BANXA is a fintech company offering fiat to crypto on-ramp services. The payments platform has been integrated as a third party payment gateway on many large exchanges, including Binance, Bybit and OKX.
The platform offers an easy and cheap entry point into crypto. You can purchase Bitcoin and other popular cryptocurrencies through a number of payment methods including bank cards, bank transfers, and Google Pay. Similarly, you can sell crypto for fiat through BANXA via bank transfers, providing a simple off-ramp option for users looking to cash out.
Payment Options & Fees
BANXA accepts Visa, Mastercard, Apple Pay, Google Pay, and bank transfers. Table below includes all available payment methods:
| Payment Method | Description | Acceptance time | Fee |
|---|---|---|---|
| Visa/Mastercard | Payments made with a credit card or debit card. | Instant | 1.99% |
| Apple Pay | Payments made with a credit card, debit card or using Apple Pay. | Instant | 1.99% |
| Google Pay | Payments made with a credit card, debit card or using Google Pay. | Instant | 1.99% |
| SEPA (Clearjunction) | Bank transfers made in Europe. | 1 to 5 business days | Free |
| Interac | Only available in Canada for interbank transfers. | Instant | Free |
| OSKO/Pay ID | Bank transfers made in Australia. This is done via Monoova. | Instant. First payment may take up to 24-48h. | Free |
| Faster Payments | Bank transfer made in the UK | Instant | Free |
| iDEAL | Payment network available to Dutch customers (Netherlands). | Instant | Free |
| DLocal PIX | Payment network available to Brazilian customers. | 1 business day | 1.50% |
| DLocal | Bank transfers made by South Africa, Mexico, Colombia and Chile based customers. | Instant | 1.50% |
| OpenPayd SEPA | Bank transfer for UK and Europe customers. | 1 to 5 business days | Free |
Fees
Fees are displayed in the table above per payment method, and range from 0% to 2%. But in reality, the fees will be significantly higher if you buy crypto on BANXA’s website. In our purchases, we spent $100 only to receive $91.53 in USDT.
In their defense, BANXA is showing you exactly how much you will receive on their website. However, it’s important to test different payment methods and crypto assets to ensure you get acceptable prices and fees.
An important note: using BANXA through a partnered CEX usually has cheaper fees compared to buying directly on BANXA website!
At the same time though, BANXA was the cheapest 3rd party gateway on Gate, despite five others available. For comparison, Volet wanted to charge us 17%!
Supported Fiat Currencies For Buying
To avoid any unnecessary fiat conversion fees, you can use any of the following currencies to buy crypto on BANXA:
AED, AUD, BRL, CAD, CHF, CLP, COP, CZK, DKK, EUR, GBP, HKD, IDR, INR, JPY, KRW, MXN, NOK, NZD, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, TWD, USD, VND, ZAR.
Supported Cryptocurrencies For Buying
You can buy dozens of popular and less popular digital assets directly on BANXA. Full list can be found on their website, but here are the highlights: AAVE, ALGO, ATOM, AVAX, BTC, CRO, DOGE, DOT, ETH, FIL, HBAR, LINK, MATIC, RUNE, SUI, UNI, TRX, XRP, XLM. For stablecoins, you can purchase USDT, USDC, DAI, and EUROC.
If you buy crypto with BANXA through a partnered exchange, you may be able to select and trade many other cryptocurrencies.
Selling Crypto on BANXA
On BANXA’s transaction interface, simply swap to the “Sell coins” tab instead of “Buy coins”. You can sell Bitcoin (BTC), Ethereum (ETH), XRP, and FLOW. No other cryptocurrencies are available for selling at this point (directly on BANXA, but additional options will be available through partnered exchanges). For cheapest fees, you can select from a number of Ethereum’s Layer 2 networks including BEP20, Arbitrum, Optimism, Linea, Loopring or Base.
Once you select your crypto for selling, you can select your desired fiat currency. Available ones include Australian Dollar (AUD), Canadian Dollar (CAD), British Pound (GBP) and Euro (EUR). The only fiat cash-out option on BANXA is through bank transfers in these three currencies.
| Region | Payment Method | Payment Surcharge / Gateway Fee | Fiat Currency | Transaction Minimum | Transaction Maximum | Monthly Limit | Transaction Speed |
|---|---|---|---|---|---|---|---|
| Australia | Bank Transfer | Free | AUD | $50 | $30,000 | $1,400,000 | 0-24 hours |
| Europe | SEPA | Free | EUR | €30 | €14,000 | €150,000 | 0-24 hours |
| UK | Faster Payments | Free | GBP | £30 | £14,000 | £150,000 | 0-24 hours |
| Canada | Interac | Free | CAD | $20 | $10,000 | $150,000 | 0-24 hours |
There are technically no withdrawal fees charged. However, there will be a 5% price spread you need to watch out for. For every $100 sold, you will essentially get $95. To some investors this is not a problem, but those who are very fee-conscious can explore cheaper alternatives. For example, Binance charges less than 0.5% for wire transfers. Alternatively, you can find exchanges with ATM cards for easy spending and cheaper withdrawals.
Supported Countries
BANXA supports customers from over 100 countries, including United States, UK, Australia, Canada, Japan, Brazil, Hong Kong, South Korea, New Zealand, Palestine, Singapore, Thailand, Turkey, Taiwan, to name a few.
United States customers can use BANXA without restrictions, except in Hawaii, Louisiana, and New York.
Restricted countries include commonly sanctioned ones such as North Korea, Cuba or Iran, but also China, Russia, Nigeria, and Ukraine.
We keep this list up to date, but you can also verify and double-check on Banxa’s support center here. Like most fiat gateways, BANXA has mandatory KYC and will ask for your identity documents on first purchase.
Conclusion – Why Use BANXA?
BANXA is a popular and well-known fiat gateway. You can use it to buy crypto with fiat, or cash out your crypto holdings to your bank accounts as fiat currency. BANXA is partnered with dozens of large cryptocurrency exchanges and is considered perfectly safe to use.
Strangely, it’s always best to use BANXA through a centralized exchange rather than their website. By buying via BANXA through Binance, OKX or Gate (among others) you can expect fees under 3% total.
