The Single Euro Payments Area (SEPA) has revolutionized the way financial transactions are conducted across Europe. SEPA offers a standardized, quick, and cost-effective method for transferring euros between bank accounts in its member countries. This integration has particularly benefited the cryptocurrency space, enabling enthusiasts and investors to buy Bitcoin and other cryptocurrencies with ease.
How do SEPA transfers work?
SEPA transfers are designed to streamline the process of moving euros across the European SEPA, a collaboration of EU and non-EU countries. The process looks as follows:
- An individual or entity initiates a transfer by entering the recipient’s IBAN (International Bank Account Number) and sometimes the BIC (Bank Identifier Code) into their bank’s transfer service.
- The bank processes this transaction by verifying the details to ensure compliance with anti-fraud and regulatory measures.
- Once verified, the funds are transmitted through the SEPA network, facilitating rapid and secure interbank transactions.
- The recipient’s bank receives the funds and credits them to the specified account usually within one business day, although times can vary between banks.
This system is favored for its efficiency, low cost, and the standardized procedure it provides for euro transfers across participating nations. SEPA is also a preferred method for financial transactions involving cryptocurrencies.
What exchanges allow using SEPA transfers
WhiteBIT is an excellent option for those looking to buy Bitcoin with SEPA. Known for its robust trading platform, WhiteBIT offers competitive trading fees and a wide range of cryptocurrencies. That are 265 cryptocurrencies, 10 fiat assets and 422 pairs. The minimum deposit amounts in SEPA transfers are 10 EUR, and the maximum is 14,500 EUR per day. The fee constitutes 0.2% of your deposit amount. WhiteBIT stands out for its user-friendly interface and various trading tools for financial institutions and individual traders. It is considered one of the best options among SEPA exchanges.
Binance exchange reinstated SEPA transfers in 2022 after a brief interruption. Binance offers a vast selection of over 380 cryptocurrencies and a competitive fee structure. Users benefit from lower fees by holding BNB, Binance’s native cryptocurrency, and can enjoy services like staking and crypto lending products.
KuCoin, known for its extensive list of supported cryptocurrencies (over 700), also supports SEPA transfers. This exchange is particularly popular among altcoin traders and offers features such as an NFT marketplace, crypto futures, and margin trading. KuCoin charges a minimal fee for SEPA deposits and provides instant money transfer options, making it a versatile platform for European traders.
Various factors, including fees, security, user experience, and additional features, influence the choice of the right platform for SEPA transfers. The exchanges described in this article are Europe’s most commonly used platforms for SEPA transactions.
