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.

 

[Schlepti]

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).

My only issue with this is copping the fees and spread on a CEX which are annoyingly high in Australia. This has however been my main route over the years.

If Australian exchanges like CoinSpot or Swyftx can have instant and free deposits and withdrawals, it seems frustrating Kinesis is struggling so much to get them

 

[firecracker11]

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

thank you for your information ,what question did the account manager ask to clear the funds?

 

[Uchiki]

thank you for your information ,what question did the account manager ask to clear the funds?

eN_Rich can respond if any different, but I think that they are along the lines of whether it's your money, plus some anti-fraud questions eg did anyone coerce you to send this money.

 

[eN_Rich]

eN_Rich can respond if any different, but I think that they are along the lines of whether it's your money, plus some anti-fraud questions eg did anyone coerce you to send this money.

To complete the deposit of AUD to Virtual Account, the Account manager said they had to validate every deposit by confirming with the client that the sender was not asked to confirm they were not coerced to make the deposit by someone else, someone at Kinesis. There were two other questions - perhaps is this your money, so perhaps the next depositor can add all 4 questions asked.

 

[AlM]

Same with any bank in the UK when transferring even £50 to a new payee, even one with a registered address & account in the UK. Just the new regulations anywhere.

An idea: 'Two customer authentication', where both sending and receiving parties confirm their presence and approval of the transaction, live.

NB they're both already KYC'ed and using DNA-based authentication for the transaction in question (finger/iris).

The nonsense you see in films about preserving severed fingers in ice is exactly that. Eyes are worse.

 

[AlM]

Irises also differ, left and right, in the same person and between identical twins:

https://biology.stackexchange.com/questions/30183/are-the-irises-an-exact-match-in-a-humans-set-of-eyes

 

[firecracker11]

To complete the deposit of AUD to Virtual Account, the Account manager said they had to validate every deposit by confirming with the client that the sender was not asked to confirm they were not coerced to make the deposit by someone else, someone at Kinesis. There were two other questions - perhaps is this your money, so perhaps the next depositor can add all 4 questions asked.

thank you for your answer,so is this for every deposit that i make or just for the first deposit ?

 

[eN_Rich]

thank you for your answer,so is this for every deposit that i make or just for the first deposit ?

I have the impression it will be for every deposit. - Remember the Virtual Ac is for Personal Accounts only