When it comes to purchasing Bitcoin, using a bank account offers a distinct set of advantages and considerations compared to credit or debit card transactions. Coinmama ensures a seamless and reliable service regardless of your chosen payment method. Here’s a breakdown of what you need to know when opting to buy Bitcoin with a bank account.
Pros of Buying Bitcoin with a Bank Account
- Lower Fees: Transactions via bank accounts typically incur lower fees than those made with credit cards. While credit card processors may charge around a 5% fee, bank transfers optimize your investment by reducing transaction costs.
- Support for SEPA Accounts: Coinmama caters to users with SEPA (Single Euro Payments Area) bank accounts, expanding its service reach beyond those using MasterCard and VISA cards.
- Higher Purchase Limits: Bank account purchases come with higher daily limits on Coinmama. You can buy over €10,200 worth of Bitcoin daily via bank transfer, more than double the limit for card transactions, which stands at €4,255.
Note: Your purchase limits on Coinmama can increase as you continue to buy more Bitcoin, irrespective of the payment method.
Cons of Using a Bank Account to Buy Bitcoin
- Processing Time: Bank transfers don’t offer the near-instantaneous processing time that card purchases do. SEPA transfers, in particular, may take a couple of days, delaying the receipt of your Bitcoin.
- Rate Lock-in Delay: Due to Bitcoin’s price volatility, the rate lock-in can be a double-edged sword. The rate is fixed when Coinmama receives your transfer, which might lead to receiving a different amount of Bitcoin than initially expected if the price fluctuates during the transfer period.
- Geographical Limitations: Coinmama’s bank transfer option is primarily available to users with SEPA bank accounts, covering 33 countries within the European Union and beyond.
SEPA Countries Supported:
- Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Monaco, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.
For a detailed guide on how to leverage your bank account to buy Bitcoin on Coinmama, check out our comprehensive guide. Whether you’re a seasoned investor or new to the world of cryptocurrency, buying Bitcoin with a bank account on Coinmama offers a secure and efficient pathway to expand your digital asset portfolio. Explore your buying options and start your Bitcoin journey today at Coinmama.
