San Francisco-based digital currency trading platform, OKCoin has announced the addition of the SEPA payment channel for EU users.
OKCoin website said: “We’re thrilled to announce a new addition. Our users in the European Union can now deposit and withdraw euros via SEPA, a new payment channel that provides lower rates than before.”
No fees for the next six months
The announcement revealed a certain giveaway to users. This applies to customers that own European bank accounts as they can transact for free in the next six months. Hence, incurring zero transaction fees until the 22nd of April, 2020.
Although, the announcement mentioned that there will be non-SEPA fees for customers with bank accounts outside of the EU. In this case, there’s a transfer fee of 10 EUR. But, for SEPA-authorised transactions, there’s a transaction fee of 0.15 EUR.
Besides, there’s a minimum withdrawal of 10 EUR. Non-SEPA Euro transactions also attract a fee of 18 euros.
Quoting OKCoin: “Good news. Our corporate customers can now also enjoy higher limits and lower fees through the new SEPA payment channel.”
The crypto community expects this news of the new payment solution to draw a lot of attention from the EU users. Hence, making their experience faster and more economic transactions to and from their exchange accounts.
What do you need to know about SEPA?
The acronym SEPA means the Single Euro Payments Area. It’s a payment system in the European Union that simplifies the transfer of euros between European banks.
Besides, as of 2019, the payment platform consisted of 34 members, including 28 member states of the European Union. They majorly contribute toward developing a cashless society policy in the European region.
SEPA aims at improving the efficiency of cross-border payments. As well as turning the previously fragmented national markets for euro payments into a single domestic one.
Also, the platform enables customers to make cashless euro payments to any account located anywhere in the area. They can use a single bank account and a single set of payment instruments.
Additionally, both individual and corporate customers can use the SEPA payment gateway. Accordingly, the platform provides special considerations of limits and lower fees for corporate customers. Although, upper limits on deposits and deposits require KYC documentation from the customer.
To remind, OKCoin already partnered with Simplex, a payment processor to facilitate the mass adoption of crypto.