SWIFT is known as the Society for Worldwide Interbank Financial Telecommunication, which supports bank transfers around the world on a daily basis.
If your bank has not agreed with SWIFT, then the opportunity is not available for you.
SWIFT is the most popular method for the trouble-free receipt and sending of international wire transfer. Millions of customers and banks used the SWIFT to send and receive money. It is known as an international payment system.
SWIFT is a safe and online method to buy and sell Bitcoin and Cryptocurrencies.
Buying Bitcoin With SWIFT International Wire Transfer
There are different methods to buy bitcoin with SWIFT. Each platform has its terms, rules, advantages, and disadvantages. The only need is to choose the right platform to buy bitcoin
Etoro
Etoro is the multi-function platform that provides both stock and crypto-currencies investment. At many times customers can easily withdraw funds and without any system fee. The transaction may be made through wire transfer, online bank transfer, and bank card.
The minimum transaction amount is $50 for USA and Australian citizens.
Etoro only accepts USD, EUR, GBP, JPY, AUD, RUB, CNH, and CAD transactions.
Advantages
l Multiple market choice
l Outstanding popularity
l Quick to use interface
l Superb customer support
l Low fees
Disadvantages
l Only fiat currency allowed
247exchange
247exchage is the best and ideal platform if you buy bitcoins privately. You must provide your scanned ID as your identity proof, your bank information, and your wallet address. The fee is $5.
Advantages
l A secure way of buying bitcoin
l You can buy coins from all over the world;
l Low transaction fees, only 1 percent.
l Worldwide available
Disadvantages
l It takes too much time because of a large number of customers
l Required personal information
Wirex
Wirex is the form of a debit card. It transfers various cryptocurrencies and fiat currencies instantly.
You Just need to transfer money to your Wirex account and you can exchange it with any other currency.
Wirex only allows USD, EUR, GBP, JPY, AUD, RUB, CNH, SGD, MXNN, and CAD transactions.
Advantages
l Various funding methods are available
l Buy bitcoin market rate
l Easily exchange
Disadvantages
l Time
l Not available in all countries
Paxful
Paxful is an individual-to-person marketplace offering over 300 forms of payment.
Advantages
l Escrow system
l Various payment methods
l Friendly user interface
Disadvantages
· Risk of scammed for seller and client
CEX.IO
With the help of ACH in the USA, you can easily buy the bitcoins through CEX.IO. It has multi-functions to exchange currency and a lot of customers depend on this method. Many people purchase bitcoins through a payment card.
The other payment methods are SWIFT, SEPA, and Faster Payments. Cex.io only accepts the US dollar, EUR, and GBP transactions.
Advantages
l Fewer fees
l Established, and reliable
l Global Support
l Easy purchase by credit card
l Easy functionality for Users
Disadvantages
l The private information required for verification procedure
l It takes too much time for verification
Kraken
Kraken is the best cryptocurrency in the world. It allows any form of bank and wire transfer as a means of funding. It accepts bank deposits mainly from customers in the US, Europe, Canada, and Britain.
Transactions can be allowed by foreign bank transfer and SEPA transfer.
Advantages
l Respectable status
l Worldwide support
l trustworthy service for customers
l Fewer fees
l Provide security for data protection
Disadvantages
l Fewer payment options
l Need ID verification
Gemini
The most secure and elegant method for bitcoin is Gemini. It has a good reputation in the world. U.S. customers can buy bitcoins through Gemini by using ACH transfer to finance into account.
Advantages
l Clean Interface for Users
l The fast transaction enables easy purchasing of bitcoins
l Good reputation
l Excellent client support
l Less fee
Disadvantages
l Target only a specific number of countries
Coinmama
Coinmama is famous for selling Bitcoin through credit card and bank transfer. Any country can use International Bank Transfers (SWIFT) to send money to Coinmama. Transactions of EUR 1000 or more are not paid.
Coimama allows USD, EUR, GBP, CAD, AUD, and JPY for transactions.
Advantages
l Worldwide accessible
l Reliable and convenient
l Outstanding management and responsiveness to clients
l Transactions are secure and efficient
Disadvantages
l High fees
l It takes too much time
Bittrex
Bittrex is one of the world’s largest crypto-currency payment systems and serves customers around the world.
Bittrex only allows paper money-trading deposits in USD.
Advantages
l Lots of crypto-currency pairs
l Data protection Strong
l Privacy Policy
Disadvantages
l Customer support
Coinbase
Coinbase is the largest bitcoin transaction method in the world. With the help of ACH bank transfer, anyone can easily purchase bitcoin in the US. With the help of SEPA transfer, anyone can easily purchase bitcoin in Europe.
Through SEPA it usually takes less than 2 days for transactions, while a transaction with ACH takes 4 to 5 days to process.
Coinbase only accepts USD, EUR, GBP, CAN, AUS, and SGD transactions.
Advantages
l Good reputation
l Customer-friendly
l High security
Disadvantages
l Usually, take 4 to 5 days for the transaction
l Slow customer response
Bitstamp
Bitstamp is considered one of the largest bitcoin exchanges. With SEPA bank transfer it makes it easy for Europeans to quickly buy huge amounts of bitcoins. Everyone in the world can send a wire transfer to Bitstamp using their bank account.
Advantages
l One of the busiest cryptocurrency exchanges
l Very low fee
l Better deposit and retirement opportunities
l Deep liquidity facilitates a price
l A reasonable market rate
l Offers an extensive range of cryptos
Disadvantages
l Once hacked by user
l First-time customers confused
Localbitcoins
LocalBitcoins offers SWIFT international transfer with different other buying methods. The deposit fee is very low. It supports almost all currencies. Sometimes scanned ID is required for verification to avoid the fraud.
Advantages
l Less transaction fee like 1%
l Globally available
Disadvantages
l High risk of scams
Conclusion
You should check the many factors of the marketplace when you select the transaction. Platforms vary concerning the relevant exchange features, foreign currencies, and quality of services. Many platforms want your personal information. Before providing your personal information you should check their security system and data protection system.
