Post
Topic
Board Exchanges
Kraken - only works in SEPA
by
kendo451
on 13/03/2014, 07:33:38 UTC
I've been waiting to get my money out of Kraken since January 24th.  After two failed USD Withdrawal attempts I was advised by the management to convert my balance to Euros because the Euro wires go out lickety split.  So I did that, and have now been waiting two weeks for a Euro bank wire that still hasn't been sent.  I opened a support ticket and was advised this is the fault of FIDOR Bank which is still processing the outbound bank wires for February, and if I'm lucky my wire will be sent by the end of March.

On the board here we've seen lots of examples of people in the SEPA area whose wires come in and out of Kraken in a reasonable time (less than three business days).

From this I conclude that Kraken has had serious problems with their US and European bank when it comes to processing bank wires outside of SEPA, but the SEPA interface must be automated.

Since my EURO withdrawal is to a bank outside the SEPA area, it is being processed by hand by the bank, and there is clearly a backlog of several weeks in processing those outbound wires.

Kraken advertises on their site "fast deposits and withdrawals".  I feel that given their abysmal record on that point, they should remove that claim because it is dishonest to claim "fast deposits and withdrawals" when withdrawals outside of SEPA will take weeks.

If Kraken can only deliver good service in the European Union then perhaps they should limit their customers to the European Union or else make it exceedingly clear on their site that deposits and withdrawals from outside the EU may take weeks to months to be processed.