SEPA on KuCoin AMA — Make EUR Deposit via the Most Popular Payment Method in Europe: Swift, Safe, 0% Fee Rate
Dear KuCoin Users,
Time: January 26, 2022, 11:00-10:54 (UTC)
KuCoin Fiat Account now supports the on-site SEPA payment method starting on January 24, 2022 (UTC) to offer European customers the Easiest Fiat-On-Ramp Service!
In line with this, the SEPA on KuCoin AMA (Ask-Me-Anything) session was held in the KuCoin Exchange Group to introduce the newly launched SEPA function and guide users through the process of how to get started with depositing EUR via SEPA on KuCoin.
Rebecca — Operations Manager from KuCoin Payment Business Unit
Q&A from KuCoin
Q: Can you please introduce yourself?
Rebecca: Hi all, this is Rebecca from KuCoin Payment Business Unit. Nice to meet you guys here!
As a KuCoiner for the last 4 years, I realized that it’s not easy for KuCoin users to deposit with fiat and buy crypto.
Therefore, with the attention of the management, we cooperate with the SEPA providers and support the SEPA payment method for KuCoin users, which aims to provide KuCoin users with more convenient Euro deposit and withdrawal services.
Q: What is SEPA?
Rebecca: SEPA, or the Single Euro Payments Region, is a European Union (EU) initiative that aims to harmonize payments across the Eurozone.
Its goal is to create a single market for euro-denominated payments in order to make European payments as simple, reliable, and inexpensive as domestic payments.
And I'd also like to take this chance to introduce KuCoin onsite SEPA here.
KuCoin onsite SEPA provides the easiest fiat-on-ramp services for European users by depositing EUR for crypto purchases.
Q: What is the difference between a Third-Party and KuCoin onsite SEPA?
Rebecca: By using KuCoin onsite SEPA, users can deposit euro with 0 fees into their KuCoin fiat account and use the fiat balance to buy crypto, which is not available on a third-party channel.
Besides, users only need to do a one-time KYC without the involvement of a third party. It’s more secure and convenient.
Q: In general, can you share the advantages of KuCoin SEPA?
Rebecca: Sure, there are many advantages of KuCoin SEPA.
1. Easy to use
2. Zero fees
3. Up to 1 million EUR in a single deposit
And KuCoin will support EUR withdrawal service soon.
Q: How long does it take for the deposit to arrive in my account?
Rebecca: Well, if the bank you use supports SEPA Instant, it will arrive within seconds (depending on the sending bank).
If you use SepaND (which stands for SEPA Next Day), then the payment will be executed by the next business day.
Steve: What should I pay attention to before making the transfer?
Rebecca: When you make the transfer, please check the payment details carefully, especially the Receiver/Payee/ Beneficiary Name/Reference note.
The name you use must match the name registered to your KuCoin account.
And please do not transfer funds from a joint account. If your payment is made from a joint account, the transfer will most likely be declined by the bank as there is more than one name and they do not match the name of your KuCoin account.
And please be noted bank transfers through SWIFT are not accepted.
Q: Why are bank transfers through SWIFT not accepted?
Rebecca: Because SEPA and SWIFT are different. If users try to make a SWIFT deposit via SEPA, some additional fees may incur.
And it may take longer to return the funds to your account in this case.
As such, please confirm that you are NOT using SWIFT when you make the transfer.
Q: I can deposit crypto to KuCoin directly, so why would I deposit Euro via SEPA and buy crypto? What’s good about it?
Rebecca: If you have crypto in other exchanges or wallets, you are very welcome to trade on KuCoin through depositing crypto.
If you don't have it or you want to continue using Euro to buy crypto, you are welcome to deposit Euro and buy crypto on KuCoin.
There are several benefits of using SEPA deposit:
1. KuCoin offers SEPA deposits with 0 fees. It is cheaper to deposit and buy crypto on KuCoin.
In the following days, KuCoin will support more payment methods with low fees.
2. Buying cryptos using fiat currency on KuCoin will save the transfer time of crypto and handling fee.
Q: What is Fast Buy?
Rebecca: Fast Buy is a channel that aims to provide new users with a simpler trading procedure and help new users match feasible payment methods and favorable quotations.
And if you want to deposit fiat and buy crypto, you can go to “Assets” > “Deposit" > “Fiat” then buy crypto through Fast Buy balance.
Q: After I complete the deposit via SEPA, how can I find the Fiat Account on KuCoin?
Rebecca: Actually, the word “Fiat Account” does not exist on KuCoin.
You can check your fiat balance in “Assets”.
In the near future, the withdrawal service will be available as well.
Free-Ask from KuCoin Community
Q: Are there any marketing activities for SEPA online?
Rebecca: Yes, we came up with the “KuCoin Supports On-Site SEPA: Deposit EUR and Trade To Share Over 400,000 USDT!” activity from 10:00 on January 24, 2022 - 10:00 on January 27, 2022 (UTC).
You’re welcome to click the link below and learn more details:
Q: Why can’t I find the SEPA option on my KuCoin App?
Rebecca: You need to update the app to the latest version, or you can try it on the KuCoin website.
Please update the app to the latest version or install the app via this link: https://www.kucoin.com/download
Q: Will SEPA expand further across the world in the future? What are your plans in this regard?
Rebecca: Over the past year, we have witnessed dramatic user growth across all regions. At the same time, we spared no effort in adding the KuCoin Fiat Account product as well as providing more local payment options to KuCoin users. The KuCoin Fiat Account now supports Visa/Mastercard and SEPA.
In 2022, we’ll add more fiat currencies, cooperate with more payment providers and support withdrawal functions soon.
Q: Can I buy crypto directly via SEPA?
Rebecca: No. Users need to deposit Euro first, then they can buy crypto with their balance.
Q: Where can I get the latest updates or more information about the project?
A total of 500 USDT was given away to AMA participants.
1. Free-ask section: 50 USDT
2. Post-AMA quiz: 450 USDT
. . .
If you haven’t got a KuCoin account yet, you can sign up here!