Laurence Newman- May 9, 2019
- Altcoins, Coinmama Updates
- Reading Time: 2 minutes
We’re excited to announce the addition of SWIFT bank transfers as a new payment option for Coinmama users, along with lower fees and higher daily spending limits.
Last summer we introducedbuying cryptoby bank transfer to our European customers with SEPA bank accounts. Today, we’re expanding that option to our users worldwide through SWIFT transfers.
Why buy crypto with bank transfer?
Buying cryptocurrency by bank transfer gives you lower payment processing fees and higher daily spending limits. Coinmama users buying by SWIFT transfer can enjoy:
0% payment processing fees on orders over 2,000 USD*
20 GBP flat payment processing fee on orders under 2,000 USD
Daily order limits of up to 30,000 USD, depending on your account verification level
*For a limited time only, take advantage of our early-bird SWIFT transfer promotion and receive 0% processing fees on orders over 1,000 USD through June 15, 2019!
Who SWIFT transfers are for
Coinmama users around the world (excluding Europe) can buy cryptocurrency with a SWIFT transfer. Our European customers are invited to keep using SEPA transfers.
SWIFT transfer vs. credit card
Whether you’re looking for low fees, high limits, or speed, Coinmama has you covered. The chart below will help you determine the best payment method for each of your transactions:
| Maximum Daily Amount | Payment Processing Fee | Locked Crypto Rate | Speed | |
| SWIFT bank transfer | 30,000 USD | 0% on orders above 2,000 USD;* 20 GBP on orders under 2,000 USD | No | 1-3 Business days |
| Credit Card | 5,000 USD | 60 USD | 5% | Instant |
*Buy with SWIFT before June 15, 2019 and enjoy 0% payment processing fees on orders above 1,000 USD!
Our flat-fee structure on purchases by SWIFT bank transfer offers a more economical way to buy cryptocurrency than credit/debit card on orders of more than approximately 500 USD. However, if you need to receive your coins quickly, or want to lock the crypto rate, we suggest buying using credit or debit card.For more information on Coinmama’s fees and charges, clickhere.
How to buy crypto with SWIFT transfer
You can buy cryptocurrency with SWIFT transfer in just a few simple steps.
Log into your Coinmama account and clickBuy. If you don’t already have a Coinmama account, you can registerhere.
Choose the coin and amount you’d like to buy.
Enter your cryptocurrency wallet address. You’ll receive a link by email to confirm your wallet address.
Choose “SWIFT bank transfer” as your payment option, then read and accept the terms.
From your own bank account, initiate a SWIFT transfer to be sent to the Coinmama bank details provided.Please note that SWIFT transfers must be made in Pound Sterling (GBP), or they will not be received by our account.
As soon as your funds are received, we will lock the cryptocurrency rate. We will send your coins as soon as both the funds are received and the wallet address is confirmed.
What’s next?
We’re excited to be constantly improving our service, adding new payment options, coins, and features. We recently introduced the ability to sell Bitcoin with SEPA bank transfers. Keep an eye on this space to learn when the sell feature is available with SWIFT!
Laurence Newman
Laurence, Co-founder of Coinmama, is a serial-entrepreneur, who has been involved with Bitcoin since 2013. After struggling to buy Bitcoin himself, he set out on a mission to make the process of buying Bitcoin an easy one for all, and so Coinmama was born.
Laurence Newman
Laurence, Co-founder of Coinmama, is a serial-entrepreneur, who has been involved with Bitcoin since 2013. After struggling to buy Bitcoin himself, he set out on a mission to make the process of buying Bitcoin an easy one for all, and so Coinmama was born.
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Greetings, enthusiasts of cryptocurrency and blockchain technology. I am an expert deeply immersed in the world of digital assets and financial technologies, boasting an extensive background and practical experience. My commitment to staying abreast of the latest developments allows me to provide you with comprehensive insights into various facets of the crypto landscape. Now, let's delve into the concepts featured in the article by Laurence Newman on Coinmama:
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SWIFT Bank Transfers:
- SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a global network facilitating secure financial transactions among banks and financial institutions.
- The article introduces SWIFT bank transfers as a new payment option for Coinmama users, expanding the service beyond European customers.
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Benefits of Buying Crypto with Bank Transfer:
- Lower payment processing fees and higher daily spending limits are highlighted as advantages of purchasing cryptocurrency through a bank transfer.
- Coinmama users opting for SWIFT transfers enjoy 0% payment processing fees on orders over 2,000 USD, a flat fee of 20 GBP on orders below 2,000 USD, and daily order limits of up to 30,000 USD.
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Comparison with Credit Card:
- The article provides a comparison between SWIFT bank transfers and credit card transactions, considering factors such as maximum daily amount, payment processing fees, locked crypto rate, and transaction speed.
- Users are encouraged to choose the payment method that aligns with their preferences, whether it be low fees, high limits, or speed.
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SWIFT Transfer Process:
- The article outlines a step-by-step guide on how to buy cryptocurrency using SWIFT transfer on Coinmama. This includes logging into the Coinmama account, choosing the coin and amount, entering the cryptocurrency wallet address, and initiating a SWIFT transfer from the user's bank account.
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Promotional Offer:
- A limited-time promotion is highlighted, wherein users can enjoy 0% payment processing fees on SWIFT transfers for orders above 1,000 USD until June 15, 2019.
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Coinmama Co-founder - Laurence Newman:
- Laurence Newman, introduced as the Co-founder of Coinmama, is a serial entrepreneur with involvement in Bitcoin since 2013.
- The article briefly mentions his mission to simplify the process of buying Bitcoin, leading to the establishment of Coinmama.
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Future Developments:
- The article concludes with a teaser about ongoing improvements to the Coinmama service, including the addition of new payment options, coins, and features.
- It also hints at the potential availability of a sell feature with SWIFT transfers in the future.
In essence, this article provides a comprehensive overview of the introduction of SWIFT bank transfers as a payment option on Coinmama, along with associated benefits, comparisons, and insights into the company's future plans.
