Swyftx allows you to withdraw funds in both crypto and AUD but the time it takes for them to reach your wallet or bank account can vary depending on a few factors that we’ve discussed below. So read this guide till the end if you want to know the Swyftx withdrawal times for both fiat and crypto currencies.
Swyftx Crypto Withdrawal Time:
Crypto withdrawals typically are very fast and usually do not take more than 5 minutes. Once you hit that withdraw button, your funds should appear on the Blockchain network within minutes. However, sometimes, the withdrawals can take a little longer than this as well. The science behind crypto transactions is that ‘miners’ facilitate transactions by providing their computing power and get rewarded a portion of the cryptocurrency – the fee charged from you.
What most miners have now started doing is that they filter out crypto transactions with higher transaction rewards so because of that, transactions with relatively lower or regular rewards do not get priority. If this happens at the time of your withdrawal, it might take a little longer than 5 minutes but rest assured, your funds will land in your wallet, as long as you’ve entered the address correctly.
Furthermore, as the cryptocurrencies are getting more real-world usage like shopping payments, the blockchain networks are getting busier because of more transaction load. So this can also cause some delays in your transactions depending on how popular a cryptocurrency is like BTC or ETH.
Besides this, Crypto Confirmation is also required to process the transaction and different cryptocurrencies need different numbers of confirmations. For BTC, it’s typically only 1 but for Cardano, it can go up to 10 confirmations. So of course, the higher the number of these confirmations, the more time it can take to process your transaction. This is also the major reason why some coin transfers are incredibly fast, while some take a few extra minutes.
Swyftx AUD Withdrawal Time:
AUD withdrawals are also incredibly fast if you have the right kind of bank. Swyftx offers OSKO enabled withdrawals which take a few seconds to process. However, this will only work flawlessly if your bank is also set up to receive OSKO transactions.
If your bank account is not OSKO enabled, it can take at least a day for the funds to land in your account. When you execute an AUD withdrawal on Swyftx, the funds are processed and sent immediately. However, if your bank account doesn’t support OSKO transfers, then you may get the funds the next business. This also means that if there’s a weekend in between, you will get funds on Monday.
