Sokin Transfer

A Sokin transfer is a payment made between two Sokin accounts. It is free, instant, and available 24/7. To make a Sokin Transfer, you must first add a Sokin Beneficiary.

To make a Sokin Transfer, follow the steps below:

1. Select Transfers in the Sokin column.

2. Select Sokin Transfer.

3. Choose a beneficiary and select Transfer.

4. Choose a Source currency.

5. Enter an amount in the You send or Recipient gets field.

6. Enter a Sender reference / Remarks (Optional).

7. View the Transfer Summary and click Next.

8. Select Submit to send the transfer for Checker approval.

Source & Destination currency

The source is the currency that will be debited, and the destination is the currency in which the beneficiary will receive the funds.

You can enter an amount in either the You send or Recipient gets field. The other field will automatically update with a figure based on the live exchange rate (if doing a cross-currency transfer) and fees shown in the Transfer Summary. 

Sender Reference / Remarks

The Sender Reference / Remarks is an optional field which will be visible to both the sender and the beneficiary in their Transaction History.

Transfer Summary 

When a transfer is made in the same currency, the Transfer Summary will not include any fees.

When attempting a cross-currency 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 for a Sokin Transfer.

  
  

• Fixed Payment Fees – There is no fixed payment fee for doing a Sokin Transfer.

  
  

• FX Fee – The % debited from your account for doing a currency exchange.

  
  

• Amount we’ll convert – The source amount minus payment fees.

  
  

• What the recipient will get – The amount sent to the beneficiary.

  
  

• Cut-off time – There is no cut-off time for Sokin transfers. 
  

Submit Your Sokin Transfer 

The next stage of a Sokin Transfer is to confirm the transfer details and submit the transfer. When a cross-currency 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 Sokin Transfer will occur immediately and the funds will be debited from the source wallet. The transfer details will appear in your Transaction History, showing a debit transaction against the source currency.