Last night a notification went out to all Bitbns App users, “Instant Withdrawals are now Live”. So we attempted it to see if they are actually instant or is there a Caveat.
Late Comers
Bitbns is one of the few exchanges in the list which does did not offer instant or fast withdrawal. In fact, on certain occasions it took over three days to receive INR in bank accounts. They do say it will be done in 24 “Banking hours” which translate to three working days as bank hours are only eight in a day. Sneaky little buggers I tell you.
Nevertheless, they have joined the party with Instant withdrawals and we are about to try it out.
Bitbns Instant Withdrawal – Trial
Alright so I have about 17540 INR in my Bitbns INR wallet and despite seeing BTC pump, I am going to take this out to my Bank, for you guys, my readers. Full disclosure, I did make an instant withdrawal before and lost the screenshot so trying again. If you like my dedication, do share this article.
As you can see in the below screenshot, the charges for my withdrawal is INR 6 as it is less than 25000. There is a transaction of 24094 in history that says “Done”, it was the first instant withdrawal I did earlier today.
Underneath that, is another transaction that was done before instant withdrawals were announced and it is still pending, because it takes three days aka “24 banking hours” to complete.
After entering the OTP and clicking on Withdraw it took only a few seconds for the money to be credited in my Bank Account. It was really fast for both the transactions.
Instant Withdrawal Fees and Limits
Bitbns has deployed a variable fee structure for instant withdrawals.
- Amounts lesser than Rs. 1000 will attract a fee of Rs. 4.
- Amounts between Rs. 1000 and Rs. 25000 will attract a fee of Rs. 6.
- INR Amounts higher than Rs. 25000 and under Rs. 50000 has a fee of Rs. 9.
The exchange says limits and fees may be subject to change. As of now, a user can only place two withdrawals in a day, including standard and instant withdrawals both.
The maximum amount for withdrawal per transaction is Rs. 50000, while overall limit for a day is Rs. 100000.
What do you think of the Instant Withdrawals? Let us know in the comments below.
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