If you’re a resident of Malaysia, have signed up for a Luno account, and want to buy cryptocurrency - you’ll first need to deposit Ringgit (MYR) to your Luno wallet.
Before you can do that, we’ll need to find out a little bit more about you - a simple process to let us know that it’s you using your account.
Once you’ve correctly followed the steps to verify your details, it can take up to 48 hours before you can make a deposit. This guide explains how you can make a direct bank transfer deposit.
Note
Deposits via bank transfer are only available for selected customers. If you don't see the option available to you, you can make an instant transfer deposit with FPX. Find out how to do that here.
How do I make a direct bank transfer deposit?
To make a direct bank transfer deposit to our trust account, follow these steps:
Sign in to the Luno app
Select Wallets from the menu
Navigate to your MYR wallet
Select DEPOSIT
Select Bank transfer
Enter the amount you'd like to deposit and select NEXT
Before making a deposit, read the disclaimer. Then, select I understand and wish to continue and CONTINUE
Next, you’ll see a unique BX reference, as well as Luno’s account details
Log in to your bank account and make your payment using Luno’s details and your unique reference
When you’re done, select I'VE MADE THE DEPOSIT on the Luno app
Success! You’ll be ready to buy crypto once your deposit reflects.
Your deposit will reflect in your MYR wallet within one business day - if you’ve followed these steps correctly
Enter your unique deposit reference code (i.e. BX123ABCD) in banking fields such as "Recipient Reference", "Other Payment Details", "Payment Details", "Reference 1", "Reference 2", "Comments", "Message", etc.
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Make sure that the deposit is made from a personal bank account in your own name.
Note
The name on your bank account needs to exactly match the name on your submitted identity document
Don’t make a deposit that is the same amount within 24 hours. If you’d like to make several deposits within a 24-hour period, try making subsequent amounts slightly different, even by a few cents. For example, use RM 100 for your first deposit, then RM 101 for the second, RM 102 for the third deposit, and so on.
Use Instant Transfer when making the fund transfer.
Try not to make deposits from a joint bank account. The risk is that your deposit could be unallocated, due to incomplete names provided to us by your bank. If you’ve made a deposit, and it’s unallocated due to this, please get in touch with us
Keep in mind
The following types of deposits are not accepted, and once we have the necessary information, it will be returned to the depositor:
Third-party deposits (made from a bank account not in your own name). This includes deposits from company/ business bank accounts owned by you.
Cash and cheque deposits
Deposits from e-wallets
Deposits from debit and credit cards
Foreign currency deposits or deposits from foreign bank accounts. We only accept MYR from local MYR bank accounts
Note
If you’ve made any of these deposits, please get in touch with us immediately for a refund.
Frequently asked questions
This usually happens because you have missed out on one of the important steps outlined above. Not to worry, contact us here and we’ll be happy to help. We’ll need proof of payment from you to manually allocate your deposit to your MYR wallet.
Note
Please do not contact MTrustee Berhad for any issues relating to your deposit. Reach out to us instead, and our support team will be happy to help you out.
Yes. Luno will charge an admin fee of MYR 0.70 for every deposit below MYR 100. There are no fees for deposits of MYR 100 and above.
Deposit limits apply based on your verification level, and your bank might have a specific deposit limit as well.