Money Transfer Flows
Compare traditional banking transfers with crypto transfers on Solana
Select Transfer Type
KYC (Know Your Customer) Requirements
Traditional Banking KYC
- Lock-up Time: 3-5 business days for first-time transfers
- Required For: International transfers, large amounts, new accounts
- Documents Needed: Government ID, proof of address, sometimes source of funds
- During Lock-up: Funds are held and cannot be transferred
- Re-verification: May be required periodically or for large transactions
Crypto KYC
- Lock-up Time: Not required for blockchain transfers
- Required For: Only when converting to/from fiat currency (on exchanges)
- Documents Needed: Only if using fiat on/off ramps
- During Transfer: No lock-up, funds move immediately
- Privacy: Transfers are pseudonymous (addresses, not names)
Key Benefits of Crypto Transfers
⚡ Speed
Crypto transfers complete in seconds vs days for traditional banking. No waiting for business days or bank processing.
💰 Low Fees
Solana transaction fees are less than a penny, regardless of transfer amount. No percentage-based fees or wire transfer charges.
🌍 Global Access
Send money anywhere in the world instantly. No geographic restrictions or currency conversion delays.
🕐 24/7 Availability
Blockchain operates 24/7/365. No waiting for business hours or dealing with bank holidays.
🔒 No KYC for Transfers
Blockchain transfers don't require identity verification. Only needed when converting to/from traditional currency.
📊 Transparent
All transactions are recorded on the blockchain and can be verified by anyone. No hidden fees or delays.
How Transfers Work
Traditional Banking Flow
Initiate transfer
KYC verification (if required)
3-5 business daysBank processes request
1-2 business daysClearing & settlement
1-3 business daysFunds arrive
Total: 3-7 business daysCrypto on Solana Flow
Create transaction
Sign with private key
Submit to blockchain
Blockchain confirms
~5 secondsFunds arrive
Total: ~5 seconds