How to choose from different payment methods on Gate.io

Introduction to mainstream payment methods

Gate.io supports many payment methods to purchase crypto, providing you with a number of quick and secure choices.

However, how to make your choice is an important one. Some payment methods are used globally, while others are frequently used in specific regions. So we´ve taken the time to explain a number of the payment methods we support and how they work for you.

Bank Transfer

ACH/SWIFT/Wire
ACH is a general name for a batch clearing house generally used for checks clearing. SWIFT is an international network connecting most of the financial institutions in the world. Wire transfer is a generic term for online transfer. Although they have some differences, their similar advantages have made them the most popular payment methods in bank transfer and overseas remittance.

These three payment methods are widely used in the United States of America, and USD is the most frequently transferred fiat currency.

SEPA
Thanks to the Single Euro Payments Area (SEPA), customers can now make cashless euro payments – via credit transfer and direct debit - to anywhere in the European Union, as well as a number of non-EU countries, in a fast, safe and efficient way, just like national payments.

Faster Payments Service
The Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks’ customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-established BACS .

This method is for GBP transfers.

iDeal
iDeal is an online payment method that enables consumers to pay online through their own bank. In addition to webshops, other organizations that are not part of the e-commerce market also offer iDEAL. iDEAL is increasingly used to pay energy bills, payment requests, make donations to charities, buy mobile credits, pay local taxes, traffic fines, etc…

iDeal also focused on Euro transfer, but it’s more widely used in the Netherlands.

PayID/Poli
PayID is designed to promote, and put under one framework, interoperability between conventional finance and fin-techs. According to the alliance, the members cover more than 120 million users around the world and seek to crack down the hierarchical silos and protocols that already exist in payments, speed up the acceptance of digital payments and transform the way money is transported around the world.

PayID has become extremely hot and popular particularly in Australia, and it mainly supports AUD transfers.

Credit Card

Visa
Visa is a trusted world leader in digital payment technology that connects and enables individuals, businesses, and economies to thrive. It’s the most commonly used payment method among all of the credit card payments.

Master Card
Mastercard (originally Interbank then Master Charge] was created by an alliance of several banks and regional bankcard associations in response to the BankAmericard issued by Bank of America, which later became Visa.

Right now, Master Card is still the biggest competitor of Visa, and both of them are used in multiple regions and supported by various kinds of fiat currencies.

Apple Pay
Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. It is supported on these Apple devices: iPhone, Apple Watch, iPad, and Mac.

Google Pay
Google Pay (formerly Android Pay) is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.

Because of its unique convenience and characteristics to Euro users, SEPA has become the most popular payment method in Europe.

Payment methods supported by Gate.io

Bank Transfer

USA/USD

We can see that when you’re using US dollars to buy crypto, the most commonly used payment methods are ACH, SWIFT, and Wire transfer.

Europe/EUR

When it comes to EUR, SEPA has become the most popular payment method among other methods that support EUR, but sometimes other payment methods are utilized too, such as iDeal.

United Kingdom/GBP

For GBP crypto purchasers through bank transfer Faster Payments Service is quick and secure.

Australia/AUD

Without a doubt, PayID and Poli has become the most popular payment method in Australia. Almost all AUD users can purchase crypto using these two methods.

Credit Card

When it comes to Credit Cards, it’s much easier for you to select the payment method. Whether it’s Visa or Mastercard, Apple Pay or Google Pay, all of them are supported in many regions around the world and contain multiple correspondent fiat currencies.

Conclusion

In general, although the payment methods on Gate.io are very diverse, users also need to choose according to their own needs. Depending on where you live and what fiat currency you use, you can often get a better exchange rate.