Bank Transfer

Online bank wire transfers have evolved significantly over the years, and today, fiat transactions can be converted into cryptocurrencies instantly with the help of a bank account. In addition to traditional wire transfers, you can make crypto deposits using payment systems like Trustly, SWIFT, SEPA, UPI, IMPS, and BACS. One of the major advantages of using a bank transfer is that it is highly secure, particularly for large transactions. This is because credit card details are not required at any point during the process.

Summary

Bank transfer is accepted on many crypto exchanges and can be used for both deposits and withdrawals. This deposit method is ideal for large cash transfers, as its limits are typically higher. Additionally, your funds will be very secure when using this payment method. However, when transacting with this method, you may need to pay transaction fees and exchange rate fees, which can vary depending on the bank you use.

What is Bank Transfers?

This payment option is commonly used for peer-to-peer (P2P) transactions on crypto exchanges. With this payment method, you need to link your bank account to the crypto exchange, after which you can complete the transfers. In most cases, the crypto exchange will not collect information on the buyer or seller when a bank wire transfer is used. However, the banks will typically store data on the payments.

Bank Transfers Costs

Bank transfers can be processed for free, especially for domestic transactions. However, with SWIFT, you can expect to pay transfer fees ranging from $0 to $40. In many cases, the recipient may also be required to pay a fee. In addition to transfer fees, the sender will often have to pay exchange rate fees, typically between 3% and 5%. When using SEPA, transfers are usually free or come with minimal fees. It’s worth noting that some banks offer an option to pay extra fees for faster transactions.

Transaction Speed for Bank Transfers

Bank transfers can be completed instantly, but in some cases, it may take up to two business days for the funds to reflect. The time it takes to complete the transaction will depend on your local bank and the payment system being used. For example, with UPI and IMPS, smaller amounts of money can be transferred instantly. With the BACS payment system, the funds may take up to three business days. It’s worth noting that most people only use bank transfers when they are confident that the transactions will be completed instantly or within a few hours.

How to Do Bank Transfers Deposits?

In most cases, bank transfer will only be used for peer-to-peer crypto purchases. Here is a general guide on how to purchase crypto using bank transfer:

1. First, click the buy option on the crypto exchange.
2. Choose your fiat currency and the cryptocurrency you want to buy.
3. Next, select bank transfer from the list of deposit methods.
4. Pick P2P or deposit to your account and enter the amount you want to purchase.
5. Copy the transfer details to your mobile banking app, such as bank account number, bank name, and branch name.
6. Once the funds are transferred, you will receive the crypto or fiat deposit when the crypto site confirms receipt of the funds.

Which are the main countries where Bank Transfers are Used?

People from all around the world can use bank transfers to buy crypto, but some payment systems are limited to specific regions. For example, SEPA and IBAN are meant to be used by banks in the European Union. For international transfers, you should consider using SWIFT or conventional bank wire transfers.

Can you withdraw with Bank Transfers?

CryptoChipy Limited noticed that many crypto sites accept bank transfers for withdrawals. However, in most cases, you will only be allowed to withdraw to the bank account that was used for deposits. If you’ve never deposited money using this funding method, you should consider making a small deposit via wire transfer first. This system helps prevent financial fraud and money laundering. The speed of the withdrawal will vary depending on the payment system and bank you use, but typically, you will need to wait up to four business days for the funds to reflect in your account.

Reputation of Bank Transfers

Bank transfer is generally considered an excellent deposit method on crypto exchanges, particularly due to its low fees. As mentioned earlier, people typically use this deposit option when they are confident that the transfers will be completed instantly or within a few hours. If you can’t make instant bank transfers, you should consider using credit cards or e-wallets to make deposits on crypto exchanges.

FAQ

Some of the most commonly asked questions related to crypto and bank transfers are shown below.

Is it safe to use Bank transfers for cryptocurrencies?

Yes, this deposit option is extremely safe for purchasing cryptocurrencies. You will not need to add your credit card information, making it impossible for hackers to steal your identity.

Is Bank transfers instant?

This banking method offers varying transaction speeds, typically determined by the banks involved and the payment system used. Most wire transfers are completed instantly or within a few hours. The slowest banks may take up to three business days to complete the deposits, while the fastest bank transfers, such as Trustly, are processed instantly.

Can I use bank transfer to an anonymous casino?

It’s rarely possible and not recommended. You lose the whole point of anonymity. All reputable anonymous casino websites only accept crypto for deposits.

Which cryptocurrencies can I buy with this payment option?

Many crypto exchanges require users to first use their fiat currencies to buy BTC, ETH, or their native cryptocurrency. For example, on Binance, you can use fiat currencies to buy BNB. Once that’s done, you can purchase any other cryptocurrencies.

Are bank wire transfers free?

In most cases, wire transfers can be made for free. The only charges you may need to cover are exchange rate fees and transaction costs, especially if you are depositing into another currency that you hold in your bank account.