OKCoin opens new SEPA payment channel for EU transactions

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Cryptocurrency exchange OKCoin has opened a new payment channel for Single Euro Payments Area (SEPA), allowing users in the European Union to deposit and withdraw more efficiently in euros.

On its website, OKCoin said the new payment channel will allow for cheaper transactions. To mark the launch, the exchange has also eliminated all fees on qualifying transactions for the first six months for users within the European Union (EU).

Now offering our users in the EU a new SEPA payment channel. And to kick it off, you can now deposit and withdrawal with no fees for the next 6 months! Get the full details: https://t.co/tNABhTPuDb pic.twitter.com/iUnk8vmr9k

— Okcoin (@Okcoin) October 23, 2019

The news will be welcomed by users inside EU, who can now gain access to faster, lower cost transactions to and from their exchange accounts.

The launch also means corporate users can now benefit from higher limits on deposits and withdrawals, as well as lower fees through the SEPA payment channel.

Welcoming the launch, OKCoin said it was “thrilled” to offer this enhanced service level to its users in the European Union:

If you’re a resident of the European Union, you can now deposit and withdraw euros and enjoy zero fees for the first six months—from now until April 22, 2020, at 11:59 pm PST. Our corporate customers will also be able to enjoy higher limits and lower fees through the new SEPA payment channel.

The new payment channel means users can deposit from a minimum of €5 per transaction, with fees of just €0.15 for deposits. Withdrawals are subject to a €10 minimum, with a fee of €1 for withdrawals by SEPA.

International fees are payable by those using the payment channel outside of the EU, at a cost of €10 for deposits and €18 for withdrawals, respectively.

The payment channel provides more options to OKCoin users, as the exchange continues to win market share from users across Europe.