How to Buy Crypto via Bank Transfer
Purchase cryptocurrency using a bank transfer for larger amounts with lower fees compared to card payments.
Bank transfer is slower than a card and considerably cheaper, which makes it the right default for anything but a small, urgent purchase. The two things that delay it are a missing reference and a mismatched account name — both avoidable, both tedious to fix afterwards. For anything beyond a small purchase the saving against a card is usually worth the wait, and the wait is mostly bank hours rather than platform processing.
Before you start
- Identity verification, and a bank account in the same name.
- The exact reference from the order screen, copied rather than typed.
Select Bank Transfer as Payment Method
Open the Fiat Gateway and choose 'Bank Transfer' as your payment method. Not all providers support bank transfers in all regions, so the available options will be filtered based on your country and currency.
Enter the Purchase Details
Select the cryptocurrency, enter the fiat amount, and choose from available providers that support bank transfers. Bank transfer quotes typically have lower fees than card payments but may take longer to process.
Initiate the Transfer
The provider will display bank details for you to send the transfer to. Note the reference number, which must be included in your transfer. Set up the bank transfer through your banking app or online banking portal.
Wait for Processing
Bank transfers can take anywhere from a few hours to 2-3 business days depending on your bank and the transfer type (domestic vs. international, instant vs. standard). The provider will update the order status as they receive and process your payment.
Receive Your Crypto
Once the bank transfer is confirmed, the provider processes the conversion and deposits the cryptocurrency into your Midas Spot wallet. You will receive notifications at each stage of the process.
If something goes wrong
- The transfer arrived but the order has not completed.
- Almost always a missing or altered reference. Contact support with the bank receipt so it can be matched manually.
- The bank rejected the transfer.
- Some banks block crypto-related payments outright. Ask them, or use a different funding route.
- You sent from a different account than the one on file.
- Payments from a third-party or unverified account are held and often returned. Send from the account matching your verified name, and tell support if you have already sent from another.
Frequently asked questions
- How long does it take?
- Domestic rails often settle same day; international transfers can take several business days. Weekends do not count.
- Can I send from a business account?
- Only if the Midas account is the matching business account. Personal accounts must be funded from the same person's bank account.
- Is the rate fixed when I place the order?
- The quote holds for the window stated on the order. If the transfer arrives after it, the order re-prices.
- Do I need to send the exact amount?
- Yes. A different amount can fail to match the order automatically and will need manual reconciliation.
- Can I set up a recurring transfer?
- Bank-side standing orders are possible, but each purchase still needs its own order and reference, so recurring transfers without a matching order will not credit themselves.