16 June 2021, 21:06
2 min reading
Crypterium has announced the launch of its new feature that enables its customers to deposit funds to their wallets with a bank transfer and exchange them for cryptocurrency.
Crypterium has released an IBAN wallet that allows its customers to send fiat money to their digital wallets via bank transfer and conveniently exchange them for crypto and vice versa. The new feature is available on both IOS and Android devices.
An IBAN account is a special type of wallet inside the application that lets you exchange your fiat money for cryptocurrency and vice versa, as well as store the fiat money without making an exchange.
With the simultaneous rise of digital payments and crypto wallets, Crypterium makes it possible to transfer fiat directly to the application. The account receives traditional money, and it gives an ability to bypass third parties on fiat-crypto exchange.
Most of the services available today make fiat-crypto transactions complicated, time-consuming, and expensive, with up to 15% fees for each transaction. Crypterium charges only 0,5% per bank transfer, which is the lowest fee on the crypto market.
When depositing funds by bank transfer, you need to send them to the IBAN wallet in your Crypterium App. You will be able to exchange these fiat funds for any cryptocurrency in the “Exchange” section.
Firstly, you need to launch the Crypterium Wallet and go to the “Dashboard” section.
Once you are there, tap on the “Top up” button in the upper left corner.
The system will open you a deposit menu with three options: Buy Crypto, Receive, and Bank account. Please, select the Bank account to proceed with the bank account deposit.
There you will find the account holder’s name, IBAN, BIC code, and Beneficiary bank name. Tap on Share to copy the IBAN to the clipboard.
Introduce the IBAN to your bank, or select wire transfer in your mobile bank to send funds to the Crypterium IBAN account.
The transaction is reflected in the application within 1 working day, but in some cases, it might take up to 5 working days, as we need more time to collect data.
Important to note that the IBAN account is EUR.
To make an exchange, please open the Crypterium Wallet and go to the “Dashboard” section. Tap on the “Exchange” in the upper part of the screen.
The upper part of the “Exchange” tab has 2 fields that can be modified: From and To. You need to select the cryptocurrency you would like to convert to fiat (or vice versa).
To change the cryptocurrency/fiat option in any of them, tap on the field and scroll up and down the list until you see the option of your interest. Tap on the crypto name or the IBAN option, and your choice will be saved.
Note: the system will show you the amount of crypto or EUR you have, so you can easily see what amount of crypto can be exchanged.
Once you have selected the desired crypto for exchange operation, you need to introduce the exchange volume. To do that, please tap on the zero next to the crypto name and insert the required value.
Note: You can opt for specifying the desired amount of the fiat/crypto of destination (the one you are looking for), or instead, you can set the exact amount of the fiat/crypto to be exchanged (the crypto/IBAN option from the From section). The system will correct the conversion rate according to your data.
As soon as you have introduced the value, the platform will block the current price for crypto and give you a few seconds to check the deal’s details and confirm the exchange by pressing the Exchange button. The transaction will be performed immediately.
Congratulations! You have successfully exchanged your crypto!
If you have any issues, please contact our Support Team using the email address linked to your account, and provide us with more information about your use case.
You need to pass personal verification to create an IBAN account. If you are not verified yet, you will be prompted to submit your documents once you opt for opening an IBAN account.
If your country is not included in the list of available countries, unfortunately, you cannot opt for the IBAN option.
To learn more about the verification process, please check our verification guide.