The international bank account number (IBAN) originated in Europe, initially developed to simplify and expedite cross-border bank transactions within the region. It was officially adopted as an international standard in 1997; and as of July 2023, it’s being used by 86 countries across the globe.
Some crypto platforms have also started integrating IBAN into their services in recent years, making it easier for crypto users to buy crypto with cash, cash out crypto earnings, as well as convert crypto to cash and vice versa.
If you’re interested in using IBAN for a more convenient crypto experience, sign up on Ka.app now. This guide will teach you how to create a crypto IBAN account in Ka.app, a crypto app for beginners that allows you to send crypto and Bitcoin payments.
What Is a Crypto IBAN?
A crypto IBAN is a unique identifier that starts with a two-letter country code, succeeded by two verification numbers, complemented by a sequence of up to thirty-five alphanumeric characters. It integrates the established IBAN framework with crypto platforms, bridging the gap between traditional banking systems and the crypto market.
With a crypto IBAN, you can easily execute cross-border transfers, convert between cash and crypto, and access various financial services, all while enjoying the benefits of conventional banking standards and blockchain technology.
Top 5 Benefits of Having a Crypto IBAN
Some of the benefits of having a crypto IBAN account include but are not limited to the following:
1. Quick Conversions Between Crypto and Cash
With a crypto IBAN account, you can smoothly switch between crypto and cash whenever you desire, whether it's to protect assets during a dip or bear market, buy crypto with cash, liquidate crypto assets, or seize profitable opportunities during a bull run.
2. Security and Efficiency of Blockchain Technology Without Complexities
A crypto IBAN offers the security and transparency of blockchain technology, ensuring that every transaction is not only recorded with precision but also safeguarded against potential threats. Such integration means that while you operate within the familiar contours of traditional banking, you are simultaneously shielded by a layer of cryptographic security. Also, the efficiency of blockchain is unmatched, with its ability to facilitate quick, peer-to-peer (P2P) transactions, without intermediaries.
3. Smooth Acceptance of Salaries or Other Payments
Because of the speed and cost-efficiency of blockchain technology, an increasing number of entities and individuals are turning to crypto for cross-border salaries and payments. However, some exchanges may require steps that can be overwhelming for beginners—from receiving your payment in crypto to transferring it to a crypto wallet that offers off-ramp services, to converting it to cash, to transferring it to a bank account.
A crypto IBAN can streamline this process by allowing you to directly receive cash from other IBAN users. You can also easily withdraw crypto to your bank account without needing to transfer funds to a separate platform.
4. Easy Purchase of Your Preferred Crypto
By directly transferring cash from an external IBAN to your crypto IBAN, you can easily buy crypto and use your digital assets as you see fit—whether for trading, staking, money transfer using blockchain, holding for prospective growth, and beyond.
5. Hassle-Free Liquidation of Your Crypto Holdings
Cashing out your crypto earnings is convenient with a crypto IBAN. For instance, on Ka.app, you just have to sell your crypto for cash, initiate a withdrawal by inputting your external IBAN details, specify the amount for withdrawal, and confirm the transaction with your PIN code.
Where Can I Create a Crypto IBAN?
As of writing, not many crypto platforms allow you to create your own IBAN. But among the few is Ka.app, a reliable online crypto wallet and Cash App alternative.
Ka.app allows customers from the European Economic Area (EEA) to create their own IBAN in the app by activating Ka. Cash Beta. This IBAN will allow you to make free euro transfers with other Ka.app users, buy crypto with cash, cash out crypto efficiently, receive payments or salaries easily, pay your bills through IBAN transfers, and make crypto-to-cash conversions and vice versa.
How to Create a Crypto IBAN
Creating a crypto IBAN is hassle-free on Ka.app. Here’s how it goes:
1. Download Ka.app.
2. Sign up on the app.
3. Go to the home screen, and tap the card icon at the bottom part.
4. Agree to the Cash Privacy Policy and tap the Activate Cash button.
5. Verify your identity.
6. You’re done! You will see your crypto IBAN by going back to the home screen and tapping the card icon at the bottom.
Final Thoughts
Having a crypto IBAN brings together the best of regular banking, crypto, and blockchain technology, making money management easier and safer for users. You can smoothly move between your bank account and crypto wallet without complex processes involved.
And the best part? Setting up a crypto IBAN on Ka.app is a breeze. With just a few taps, you can get started and enjoy all the benefits of having your own crypto IBAN account without any hassle.
To learn more about the cash services of Ka.app, please read this blog.
FAQ
What’s the difference between IBAN and SWIFT code?
An IBAN and SWIFT code serve different purposes. The IBAN points to a specific account in an international transfer, whereas a SWIFT code pinpoints the exact bank participating in that transfer.
An IBAN consists of up to 34 mixed numbers and letters, featuring a country code of two digits and another two digits for checking. On the other hand, a SWIFT code ranges from 8 to 11 mixed numbers and letters. It starts with four letters for the bank, followed by two letters for the country, then two numbers for the location, and sometimes, an extra three characters for the bank branch.
How can I find my IBAN on Ka.app?
Once you’ve activated your cash account in the app, you just need to go to the home screen and tap the card icon at the bottom. Then, you’ll see your IBAN details.
How much does Ka.app charge for IBAN transaction?
For incoming Single Euro Payments Area (SEPA) transactions, Ka.app charges a fee of €1. For outgoing SEPA transactions, the fee is either €1 or 0.19% of the transferred amount, depending on which amount is higher.
What does SEPA mean?
SEPA, set up by the European Union (EU), intends to simplify and reduce the cost of sending euros across borders, making it as simple as making domestic transactions. Besides the 27 EU countries, SEPA also includes nations like Iceland, Liechtenstein, Norway, Switzerland, Monaco, and San Marino.