- One of cryptocurrency’s oldest exchanges, Coinmama, has opened the cryptocurrency investing world to a much broader audience.
- Coinmama is one of the first ever exchanges to make debit and credit transactions accessible for global users.
- On August 6, 2018, Coinmama announced their platform will support a new payment method known as Single Euro Payments Area or SEPA.
Coinmama has taken their services a step farther with the introduction of Single Euro Payments Area (SEPA). In essence, SEPA is a bank transfer system that will efficiently provide broad-based cryptocurrency buying services through direct bank transfers.
A solid alternative to Dedit or Crebit Card
In keeping with their promise to provide clients with the best experience possible, Coinmama announced the addition of a new payment system: SEPA bank transfers. It is accessible to users with a bank account across any of the 33 countries included in the European Union.
With this new payment system, purchasers already have the option to buy carefully vetted and popular crypto assets like Ethereum, Ripple, and Bitcoin through a straightforward and zero-fee transfer.
While debit and credit cards are considered convenient and quick payment methods for millions of crypto buyers the world over, the SEPA payment facility offers a far more economical option for European clients who want to make regular and large crypto purchases.
An additional advantage for those looking to make large crypto purchases, their current limits on SEPA payments is separated from their other funding methods. In other words, clients have the option to purchase 5, 000 EUR worth of crypto via SEPA and an additional 5, 000 EURO purchase via debit / credit card, daily.
The benefits of SEPA
Benefits available to customers who use the SEPA system are vast. For starters:
- Zero-fee transfer. As mentioned earlier, SEPA bank account transfers are free of charge. This is in contrast to typical credit and debit card transaction fees where a 5 percent is often the norm.
- High transaction limits daily. Aside from SEPA’s low transactional cost, clients also have the option to purchase more using the system. The SEPA system’s €10, 500 ($12, 000) daily limit is twice the $5, 000 credit and debit limit on their platform.
- Separate daily limits. The SEPA system is separated entirely from Coinmama’s credit and debit system. In other words, each have their own daily limits. When using both systems, clients can purchase up to $15, 000 worth of Ethereum and Bitcoin daily. For crypto newcomers, this is great investment and purchasing flexibility.
- Rapid speed of transaction. SEPA transfers are typically completed within 24 hours. The system is also available 24 hours a day and 7 days a week. This level of convenience and efficiency makes the system an exceptional alternative for most traders.