Also, a local bank account means we can transfer funds to you more easily and conveniently. This will make it easier for you to arrange various matters and help you participate in everyday life. SEPA Instant Credit Transfer will be a true competitive product to credit card transactions.The local authority recommends you to open a bank account in the Netherlands. Bitsafe will also implement these new rules allowing to receive and send payments less than 10.000 euro in less than 10 seconds. The year 2020 will be the year that more and more banks will launch SEPA Instant Credit Transfer. What's next? SEPA Instant Credit Transfer All wire transfers to any Bitsafe account should be send to one of the banks that Bitsafe is using, using the Bitsafe IBAN in the description field "for further credit to NLxxBITSyyyyyyyyyy". Although Bitsafe operates its own BIC/SWIFT code: BITSNL2A, it doesn't use this BIC/SWIFT code for incoming wire transfers (yet). Wire transfers are more costly and incoming wires take more time to become available in your Bitsafe account.īitsafe works with a variety of banks to execute incoming and outgoing wire payments. If you send money to a Bitsafe IBAN from one of the SEPA countries and their dependencies these funds will be made instantly available in your Bitsafe account.Ī wire transfer is either a) sending or receiving money from and/or to countries outside the Single European Payments Area (SEPA) or b) sending or receiving non-euro payments from and/or to countries within SEPA. Bitsafe IBANs participate fully in SEPA and Bitsafe has adhered to the Sepa Credit Transfer rules provided by the European Payments Council. Most SEPA transfers are completed on the same day. SEPA is the abbreviation for the Single Euro Payments Area and consists not only of the euro countries, but also of the other European Union countries, other European countries and their dependencies. IBANs are used in local account transfers (from one Bitsafe account to the other), SEPA transfers and wire transfers. Therefore all Bitsafe IBANs start with NL, then two check digits, then BITS (the first four letters of Bitsafe’s BIC/SWIFT number) and then a 10-digit account number. Bitsafe issues these IBANs from the Netherlands. The IBANs of Bitsafe are easily recognizable. An IBAN starts with the two letter country abbreviation, then two check digits and then the çountry-specific and user-specific string of alphanumeric characters.īitsafe provides unique IBANs to all its customers, both talent and businesses alike. While the IBAN system was published in 1997 by the international organization for standardization it took years before most countries have adopted the format. With IBAN all these different systems are merged into one format. For example, in the United Kingdom there was the sort code and in Germany the Bankleithzahl. Before the introduction of IBAN various countries had their own national standards for bank identification. The International Bank Account Number (IBAN) is an internationally agreed system of identifying payment accounts across national borders to reduce the risk of transcription errors.
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