User:Strayorigin/sepa-draft

SEPA

SEPA (Single Euro Payments Area) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. It is the most common payment method for buying and selling Bitcoin in Europe on Bisq.

At a Glance

Currency	Region	Signing Required	Initial Buy Limit	Max Trade Limit	Trade Duration
EUR	🇪🇺 Europe (EU + select countries)	Yes (to lift limits)	.002 BTC	0.0624 BTC	Max 6 days (Usually < 2 days)

Account Setup

To use SEPA on Bisq, you must first configure your account settings.

1. Go to Account > National Currency Accounts.
2. Select Add New Account and choose SEPA.
3. Account Name: Enter a label for your internal use (e.g., "My Deutsche Bank").
4. IBAN / BIC: Enter your International Bank Account Number and Bank Identifier Code.
5. Name: Enter the account owner's name exactly as it appears on your bank statement.

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Trading Rules

While the general trading process follows the standard Bisq Trading Guide, SEPA has specific requirements:

Payment Reference

• Buyers: When sending the fiat payment from your bank, you must leave the payment reference/description BLANK.
  • If your bank requires a reference, use your own name or account number.
  • NEVER write "Bitcoin," "Bisq," or the Trade ID.
• Sellers: Expect the incoming payment to have a blank reference or simply the buyer's name.

Confirmation

• Buyers: Mark the payment as "Started" in Bisq immediately after sending the funds from your banking app.
• Sellers: Only click "Payment Received" once the funds are actually settled in your bank account, not just "pending."

Risks, Fees & Limits

Limits

• Bisq Limits: Trade sizes are capped at 0.0624 BTC. New accounts are limited to .002 BTC until the account is signed.
• Bank Limits: Your bank may have its own daily transfer limits (commonly €50,000 for SEPA). Check your bank's limit before accepting a large trade.

Fees

• SEPA transfers are generally free.
• Some banks may charge a small fee for international SEPA transfers (e.g., sending from France to Germany), though this is becoming rare.

Dispute Resolution

If a trade goes to mediation:

• Buyers must provide a PDF bank statement showing the outgoing transfer to the seller's details.
• Sellers may be required to provide a PDF bank statement showing non-receipt of funds.
• Mediators will verify that the name on the bank account matches the name provided in the Bisq account details.

External Resources

• Wikipedia: SEPA
• European Payments Council