Bitpanda Pay allows you to transfer funds from your Bitpanda EUR wallet to a third-party bank account (i.e. friends, family, merchants, landlord).
Find answers to all your questions here:
- How can I change my Bitpanda Pay data?
- Which currencies can I send money to a third-party bank account in?
- How much does a Bitpanda Pay transaction cost?
- Are there any limits?
- Why do I need a verified phone number and a TAN or 2FA?
- Why is the Bitpanda Pay process designed that way?
- What happens when the recipient bank account is denominated in a different currency than my transaction?
- What is the difference between a regular fiat withdrawal and a Bitpanda Pay transaction?
- What is an IBAN and in which countries is it available?
- What is the Payment reference of a transaction?
- Can I use Bitpanda Pay with a business account?
- Is Bitpanda Payments regulated?
- How can I file complaints regarding payment services?
- Do you transfer money in my name? Do you use personalised IBANs?
- Can I deposit via the Bitpanda Pay IBAN? Can I use Bitpanda Pay to deposit to other exchanges?
- How does Bitpanda Pay process transactions and how long does it take?
1. How can I change my Bitpanda Pay data?
Take a look at the following articles to learn how to change your data for Bitpanda Pay:
- Find out how to reset your password
- Find out how to change your email address
- Find out how to change your phone number
- Find out how to reset your two-factor authentication (2FA)
2. Which currencies can I send money to a third-party bank account in?
All transactions via Bitpanda Pay are processed in EUR and therefore the recipient bank account will receive EUR. To conduct a transaction, you need enough funds on your EUR wallet to do so.
Note: Please be aware that when sending money to non-European-Union countries, banks might charge fees and reduce the amount received by the recipient. Also, if the recipient’s bank account is denominated in another currency than EUR, additional fees might be charged by their bank.
3. How much does a Bitpanda Pay transaction cost?
The standard cost is 0.95% of the transaction value. The transaction fee is waived until further notice and the service is free at the moment.
Note: Please be aware that when sending money to non-European-Union countries, banks might charge fees and reduce the amount received by the recipient. Also, if the recipient’s bank account is denominated in another currency than EUR, additional fees might be charged by their bank.
4. Are there any limits?
A single Bitpanda Pay transaction via bank transfer (SEPA) is possible up to the value of EUR 20,000. The minimum amount for a Bitpanda Pay transaction is EUR 10.
5. Why do I need a verified phone number and a TAN?
For security reasons, it is necessary for every payment transaction to be confirmed by a second authentication step. For a Bitpanda Pay transaction, this is a TAN-based system where you will receive an SMS with a TAN number on your smartphone. Your phone number must match the one you registered with on Bitpanda.
Tip: Find out what you can do if you're not receiving SMS or how to change your phone number registered on your Bitpanda account. If you submit a request, please always mention the phone number that you are trying to receive the SMS on.
6. Why is the Bitpanda Pay process designed that way?
The multi-step authentication for Bitpanda Payments is required to increase the security of electronic payments.
The legal background is the Second Payment Service Directive (European Union Legislation), which requires that electronic payments are performed with multi-factor authentication. We are working to improve your experience with easier steps but wanted you to still be able to use this new feature in the meantime.
We always appreciate suggestions for improvements, so feel free to share them with us at any time.
7. What happens when the recipient bank account is denominated in a different currency than my transaction?
If the recipient bank does not support the currency sent to them, our intermediate banks usually send the funds back to us. However, this bounce back won’t be automatically credited to your Bitpanda wallet. Please get in touch with us if this happens.
8. What is the difference between a regular fiat withdrawal and a Bitpanda Pay transaction?
A regular fiat withdrawal goes to your bank account (and only to yours).
A Bitpanda Pay transaction can go to any bank account you want (e.g. family member, landlord, water company, etc.).
9. What is an IBAN and in which countries is it available?
All bank accounts within the Single Euro Payments Area (SEPA), which consists of the European Union (EU) and the European Economic Area (EEA), have a respective number attached to them. This number is known as an IBAN (International Bank Account Number) and represents an individual’s bank account number.
An IBAN can include up to 34 characters and is an alphanumeric code which identifies the country of the account, the cheque number, the account holder’s bank and the account holder’s unique bank account number.
The Bitpanda Payments service allows you to send money with an IBAN to any person holding a bank account.
The IBAN is the most important and fundamental element of a transaction. Always double-check that the IBAN number of the recipient is correct.
Find out what you can do if you have forgotten or used the wrong IBAN.
10. What is the Payment reference of a transaction?
When conducting a transaction, the Payment reference represents the payer’s specific purchase order and helps the recipient identify the payment more efficiently and effectively. Please ensure that you include the correct Payment reference in your transaction. The Payment reference is limited to 35 characters and is only allowed to include the following “a-z, A-Z, 0-9 and . , : + - / ()?”.
If you have forgotten to include, or used the incorrect Payment reference, please have a look at this article for further information.
11. Can I use Bitpanda Pay with a business account?
No. Using Bitpanda Pay with a business account is not possible.
12. Is Bitpanda Payments regulated?
Bitpanda Payments is a subsidiary of Bitpanda and is a licensed payment service provider under PSD II/ZaDiG 2018 and is based in Austria. It is supervised by the Austrian Financial Market Authority (FMA).
A payment service provider (PSP) processes transactions for its users. Bitpanda Payments’ services enable you to send money to a third-party bank account.
13. How can I file complaints regarding payment services?
You can file complaints in the following ways:
- Submit a request through our contact form
- Via written letter sent to our business address
Furthermore, you can contact the “Gemeinsame Schlichtungsstelle der Österreichischen Kreditwirtschaft“, the “Online Dispute Resolution of the European Commission“ or the FMA. For details on complaints handling, please take a look at the Bitpanda Payments Legal Notice and the summary regarding Complaints.
For additional information regarding Bitpanda Payments, please read our terms and conditions.
14. Do you transfer money in my name? Do you use personalised IBANs?
Yes, Bitpanda Pay transfers money in your name, meaning you are displayed as the sender. Therefore, the recipient will see your name. Depending on the recipient’s bank, the information is shown slightly differently, but in general, always with your name displayed. As we do not use personalised IBANs, the IBAN is always the same. Please never deposit via this IBAN. Always use the normal deposit process or your funds will not be credited to your account.
15. Can I deposit via the Bitpanda Pay IBAN? Can I use Bitpanda Pay to deposit to other exchanges?
Please never deposit via this IBAN. Always use the normal deposit process or your funds will not be credited to your account. We advise you not to use Bitpanda Pay to deposit to other exchanges as you cannot be sure that the payment will be credited accordingly, as Bitpanda Pay uses the same IBAN for all transactions.
16. How does Bitpanda Pay process transactions and how long does it take?
Your Bitpanda Pay transaction is processed carefully and efficiently. In general, the recipient should receive the funds on the same day or no later than one business day after Bitpanda Pay has received your payment order. However, we would like to point out that orders received by Bitpanda Pay after 2:30 pm can only be processed the next day. This is due to the respective processing times required by banks.