With Binance P2P, buying bitcoins and cryptocurrencies with euros is very easy. In this article, we will guide you through the three different types of SEPA transfers that allow you to buy and sell cryptocurrencies on Binance P2P: direct debit, wire transfer, and instant transfer.
Main conclusions
Binance P2P offers an easy-to-use platform to buy and sell bitcoin using SEPA transfers with zero fees.
The Single Euro Payments Area (SEPA) is a widely used payment method for making transfers and payments in euros quickly and easily.
In this article, we will guide you through the three different types of SEPA transfers that allow you to buy and sell Binance cryptocurrency Bank Account direct debit, transfer and immediate transfer.
At Binance P2P , we believe that speed, cost, and security are the three most essential components when buying cryptocurrencies. Therefore, we strive to offer a wide selection of payment methods. At the time of writing, we support more than 300 payment methods, including SEPA transfer, cash payments in person and bank transfer.
Users choose Binance P2P for its low fees, wide selection of cryptocurrencies, and flexible payment methods. Also, Binance P2P supports more than 70 local currencies, so it is very likely that it will support your local bank and Binance cryptocurrency Bank Account. There are three different ways you can buy crypto on Binance cryptocurrency Bank Account using a SEPA bank transfer: direct debit, wire transfer, and instant transfer. Read on to learn the differences between these three payment methods and which one you should use.
What is a SEPA bank transfer?
If you live in Europe, you may be familiar with the Single Euro Payments Area (SEPA), a widely used payment method for quick and easy transfers and payments in euros.
Who can get a SEPA bank account?
If you are located within the Eurozone, your traditional bank account should support Binance cryptocurrency Bank Account transfers. However, if you live in a country that does not belong to the Eurozone, you can easily check which banks offer SEPA if you want to make this type of transfer.
Which countries support SEPA?
Some SEPA member states do not use the euro as their currency. However, they have special agreements with the European Union so that their citizens can benefit from this payment method. Below you can find the full list of countries that support SEPA payments :
Andorra, Austria, Belgium, Bulgaria, Cyprus, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Slovenia, Slovakia, Spain , Portugal, United Kingdom, Romania, San Marino and Sweden, Switzerland, Monaco, Norway, Liechtenstein, Iceland and Vatican City.
Three types of SEPA bank transfers
- Direct debit
Direct debit is the most common type of transfer, and is often used for recurring payments, such as monthly utility bills. The recipient (company) will request funds from the payer (client), who will sign a mandate (contract) that allows money to be withdrawn from their account periodically. Please note that there are two types of Direct Debit: Central Direct Debit, which can be used by anyone, and B2B Direct Debit, which is only available to businesses.
The SEPA direct debit usually takes two or three business days to process, a little longer during bank holidays and weekends.
2. Transfer
The SEPA transfer is similar to an ordinary credit transfer, but you have to add your IBAN and, in some transactions, the BIC (bank identification code) of both the payer and the recipient. These numbers are used to authenticate the payment and ensure that the money reaches the correct Binance cryptocurrency Bank Account.
The SEPA transfer takes one business day to process and settle. If you transfer money to another SEPA country, it should take a day for it to reach the recipient’s bank account, although holidays and weekends may affect these times.
3. Immediate transfer
Immediate transfer is the fastest SEPA transfer method available. Before requesting a SEPA immediate transfer payment, check that both your bank account and the recipient’s bank account accept this form of payment.
The SEPA Instant Transfer takes a direct route from the issuing bank to the acquiring bank, so the transfer should only take a few seconds. Unlike other SEPA methods, the immediate transfer is available 24 hours a day, every day of the week, and is not affected by bank holidays or weekends.
How can I buy cryptocurrencies with SEPA?
Step 1 – Select [P2P Trading] on the home page. Click on [Buy] in the upper left area, select [EUR] as the currency and then [BTC] or another cryptocurrency you want to buy.
Step 2 – Hit the filter button at the top right. Filter listings by selecting [SEPA Bank Transfer (EU)] from the dropdown menu. Next, choose the P2P advertisement that best suits your needs.
Step 3 – Add the amount you want to buy, tap [Buy BTC] and then [To Payment Page] .
Step 4 – Select [SEPA (EU) Bank Transfer] , copy and paste your bank details, and then transfer the funds. Bank details may include full name, IBAN, bank name, etc. When the seller receives your funds, they will release the cryptocurrency assets to your wallet.
Tip: If you want to contact the other party to the transaction before sending the funds, you can open the chat window in the top right.
How can I sell cryptocurrencies with SEPA?
Step 1 – Select [P2P Trading] on the home page. Select [Add a new payment method] under [Payment Methods], and then add [SEPA Bank Transfer (EU)]. You will have to enter your real name, bank name and IBAN number.
Step 2 – Now you are ready to sell BTC for EUR. Tap [Sell] at the top left, select [BTC] or another cryptocurrency you want to sell, and then select [EUR] as your Binance cryptocurrency Bank Account .
Step 3 – Hit the filter button at the top right. Filter listings by selecting [SEPA Bank Transfer (EU)] from the dropdown menu. Next, choose the P2P advertisement that suits your needs.
Step 4 – Add the amount you want to sell, tap [Sell BTC] and check your bank account after the timer expires. While you wait, you can chat with the other party to track the status.
Step 5: When you have received the full payment, click on [Payment received] and [Confirm release] . If you haven’t received it, click [Appeal] . Make sure you have received the funds in your Binance cryptocurrency Bank Account before releasing any crypto assets.
Get started with SEPA transfers
A SEPA transfer is like a national transfer. You have the flexibility to make payments anywhere in the SEPA area. If you have a company, SEPA transfers allow you to expand your services to other countries and reach more customers. In addition, it is a free and very safe method. However, the only drawback is that it is only available in 36 European member states, which means that you cannot accept payments or make/receive payments with non-SEPA countries.