6.3 Bank Transfer Best Practices
How to make and receive bank transfers safely for P2P trading with practical verification tips.
§Making Bank Transfers
When making a bank transfer as a buyer, double-check the recipient's account number and IFSC code before confirming. A single digit error can send funds to the wrong account, making recovery difficult.
Always transfer from your own verified bank account. The name on the bank account must match your CryptoBazaar KYC name. Transfers from joint accounts may be acceptable if your name appears on the account.
Include appropriate payment references as requested by the seller or the platform. Avoid including crypto-related terms in the payment reference as this may trigger banking compliance reviews.
§Receiving and Verifying Bank Transfers
When receiving a bank transfer as a seller, wait for the funds to fully settle in your account before releasing escrow. IMPS transfers typically settle within minutes, while NEFT may take up to 2 hours during non-peak times.
Verify the sender's name against the buyer's CryptoBazaar profile. If the names do not match, do not release escrow regardless of the amount received.
Check your bank statement or transaction history for the exact amount. Ensure it matches the trade amount exactly. If the buyer sent a different amount, communicate through the platform before taking action.
§Troubleshooting Transfer Issues
If a bank transfer is delayed, check with your bank for the transaction status. NEFT and RTGS may experience delays during maintenance windows or high-volume periods.
If you sent funds to the wrong account, contact your bank immediately. Most banks have processes for recalling misdirected transfers, though recovery is not guaranteed.
For failed transactions where the amount was debited but not credited, contact your bank's customer service. In most cases, failed IMPS and NEFT transactions are automatically reversed within 24 to 48 hours.
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