Bitcoin Forum

Hi all, sorry in advance if this is a silly question, but am bit of a newbie to this - please can someone advise me on how I transfer bitcoins from my wallet (using Electrum 2.3.2) to my bank account? Do I need to change/sell them back to GBP first via localbitcoins or similar site, or is there a way of transferring directly from wallet please?
Thanks in advance :)

you can sell them back to GBP first via localbitcoins or you can use bitsamp, bitsamp is bigger market where you can withdraw with wirebank
or you can sell your bitcoin in here section
https://bitcointalk.org/index.php?board=53.0

Coinbase.com or Bitsmap , check them
you can exchange your bitcoin for USD or GBP or whatever you want on Coinbase/Bitsmap and have them funded to your bank account later I guess .
check here more exchange https://en.bitcoin.it/wiki/Category:Exchanges , you should check them out however having them on Bitcoin wiki dosen't mean that they are 500% legit (see the warning on the top of the page)

You have to sell them first either directly or via a service. Electrum is bitcoin only.

Bitsamp? Isn't it Bitstamp?

LocalBitcoins offers a variety of methods for you to exchange your BTC to cash or vice versa. They are basically a middleman. Alternatively, you can try kraken which doesn't require ID verification for basic low limits withdrawals which is more convenient than Bitstamp since they require ID verification and can take days. Both of them allow SEPA withdrawal method.

Give https://www.bitquick.co/sell.php a try.

Thanks all, everyones advice much appreciated :)
Thanks for taking the time to answer and advise.

Another route you can take to sell your BTC for GBP, and then deposit in your bank account, is through payment processors like Payza, or Neteller. They do require you to have a verified account before this option is made available to you though, but if you already have one, the process is fairly simple, and the fees aren't very high.

The quickest and easiest way is to sell them on localbitcoins see

https://localbitcoins.com/instant-bitcoins/?quick-action=sell&quick-amount=&quick-currency=GBP&quick-online_provider=NATIONAL_BANK&quick-country_code=GB&find-offers=

Create an account send the bitcoins to your wallet on LBC and then open an offer using the above link and they will transfer the GBP to your account usually in 5 minutes or less.

LocalBitcoins.com price/BTC is very high. I could never find reasonable rates on LBC.

you will have to exchange them for your native currency and then use an online service to transfer them to your bank.
or contact a bitcoin trader for your convenience.

sorry for my typo i mean Bitstamp not bitsamp

Yep you will need to sell at cex or coinbase, only bigger vendors deal with banks, because you need regulations and other stuff to interact with banks.

you can order Bit-x debit card and u can use it on any ATM.
Your card is tied with your BTC balance in your Bit-x account.

You send BTC to your account and then withdraw GBP on nearest ATM machine.
Bit-x will convert your BTC to GBP at current exch. rate.

Then you go with money to your bank, and make deposit to your bank account.

BIT-X fee is high especially inactive fee, so I recommend http://www.advcash.com/.

If I'm not wrong, advcash needs your ID even when requesting for a physical debit card. Bit-x doesn't need it but the fees are high. It's basically you need to pay a premium for privacy.

No, it does not.


P.S. There is a $2,500 lifetime limit if you don't verify your details.

I think LBC is your best bet, because you can get a premium over market values.  But you have to be careful because there are sometimes shady things going on there.

I understand you wanna transfer to your bank account and as others have said Bitstamp is very good. I just thought I'd mention Virwox in case, you wanna transfer to PayPay or Skrill at some point. The site itself doesn't require any verification although you will need to have a verified PayPal account. They have high fees but they're the safest option out there for PayPal and Skrill. Welcome to the forum!

i suggest you keep your bitcoins in your Electrum wallet, and remember to encrypt your wallet for extra security. the bitcoin price is at a good stage and will most probably go higher and you can earn a good profit.

you can try to Convert your bitcoins to Paypal and then withdraw your bitcoins into Bank account easily .

But we have to find the person who can trade for Paypal to get bitcoins.

It take 2-3 days to transfer your money From bitcoins to your bank .

or Verify your accounts at exchange and withdraw it with some fees .

Depends on what country you have paypal and if it is allowed to transfer to your bank account.
There is a good way to find real people for cash but it seems to be rare.

