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Author : Crypto Income Staff 10 August 2017
Generally, the cheapest and easiest way to buy cryptocurrencies like bitcoin is through a bank transfer. Now in this case, we are referring to a bank transfer as an ACH transfer in the USA and in Europe the SEPA transfer. The other kind of transfer is a Wire Transfer, which goes through the SWIFT network and will cost you money (though may be a bit faster). The other kind of transfer from a bank is a Wire Transfer, which goes through the SWIFT network and will cost you money (though may be a bit faster). While you can, to a certain point and for a limited amount, use a credit card to buy Bitcoin at http://cryptoincome.io/2017/08/10/how-to-buy-bitcoin-with-a-credit-card/ or even Paypal to buy bitcoin, if you want to buy a decent amount of bitcoin (or even just 1 bitcoin, which at time of writing is $3500 USD), you’ll need to do a bank transfer to get the funds to an exchange to buy bitcoin with. The best way to think of a bank transfer is as a check that you create online rather than with a check book. All a check is in today’s world is an authorization; for somebody to make a withdrawal from your account, via electronic funds transfer (EFT). A bank transfer is simply electronic authorization to deposit money in an account or withdraw funds from it. The big advantage to transfers is that they are instantaneous, so you will be able to know instantly if the transaction has gone through. You will not have to wait until the check is delivered in the mail to see if the transaction went through.
This makes it easier to balance your account and to avoid overdrafts which can be expensive. Bank transfers also make it far easier to track transactions for tax and recordkeeping purposes. Note that the ACH networks tends to be slower than wire transfers, depending on the exchange you are sending the money to via ACH (bank transfer). It can take anywhere from a couple days to a week for the exchange to receive AND credit your account with the funds. If you need to buy bitcoin ASAP, a credit card is the fastest, followed by a wire transfer. BANK TRANSFER VS. CREDIT CARD TRANSACTIONS. The biggest advantage to using EFTs to buy bitcoin is that they are often free. For example CEX.IO; a popular altcoin exchange based in the United Kingdom, allows for free transfers for transactions over $300. The same exchange charges a 3.5% + 25¢ charge for all credit-card transactions. The greatest drawback is that you will not be able to purchase altcoins using credit. That might not be so bad, because it prevents you from spending funds you do not have. Another danger that you must be aware of is that criminals might get their hands on your banking information if you use a transfer to purchase cryptocurrency. This means a bad guy might be in a position to clean out your accounts. A big advantage to credit card transactions is that you will be able to challenge them. It is not always possible to challenge or stop a bank withdrawal or deposit.
HOW TO BUY BITCOINS THROUGH A BANK TRANSFER. Setting up a bank transfer is fairly easy, and the process is much the same at most altcoin exchanges and wallets. Here is the standard method. Find a digital wallet that lets you buy bitcoin and other cryptocurrencies through it such as Coinbase. There are some popular bitcoin wallets; such as TenX, that do not sell altcoins directly to the public, but can be used instead to BUY items directly by converting from cryptocurrency (i.e. bitcoin or ethereum or the like) into actual money. Make sure that the wallet accepts bank transfers from your country. Some wallets; like that of Coinbase, will accept credit card payments from Canada but not EFTs from that country. Most exchanges will have a chart showing you what payment methods they accept. Sign up for the digital wallet. The wallet is actually a program that converts cryptocurrency into fiat currencies such as dollars. To access simply follow the instruction at the website of a service such as Coinbase. Connect your bank account. This is usually done by typing in the account and routing numbers – the numbers found on the bottoms of checks and savings withdrawal and deposit strips. Simply type the numbers in following the instructions provided. Many wallets will do a test of making a tiny deposit; or withdrawal, of a few cents to or from your account to verify the information. Once the connection is confirmed you will be able to buy and sell bitcoin as long as you comply with the wallet’s rules.
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