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Beginner's guide
How to Buy Crypto with a Bank Transfer

How to Buy Crypto with a Bank Transfer

Beginner
2022-12-20 | 5m

Introduction

Buying crypto for individuals new to crypto can be a bit challenging especially when the platform has little or no fiat infrastructure to enable onRamps. However, individuals can now easily buy crypto with a bank transfer. A bank transfer is typically called a wire transfer and it involves the transfer of funds from a bank account to another bank account (within the same bank or a different bank).

Types of Bank Transfer

There are two broad types of bank transfers - domestic and international. Typically domestic transfers are instant but this is majorly determined by the jurisdiction of operation. International transactions at this point are carried out mainly through SWIFT (Society for Worldwide Interbank Financial Telecommunication) and will usually take a few days.

How easy is it to buy crypto with Bank Transfer?

Typically bank transfers are a very efficient form of payment with billions of dollars in transactions processed daily. OnRamps into crypto also represent a share of this transaction method and typically, it is as simple as the crypto exchange providing a local/international account for payment by the user and the amount paid instantly reflecting in the user's wallet - who in turn uses to buy whatever cryptocurrency of their choice

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