There is a big problem with this and it's chargebacks/disputes.  I would not suggest selling BTC for paypal, it brings more with paypal as there is such a risk.

I suggest signing up for something such as coinbase.  You can even set up a checking account just for it.   So it can be very secure and small fees.

yes i agree with you, but we can seek the services of paypal is really reliable, trustworthy seller usually has several times Allah for serving customers, or you can use the virwox, but his fee is huge .. coinbase good enough for the try

Virwox takes a huge fee once i withdrawed 10 $ bitcoins and received around ~6$ in my paypal.
i have also tried localbitcoins its fairly good with rates, much people says grey things do occur there , but yet i haven't experienced that there.
so i will suggest OP for localbitcoins. :-\

You can use services like Bitstamp or Bitfinex to exchange Bitcoin to your local currency.

Bitstamp
circle.com

add your bank account and deposit there, I do not recommend selling btc for paypal since people can reverse the payments and you might get your paypal account closed and owning money to paypal from your bank account.

a service i have used recently is called circle.com. my experience with them was good. it was easy to by btc and easy to sell btc for me.

You can withdraw you Bitcoin directly to your GBP bank account using 247exchange.com (http://247exchange.com)

I can recomend you to read this article: https://plasbit.com/crypto-basic/what-crypto-wallets-allow-transfer-to-bank-account

It helps me a lot when I searched for the same service

There's no bank I know of that has a Bitcoin account for the customers whereby you can sent Bitcoin into the bank account and you will.be credited with the amount of Bitcoin you have sent, what I know with most banks is they have Fiat accounts and other investment accounts of which I am yet to see a crypto account with banks,  although I don't know and cannot really tell if there is any .

For the best I know,  you will have to sell off or transfer your Bitcoin to a crypto exchange from where you will be able to exchange it with Fiat and the Fiat will be transfered to your bank account after which you can withdraw the Fiat to use for whatever purpose you wish to use it for. Bitcoin cannot be transferred to a bank account to the best of my knowledge.

Send it first to an Cex then convert it to usdt, then via p2p if there sell it there, then use you're bank account for the buyers payments, if that is available to you're exchange, what CEX currently you are using right now?
I Agree the price of bitcoin is still going up, if that is a big amount i suggest to secure you're wallet, that is very important, if you are going to send it to an exchange, double or triple check the address before sending, if you are unsure feel free to ask us again, its better to ask than to do it on you're own and make mistake.

You don't transfer Bitcoin to a bank, but you can convert Bitcoin to your local currency through a reliable exchange. Since you don't know how to convert Bitcoin to your local currency, it means you are not familiar with Bitcoin.

You also need to understand the security and privacy that are involved in Bitcoin. I'm sure that if you understand this better, converting Bitcoin to your local currency won't be that challenging for you.

There's no way you can transfer your bitcoin to your bank account. You need to sell your bitcoin to fiat first using an exchange platform like the one you mentioned or other exchange platform like binance for example. You can do p2p on binance if it's what you want to use and after you sell your bitcoin then you can now transfer your money to your bank account. That's what I did not too long ago where I sold my btc to fiat using binance p2p where I will receive the fiat directly to my e wallet or bank account.

Many comments on your thread already that's based on your questions and I'm sure that you have gotten your answers by now, I will still say the same thing because that's also how I normally exchange my crypto to fiat anytime I want to exchange them. However there are many ways to do that both physically and online through an exchange. If you know anyone that's willing to give you fiat and take Bitcoin on a good rate just do it but be smart.

This thread is now about 10 years old, and the OP of the thread and those who even gave the recommendation are no longer active here. This recommendation could have been good and helpful if it was from recent days and not back in 2015; you just woke up this old thread.

I will prefer to go with using the P2P option rather than using a centralized service, which will take their own fee and can consider freezing my money if they deem my details not worthy..

In addition demefim491, you do not post in a thread which is more than 120 days since it's last post, it is frowned upon here. There is always a warning in red informing you that the thread is a dead one. If you have a very important message you can give in addition to those contained in the thread, you can create a new topic on it and add the link to the dead thread as a reference to your new topic.