Did you know that purchasing Bitcoins with a bank wire remains the most appropriate strategy to obtain the most affordable exchange rate? Depending on where you are located, there exist various exchanges that you can use and that suit your needs. In this article, we will discuss how to get wire payment directly into a crypto wallet. But before that, let’s first understand what wire payment and a crypto wallet are.
Wire Payment and Crypto Wallets
A wire transfer is a popular method of moving money electronically from one individual to another. Moreover, a wire transfer entails transferring money from one account to another account utilizing a secure network. Most financial institutions and banks use the SWIFT network, particularly for global wire transfers.
The two types of wire transfers are international or remittance transfers and domestic wire transfers. An international wire transfer is sent to a bank account in another nation. In contrast, domestic wire transfers are sent locally in the same nation. Remember that wire transfers electronically move small and large amounts of money.
Image Source: coinbase.com
Crypto wallets are a safe place to store the digital keys that secure your assets when you purchase crypto. Crypto wallets are important tools for trading, purchasing, and selling cryptocurrencies. As a trader, you will need a crypto wallet to store your crypto and securely validate and protect transaction information.
Getting Wire Payments Directly Into Crypto Wallet
We have looked at what is a wire transfer and a crypto wallet. Now let us focus on how you can buy Bitcoin from your bank account.
Purchasing Bitcoins Using Bank Account
- You can go to Coinbase to open an account
- On the dashboard, choose Add payment Method option
- You can add your bank account
- Click on buy/sell Bitcoins
However, other reputable exchanges exist that supply bank wire services and can assist you in getting your wire payments into your crypto wallet. This section will discuss some of the exchanges you can use.
1. RAPIDZ
Image Source: rapidz.io
Rapidz aims to reimagine the payment experience and digital finance and propel the cryptocurrency ecosystem to wider audiences. The company supports approximately one hundred countries internationally. Additionally, Rapidz allows you to accept crypto payments as a business owner. Moreover, Rapidz stands out because it supports 10 tokens and cryptocurrencies, including common coins such as stablecoins, ETH, and BTC.
Pros
It provides low transaction fees
It supports 10 tokens and cryptocurrencies
It offers a fast and secure crypto payment to its clients
It allows enables business owners to accept crypto payments
Cons
It is not available in every country globally
2. Coinmama
Image Source: Coinmama Blog
Coinmama refers to a brokerage company that accepts various bank transfer alternatives, including SEPA in Europe, SWIFT found internationally, Faster Payments, and Fedwire, among other bank transfer options. Coinmama has been in operation since 2013 and is known for its fast services and good reputation.
More so, Coinmama is available in approximately 200 nations globally, except in some restricted regions. You can purchase Bitcoins through your bank account using Coinmama. You can save approximately 5 percent of the processing fee when you use Coinmama compared to its credit card transaction.
Subsequently, bank transfers allow you to access higher spending limits than credit card buying. More so, Coinmama is recognized for sending your crypto within minutes after confirming your wallet and payment address. Moreover, the company accepts all fiat currencies and displays their rates in AUD, CAD, GBP, EUR, and USD.
Pros
It provides a faster verification process
It provides good support
It allows multiple payment methods
It has high spending limits
It provides instant delivery
Cons
It is available in limited states in the US
3. CEX.IO
CEX.IO began its operations in 2013 and is considered one of the oldest crypto firms. CEX.IO assist individuals in attaining their blockchain technology and cryptocurrency goals by providing secure solutions to sell, purchase, store, earn, and trade digital assets.
Image Source: cex.oi
Currently, the organization offers two key services: trading platform and brokerage services. CEX.OI brokerage services are easier to utilize. However, they are more costly. In contrast, trading services are affordable but can be confusing.
Moreover, the firm supplies SEPA transfers options within the EU and bank transfers for nations outside the EU. You can store your funds securely in your CEX.IO account, or you can send the funds to your external wallet.
Pros
It does not have deposit fees.
Supports bank transfers
It provides a wider cryptocurrency selection.
It provides multiple payment alternatives.
Cons
Its brokerage services have relatively high fees. However, you can avoid the high brokerage fee by utilizing their trading platform.
4. Coinbase
Coinbase has been operating since 2012 to ensure that every person anywhere can receive and send Bitcoin securely and easily. The brand is known as one of the pioneering organizations in the Bitcoin ecosystem.
Image Source: Coinbase
Currently, the firm provides an easy-to-use and trusted platform for accessing the wider crypto-economy. Moreover, the firm provides brokerage services, including selling Bitcoins and other forms of cryptos directly without a trading platform to most countries internationally.
Coinbase supports most of the common digital currencies. In America, Coinbase lets you link your account through ACH bank transfer. In Europe, Coinbase allows you to purchase Bitcoins using a SEPA transfer.
More so, for all nations, Coinbase supports more than one hundred nations and has a deposit fee of US$10 for wire deposits and a 0.05 percent or less standard trading fee. However, Coinbase does not currently support Omnibus Wires, Paypal, debit cards, and credit card payment methods for exchange accounts.
Pros
Coinbase has low fees
It provides faster transfers in supported countries
It supports most digital currencies
Cons
It is not available in all countries
It has a slow support
5. eToro
eToro is a leading trading firm that concentrates on cryptocurrencies. eToro initiated its operation in 2007 with 3 entrepreneurs who interrupted the trading world. The company aimed to ensure trading was accessible anywhere and to every individual and minimize the dependency on ancient financial institutions.
Image Source: eToro
The company provides you with an easy-to-use trading platform for you to invest in cryptocurrencies. Note that eToro is more suited for speculation of prices than actually purchasing Bitcoins because withdrawing the coins to your wallet balance remains more complicated than other platforms.
eToro accepts ACH transfers and Swift transfers within America. Moreover, the company provides a mobile wallet for trading, receiving, and sending funds.
