Compare Australian dollar deposit times, deposit limits, deposit fees and verification requirements, and find how-to instructions for each method.
You can deposit Australian dollars into your Swyftx account by bank transfer, card, and PayID.
Wise (formerly Transferwise) does not support transfers to cryptocurrency exchanges, and we do not accept AUD deposits via PayPal.
Deposit times
Your first AUD deposit can take up to 24 business hours to arrive due to banks' security measures.
Additionally, Commonwealth Bank (CBA) and its related brand, Bankwest, impose 24-hour holds on deposits to crypto trading platforms. This is the banks' internal procedure, regardless of whether you've deposited to our exchange before.
Banking business hours do apply. If, for example, you make a deposit on a Friday or over the weekend, it's likely to arrive the following Monday.
Bank transfer
Within a minute, if your bank uses Osko. 2-3 business days if your bank doesn’t use Osko.
Card using Stripe
Usually instant.
Card using Banxa
30-45 minutes.
PayID
Usually instant.
Deposit limits
Limits include both cash and crypto transactions.
Bank transfer
Min: $30 AUD
Card using Stripe
Min: $30 AUD
Max: $15,000 AUD
Card using Banxa
Min: $91 AUD
Max: $15,000 AUD per transaction, $60,000 AUD per month.
PayID
Min: $30 AUD
Max: $20,000 AUD
Deposit fees
For any deposit method, your financial institution may also charge a fee.
Bank transfer
$0
Card using Stripe
Swyftx does not charge any fees for card deposits.
However, Stripe, our third-party payment provider, currently charges a 2.99% deposit fee.
Card using Banxa
Swyftx does not charge any fees for card deposits.
However, Banxa, our third-party payment provider, currently charges a 1.99% fee and up to 3.5% spread.
PayID
$0
Verification and security
We may ask you to complete further verification after depositing.
For card deposits using Stripe, you must complete your KYC 1 (Gold) verification before depositing. Your bank may ask you to authorise the deposit, or you may be required to verify your transaction through a service called 3DS.
For card deposits using Banxa, they will ask you to verify your identity when you make your first deposit.
Separately, Monoova, one of our banking partners, provide the banking infrastructure that facilitates our deposits. This is why they may be displayed as the recipient when you deposit AUD to Swyftx.
Bank warning message: BSB and account number not found
When you first deposit funds into Swyftx, your bank may send a warning message when you enter your Australian dollar (AUD) deposit details, such as 'BSB and account number not found' or 'new payee not recognised'.
This is a standard security measure used by banks and payment providers to alert you whenever a deposit is being sent to a brand-new account.
Why does this happen?
Each Swyftx AUD deposit address is unique and linked to your account. When we create your deposit address, it will have a new BSB and account number and no previous transaction history from your bank or payment provider. As a result, your bank may display a warning reminding you to use caution when sending funds to a new account.
What should you do?
- Double-check the details: Ensure the BSB and account number you entered in your bank’s payment system match the information in your Swyftx account.
- Test with a small deposit: When first depositing, do a small test transaction to confirm that it arrives in your Swyftx account.
- Contact us for help: If you are ever uncertain or have questions, please don’t hesitate to contact our customer support team.
How to deposit Australian dollars
- Bank transfer: How to deposit funds with a bank transfer
- Stripe (Card): How to deposit funds with a card using Stripe
- Banxa (Card): How to deposit funds with a card using Banxa
- PayID: How to deposit funds with PayID