Buying crypto has become remarkably quick, easy, and accessible in recent years. In fact, if you’re in Europe, you can already buy crypto through a Single Euro Payments Area (SEPA) transfer through IBAN and by converting euro to crypto using Ka.app, a beginner-friendly crypto wallet.
Interested to learn more? Let’s discuss how it works.
What Is SEPA?
SEPA is a European Union payment-integration initiative that simplifies bank transfers denominated in euro. It includes all 27 EU countries, along with a few others like Norway, Switzerland, and Iceland. SEPA enables you to make cashless euro payments to any account located anywhere in the area using a single bank account and a standardized set of payment instruments.
What Are the Benefits of Using SEPA for Buying Crypto?
SEPA transfers make a convenient option for buying crypto with EUR. They offer several benefits such as:
1. Affordable Transaction Fees
SEPA transfers are designed to be economical, so you can save money on transaction fees, which is especially beneficial if you're transferring large amounts to buy crypto. On Ka.app, for instance, you’ll only be charged €1 for incoming SEPA transactions (transferring euro from your bank account to Ka.app through IBAN), plus the euro to crypto conversion fee.
2. Quick Transfers
SEPA transfers are faster than traditional bank wires. This speed is crucial in the crypto market, where prices can fluctuate rapidly. By getting euros to your crypto wallet faster, you can easily take advantage of better crypto prices.
3. Simple Transactions
SEPA's aim is to make financial transactions as simple as domestic payments, regardless of where the money is going within the Eurozone. This simplicity is a huge advantage because it eliminates the need for navigating complex international banking rules or dealing with exchange rate issues. You can make transfers directly from your bank account to the crypto platform using your regular banking tools.
4. No Need to Convert to Other Traditional Currencies
Since SEPA transfers are made in euros, there’s no need for currency conversion if your account and the platform support euros. This avoids extra conversion fees and the complexities associated with exchange rates, making your transactions more straightforward and slightly cheaper.
5. Security
Security is a top priority in financial transactions, and SEPA transfers are no exception. SEPA adheres to the stringent regulations set by the European Payment Council, ensuring a high level of security. This means your funds are protected under robust European banking standards as they move from your bank to the crypto platform.
6. Regulatory Compliance
Using SEPA transfers can also offer peace of mind in terms of regulatory compliance. The system is well-regulated, and following these guidelines can help ensure that your transactions are legally sound and transparent, aligning with the financial regulations of your country and the broader EU.
How to Buy Crypto & Bitcoin With SEPA Transfer
Here’s how you can buy crypto & Bitcoin with a SEPA transfer on Ka.app:
- Sign up on Ka.app.
- Activate your cash account.
- Copy your personal IBAN on Ka.app.
- Go to your external bank account and transfer euros to your IBAN on Ka.app.
- Upon receiving the funds on Ka.app, convert euros to your preferred crypto (e.g., EUR to BTC).
- And you’re done!
The Bottom Line
With their low fees, quick transaction times, and high security standards, SEPA transfers can make buying crypto much more accessible and convenient for anyone in the Eurozone. Also, with crypto platforms like Ka.app, the end-to-end process is quick and easy to follow, especially for beginners.
Disclaimer: This article was written for educational purposes only and should not be taken as financial, investment, or legal advice. Buying crypto carries considerable risks due to market volatility, including the possible loss of your funds. Please conduct research, evaluate your financial circumstances, and understand your risk tolerance before making any investment decisions.
FAQ
What is an IBAN?
IBAN stands for International Bank Account Number. It’s a standard international numbering system developed to identify bank accounts across national borders. Your IBAN allows you to quickly make cross-border transactions.
Is buying crypto on Ka.app safe?
Yes, Ka.app has strong security measures in place to protect your funds and transactions. These include two-factor authentication (2FA), regular software updates, and strong Know Your Customer (KYC) checks, among others.
What should I do if encounter an issue with my SEPA transfer?
If you’re using Ka.app, please reach out to our customer support for assistance.
