Highlights:
Binance P2P allows users to easily buy Bitcoin by linking their bank account as a payment method.
In this article, we will guide you through three distinct methods that allow you to quickly buy cryptocurrencies using your bank account: conventional bank transfers, SWIFT (or international money transfers), and SEPA bank transfers for international transactions in EUR.
Generally, SEPA and SWIFT transfers are executed faster than conventional bank transfers. However, SEPA is only available for users in certain European countries and territories.
If you are looking for a quick and convenient way to buy Bitcoin and other cryptocurrencies, try linking your bank account. Although Binance P2P supports over 300 payment methods, including debit cards, credit cards, and cash payments in person, bank transfers remain one of the most popular payment methods on the platform.
More people choose Binance P2P than any other peer-to-peer cryptocurrency platform due to its low fees, wide selection of cryptocurrencies, and flexible payment methods. Furthermore, Binance P2P supports over 70 local currencies, so it is likely that your local bank and desired currency are compatible. On Binance P2P, you can buy cryptocurrencies in three distinct ways using your bank account: bank transfer, SWIFT, and SEPA. Read on to understand the differences between these three payment methods and find out which one you should use.
How do I buy cryptocurrencies via bank transfer?
Bank transfers are one of the most popular payment methods on Binance P2P, allowing users to send money to each other quickly. In the case of conventional bank transfers, users link their bank account with Binance P2P to send and receive money. This enables users to buy and sell cryptocurrencies such as Bitcoin, Ethereum, BNB, Dogecoin, and many more.
By using the bank transfer option, as peer-to-peer platforms connect buyers with sellers and vice versa, funds from your bank account will be transferred directly to the counterparty's bank account. Follow these simple steps to buy cryptocurrencies instantly via bank transfer.
Step 1: Click on [Buy] at the top left, select the fiat currency you wish to pay with, and then select [BTC], or the cryptocurrency you want to buy.
Step 2: Click on the button at the top right. Filter the ads by selecting 'Bank Transfer' from the dropdown menu. Then choose the P2P ad that has the best bitcoin price for you and that best fits your needs.
Step 3: Enter the amount you want to buy, click on [Buy BTC], and then click on [Go to payment page].
Step 4: Select [Bank Transfer], copy and paste the required details from your mobile banking app, and then transfer the funds. These details may include a bank account number, the name of the banking entity, branch information, or others. Once the seller receives your funds, they will proceed to release the crypto assets.
How do I buy cryptocurrencies via SEPA and SWIFT money transfers?
If you are looking for a quicker payment solution, SEPA and SWIFT are two of the most popular methods for receiving and sending funds. Before proceeding, make sure your bank supports SEPA and SWIFT transfers.
SEPA is the European Union's payment integration initiative for cross-border bank transfers in euros. If you are unsure whether your local bank supports SEPA money transfers, read our FAQ guide on the countries supported by SEPA.
If you are based outside the EU, SWIFT is the international payment solution used by over 100,000 banking institutions and millions of customers worldwide. Often referred to as 'international bank transfer', SWIFT is backed by tens of thousands of financial institutions, making it one of the go-to options for users looking to send money abroad.
Step 1: Click on [Buy] at the top left, choose the fiat currency you wish to pay with, and then select [BTC].
Step 2: Click on the button at the top right. Filter the ads by 'SEPA' or 'SWIFT', and then select a P2P ad that fits your needs.
Step 3: Enter the amount you want to buy, click on [Buy BTC], and then click on [Go to payment page].
Step 4: Select [SEPA] or [SWIFT], copy and paste the details into your mobile banking app, and then transfer the funds. The seller will not release the crypto assets until they receive your funds.
Which money transfer option should you choose when buying BTC via bank transfer?
Not sure what the differences are between the various bank transfer options? Read on for a comparison of the most popular types of bank transfers: domestic transfers, same bank transfers, and international fund transfer options like SEPA and SWIFT. Discover which option best suits your needs.
Bank transfer (country)
When you select 'bank transfer (country)' as your payment method, you are opting to make a domestic bank transfer. Domestic transfers consist of bank transfers where the financial institutions of the sender and recipient are located in the same country. This term thus refers to any chain of bank transfers that occurs entirely within the borders of a single country. Domestic bank transfers are often processed within a 24-hour timeframe, although processing times may depend on the chosen local country or bank.
Transfer with a specific bank
If you are executing a transaction with a counterparty who uses the same bank, select the option 'Transfer with a specific bank' to transfer funds to another client of the same bank you have selected. In Binance P2P, you will find a long list of banks you can use to transfer in your local currency. However, if you haven't found the name of your bank, this option allows you to add your bank account information.
SEPA transfer (EU)
SEPA transfers (or Single Euro Payments Area) are the most common option for international money transfers for EU users and other countries supported by SEPA. SEPA transfers only support international money transfers in Euros (EUR). Both the sender and receiver must operate with a financial institution accepted by SEPA for this payment method to be available on Binance P2P. SEPA transfers vary in speed. Depending on your local financial institution, these transfers can be instant to take two business days or more.
SWIFT transfer
SWIFT transfers, or Society for Worldwide Interbank Financial Telecommunication, are international money transfers processed through the SWIFT network. It is the most widely used format for international money transfers and is compatible with most of the world's most popular currencies. Payments range from direct deposits to international bank transfers.
SWIFT transfers typically take between 1 and 5 business days. Additionally, the bank processing the payment may charge between 3% and 4% as part of its service.
In conclusion
Although Binance P2P allows buyers and sellers to choose from over 300 different payment methods, bank transfers remain one of the most popular and attractive payment options on the platform.
Bank transfers are fast and secure, with the option to choose between free and low-fee options. Regardless of where you are in the world, it is likely that your financial institution allows you to transfer money via bank transfer.
If you are ready to buy Bitcoin, register an account on Binance, link your bank account, and start buying cryptocurrencies.
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This content is generic for the Spanish-speaking community and does not refer to any specific jurisdiction.
Risk notice: Fiat currency services are provided to users directly by licensed providers for processing transfers. Users will be able to use the services of these licensed providers through Binance Pay to directly trade virtual assets and digital units of value associated with the value of a fiat currency and/or transfer assets and digital units so that their recipients receive equivalent funds in fiat currency directly in their bank accounts. This process does not involve the receipt or collection of fiat currency resources nor the sending or transferring of fiat currency resources between users and recipients. Virtual assets and digital units are not backed by the government or any financial institution and are not legal tender. Conducting transactions with this type of asset and units carries certain risks, under the responsibility of the person performing them. Binance.com operates internationally. Please review our Terms of Use and Risk Warning.