Kraken is the first US cryptocurrency exchange bank. It's paving the way for more banks worldwide to set up and keep your cryptocurrency safe as the industry grows. More and more people are getting involved, and you need a place to know that your currency is secure. However, you can also fund your account from real-world banks. In this guide, we'll show you how to transfer money from Ally Bank to Kraken, so you can start sending money between the two as and when you need to.
To send money from Ally Bank to Kraken, you need to make a Fedwire Transfer, which is also known as a Domestic Wire. You can send this from any bank as long as you have the correct details for your Kraken account.
Check Your Account Meets Requirements
Before you do anything, you need to check that your bank account meets US Domestic Funding requirements. You can check this directly through Kraken's own requirement page. If your account doesn't meet the requirements, you'll need to choose a different bank account that does. If your Ally Bank account does meet those requirements, read on.
How to Send a Fedwire Transfer
Follow the steps below to complete a transfer to your Kraken account.
- Login to your Kraken account.
- Click on the ‘funding‘ option at the top of the screen.
- Check the ‘show all assets‘ option, or search for the type of asset you'd like to deposit.
- Locate ‘US Dollar (USD)‘ and click on the ‘Deposit‘ option.
- Now choose the ‘Synapse (Wire, additional verifications)‘ option from the dropdown menu from Deposits.
When sending a transfer, you should first check what the limits on Synapse are. You can view them here. These limits are often lower than your bank's and Kraken's. However, since you'll be using this service to send money, you need to stick to the limits offered through it. Check them and make sure that your transfer adheres to them before moving on. Now follow the rest of the steps below.
- Follow all the deposit instructions as you see them. You can go through Kraken's deposit checklist to double-check that you've done everything.
- Now send a wire transfer from your Ally Bank. You need to provide USD funding instructions. This is what was shown on your Synapse page. This part of the process can vary depending on your bank. With Ally Bank, just send the transfer as you would any other, but stick to the instructions that Synapse provided you with as well.
- The account you'll be sending the money to is a dedicated one for Kraken, in which they hold USD specifically. Make sure that the account details are correct before finalizing the transfer.
Since the transfer you're making isn't an instant one offered through banks, it's going to take slightly longer than you're used to. Synapse processes transfers within five business days. If you need the money in your account y a particular date, make sure you send the money at least five days in advance. If you send the money even earlier, you won't miss out on any big purchases that you need to make.
Sending money from your bank account to your Kraken account is definitely more complicated than standard bank transfers. However, when you've done it once, you'll understand how to replicate the process easily. The advantage of having USD in your Kraken account far outweighs the additional time it'll take you to make the transfer as and when you need it. The only issue is that you can't set this up as a regular standing order.
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Monday 12th of April 2021
When wiring from Ally to Kraken, could you use MVB Bank or Signature Bank instead of Synapse (I’ve heard it takes less time with these banks than with Synapse)? Mahalo!
Tuesday 27th of April 2021
As long as these banks allow Wire transfers it should be fine. Although, I cannot tell if it's faster to use those banks instead of Synapse. Sorry for the vague answer.