When you’re ready to start building your crypto portfolio, you’ll need funds in your Kriptomat account so you can purchase crypto coins and tokens. To fund your crypto transactions, you’ll need to instruct your bank to make a wire transfer to your Kriptomat account.
Although we are seeing the appearance of crypto-friendly banks in the UK and elsewhere, this process is still mostly done the old-fashioned way: a SEPA wire transfer.
This video steps you through the process.
To deposit funds into your Kriptomat account via bank transfer, you must provide specific instructions and information to your bank: Kriptomat’s legal name and address, the IBAN corresponding to the bank account where Kriptomat receives transfers, and so on. Kriptomat displays the data on your screen and can provide it in PDF form if you wish.
One key bit of information is marked Reference/Description on the list of data elements. The reference number is how Kriptomat associates the incoming wire transfer with your Kriptomat account. It is important that you provide this reference number to your bank and that the bank includes it in the wire transfer details.
Note that the minimum amount for a SEPA wire transfer is 35 euros.
It all seems very complicated the first time you make a transfer, but banks are accustomed to transactions like these, and if you give them all the information from Kriptomat, they should have no trouble transferring funds to your Kriptomat account.