SEPA bank transfer
SEPA – Single Euro Payments Area – helps to perform cashless payments in EUR when buying or selling electronic currencies. This is quick and convenient way to purchase bitcoins, litecoins and other types of cryptocurrencies, using bank which is a part of SEPA.
The bank transfers of this type which usually have no sum limits may be either internal or international. Funding is guaranteed not later than the second day for the recipient after the transaction even if the economy-type tariff is used (in comparison, SWIFT bank transfers are taking up to a week!). At the present moment all the EU member states have become members of the SEPA. Among them: Austria, Belgium, Bulgaria, UK, Hungary, Germany, Greece, Denmark, Ireland, Spain, Italy, Cyprus, Latvia, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, France, Croatia, Czech Republic, Sweden, Estonia. Island, Lichtenstein, Monaco, Norway and Switzerland are also members of the SEPA.
To make a payment one needs to take into account the following SEPA requirements:
- The account of the receiver should be provided in IBAN format.
- The recipient bank should be identified with ID (SWIFT/BIC codes).
- Payment type choice – standard or electronic.
The data entered in a correct and concise manner will accelerate the processing of the transfer. Optionally you can provide additional information for accounting services. The operation fee is taken both from the sender and the recipient, sender pays only the fees of his bank.
The key advantage of SEPA system is the optimal correlation of transfer speed and transfer fee amount. In other words, even with the high transaction speed the fee will remain minimal. If your bank has already joined the SEPA hurry up to purchase or withdraw digital currencies such as bitcoin, litecoin, namecoin, peercoin or any other cryptocurrencies with advantageous conditions (although it's nit instant like credit cards, local transfers and cash deposits, the fees for SEPA are "unbeatable"). There is no other alternative! Read our step-by-step guide How to buy digital currency using bank transfer? to know the details!