Premium Transfer
A Premium Transfer is a transfer of funds between your Standard and Premium Wallet.
- Select Transfers in the Sokin column.
- Select Premium Transfer.
- Choose a Source & Destination currency.
- Enter an amount in the Amount to Transfer field.
- Enter a Remark (Optional).
- View the Transfer Summary (if visible) and select Next.
- Select Submit to complete the Premium Transfer.
Source & Destination Currency
The source is the wallet that will be debited, and the destination is the wallet that will be credited.
To transfer funds to your Premium Wallet, select your Standard Wallet as the source and your Premium Wallet as the destination.
To transfer funds back to your Standard Wallet, select your Premium Wallet as the source, and your destination will automatically be set to the Standard Wallet.
Remarks
Remarks is an optional field which will be visible in your Transaction History.
Transfer Summary
When actioning a same-currency Premium Transfer, no Transfer Summary will show, and the amount entered will be the credited to the destination wallet.
When attempting a cross-currency Premium Transfer, a Transfer Summary will appear showing a breakdown of the following:
Exchange Rate – Sokin’s best indicative rate based on live exchange. This rate automatically refreshes after 20 seconds and will update the figures and fees accordingly.
Payment Fees – The fees debited from your account.
FX Fee – The % debited from your account for doing a currency exchange.
Amount we’ll convert – The amount to transfer minus payment fees.
What the recipient will get – The amount you will receive into your Premium Wallet.
Submit Your Premium Transfer
The next stage of a Premium Transfer is to confirm the transfer details and submit the transfer. When a cross-currency Premium Transfer is being made, you will have 20 seconds to submit the transfer at the displayed exchange rate.
If 20 seconds pass, you must refresh the exchange rate before submitting.
Once submitted, the Premium Transfer will occur immediately and the funds will be deposited into the destination wallet. The transfer details will appear in your Transaction History, showing a debit transaction against the source currency and a credit transaction for the destination currency.