Pros
It has an easy-to-use platform with an intuitive interface for started
It has low fees
Cons
It is available globally
It is suited for speculating prices
6. Bitpanda
Bitpanda started in 2014 in Vienna, Austria, to ensure every person access to investments. The company’s objectives include reimaging the meaning of investment by making an easy-to-use and simple financial product. In addition, Bitpanda offers brokerage services for Bitcoin and other cryptocurrencies to nations within Eurozone and some other nations.
Image Source:Bitpanda
Bitpanda accepts SEPA transfers from European states. It allows you to deposit five key fiat currencies through bank transfer, including Turkish Lira, British Pound, Swiss France, US Dollars, and Euro. However, you must note that withdrawal under a minimum amount of 25 euros or 25 US dollars may get lost.
Pros
It provides multiple payments alternatives
It has relatively low fees
It has an intuitive interface
Cons
The fees are hidden inside the exchange rate
It is not available globally
7. Kraken
Image Source: kraken.com
Kraken has its headquarters in San Francisco and is recognized as one of the biggest Bitcoin exchanges concerning liquidity and euro volume. The firm operates in America, Canada, South America, Africa, Asia, and European Union.
Furthermore, Kraken provides a SWIFT deposit for US dollars and a SPA deposit for EU members. Moreover, the company offers free deposit fees to its clients. However, there exist some exceptions.
Pros
It offers low trading fees and deposit fees
It is a reputable exchange
Cons
It is known for a lot of reported downtime
It does not provide a brokerage service
8. Bitsmap
Founded in 2011 in Luxembourg, Bitsmap remains one of the oldest exchanges offering trading services internationally. The firm provides a 0.05 percent deposit fee for bank deposit transfers. However, it offers its clients free deposits for ACH and SEPA bank account transfers.
Image Source: businessinsider.com
Most customers’ trading fees range from 0.25 to 0.50 percent, depending on their monthly volume. You must have skills in operating trading platforms to use the site because it does not provide brokerage services.
Pros
It offers low trading and deposit fees
It is a reputable exchange
Cons
It does not offer brokerage services, making it challenging for beginners to use
9. CoinCorner
Image Source: CoinCorner
CoinCorner was initiated in 2014 in the Isle of Man and provided bitcoin exchange services mainly to UK states. The firm’s deposit fees remain different depending on the deposited currency, and the trading fees begin at 0.3 percent.
You can deposit Euro through SEPA for free and British Pounds deposit through Faster Payments for 25 pounds if you are outside the UK and 1 Pound if you are inside the UK.er.c0m
Pros
It is an established organization
It remains the biggest GBP market for Bitcoin
Cons
It is limited to the United Kingdom
10. Bitfinex
Image Source: bitfinex
Bitfinex remains one of the world’s leading top ten largest Bitcoin exchanges. The business supports international transfers. Bitfinex offers a deposit fee of 0.1 percent for incoming wire transfers with a minimum of 60 EUR or US dollars.
However, remember the company does not have brokerage services and possesses a trading platform only. Moreover, the trading fees will depend on the volume and begins at 0.2 percent.
Pros
It provides reasonable fees
It has a high liquidity
It is a reputable exchange
Cons
It has a complicated interface
It does not offer brokerage services
It is known for hacks
Frequently Asked Questions on How to Get Wire Payment Directly Into a Crypto Wallet
Image Source: computerworld
1. Can Someone Purchase Bitcoins From the Bank?
You cannot purchase Bitcoins from a bank account. You must utilize Bitcoin exchanges to buy bitcoin. It is not a must for you to have a bank account to purchase bitcoins. There exist other methods to purchase them without having a bank account
2. How Can I Transfer Bitcoins to My Bank Account?
Note that it is not possible to transfer Bitcoins to your bank account. Bitcoins are stored in a Bitcoin wallet or crypto wallet. If you need to cash out your Bitcoins, you must exchange them for fiat currency such as Euros and US dollars. After exchanging the Bitcoins, you can withdraw the money into your bank account
3. Why Is It Necessary to Use a Bank Account Instead of a Credit Card?
Individuals in need of purchasing large amounts of cryptocurrencies or Bitcoins and may not possess debit or credit cards will buy Bitcoins with their bank accounts. However, it would be best to recognize limited risks when buying Bitcoins using your bank account. As a result, the fees are lower.
Unlike the debit card, bank accounts are viewed as irreversible and minimize the change back risks. For example, if you decide to purchase $1000 from a Coinbase account through your bank account, you will pay a fee of $14.9. However, if you buy them using a credit card, you will pay a fee of $39.9. As a result, you can save approximately 50 percent when utilizing a wire transfer.
Moreover, purchasing limits remain higher when utilizing a bank account transfer than when using a credit or debit card. However, remember that bank account transfer has some limitations, including it being less convenient to process. More so, it takes more time to process because the transfer requires seral banks clearances before the exchange
4. What Can I Purchase Using Bitcoins?
You can buy various items using Bitcoins, including services and physical goods. Some of the common products you can purchase are electronics, arts, joining online membership such as Hulu and Netflix, and services such as accounting and web hosting.
You can research businesses that accept bitcoins in your region or nation from the SpendBitcoins or Coinmap.
5. Why should I accept the Bitcoin or cryptocurrency payment method?
The Cryptocurrency payment method is associated with various benefits, including limited chargeback risks, lower transaction fees, increased security, and simplified global transactions. Plus, cryptocurrency payments can offer you an investment opportunity. However, setbacks exist, such as a lack of fraud protection, cyber attack risks, uncertainty, and high volatility.
