Looking to make a SEPA bank wire transfer to Kriptomat? Here is what you need to know.
SEPA transfers represent a way of making euro-denominated payments to bank accounts within the Single Euro Payments Area (SEPA) area.
There are currently 34 countries that belong to SEPA: 28 countries that are part of the EU and Iceland, Liechtenstein, Norway and Switzerland.
The way SEPA transfers work is very simple: payment details are usually provided in the app (as is done on Kriptomat, where you can also download a PDF with details) or by email. These details are then used to make payments, usually through an online banking system.
It is a safe and cheap way to make payments. It uses the IBAN (International Bank Account Number) as a standardized way of representing a bank account number.
How long does a SEPA fund deposit or withdrawal take?
While cryptocurrency transactions take a few minutes and work 24/7/365, bank transfers only take place during bank processing time and cross-border transactions take some time. It is not in Kriptoma’s thands to do that faster.
SEPA transactions are normally processed within 1-3 business days (weekends are excluded). However, most are processed within 24 hours.
If everything was done according to the instructions provided to you, then your deposit will be automatically credited to your user account. As soon as the funds are available in your Kriptomat account, you will receive an email and SMS notification.
Regarding the withdrawal of your funds, the same time frame applies, once you withdraw your funds to your verified bank account it can take 1-3 business days. However, most are processed within 24 hours or even the same day.
Please allow 5 business days to pass before assuming that something went wrong with your transaction. If your funds are not credited after 5 business days, you can contact Kriptomat at any time.
At the moment the only FIAT currency accepted at Kriptomat is EUR, please make SEPA deposits in EUR.
Go to Kriptomat’s Official Website
Please click "Introduction of Kriptomat", if you want to know the details and the company information of Kriptomat.
Comment by Hans
April 24, 2024
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