If you are a BNP Paribas bank customer and recently wanted to initiate a transfer, you have likely seen this strange message: “If you make transfers to Binance, SwissBorg, Kraken, Coinify, these beneficiaries request the issue in euros.”.
Bitcoin enthusiasts will quickly recognize the name of popular cryptocurrency buy and sell platforms that are attracting an ever-growing audience. Given the recent surge in the price of these crypto assets, it seems that the excitement of BNP Paribas customers has forced the latter to display this warning.
– BNP Paribas Group (@BNPParibas) February 25, 2021
Advice on cost containment
If the bank is not known to be enthusiastic about cryptocurrencies, they can still give their customers a little advice to avoid unnecessary bank fees. Those who want to fund their account on these cryptocurrency buying and selling platforms should switch to these through a transfer in euros – and not in a foreign currency.
By default, some platforms recommend transferring in GBP, USD or CHF. However, Binance, SwissBorg, Kraken and Coinify can also accept SEPA transfers in euros.
It is therefore in your interest to use the European currency for Don’t pay any fees for the exchange rate. Regardless of whether you are a customer of BNP Paribas or another European bank, you will save a few euros on the transaction.
As a reminder, you must first have an account on one of the cryptocurrency platforms and inform them of your bank deposit. The latter then gives you a unique reference number that you must enter in the “Reference for the beneficiary” (or “Reason for the beneficiary”, depending on your bank) field when you complete the transfer to your main bank.
How can I top up my account?
The most popular way to fund your account on a cryptocurrency exchange is by wire transfer. However, it takes between 1 and 5 working days for the transfer to be in the account of theexchange.
For those in a hurry, there is a much easier solution which is to deposit funds directly using a credit card. There is a cost to this method, however – in the range of 2.49% for a reputable app like Zengo.
However, depositing your account by card has several advantages: You benefit immediately from the funds on the cryptocurrency exchange platform and you do not have the worry / impatience that your bank transfer will arrive on the platform. In any case, benchmark players today are spoiled for choice as to how to fund their account. Binance, Coinbase or Zengo are just a few examples.