Low-cost SEPA deposits live for European users

We are pleased to announce that Kinesis has launched a new simple, low-cost SEPA deposit option for users based in the European Economic Area. 

The introduction of SEPA transfers to the Kinesis platform brings greater ease and value to EEA-based Kinesis account holders, who can now deposit their Euro (EUR) funds as easily and conveniently as a regular domestic bank transfer. 

On the Kinesis platform, the addition of SEPA transfers enables account holders to make EUR-to-EUR deposits, with a fixed rate of €0.30 per transaction charged on the Kinesis side, regardless of the amount of funds sent.

Please note that the external bank from which you are sending funds may apply additional charges that might vary.

What are SEPA transfers?

Single Euro Payments Area (SEPA) is a Europe-wide payment network allowing users to make fast cross-border bank transactions between countries within the European Economic Area (EEA).

SEPA transfers, which are operated through IBAN identification codes, are widely recognised as one of the most time and cost-efficient ways to send and receive Euros, within the EEA.

The International Bank Account Numbers (IBAN) provide an additional layer of security for each Kinesis user who deposits their funds to Kinesis using SEPA transfers, further safeguarding them against counter-party risk.

To see the full list of all eligible European countries within the EEA Zone where you can deposit Euro, click here.

How to easily deposit Euro into the Kinesis platform

With the new SEPA transfer option, depositing Euro into the Kinesis account takes only a few simple steps. As the user selects the Euro as the currency they wish to deposit, Kinesis auto-generates their unique Virtual IBAN accounts, which can be immediately used to send funds from their external bank account. 

These virtual accounts are separate from Kinesis and are kept solely in the holder’s name at all times, further removing counter-party risk for a user.

Importantly, IBAN payment technology is designed to protect users’ account data and never disclose it, and can only serve to deposit money into the recipient’s account but makes it impossible to withdraw or transfer funds from the user’s account.

Find out how to easily deposit EUR into the platform in our step-by-step guide here.

Similarly, the European Kinesis account holders can also create their unique details to make direct British Pound (GBP) deposits onto the platform from any country within the EEA.

Use gold and silver as money with the Kinesis Card

Hand in hand with the upcoming physical Kinesis Visa Debit Card (EEA), the new deposit method makes it simpler for our European community members to start using gold and silver as their everyday currency – with instant fiat conversion.

The low-cost, local deposit options make it easier for users to deposit their salaries into their Kinesis accounts and convert their earnings into spendable precious metals, each payday.

With the new SEPA deposit option, Kinesis opens up greater accessibility to precious metals for millions of people across Europe.