Access, Risk & Tax
EFT Deposit to Luno or VALR Not Showing? Fix the Reference and Trace It
Rand left your bank but has not reached Luno or VALR? Check the waiting window, the BX, LN or VR reference and the field you typed it in, then send proof of payment the right way.
Your rand left your bank account, but your Luno or VALR wallet still shows nothing. In most cases the money is not lost. It is sitting in the exchange's bank account waiting to be matched to you, and the thing that matches it is the reference number you typed into your banking app.
This guide is for deposits that left your account and have not appeared. If your bank refused the payment, or the money came back to you, that is a different problem: see why South African banks decline or return transfers to Luno and VALR.
How long should an EFT deposit to Luno or VALR take?
Both exchanges bank with Standard Bank, so the clock depends on where you bank:
| You pay from | Luno says | VALR says |
|---|---|---|
| Standard Bank | Near-instant; its timing table gives 5 minutes to 48 hours | Near-immediate, unless Standard Bank delays it under its own policies |
| Any other South African bank | Up to 2 business days | Up to 48 business hours |
Two details change the count. Luno does not process bank transfers on weekends or public holidays, so an EFT sent on a Friday evening starts its two business days on Monday. Payments made after hours also take longer.
Do not contact support inside this window. Both exchanges say so directly, and a ticket will not move the money faster.
The reference number is what matches your deposit
Neither exchange can tell whose money arrived from the bank name alone. Each gives you a unique deposit reference:
- Luno: starts with BX or LN. You find it in the app under Portfolio, then your ZAR wallet, Deposit, Bank transfer.
- VALR: starts with VR. You find it under Wallets, your ZAR wallet, Deposit, Via EFT, after choosing your bank.
Luno uses automated systems to read its bank statements. If the reference is wrong or missing, Luno says "there is no way for our team to know which of our customer's accounts to allocate the funds to", and warns that a deposit sent without following the instructions can take up to a month to show. VALR says its system "won't recognize that you've made the deposit" without the VR reference.
Luno help centre, "Where do I find my BX or LN reference number on Luno?", viewed 19 October 2026.
The field people get wrong: "my reference" versus "their reference"
South African banking apps show two reference fields when you pay someone. One appears on your statement, the other on the recipient's statement. The exchange only sees the second one.
Luno names this as a common mistake: customers put the deposit reference in their own reference field, so it shows on their statement and something else shows on Luno's. The fix it recommends is simple: put the BX or LN number in both fields when you add Luno as a beneficiary. VALR likewise asks for the VR number as the beneficiary or recipient reference.
What the fields are called in each app, according to Luno's EFT guide:
| Bank | Field the exchange sees | Your own field |
|---|---|---|
| Standard Bank | Their reference | My reference |
| FNB | Recipient reference | Own reference |
| Nedbank | Their reference | Your reference |
Standard Bank and Nedbank list Luno as a bank-approved beneficiary, and VALR is a pre-approved beneficiary at Standard Bank. Picking it from that list avoids typing the account number. You still have to type the reference.
Copy the reference from the exchange screen and paste it. A single swapped character, or the sample number from a help article screenshot, sends the deposit into the unmatched pile.
Two other reasons a deposit sits unallocated
You sent the same amount twice within 24 hours. Luno calls these twin deposits. It allocates the first one normally and holds the second for a 24-hour cooling period, or longer if the reference was wrong. VALR flags same-amount deposits within 24 hours for review and says changing the amount by even one cent avoids it.
The account is not in your name. A payment from a partner's, parent's or business account is not just delayed. Luno reverses it to the account it came from. Business accounts are refused even if you own the business.
What to do if the deposit is still missing
Work through this in order:
- Confirm the money left. Check that the payment shows as successful in your banking app, not pending or failed.
- Count business days. Skip weekends and public holidays. If you are still inside two business days, or 48 business hours at VALR, wait.
- Check what you typed. Open the payment in your banking app and look at the recipient reference. If it does not match your BX, LN or VR number exactly, you have found the problem.
- Get a proper proof of payment. Download it from your banking app for that specific payment. Luno wants it to show your full name, the amount, the date and the reference used. It does not accept SMS messages, bank statements or payment notification messages.
- Send it to the exchange. At Luno, use the "Find my deposit" option in the help article for missing deposits. At VALR, send the proof of payment and your correct VR reference to the support team.
- Fix your saved beneficiary so the next deposit does not repeat the mistake.
If the exchange confirms it never received the money, the trace has to start at your bank, because only your bank can follow a payment it sent. Ask for the payment trace in writing and keep the case number.
Before your next deposit
Make sure you are sending rand to a platform that is actually authorised. Our guide to checking an FSCA licence for a crypto platform shows where to look. If the rand is for tokenised US shares, the comparison of Luno and Binance for tokenised stocks in South Africa explains what each platform lets you buy once it arrives.
Sources: Luno help centre — What can I do if my deposit isn't reflecting in my wallet?, Where do I find my BX or LN reference number on Luno?, EFT deposit tips for South African customers, How long until my deposit reflects in my Luno wallet?, I made a deposit for the same amount within 24 hours, My deposit is missing. Where is it?. VALR support — How to deposit Rand (ZAR) using a bank account, How long does it take for my Rand (ZAR) deposit to reflect?. All viewed 19 October 2026.