KuCoin New SEPA Service AMA — Harmonizing Payments Across the Eurozone

2022/06/27 10:06:16

Dear KuCoin Users,

Time: June 22, 2022, 11:00 AM - 11:37 AM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the Operations Manager from KuCoin Payment Business Unit, Rebecca, in the KuCoin Exchange Group.

Introduction

Starting on January 24, 2022 (UTC), KuCoin Fiat Account supported the on-site SEPA payment method that offers European customers the Easiest Fiat-On-Ramp Service! KuCoin on-site SEPA currently supports deposits of EUR to buy USDT. In the near future, KuCoin will support SEPA withdrawal and more cryptocurrencies and services!

Official Website: https://www.kucoin.com

Download the latest version of the KuCoin App: https://www.kucoin.com/download

Check out the SEPA tutorial on KuCoin YouTube Channel.

Follow KuCoin Exchange on Twitter and Telegram.

Guest:

Rebecca — Operations Manager from KuCoin Payment Business Unit

Q&A from KuCoin

Q: Can you please introduce yourself?

Rebecca: Since KuCoin launched the SEPA service this year, I realized that it’s not easy for KuCoin users to deposit with fiat and buy crypto.

Therefore, with the management’s attention, we upgraded the SEPA service for KuCoin users, which aims to provide KuCoin users with more convenient Euro deposit and withdrawal services.

Q: What is SEPA?

Rebecca: SEPA, or the Single Euro Payments Region, is a European Union (EU) initiative that aims to harmonize payments across the Eurozone. Its goal is to create a single market for euro-denominated payments to make European payments as simple, reliable, and inexpensive as domestic payments.

I'd also like to take this chance to introduce KuCoin onsite SEPA here. KuCoin onsite SEPA provides the easiest fiat-on-ramp services for European users by depositing EUR for crypto purchases.

Q: In general, can you share the advantages of the KuCoin SEPA?

Rebecca:

1) Easy to use.

2) Zero deposit fees.

3) Up to 1 million EUR in a single deposit.

4) Security

5) Support EUR withdrawal service.

6) Multiple trading pairs in Fast Trade (USDT, BTC, ETH, KCS, USDC, LUNA).

Q: How long does it take for the deposit to arrive in my account?

Rebecca: If the bank you use supports SEPA Instant, it will arrive within seconds (depending on the sending bank).

If you use SepaND (for SEPA Next Day), the system will execute the payment by the next business day.

Plus, the SEPA withdrawal service only supports working hours on business days...

Q: What should I pay attention to before making the transfer?

Rebecca: When you make the transfer, please check the payment details carefully, especially the Receiver/Payee/ Beneficiary Name/Reference note. The name you use must match the name registered to your KuCoin account.

Do not transfer funds from a joint account. If your payment is made from a joint account, the transfer will most likely be declined by the bank as there is more than one name, and they do not match the name of your KuCoin account.

Be noted that bank transfers through SWIFT are not accepted. Because SEPA and SWIFT are different, some additional fees may incur if users try to make a SWIFT deposit via SEPA. And it may take longer to return the funds to your account in this case. So please confirm that you are NOT using SWIFT when you make the transfer.

Q: What is Fast Buy?

Rebecca: Fast Buy is a channel that aims to provide new users with a simpler trading procedure and help new users match feasible payment methods and favorable quotations.

And if you want to deposit fiat and buy crypto, you can go to "Assets"> "Deposit"> "Fiat" and then buy crypto through Fast Buy balance.

Q: After I complete the deposit via SEPA, how can I find the Fiat Account on KuCoin?

Rebecca: The word "Fiat Account" does not exist on KuCoin. You can check your fiat balance in "Assets."

In the near future, the withdrawal service will be available as well.

Free-Ask from KuCoin Community

Q: Do you have current competitors? What is special about yours that can attract users?

Rebecca: The price on KuCoin for purchasing crypto is competitive, and it's free to deposit via SEPA. For the withdrawal, the fee is only 0.3EUR/payout.

Q: Are you planning to promote this payment method in countries/regions where English is not good? Do you have a local community for them to understand your project better?

Rebecca: We're planning to promote SEPA in the European Economic Area (EEA) and promote it in the local language.

Q: Is this only for a community of English speakers? Do users from different languages not belong?

Rebecca: For all the users in the European Economic Area (EEA).

Q: Why can’t I find the SEPA option in my KuCoin App?

Rebecca: Go to Assets > Deposit > Fiat Currency >EUR > SEPA

Q: How would you recommend new users to use SEPA? How do you view the future development of the SEPA?

Rebecca: There's an upcoming activity for new SEPA users, and we will add more EUR-crypto trading pairs in the near future.

Q: What is the minimum deposit via SEPA?

Rebecca: The minimum deposit amount via SEPA is 1 EUR.

Q: Are there any marketing activities for SEPA online?

Rebecca: Kindly check this link.

Giveaway Section

KuCoin and KuCoin New SEPA Service have prepared a total of 500 USDT to give away to AMA participants