SEPA

SEPA, which stands for Single Euro Payments Area, was introduced in 2008 to facilitate credit transfers, and has since become a popular method for safe and efficient crypto deposits.

By 2009, SEPA had expanded to support direct debits, and in 2014, it became available for use by all euro countries. By 2016, it also became accessible to non-euro countries. SEPA was announced by the European banking and payments industry and is supported by national governments, the Eurosystem, and the European Commission. Several crypto brokers, exchanges, and platforms, including Coinbase and Binance, accept SEPA as a payment method. To get started, use this seamless deposit option on your mobile device, which is already set up and ready to use. Simply go ahead and make a deposit with SEPA on one of the crypto sites listed below.

Summary

This deposit option is one of the fastest methods available for Europeans involved in cryptocurrency. SEPA is renowned for offering deposit options to numerous exchanges and platforms, providing top-tier security with no third parties involved and zero fees on deposits. Keep reading to learn more about its advantages, disadvantages, costs, transaction speed, supported countries, reputation, and how deposits are processed.

What is SEPA?

SEPA (Single Euro Payments Area) is a payment method used within the European Union to simplify bank transfers under the euro currency. By integrating financial instruments, regulations, rules, and standards, SEPA enables users to make seamless euro transfers and cashless payments to accounts within the area. Its unique advantage lies in its low fees and high scalability, making it a suitable deposit method for crypto users.

What are the SEPA Costs?

To make a transfer, you only need the recipient’s IBAN. SEPA transactions generally involve zero or very low fees, making it an ideal deposit method for cryptocurrencies.

Transaction Speed for SEPA

SEPA transactions are typically completed within 48 hours or less, making it faster than traditional bank transfers. Deposits to exchanges are completed in 1 to 24 hours. For local transfers, verifications occur several times a day, while overseas transfers may take until the next business day, provided the payment was made before 5 PM on business days.

How To Make SEPA Deposits?

1. Visit your preferred exchange, broker, or platform.
2. Select SEPA from the list of available deposit options.
3. Enter the amount you wish to deposit in euros.
4. Complete the transaction with a verification method of your choice, such as Face ID or your mobile device’s PIN code.

Which Countries Use SEPA?

SEPA is used in many European countries, including Belgium, Spain, France, Portugal, Romania, Italy, and Germany. However, some European countries that aren’t part of SEPA include Bulgaria, Iceland, Norway, Hungary, and Denmark. Countries like French Southern and Antarctic Lands, Kosovo, and Montenegro use the euro but are not part of SEPA.

Can You Withdraw with SEPA?

Yes, unlike some other deposit methods, you can also withdraw funds via SEPA through your preferred exchange, broker, or platform. You will need to provide your IBAN details to confirm the withdrawal.

Reputation of SEPA

Changes in cross-border regulations affect large banks, as they must adjust their systems to comply with SEPA regulations. Although some users may prefer other methods, SEPA remains reliable, with competitors like PayPal and Skrill offering similar services.

SEPA FAQ

Here are some of the most frequently asked questions about SEPA. If you have any further questions, feel free to ask!

When was SEPA started?

SEPA was introduced in 2008 for credit transfers, and in 2009 it expanded to offer direct debit functionality.

How many countries does SEPA operate in?

SEPA operates in 36 countries that use the euro currency.

Is SEPA instant?

SEPA transactions are usually instant, though they can take up to 48 hours. Domestic payments typically complete within 1 to 24 hours, while overseas transfers are completed the next day. To ensure quicker processing, make your SEPA transfer before 14:30 GMT +1.