How to Create a Crypto IBAN Account: A Step-by-Step Guide
Steps for creating a crypto IBAN:
- 1. Choose a provider: You need to weigh your wants and needs to select an IBAN provider that suits your requirements and is available in your region.
- 2. Create an account: After choosing a platform, you must create an account and complete the verification process. Ensure you have a photo ID, as one will be needed for verification.
- 3. Deposit funds: Once your account has been verified, deposit enough crypto or fiat to cover the IBAN cost. Then, if needed, swap the asset for whichever currency is required to open the IBAN account.
- 4. Open IBAN account: Lastly, cover the IBAN fee and open the account. You’ll be able to send and receive cross-border payments immediately.
Learning how to create crypto IBAN accounts can be confusing. There are lots of providers, each offering different features.
However, our guide provided a step-by-step explanation of the process, discussed who can benefit from a crypto IBAN, and detailed how to select a good IBAN provider. Let’s get started.
Table of Contents
What is a crypto IBAN account?
An International Bank Account Number (IBAN) is a unique identifier linked to an account that sends, receives, and stores money.
An IBAN is commonly used for international cross-border payments and inter-bank transfers. In crypto, an IBAN is generally integrated into a platform like an exchange to facilitate more straightforward purchases and fiat/crypto conversions.
As international shopping becomes more common, the number of cross-border payments sent by retail users is substantially rising.
The Bank of England estimates that the combined cross-border payment market will grow in value from $150 trillion in 2017 to $250 trillion by 2027.
Despite these impressive statistics, many people cannot send international payments. They either lack an IBAN account or require one that supports crypto.
However, some innovative platforms have begun introducing IBAN accounts in conjunction with cryptocurrency-related services, creating all-in-one platforms that provide total control over your fiat and crypto finances.
📚Read More: A Beginner’s Guide to IBAN Numbers and Their Significance!
What are the benefits of using a crypto IBAN?
If you’re wondering how to create a crypto IBAN, you might also wonder what benefits they offer.
While a crypto IBAN has several uses that appeal to different people, they’re primarily centred around simplifying payments, international transfers, ease of use, and flexibility.
Convenient conversions between fiat currencies and crypto
One of the most significant advantages of using an IBAN for cryptocurrency is the ease of conversions between crypto and fiat or vice versa. Banks have tailored IBAN accounts to international payments.
Therefore, they allow people to deposit crypto or withdraw to a bank account from anywhere in the world without worrying about their cross-border payments being declined.
Easily buy cryptocurrency
Sometimes, buying cryptocurrency can be challenging. Your banking provider could decline crypto market payments, or you can only have access to international exchanges, making it troublesome to deposit fiat.
With an IBAN, you can easily buy crypto from multi-national platforms. As such, the quality and quantity of crypto exchanges at your disposal are vastly increased.
In turn, you can select a more convenient exchange offering features better tailored to your needs.
Flexibility
Access to a crypto IBAN account grants you greater flexibility. Therefore, virtually all money-related activities are more straightforward and convenient.
With an IBAN, you can send transfer funds via cross-border payment, convert between crypto and fiat, and work with international platforms.
Who can benefit from a crypto IBAN account?
Undeniably, IBAN accounts offer value to investors and people seeking control over their funds.
However, it can be challenging to determine whether you need an IBAN account or who can benefit most from it. IBANs are widely helpful, benefiting people including:
International investors
IBANs are a worldwide payment standard. As such, they benefit international investors wishing to deposit funds on non-local platforms.
Once issued an IBAN by an Electronic Money Institution (EMI), investors can globally deposit money on any platform supporting the IBAN standard.
People with family overseas
It can be hard to receive or send money from family overseas as banks can use different transfer standards.
Conversely, IBANs are universal and used worldwide, meaning family/friends will know the standard.
If you own an IBAN, you can send cross-border payments to friends and family with the same simplicity and finality as crypto transactions.
Users valuing simplicity
With a crypto IBAN, you can easily liquidate your holdings and withdraw to an external IBAN or use your fiat money to add some digital assets to your portfolio.
Moreover, as IBANs are designed for seamless, smooth payments, they are less likely to be issued when sending IBAN payments compared to other methods.
Therefore, IBAN accounts are highly beneficial for anyone valuing simplicity.
Discover swissmoney – An all-in-one IBAN provider
Financial services provider swissmoney is one of the few platforms offering GBP, EUR, CHF, and USD IBAN accounts alongside a complete suite of tools for managing crypto and fiat.
Moreover, the FINMA-licensed platform comes with an in-built crypto wallet. Outside its automatic onboarding and IBAN support, swissmoney lets people:
- Buy, sell, send, store, or receive crypto and fiat currency.
- Spend crypto in everyday establishments using the swissmoney crypto debit card
- Set up direct debits and send international payments
What are the requirements for creating a crypto IBAN?
Creating a crypto IBAN involves several requirements. Thankfully, most prerequisites are typical of financial products, and you can fulfill them quickly and easily.
To create a crypto IBAN account, you need to have met the following:
Proof of identity
Like traditional banking, you must provide proof of identity to open an IBAN account. You must provide a photo ID (passport, driving license) and proof of address (utility bill, bank statement).
If you cannot provide proof of identity, you’ll be unable to create an account with a provider offering IBAN accounts.
Verified account
Going hand in hand with proof of identity, you’ll need a fully verified account with an EMI to open an IBAN account.
Verification usually involves confirming your identity, completing the Know-Your-Customer (KYC) process, and adding a payment method.
Without a verified account, you’ll have restricted access to the platform and cannot open an IBAN account.
