If you are a player of online world and love to make digital currency transaction, then the word “Bitcoin” is not probably new to you as it’s the most popular form of cryptocurrency out there.
Bitcoin can easily be bought through a credit/debit card.
But what if you don’t have access to either of the card? You will need to buy Bitcoin through wire transfer or a bank account.
The bank account transfers involve lower fees and lower risks. Moreover, the bank transfers are irreversible to keep the users from “chargeback fraud”, which is pretty common for debit/credit card users.
In a chargeback fraud, the consumer disputes the credit card transaction in order to secure refund – eventually reversing the entire transaction.
Moreover, purchase limits in bank transfers are much higher than those of credit card transfers. A downside of bank transfer is that it’s relatively complex to execute and may take longer than a credit card transfer as it needs to go through several banks before a transaction could take place.
Depending on your location, there are several exchanges that transfer bitcoins. In this article, we have discussed the reputable exchanges that provide bank wire services.
In the USA:
The best and most renowned exchange in the USA to buy Bitcoin is Coinbase. Coinbase is one of the most reputable firms and has been around since 2012.
The exchange lets your account connect with 26 different banks and only accepts ACH (Automated Clearing House) transfers.
A paramount advantage of using CoinBase is that it has a high liquidity and won’t run out of coins any time soon.
In order to buy Bitcoins via Coinbase, you will need to provide your bank transfer details on their website and you will be good to go.
Coinbase only charges 1.49% on a bitcoin purchase made through a bank account.
EU residents can also use the services of Coinbase. But here, the locals can only buy the coins through SEPA (Single Euro Payment Area). The fees are basically the same as the US.
In Europe, there are several other exchanges that sell Bitcoin through bank transfer. Kraken, Bitstamp are few to name.
For the UK residents, Coinfloor is the “go-to” exchange. However, all these exchanges only sell Bitcoin through SEPA transfer.
In Other Major Countries:
Those who don’t live in the US or EU can buy bitcoins through international exchanges. These exchanges will allow you to buy coins via wire transfer. Bitstamp, Kraken, Bifinex, CEX.io and BTC-e are few to name. However, the reputation of BTC-e is a bit shady so we recommend caution.
If you are thinking of buying Bitcoin but do not have access to a credit/debit card, you can do it through the methods mentioned above. Also, keep in mind that some banks may require additional transfer fees or personal info, based on the nature of a transaction.