One area where investors waste time and money is in deposits and withdrawals to P2P lending platforms. If you use the right banks, you can move money without delays or fees.
Traditional banks often charge for SEPA transfers, add markup on currency exchanges, and take days to process international transfers. Digital banks solve all of these problems. I’ve been using them for P2P investing since 2016 and wouldn’t go back.
The Digital Banks I Use
I currently use three digital banks for managing my P2P investments:
- N26 — German-licensed bank with free SEPA transfers and a solid app. Available throughout the EU/EEA.
- Revolut — Excellent for multi-currency accounts and exchange rates. Free plan includes free SEPA transfers and competitive forex rates on weekdays.
- Wise (formerly TransferWise) — Best for currency exchanges and sending money internationally. Uses the mid-market rate with a small transparent fee. Also offers multi-currency accounts with local bank details in multiple countries.
All three offer free accounts, free debit cards, and free SEPA transfers — which is all you need for depositing to and withdrawing from European P2P platforms.
How the Process Works
The flow is straightforward:
- Transfer money from your local bank to your digital bank account.
- Deposit to the P2P platform using a SEPA transfer from your digital bank. Most platforms process SEPA deposits within 1-2 business days. Some platforms also accept instant SEPA (SEPA Instant Credit Transfer), which arrives within seconds.
- Withdraw from the platform back to your digital bank when you want your money back. Withdrawals typically take 1-3 business days.
All major P2P platforms (Mintos, PeerBerry, Esketit, etc.) work seamlessly with these digital banks.
What About Fees?
Here’s a breakdown of what you can expect to pay:
| Action | Traditional Bank | Digital Bank |
|---|---|---|
| SEPA transfer to platform | EUR 0-5 per transfer | Free |
| SEPA withdrawal from platform | Free (incoming) | Free |
| Currency exchange (e.g. GBP to EUR) | 2-4% markup | 0-0.5% (Wise/Revolut) |
| International wire transfer | EUR 15-40 | EUR 0-5 |
Tips for Managing Money Across Platforms
- Keep one dedicated account for P2P. I use a specific digital bank account exclusively for P2P transfers. This makes tax reporting much easier at the end of the year since all P2P-related transactions are in one place.
- Check platform deposit methods. Some platforms now offer card deposits (Mintos accepts Visa/Mastercard), but these often carry a 2% fee. SEPA transfers are almost always free and are the recommended method.
- Watch currency exchange timing. If you’re investing in GBP-denominated platforms from a EUR account (or vice versa), use Revolut or Wise to exchange at the mid-market rate. Avoid exchanging on weekends when Revolut adds a markup.
- Be aware of anti-money laundering rules. Most platforms require that deposits come from an account in your name. You generally cannot deposit from a joint account or a third-party account.
- Plan withdrawals ahead. If you know you’ll need money from your P2P portfolio by a certain date, start the withdrawal process at least a week in advance. Factor in both the platform’s processing time and the SEPA transfer time.
Which Digital Bank Should You Choose?
If you only want one: Revolut is the most versatile. It offers free SEPA transfers, multi-currency accounts, and the best exchange rates for most currency pairs on its free plan.
If you need to send money internationally often (e.g., depositing to UK platforms): Wise is hard to beat on fees and transparency.
If you want a straightforward, no-frills bank account with a German banking license: N26 is solid and reliable.
I use all three for different purposes, but any one of them will serve you well for P2P investing.
For more on getting started with P2P lending, check out my complete guide to European P2P lending.
Related
Hi Jean
I hope you can help me. I have invested some money online through cripto currency in a company named infinitehub.club
Now they blocked the money and said that if I want to withdraw it I have to upgrade to a new withdrawal method which is P2P withdrawal furel and that all investors account are altogether and goes through ANTMINER s9+ and that I need to deposit 800$ and it will be done together for easier withdrawal so it won’t affect each other’s account.
It sound like a scam to me and the money is blocked, is the a way I can remove the money. Eager for help!!
Hi Mira,
Unfortunately, this platform is an obvious scam to my eyes. I’m afraid I can’t help you.
It’s 100% scam. Forget your investment. And never pay them for anything. There are so many scammers in crypto currency tradings.
If you want to invest in crypto currency please use authorized and well known exchanges such as binance, coinex, gate, wazirx, crypto.com and etc. Please don’t get scammed again
Can I also get money from one platform called My.cupone, to P2p, and how will I do it if I can?
Great site. Lot of good advices. Bravo