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Local AUD deposits in Australia

I'm not in Australia, but I think using the details shown in your account, you can just do a local bank transfer to the BSB and Account number.



This was a comment from @rosslm (who is in Australia) in Telegram:
Yes onboarding has been working for a few months quick and no charges.
 
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Click to expand...
This is correct. Takes approx 1 business day to show up. This is sending from another Aust bank - it may be quicker sending from the same bank as Kinesis uses (NAB). Nil fees. Only downside is AUD pairs and speads may not be as good as USD
 
One other thing to be aware of, to supplement what Dante said:
If you try withdrawing to an AU bank account in AUD, Kinesis Support advised that a SWIFT code is additionally required in your 'withdraw' bank details, unless your account is with NAB (National Australia Bank). I bank with Citibank Australia and their retail banking business in AU was recently taken-over by NAB - I was able to withdraw just using BSB and account number (with AUD 25 fee). I had previously tried to withdraw to a different - non-NAB - Australian bank with just BSB and account number and the withdrawal was cancelled by Kinesis
 
AUS Deposit is now difficult (for Company or Trust Accounts)
Now it's not possible to initiate an AUD deposit from the web to the Kinesis, as Kinesis AUD Deposit has changed - directing deposits to an Indonesian Bank.

Aus Bank Transfers on a web account provide either
1) An AUD transfer requires BNB & Account number, or PayID
(it assumes an Aus destination and does not ask for SWIFT)
2) An international Telegraph Transfer does not include AUD as a selection.
Banks also require the phone number of the receiving international bank

Transferring native AUD from Aus does seem better than having the bank convert to USD, as the bank fees are high and depositing in AUD will result in lower fees.

Has anyone been successful with the Indonesian Bank deposit.
Perhaps the next step is to visit a bank office
 
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Anyone tried on ramping with stable coins e.g. USDC or USD1 ? - If so what is the process and what are the fees like?
 
thanks - any advice on which Crypto exchange to buy the stable coins (assume they charge fees to transfer to KM?)
 
No advice onn this and depends what is available locally. Would go for the bigger reputable ones if available like Binance Kucoin etc... stay away from small ones (there are some very sketchy).

Would depend my decision how easy you can onramp with them.
 
AU Deposits Looking Very good now. - Personal Accounts ONLY
Virtual AU Bank Account details can now be provided for Personal Accounts.
Within 10 minutes of requesting a Virtual Account the details were provided as BSB & Account number in personal name.
Waiting for first deposit to arrive in the exchange --- I will report when funds arrive
:)
 
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eN_Rich said:
AU Deposits Looking Very good now.
Virtual AU Bank Account details can now be provided for Personal Accounts.
Within 10 minutes of requesting a Virtual Account the details were provided as BSB & Account number in personal name.
Waiting for first deposit to arrive in the exchange --- I will report when funds arrive
:)
Click to expand...
I had the same experience
 
A Quick Deposit in AUD :) ONLY for Personal Accounts
- On Assets Tab - AUD Deposits
- A Virtual AU Bank Account was created very simply and confirmed by email within 10 minutes
- A virtual deposit address was provided in personal name with BSB & Account number
- To finalize the deposit the Account Manager phoned & asked the standard 4 bank type questions
this confirm that I made the deposit and was not coerced be anyone.
- A deposit of AUD $250 cost AUD $2.81 (EUR 1.51)
- Funds cleared in one day
 
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eN_Rich said:
AUS Deposit is now difficult (for Company or Trust Accounts)
Now it's not possible to initiate an AUD deposit from the web to the Kinesis, as Kinesis AUD Deposit has changed - directing deposits to an Indonesian Bank.

Aus Bank Transfers on a web account provide either
1) An AUD transfer requires BNB & Account number, or PayID
(it assumes an Aus destination and does not ask for SWIFT)
2) An international Telegraph Transfer does not include AUD as a selection.
Banks also require the phone number of the receiving international bank

Transferring native AUD from Aus would be better than having the bank convert to USD, as the bank fees are high and depositing in AUD will result in lower fees.

Has anyone been successful with the Indonesian Bank deposit.
Perhaps the next step is to visit a bank office
Click to expand...
A bank office teller advised - to send AUD to an overseas bank, an intermediary Bank is required. It can't be done on-line with AUD, and an intermediary bank is required for over-the-counter transactions.
So how can AUD be sent from Australia to Kinesis for a Company or Trust Ac. Is there a bank which provides this function
 
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eN_Rich said:
A bank office teller advised - to send AUD to an overseas bank, an intermediary Bank is required. It can't be done on-line with AUD, and an intermediary bank is required for over-the-counter transactions.
So how can AUD be sent from Australia to Kinesis for a Company or Trust Ac. Is there a bank which provides this function
Click to expand...
Best route for the question would probably be your AE.
 
eN_Rich said:
A bank office teller advised - to send AUD to an overseas bank, an intermediary Bank is required. It can't be done on-line with AUD, and an intermediary bank is required for over-the-counter transactions.
So how can AUD be sent from Australia to Kinesis for a Company or Trust Ac. Is there a bank which provides this function
Click to expand...
I’m thinking that I will try to open a CoinSpot account for my SMSF, transfer AUD straight into this, and then transfer crypto into KMS. It’s a pain to have to go to these lengths, but probably worth having this as at least being an interim solution (hopefully).
 
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