Best Options to Buy Bitcoin through Wire Transfers
People sometimes might be more inclined to purchase Bitcoins using their bank accounts as this is probably the most convenient out of all the payment methods out there today. The reason for this is the fact that when you use direct payments using your bank, you do not need to think about anything anymore when you want to purchase Bitcoin online. For some people, this might be wrong as they wouldn’t have anything that could hold them back if they get the urge to buy Bitcoins. My advise is to create a separate bank account for your Bitcoin transactions; this way you separate your Bitcoin spending money from your life savings.
Exchange Websites that accept Wire Transfers/ACH and SEPA
There are quite a number of websites that would accept wire transfer to purchase Bitcoin. Here is a list of websites that accept Wire Transfers/ACH and SEPA transfers.
How it Works
There is a difference between a wire transfer and ACH bank transfer/SEPA transfer. Not all Bitcoin exchange websites accept wire transfers. If you are located in the United States and you want to purchase Bitcoin using your bank account, then you might want to look into Coinbase.com. They allow you to purchase Bitcoin through ACH bank transfer, with more than two dozen banks to choose from.
For people that are in Europe, you can also use SEPA transfer. With this being said, the best websites to choose from if you are from EU would be Kraken or Bitstamp as they have a good reputation in the EU Bitcoin market.
There are also websites capable of accepting Wire Transfers for people that are from the United States and Europe region.
For people that are not from the mentioned zones, you can definitely use Wire Transfer to purchase Bitcoin. Websites such as Cex.oi, Bitstamp, Kraken, and Bitfinex accepts payments using Wire Transfers.
Deposit fees would greatly depend on the website that you are going to choose to transact with. An example below would be transaction fees for FIAT deposits with Kraken.com:
- EUR SEPA Deposit (Free)
- EUR Wire Deposit (Fidor: €5, SMBC: €10)
- USD SynapsePay Deposit ($5)
- USD SWIFT deposit ($10)
- GBP SWIFT deposit (£10)
- JPY Domestic Deposit (Free, ¥5,000 deposit minimum)
- CAD Wire Deposit (Free)
Risk in using wire transfers
If you do not have any access to credit cards and you think that a Wire Transfer would be your best option, keep in mind that your bank would always look into your transactions and would even block it if they think it might be risky for your account. Not to mention, if they do let the transaction go through, additional fees may be charged on top of regular wire fees.
However, in the last couple of years some highly interesting new internet banking services have come up, which are more open to digital currencies and which don’t charge high transaction fees. Revolut is one of such services, a kind of digital bank that directly supports cryptocurrency purchases. Learn more about such money transfer services on goodbyebanks.com.
Wire transfers are far more expensive than the some payment methods out there today if you choose to buy Bitcoin through it. But this option is convenient for people that choose to go this path. If you want to purchase Bitcoins using your bank account then you need to read more about it, know every details and know what is best for you. Having an alternate bank account for Bitcoin transactions would also be a great idea to put into action.