Most people are used to bank transfers taking well over a business day. However, the European SEPA Payments Area is in a state of flux. Since 2017, banks have been introducing SEPA instant payments. With this method, bank transfers only take a few seconds.
Many customers of Bitcoin.de have already asked whether the large German marketplace for trading in crypto currencies also supports real-time transfers. Since yesterday the correct answer to this question is: Yes. Bitcoin.de offers an option for real-time transfers if the customer’s bank offers this service. Initially, this option is only available for selected banks, but more banks will be added gradually in the coming weeks.
For users, the new, faster trading option will work as follows: They can offer the option of “SEPA real-time transfer” in their sales offers for Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold and Bitcoin SV. This will be separately marked on the marketplace and should be particularly attractive to buyers as they can expect to receive the crypto currencies purchased earlier. This is because if the offer is accepted by real-time transfer, trading deadlines will be shortened: the payment order must be confirmed within 30 minutes, the receipt of payment within 18 hours instead of 36 hours as with normal SEPA transfers.
Initially, real-time transfers are only available for sales offers. In these cases, the buyer immediately triggers the real-time transfer, after which the seller still has a few hours to confirm receipt of payment. If, on the other hand, a user makes an offer to purchase a crypto currency, he is informed by e-mail that the offer has been accepted and the transfer is then initiated. This will significantly reduce the speed of real-time transfers. Therefore, Bitcoin.de does not yet offer real-time transfers for purchase offers at this time.
Real-time transfers are currently limited to 15,000 euros by the banks. On 1 July 2020, however, this threshold will be raised to 100,000 euros. The procedure is very popular with many European banks. There are probably far more than 1,000 banks in Europe that already offer real-time transfers, in Germany alone there are considerably more than 100. Savings banks and Volksbanks offer real-time transfers almost everywhere, but Deutsche Bank, BayernLB, Commerzbank, Postbank, Wüstenrot and many others also allow faster payments. Some of the banks have integrated real-time transfers only passively, i.e. only for reception, others charge a small surcharge for this type of payment.
Especially for customers of Bitcoin.de who cannot or do not want to use the express trade, the real-time transfers offer a considerable advantage. Offers without express trading are sometimes perceived as “second-class offers” because it takes longer for the trade to be completed. Real-time money transfers significantly reduce this disadvantage, at least for sales offers. In other words, it will be faster to buy Bitcoins.