Transaction Delays: Why They Can Happen and How to Troubleshoot Them

As a CoinJar customer, you might experience delays with your cryptocurrency transactions. Whether you're waiting on deposits, withdrawals, or trades, understanding why these delays occur and how to address them can save you time. This guide explores common causes of transaction delays and provides practical troubleshooting steps.

Common causes of transaction delays

Let’s get into the snafus that might delay a transaction.

Blockchain confirmation times

When sending to or receiving from external cryptocurrency wallets or exchanges, transaction speed depends entirely on the blockchain network of that particular cryptocurrency. Each blockchain has its own confirmation requirements.

- can take anywhere from 10 minutes to several hours depending on network congestion.

-Ethereum is typically faster than Bitcoin but may slow during high network activity.

-Faster cryptocurrencies like and Stellar typically confirm within seconds to minutes.

During periods of high market volatility, confirmation times may increase significantly as networks become congested with transactions.

Australian banking system processing times

When making AUD deposits:

PayID / NPP payments: Generally processed quickly, often within minutes during business hours (except for the first transaction, which could take longer).

While PayID payments are generally lauded for their speed and near real-time processing, it's crucial for users to understand that first-time transfers to any new recipient, not just cryptocurrency exchanges, often adhere to specific security protocols that can introduce delays.

Many Australian banks implement precautionary measures for initial payments to unfamiliar PayIDs. A common timeframe to anticipate is around one business day for these first-time transfers to clear, allowing financial institutions to conduct necessary security checks.

However, it's important to note that processing times can vary between banks. Some can take 24 hours, while others could potentially take up to three business days to be fully processed.

Another thing to note is that sometimes banks don’t accept transfers to cryptocurrency exchanges. Here is a that are both friendly, and not-so-friendly to crypto exchanges. Banks can also delay all payments to crypto exchanges.

Standard bank transfers: May take 1-3 business days depending on your bank.

Weekend or holiday delays: Banking systems operate primarily on business days. However if you are using PayID from second use onwards, then it should be instant.

Verification Requirements

Several verification factors can affect transaction processing.

Name matching requirement: Deposits must come from bank accounts registered in your exact legal name. The bank account name and the CoinJar account name need to match exactly.

Joint accounts: Not accepted for deposits or withdrawals.

Identity verification: You must complete identity verification before withdrawing funds.

Reserved Balance holds

Some deposits may be temporarily held in a reserved balance before being made available in your account. This typically applies to initial deposits from credit/debit card instant buys and to every Google / Apply Pay buy.

Troubleshooting transaction delays

Check your transaction status

First, verify your transaction status within your CoinJar dashboard. Look for:

-Pending status

-Processing status

-Reserved balance notation

-Any error messages or notifications.

Verify blockchain confirmations

For cryptocurrency transfers:

-Use a blockchain explorer relevant to your cryptocurrency

-Search using your transaction hash/ID

-Check the number of confirmations (typically 2-6 confirmations are required for finality)

Review banking details

For fiat currency delays:

-Confirm you've used the correct deposit details

-Verify the BSB and account number

-Ensure the bank account name matches your CoinJar account name exactly

Check timing and processing windows

-PayID transfers are typically faster.

-Consider public holidays and weekends which may extend processing times for first-time deposits.

Contact support

What is your transaction hasn't arrived within the expected timeframe?

-For AUD withdrawals: Wait up to three business days before contacting support.

-Provide your transaction ID and relevant banking details.

Common questions about delays

Why is my transfer being reviewed?

Transfers may be flagged for review for several reasons:

-Security measures: Protection against unauthorised account access

-Compliance checks: Anti-money laundering and counter-terrorist financing regulatory obligations.

-Unusual activity: Transactions that differ from your normal patterns

During a review, CoinJar's compliance team may request additional information to verify the transaction's legitimacy.

Why does blockchain confirmation time vary?

Blockchain networks operate on a consensus mechanism that requires multiple network participants to validate transactions. Factors affecting confirmation time include:

-Network congestion: More users conducting transactions slows processing

-Blockchain design: Different cryptocurrencies have different block times and confirmation requirements

Preventing future delays

Follow these best practices to minimise transaction delays:

-Complete full verification before attempting withdrawals

-Use only personal bank accounts registered in your exact legal name

-Maintain consistent banking details

-Keep your account information updated to avoid compliance issues

Conclusion: Troubleshooting transaction delays

While transaction delays can be frustrating, they're often the result of security measures and regulatory requirements designed to protect your assets.

By understanding the common causes of delays and following the troubleshooting steps outlined above, you can resolve most issues quickly or prevent them entirely.

If you continue experiencing unusual delays with your transactions, don't hesitate to contact CoinJar's through the website or mobile app, who can provide personalised assistance for your specific situation.