KuCoin Payment AMA — Providing KuCoin Users With More Convenient EUR/GBP Deposit and Withdrawal Services via SEPA and FPS Payment Methods

Time: June 14, 2023, 10:00 AM - 10:36 AM (UTC)

KuCoin now supports direct bank transfer top-up of EUR via SEPA, and GBP via Faster Payment System (FPS) which offers global customers the easiest Fiat-On-Ramp service!

In conjunction with this development, KuCoin organized an AMA (Ask-Me-Anything) session in the KuCoin Exchange Group to learn more about the functions of SEPA and FPS and guide users through the process of how to get started with depositing fiat currencies on KuCoin, and transform it into cryptocurrencies!

Ray — Fiat Operations Manager From KuCoin Payment Business Unit

Q: Please give us an overview of today's agenda.

Ray: As a KuCoiner for the last four (4) years, I realized that it takes work for KuCoin users to deposit fiat and buy crypto. Therefore, with the management's attention, we cooperate with the SEPA and FPS providers and support the SEPA and FPS payment methods for KuCoin users, which aims to provide KuCoin users with more convenient EUR/GBP deposit and withdrawal services.

Q: What are SEPA and FPS?

Ray:

Single Euro Payments Area (SEPA)

An EU initiative to simplify and harmonize euro-denominated bank transfers across member states and some additional countries. It aims to make cross-border payments as easy, fast, and secure as domestic ones.

Faster Payments Service (FPS)

A UK banking initiative for near-instantaneous electronic money transfers between participating banks. It reduces processing time from days to seconds and operates 24/7, improving the efficiency of the UK's payment infrastructure.

I want to introduce KuCoin onsite SEPA and FPS. KuCoin provides the easiest fiat-on-ramp services for depositing EUR for crypto purchases. You can top-up EUR at KuCoin via SEPA and GBP via FPS. The ways are simple yet secure and efficient.

We offer two ways to choose from:

1. Easy Bank Transfer; and
2. Regular Bank Transfer

Q: What is the major difference between Easy Bank Transfer and Regular Bank Transfer?

Ray: Easy Bank Transfer is a fast and secure online banking payment without entering account information. In Regular Bank Transfer, we give you our bank account information so you can transfer the funds accordingly.

Q: Which payment method is more recommended, Easy Bank Transfer or Regular Bank Transfer?

Ray: These payment methods have several advantages and are currently the most popular and practical mainstream. Easy Bank Transfer is more convenient because it uses online banking, and it becomes even more convenient for users to deposit funds after binding their bank account for the first time.

Regular Bank Transfer is a traditional bank transfer requiring users to copy and paste relevant information. Its advantages include supporting more banks and allowing users to deposit funds using banks supported by it when the former fails to do so.

Q: Please share with us the advantages of KuCoin SEPA and FPS.

Ray: The advantages are enumerated as:

1. Easy to use
2. Low cost
3. High security

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

Ray: If your bank supports SEPA Instant, it will arrive within seconds (depending on the sending bank). If you use SepaND (SEPA Next Day), the payment will be executed by the next business day. Lastly, for FPS, depending on the sending bank, it usually arrives within seconds of waiting.

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

Ray: Because when you make the transfer, please check the payment details carefully, especially the following notes:

1. Receiver
2. Payee
3. Beneficiary Name
4. Reference note

The name you use must match the name registered to your KuCoin account. In addition, please do not transfer funds from a joint account. If your payment is made from a joint account, the bank will most likely decline the transfer as there is more than one name, and they do not match the name of your KuCoin account.

Disclaimer: Bank transfers through SWIFT are not accepted, but don't worry; there's more to come.

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

Ray: The word "Fiat Account" does not exist on KuCoin. Instead, you are advised to please check your fiat balance in the "Assets" section.

🎁 Celebrate with KuCoin and get the chance to earn a share of a 32,250 USDT prize pool!

The form will remain open for five days from publishing this AMA recap.

A total of 500 USDT airdrop was given away to all qualified AMA participants.

1. Flash mini-game: 400 USDT

2. Participation Rewards: 100 USDT

. . .

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