Easy access to funds is paramount in the dynamic and fast-paced crypto market. Thankfully, some crypto platforms have started integrating Single Euro Payments Area (SEPA) bank transfers into their features, making it easier for you to buy crypto, convert crypto to fiat, and cash out your funds.
In fact, if you’re in Europe, this article will discuss how to withdraw EUR via SEPA bank transfer using your International Bank Account Number (IBAN).
What Is IBAN?
IBAN is a unique, internationally recognised sequence of characters that identifies a specific bank account. It's designed to streamline and standardise the process of sending and receiving international payments.
With the addition of IBAN in crypto platforms, you can effectively bridge the gap between digital currencies and traditional banking, making it easier for you to move funds between the two.
What Is SEPA?
SEPA is a payment system that simplifies bank transfers within the European Union (EU) and a few other countries. It’s designed to make users feel like they’re transferring funds locally.
When it comes to crypto withdrawals, SEPA allows you to quickly and directly transfer crypto to your bank account after converting them into euros.
How to Convert Crypto to EUR
Converting crypto to euros is easy, although the actual process may vary depending on the platform you will use. In Ka.app, here’s how it goes:
- Log in to Ka.app
- Go to the home screen, and look for the crypto you want to convert (e.g., KASTA) and tap.
- Then, tap the swap crypto icon.
- Select Euro.
- Enter the amount of KASTA you want to convert to EUR.
- Enter your passcode to confirm the conversion.
- Wait for the money to reflect in your wallet.
How to Withdraw EUR via IBAN
Again, the actual process of withdrawing EUR via SEPA bank transfers may vary depending on the platform you will use. Here’s how we do it in Ka.app:
- Log in to Ka.app.
- Go to the home screen, and tap Euro.
- Tap the withdraw icon.
- Enter your bank details: your name, IBAN, bank code, and reference code, if applicable.
- Enter how much EUR you want to withdraw.
- Review the information and confirm the withdrawal.
- Wait for the money to arrive in your bank account.
How Much Are SEPA Fees?
SEPA withdrawal fees may be different for each platform, but usually, it’s a certain percentage of the actual amount you want to withdraw. For instance, in Ka.app, it's 0.19% of the withdrawal amount. Please double-check with the platform you intend to use for precise figures.
Final Thoughts
Integrating SEPA bank transfers and IBAN into the crypto space has notably streamlined the process of transferring crypto to a bank account, even across borders.
As the crypto landscape continues to evolve, the adoption of such banking systems offers a smooth and user-friendly experience for those seeking to utilise crypto in the broader financial ecosystem.
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FAQ
How can I withdraw EUR after selling crypto?
After converting crypto to EUR, you can withdraw your funds in different ways. Some crypto wallets offer bank transfer features, which will enable you to transfer EUR to your bank account easily. On the other hand, some platforms provide a crypto card that will allow you to withdraw funds through an automated teller machine (ATM).
Can you transfer crypto to your bank account?
Yes. As mentioned, some crypto platforms incorporate bank transfer capabilities, such as using an IBAN to transfer funds. You need to convert your crypto to fiat first before you can transfer them to a bank account.
Which countries use EUR?
EUR is the official currency of 20 member nations in the EU. These include Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
EUR is also used in various overseas territories related to these EU nations. This list encompasses regions like the Azores, the Canaries, Ceuta, Melilla, French Guiana, Guadeloupe, Madeira, Martinique, Mayotte, Réunion, Saint Barthélemy, and Saint Pierre and Miquelon.
Furthermore, Andorra, Monaco, San Marino, and Vatican City have agreements with the EU to use EUR as their national currency. Meanwhile, some countries, such as Kosovo and Montenegro, use EUR as a de facto currency.
