Bitwala, a crypto-to-SEPA service that allows fiat currency transfers towards settlements from users who pay in cryptocurrency, now offers the least expensive way to use altcoins for international transfers, providing an economical option for the unbanked who wish to send money across borders, the company announced on its website. Users can make SWIFT or SEPA transfers using altcoins.
Bitwala made the announcement following its recent partnership with the ShapeShift.io exchange, which makes it possible for users to transfer altcoins and bitcoins globally, CCN.com reported. The integration supports numerous altcoins, including Ether, Litecoin, Dogecoin and Dash.
Bitwala supports EUR, GBP, DKK, CZK, HRK, PLN, SEK, NOK and HUF currencies to all European countries. It also supports USD transactions globally. Customers can now use altcoins in more than 35 SEPA countries.
Bitwala claims it offers the best currency transfer fees and rates available, providing transparency and no hidden costs.
The company charges a 0.5% fee of the total amount or a minimum of 1 EUR for SEPA transfers. The same fee plus 15 EUR per transaction applies to SWIFT transfers.
The recipient will receive funds from SEPA transfers within one working day. SWIFT transfers take from two to three days. Transfers on public holidays and weekends can take longer. The transfer is also subject to the receiving bank’s clearance time.
The feature is still in beta mode, the company noted. Users experiencing any issues will not lose their money and can contact the company for assistance.
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Bitwala will make its email payment service, EmailPay, available for all of the altcoins it supports. Bitwala introduced EmailPay last year.
An EmailPay user only needs the email address of the recipient and the amount of money they wish to send. Users can send payments up to whatever amount they are authorized. Fully-registered Bitwala users can transfer up to 50 000€ per month. Bitwala expected most people to use EmailPay for paying utilities.
Featured image from Ethereum.