Main Takeaways 

• Binance P2P provides an easy to use platform to buy and sell Bitcoin using SEPA transfers with zero fees. 

• SEPA (Single Euro Payment Area) is a widely-used payment method for fast and easy payments and transfers with Euros. 

• In this article, we’ll walk you through three different types of SEPA Transfers that allow you to buy and sell crypto: Direct Debit, Credit and Instant Credit. 

At Binance P2P, we believe that speed, cost and security are the three most essential components when buying crypto. That’s why we strive to offer a wide selection of payment methods. As of writing, we support more than 300 payment methods, including SEPA transfer, in-person cash payments, and bank transfer.

Users choose Binance P2P because of its low fees and wide selection of cryptocurrencies and flexible payment methods.  In addition, Binance P2P supports more than 70 local currencies, so chances are, your local bank and currency is supported.  There are three different ways you can buy crypto on Binance P2P using SEPA bank transfer: Direct Debit, Credit and Instant Credit. Keep reading to learn the differences between the three payment methods and which one you should use.

What is a SEPA Bank Transfer? 

If you’re based in Europe, you might know SEPA (Single Euro Payment Area), a widely-used payment method for fast and easy payments and transfers with Euros. 

Who Can Get a SEPA Bank Account? 

Your traditional bank account should support SEPA bank transfers if you’re located in the Eurozone area. If you are based in a non-Eurozone country, you can easily check which banks offer SEPA if you want to make this type of transfer. 

What countries support SEPA?

Some SEPA member-states don’t use the Euro currency. However, they have special agreements with the European Union so their citizens can benefit from this payment method. You can find a complete list of countries that support SEPA payments below: 

Andorra, Austria, Belgium, United Kingdom, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, San Marino, Slovenia, Slovakia, Spain, Sweden, Switzerland, Monaco, Norway, Liechtenstein,  Iceland, and Vatican City.

Three Types of SEPA Bank Transfers

1. Direct Debit

Direct Debit is the most common type of transfer and is typically used for recurring payments such as monthly utility bills. The recipient (company) will request funds from the payer (customer), who will then sign a mandate (contract) that allows money to be withdrawn from their account regularly. Keep in mind there are two types of Direct Debit: Core Direct Debit, which anyone can use, and B2B Direct Debit, which is only available to businesses. 

SEPA Direct usually takes two or three business days to process. It may take longer during weekends and national holidays. 

2. Credit

SEPA Credit is similar to a regular credit transfer, but you need to add your IBAN and, for some transactions, the BIC (Bank Identifier Code) of both the payer and recipient. These numbers are used to authenticate the payment and ensure that the money arrives in the correct bank account.

SEPA Credit takes one business day to process and settle. If you transfer money to another SEPA country, it should take one day to arrive in the recipient’s bank account. National bank holidays and weekends may affect waiting times.

3. Instant Credit

Instant Credit is the fastest SEPA transfer method available. Before you request a SEPA Instant Credit payment, check that both your bank account and the recipient’s bank account accept this form of payment. 

SEPA Instant Credit takes a direct route from the issuing bank to the recipient bank, so the transfer should only take a few seconds. Unlike the other SEPA methods, Instant Credit is available 24/7 and isn’t affected by weekends and national holidays. 

How Do I Buy Crypto with SEPA?

Step 1: Select [P2P Trading] on the home page. Press [Buy] on the top left, select [EUR] currency and then select [BTC] or another cryptocurrency you’d like to buy.

Step 2: Press the Filter button on the top right. Filter the ads by selecting [SEPA (EU) bank transfer] in the drop-down menu. Afterwards, choose the P2P ad that best suits your needs.

Step 3: Enter the amount you want to purchase, press [Buy BTC] and then press [To Payment Page]. 

Step 4: Select [SEPA (EU) bank transfer], copy and paste your bank details and then transfer the funds. Required bank details vary by region and financial institution, and may include full name, IBAN, bank name, and more. Once the seller receives your funds, they’ll release the crypto assets to your wallet.

Tip: If you want to communicate with your trading counterparty before you send any funds, you can open the chat window in the top right 

How Do I Sell Crypto with SEPA?

Step 1: Select [P2P Trading] on the home page. Select [add a new payment method] under [Payment Methods] and then add [SEPA (EU) bank transfer]. You’ll need to input your real name, bank name and IBAN number. 

Step 2: Now you’re ready to sell BTC for EUR. Press [Sell] on the top left, select [BTC] or another cryptocurrency you’d like to sell and then select [EUR] currency. 

Step 3: Press the button on the top right. Filter the ads by selecting [SEPA (EU) bank transfer] in the drop-down menu. Afterwards, choose the P2P ad that suits your needs.

Step 4: Enter the amount you want to sell, press [Sell BTC] and check your bank account once the timer expires. While you are waiting, you can chat with the counterparty to follow up on the status. 

Step 5: Once you’ve received full payment, press [Payment received] and [Confirm Release]. If you didn't receive it, click on [Appeal]. Make sure you’ve received the funds in your bank account before you release any crypto assets.

Get Started with SEPA Transfers 

SEPA transfer are similar to domestic money transfers, except they work for financial institutions in any countries that offer SEPA-support. If you’re a business owner, SEPA transfers enable you to expand your services to other countries and reach more customers. Plus, it’s free and very secure. However, the only downside is that it’s only available in 36 member states within Europe, which means you can’t accept payments or make payments to and from non-SEPA countries.

If you want to learn more about Binance P2P, you can read the following articles:

• (Blog) How to Add Bank Transfer as a Payment Method on Binance P2P

• (Blog) Binance P2P: How to Buy Bitcoin with Your Bank Account

• (FAQ) How to Buy Cryptocurrency on Binance P2P (App)?

• (FAQ) How to Add New Payment Methods for P2P Trading