This error occurs when an amount greater than the funds available for withdrawal is input into the withdrawal form.Certain deposits methods, such as first time ACH purchases, PayPal, debit or credit card purchases or digital wallet purchases will trigger a temporary (72 hour) withdrawal hold on the account, for security purposes.Cash deposits via ACH Plaid are subject to a 7 day withdrawal hold. The 7 day hold will apply after each ACH Plaid deposit, and is applicable to any assets in cash or cryptocurrencies equivalent to the deposited amount.
For example, if you have $1,000 in your account, and you deposit $500 using ACH via Plaid, you would be able to withdraw all except $500 from your account until the seven days have passed, after which the full amount of $1,500 can be withdrawn. Deposited assets are tradable during the 72-hour or 7-day hold.
For more information regarding the potential causes of a withdrawal hold, view our dedicated guide.
Another common mistake is to use the full Portfolio value shown on the Home page (Portfolio page on Kraken Pro). This is the combined value of all the assets in your account and not necessarily the available balance for your chosen withdrawal currency.
For example, if you are looking to withdraw USD to your bank account, then you must have USD in your Kraken balance. 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.
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.
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 Sign-in troubleshooting & Account security request and let us know that you have a ‘null’ or ‘withdrawal’ error and that you have now added sign-in 2FA.
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; 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.
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.