the information regarding Kraken Transfers, then acknowledge the terms of service. Finally, tap Enable Transfers.
- 4.You will receive a confirmation message, alongside your account details for receiving Kraken Transfers. By default you will be able to receive via account ID and username.Note: You may deactivate Kraken Transfers altogether in your Kraken Transfer settings. Additionally, you can enable/disable your email as an identifier.
How to send or receive funds via Kraken Transfers
Once you’ve enabled Kraken transfers, you may send or receive funds from other Kraken accounts that have also enabled Kraken Transfers.
To send funds:
- 1.Tap the Action icon on the bottom of the Kraken App, then tap Withdraw.
- 2.Then, select Send to Kraken user on the top of the asset page.
- 3.Fill in the details for the transfer. This includes the amount, account ID, username, or email of the recipient, and an optional reference note. Then tap Continue.
- 4.Lastly, review the transfer details, and swipe to send!
To receive funds:
- 1.Tap the Action icon on the bottom of the Kraken App, then tap Deposit.
- 2.Then, select Receive from Kraken user on the top of the asset page.
- 3.You will then be presented with your account details, simply copy/paste your account ID, username or email and share it with the sender.The sender will now need to initiate the transfer, no further action is required on your end to receive the funds.
FAQ:
What are the transfer limits for Kraken Transfers?
The transfer limits for Kraken transfers depend on the verification level of your account.
- •Intermediate: $10,000 per 30-day rolling period.
- •Pro: $100,000 per 30-day rolling period.
Keep in mind:
Kraken transfers contribute to your accounts overall 30-day withdrawal limit.
What happens if I send funds to the wrong email, username, or account ID?
Our system is designed to prevent transfers to incorrect recipients. You can only send funds to an email, username, or account ID that is associated with an existing Kraken account. However, if you accidentally send funds to another client's account, or send funds in pursuance of fraudulent activity, please note that the transfer cannot be reversed.
It is crucial to double-check the recipient's email, username, or account ID before initiating a transfer to ensure that you are sending funds to the correct account. Both your account, and the recipient's account must meet certain requirements.
What must I do to receive funds via Kraken Transfers?
In order to receive (and send) funds through Kraken Transfers on Kraken, please consider the following:
- •Ensure your account is eligible for Kraken Transfers. (The Transfers option appears in your account settings)
- •Your account must be verified to Intermediate or Pro.
- •Enable Kraken Transfers by accepting the terms of service in your account settings.
Are Kraken Transfers reversible?
No, both crypto and fiat Kraken Transfers are not reversible. If a Kraken Transfer is sent, Kraken is unable to undo the transfer or recover the funds. Once a transfer is completed, the funds are immediately available in the recipient's account.
Please ensure that you have verified the recipient's email or IIBAN and that you have confirmed the transfer details before initiating a Kraken Transfer. If you have any doubts or concerns, it may be worthwhile to start with a small test transfer.
What are the geographical restrictions for Kraken Transfers?
Kraken Transfers allow clients to instantly and freely send cash or crypto to other Kraken clients, but availability varies by location. Some regions may have access restricted entirely, while others may only support cash or crypto transfers but not both. Assets that are restricted in your region will not appear as a transfer option.
I can’t find the recipient I want to send to, why?
A recipient will only appear as an option for Kraken Transfers once they’ve enabled Kraken Transfers on their account. If your desired recipient is not appearing when you search for them, it means they are not eligible, or they have not enabled Kraken Transfers yet.
Another reason may be that the recipient has disabled the identifier you're using to find them. For example, if the recipient has disabled receiving transfers via email, their account will not appear as an option when you search their email.
Do I need to turn off my Global Settings Lock (GSL) in order to enable Kraken Transfers?
Yes, if you have the Global Settings Lock (GSL) turned on, it will need to be disabled in order to enable Kraken Transfers.