How to buy bitcoin via bank account, SWIFT and SEPA?

You can buy Bitcoin and other cryptocurrencies using Binance P2P - the world's most popular peer-to-peercrypto platforms. In this article, you will learn how to link your bank account to purchase cryptocurrency using SWIFT, SEPA, or regular bank transfer.

Key points:

• Binance P2P allows you to use your bank account as a payment method when purchasing Bitcoin.
• In this article, we will look at three ways to quicklypurchases of cryptocurrency with a bank account: regular bank transfer, SWIFT (international money transfers) and SEPA bank transfers for international transactions in euros.
• SEPA and SWIFT transfers are faster than regular bank transfers. But SEPA is only available in some European countries and regions.

Linking a bank account provides a quick andconvenient purchase of bitcoin and other cryptocurrencies. Although Binance P2P supports over 300 payment methods, including debit, credit cards, and cash, one of the most popular payment methods is bank transfer.

Most people prefer Binance P2P because oflow fees, a wide selection of cryptocurrencies and flexible payment methods. In addition, Binance P2P supports over 70 currencies, among which you will most likely find the one you need. There are three ways to buy cryptocurrency on Binance P2P using a bank account:

1. Bank transfer,
2. SWIFT,
3. SEPA.

In this article, you will learn how these three payment methods differ and which one you should choose.

How to buy cryptocurrency using bank transfer?

Bank transfer is one of the most popular andFast payment methods on Binance P2P. Users link their bank account to Binance P2P to send and receive money using regular bank transfers. This method allows you to buy and sell cryptocurrencies such as Bitcoin, Ethereum, BNB, Dogecoin and many others.

Because peer-to-peer platforms allowthe buyer and the seller directly exchange cryptocurrency, then using a bank transfer, you send funds from your bank account directly to the bank account of the counterparty. To quickly buy cryptocurrency via bank transfer, follow the step-by-step instructions:

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1. Step 1. Click "Buy" in the upper left corner, select the fiat currency that you plan to use for payment, and then select "BTC" or another cryptocurrency to buy.
2. Step 2: Click the button in the upper right corner. Filter your ads by selecting "Bank Transfer" from the dropdown menu. Then select the ad you want.
3. Step 3: Enter the amount, click "Buy BTC" and then click on the button "Go to the payment page".
4. Step 4:Select Bank Transfer, copy and paste the required details from your mobile banking app, and then transfer funds. This data may include bank account number, bank name, branch information, etc. The merchant will transfer the cryptoassets to you as soon as they receive payment.

How to buy cryptocurrency using SEPA and SWIFT money transfers?

If speed is important to you, choose SEPA and SWIFT - the two most popular payment methods. Please make sure your bank supports SEPA and SWIFT bank transfers before proceeding.

• SEPA is an initiative of the European Union,aimed at simplifying international bank transfers in euros. If you are unsure if your bank supports SEPA money transfers, see the SEPA-Supporting Countries FAQ.
• Outside the EU, SWIFT is available - internationalpayment solution used by more than 100,000 banking institutions and millions of customers worldwide. SWIFT, often referred to as "international bank transfer", makes it easy and inexpensive to send money abroad.

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1. Step 1. Click "Buy" in the upper left corner, select the fiat currency that you plan to use for payment, and then select "BTC".
2. Step 2: Click the button in the upper right corner. Filter ads by selecting "SEPA" or "SWIFT", then select the ad you want.
3. Step 3: Enter the amount, click Buy BTC, then click Go to Payment Page.
4. Step 4:Select "SEPA" or "SWIFT", copy and paste the details into your mobile banking app, and then transfer funds. The seller will transfer cryptoassets to you only after receiving payment from you.

Which transfer option should you choose when buying BTC using bank transfer?

Don't know which bank transfer optionis it worth choosing? Next, we'll compare the most popular types of bank transfers: domestic transfers, bank-to-bank transfers, and international money transfers such as SEPA and SWIFT. Find out which option is best for you.

Bank transfer

Choosing "bank transfer" as a methodpayment, you choose domestic bank transfer. Domestic transfers are bank transfers where the sender and recipient financial institutions are located in the same country. Thus, the term refers to any chain of electronic transfers that takes place within a single country. Domestic bank transfers are often processed within 24 hours, but processing times may also vary by country or local bank chosen.

Transfer to a specific bank

If you are executing a transaction with a counterparty,using the same bank, select the Transfer to Specific Bank option to transfer funds to another customer in the same bank you are using. On Binance P2P, you'll see a long list of banks that you can use to make transfers in your local currency. But in case you didn't find your bank name, this option allows you to add your bank account information.

SEPA (EU) translation

SEPA Wire Transfers, or Single Zonepayments in euros (SEPA) are the most common cross-border money transfer option for users residing in the EU and other SEPA-enabled countries. SEPA transfers only support international money transfers in Euros (EUR). To support this option as a payment method on Binance P2P, both the sender and the recipient must have a bank account with a SEPA-enabled financial institution. SEPA transfers vary in speed. Depending on your local financial institution, these transfers can take anywhere from one day to two or more.

SWIFT transfer

SWIFT, or Society for Worldwide Interbank Transferfinancial communication channels are international money transfers processed through the SWIFT network. It is the most widely used format for international money transfers, supporting most of the world's popular currencies. Payments can range from direct deposits to international bank transfers.

SWIFT transfers usually take between 1 and 5 business days. Additionally, the bank processing the payment may charge 3 to 4% as part of their service.

Conclusion

Even though Binance P2P allowsWith over 300 different payment methods available for buyers and sellers to choose from, bank transfers remain one of the most popular and sought-after payment methods on the platform.

Bank transfers are fast and securetools, among which you can find inexpensive and even free options. No matter where you are in the world, chances are your financial institution allows you to transfer money via bank transfer.

If you're ready to buy Bitcoin, register for a Binance account, link your bank account to it, and start buying cryptocurrency.

Binance platform official website: https://binance.com.

If you'd like to learn more about the Binance platform, check out the following articles:

• Instructions: How to buy bitcoin on the Binance crypto exchange for rubles?
• Binance P2P - instructions on how to buy, sell and withdraw cryptocurrency
• How to get verified on Binance without errors the first time?

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