Account opening payment
Outside of identity documents, you’ll need some money to cover the fee for opening an IBAN account.
Rates vary substantially between platforms, but most customers pay around 100 EUR. Once you’ve completed the payment and provided a reason for opening the IBAN, you’ll have full access to the product.
How do I choose a provider for a crypto IBAN?
When selecting a crypto IBAN provider, you should consider several factors. It’s crucial to weigh your requirements and wants against each provider’s offerings.
Everyone will have different considerations, but we’ll share some of the most critical.
Personal requirements
While it’s easy to get dazzled by a platform’s offerings, it’s essential to prioritize your requirements.
You should make a list of wants and needs and compare it to each platform’s offerings. The platform most closely matching your specific desires will best serve your needs.
Extra features
Most financial service providers will offer additional features outside an IBAN account, complicating the selection process.
While the IBAN account is your primary consideration, it’s worth checking whether a platform offers features like a crypto debit card, staking, or a multi-chain cryptocurrency wallet.
Pricing
One of the most straightforward and crucial factors to compare is the cost of opening a crypto IBAN account.
Some platforms charge a monthly fee, while others require a flat fee or a deposit of a certain amount. You should choose an IBAN account with good value and the core features you seek.
How do I create a crypto IBAN account?
Now that we’ve discussed what an IBAN is and highlighted the product’s benefits, it’s time we explain how to create an IBAN account for crypto.
The simple process can be completed within an hour, making it accessible to everyone.
Step 1: Create and verify a swissmoney account
Before creating an IBAN account or accessing the platform’s features, you need to create a swissmoney account by clicking either ‘Continue with Google/Apple or email,’ providing a name, email address, password, and four-digit PIN.
Afterward, verify the account by providing a photo ID and complete the Know-Your-Customer (KYC) process to gain full access to your account.
- swissmoney is licensed by the Swiss regulator FINAMA, highlighting the platform’s commitment to security.
- You must complete the verification process before using any of swissmoney’s features.
- You need your verification documents on hand as you’ll need to photograph them using a mobile phone.
Step 2: Deposit funds
Next, you’ll need to fund your swissmoney account with at least 100 EUR using fiat or cryptocurrency.
Click the ‘Top-Up’ button, enter how much money you want to deposit, choose a payment method, review the fees, double-check the deposit details, and confirm the order.
The funds should arrive in your account within a few minutes.
- By default, the EUR account is added to swissmoney. However, you can add extra fiat currencies or cryptos as needed for a seamless depositing experience.
- swissmoney’s IBAN account is priced in EUR, so it’s the most straightforward currency to deposit.
- You can add crypto to swissmoney via on-chain transfer and exchange it for fiat.
Step 3: Open an IBAN account
Once your deposit has arrived on swissmoney and is confirmed, you can open an IBAN account on the platform. The price of opening IBAN account will be written below.
Click ‘IBAN Accounts’, select an account, check pricing/fees, press ‘Order,’ and press ‘Order’ again to open the IBAN account.
- You’ll need to provide a reason why you’re opening an IBAN during the creation process.
- swissmoney shows the costs of opening an IBAN and its maintenance fees before you complete the purchase.
- Once you’ve bought a swissmoney IBAN account, you can use it without limits.
Conclusion
Learning how to create crypto IBAN accounts can be confusing. However, now that you’ve read our guide, you’re equipped with the knowledge to select the best service provider and open an IBAN account. M
oreover, you understand the prerequisites for creating an IBAN account and how one can benefit you.
Based on our research and testing, we found that most IBAN providers lacked either crypto or fiat-centric features.
However, as an all-in-one platform, swissmoney offers the tools for managing traditional and crypto finances, including four dedicated IBAN accounts and a crypto debit card.
Therefore, swissmoney is the most versatile IBAN provider we’ve looked at.
FAQs
What is an IBAN in crypto?
An International Bank Account Number, or IBAN, is a unique identifier linked to an account that can be used to store, send, or receive payments. An IBAN is typically used to send an international transfer or inter-bank payment.
Cryptocurrency platforms offer IBANs to facilitate more straightforward purchases and crypto/fiat conversions.
Can I create my own crypto IBAN?
If you register with a platform that supports IBANs, like swissmoney, you can easily set up an IBAN account and begin sending/receiving cross-border payments.
However, you cannot create an IBAN without an external platform.
How long does it take to create an IBAN crypto account?
The time required to create a crypto IBAN account will vary based on the platform, processing times, and your technical knowledge. You could wait several days if you need to open a bank account to create an IBAN.
However, some platforms, like swissmoney, simplify the IBAN creation process, making it achievable within an hour.
Which crypto-friendly IBAN account is best?
Ultimately, the best crypto-friendly IBAN will differ based on your requirements and the tools offered.
For example, a person valuing efficiency will prefer a different platform to someone valuing crypto-related tools above all else.
However, we found swissmoney to be the best all-around crypto IBAN account as it offers a dedicated IBAN, a crypto wallet, and seamless crypto payments.
How to create a secure crypto IBAN?
To create a secure crypto IBAN, choose a trustworthy platform with a solid track record and open/verify an account.
Afterwards, you’ll need to fulfil the requirements for opening an IBAN account, usually depositing a certain amount of money. Once completed, you’ll have full access to your crypto IBAN.
Can you buy crypto with an IBAN account?
Many crypto service providers have begun implementing IBAN accounts to enable people to buy crypto easily on non-local platforms.
While the range of platforms offering IBAN support is currently limited, it’ll expand as cross-border transactions become more prevalent.
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