Main conclusions
Binance P2P allows you to use your bank account to buy Bitcoin.
In this article, we'll look at three ways to quickly buy cryptocurrencies using a bank account: regular bank transfer, international SWIFT transfers, and international SEPA transfers for euro transactions.
SEPA and SWIFT transfers are often faster than regular bank transfers. But SEPA is only available in some European countries and regions.
Linking a bank account provides quick and convenient purchase of Bitcoin and other cryptocurrencies. Although Binance P2P supports over 700 payment methods, including debit, credit cards and cash, one of the most popular payment methods is bank transfer.
Most people prefer Binance P2P due to its low fees, wide selection of cryptocurrencies, and flexible payment methods. Plus, Binance P2P supports over 100 local currencies, which will likely have the one you need. There are three ways to buy cryptocurrency on Binance P2P using a bank account: bank transfer, SWIFT and 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 and fastest 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.
Since P2P platforms allow the buyer and seller to exchange cryptocurrency directly, with 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 below.
Step 1: Click Buy in the top left corner, select the fiat currency you plan to use for payment, and then select BTC or another cryptocurrency to purchase.
Step 2: Select Payment Method in the center. Filter your options by Bank Transfer from the drop-down menu. Then choose an ad that matches your wishes.
Step 3: Enter the amount to purchase, click Buy BTC, then click Go to payment page.
Step 4: Select Bank Transfer, copy and paste your payment information from your bank's mobile app, and transfer the funds. This information may include bank account number, bank name, branch information, etc. The merchant will authorize the transfer of crypto assets once payment is received.
How to buy cryptocurrency using SEPA and SWIFT transfers
If speed of transaction is important to you, choose SEPA and SWIFT - two of the most popular payment methods for fast transactions. Before proceeding, make sure your bank supports SEPA and SWIFT transfers.
SEPA is a European Union initiative aimed at speeding up international bank transfers in euros. If you are unsure whether your bank supports SEPA money transfers, please review the FAQs about countries that support SEPA.
Available outside the EU, SWIFT is an international payment solution used by over 100,000 banking institutions and millions of customers worldwide. This is a popular way to send money abroad.
Step 1: Click Buy in the top left corner, select the fiat currency you plan to use for payment, and then select BTC.
Step 2. Filter payment methods by SEPA or SWIFT and select the ad that meets your wishes.
Step 3: Enter the amount to purchase, click Buy BTC, then click Go to payment page.
Step 4: Select SEPA or SWIFT, copy and paste the details into your bank's mobile app, and then transfer funds. The seller will only allow the transfer of crypto assets after receiving payment from you.
Which transfer option to choose when buying BTC via bank transfer
Not sure which bank transfer option to choose? Next, we compare the most popular types of bank transfers: domestic transfers, intra-bank transfers, and international money transfers such as SEPA and SWIFT. Find out which option is right for you.
Банковский перевод (страна)
By selecting "Bank Transfer (Country)" as your payment method, you are selecting a transfer within a specific country. This option is suitable if the financial institutions of the sender and recipient are located in the same country. This term refers to any chain of bank transfers that takes place within a country. Domestic bank transfers are often processed within 24 hours, but processing times may also vary by country or local bank.
Переводы в конкретном банке
If you are transacting with a counterparty who uses the same bank as you, select the "Bank Specific Transfers" option. On Binance P2P you will see a long list of banks that you can use to transfer in your local currency. If you don't find your bank name, this option allows you to add your bank account information.
Банковский перевод SEPA (EU)
SEPA stands for Single Euro Payments Area. This is a common cross-border transfer option for users living in the EU and other SEPA-enabled countries. SEPA transfers only support international money transactions in Euros (EUR). To use this payment method on Binance P2P, both the sender and recipient must have a bank account with SEPA-compliant financial institutions. SEPA transfers vary in speed. Depending on your local bank, they may be processed instantly or may take up to two business days.
Users outside the EU or SEPA-enabled countries will need to select a different payment method. The next section describes how to buy Bitcoin using international SWIFT transfers.
Международный перевод SWIFT
SWIFT, or Society for Worldwide Interbank Financial Telecommunications, is an international money transfer processed through the SWIFT network. This is the most common format for international transactions, supporting most popular currencies in the world. Payments can range from direct deposits to international bank transfers.
SWIFT transfers typically take between 1 and 5 business days. The bank processing the payment may charge between 3% and 4% service fee.
Conclusion
Although Binance P2P offers over 700 different payment methods for buyers and sellers, bank transfers remain one of the most popular and in-demand payment methods on the platform.
Bank transfers are fast and secure, with low-cost and even free options. No matter where you are in the world, chances are your financial institution allows you to send money via bank transfer.
If you are ready to buy Bitcoin, create an account on Binance, link your bank account to it and start buying cryptocurrency.
If you want to learn more about Binance P2P, check out the following articles:
(Blog) How to Add Bank Transfer as a Payment Method on Binance P2P
(FAQ) How to buy cryptocurrency on the P2P platform on the Binance app
(FAQ) How to add new payment methods for P2P trading
Denial of responsibility. Your use of the Binance P2P Services and all information and other content (including third parties) included on or available on the Binance P2P Platform is at your own risk. Our responsibility is limited to processing cryptocurrency transactions. All payments are final upon completion unless otherwise required by law. Binance P2P Platform has neither the right nor the obligation to resolve any disputes arising in connection with a completed payment. Neither the Binance P2P platform nor the merchants are responsible for losses incurred as a result of a completed payment.