Bitcoin Forum

I wonder if you can advise me on exchanging bitcoin for other denominations. I have some bitcoin in blockchain and I want to withdraw GBP cash with a Cryptopay.me debit card. Should I exchange it in block chain then send to cryptopay.me. Or send bitcoin to cryptopay.me then exchange to GBP on cryptopay.me Or send bitcoin to payeer and exchange there and send on to cryptopay.me? Or use any other exchange place to get a bit more than the going rate? Also the same with bitcoin to euro that I want to send to Western Union. Should I be looking at getting more than bitcoin is worth in those currencies, or/and just exchange with the programs I mentioned?

I have that card as well but I'm never clear on what their fee is or their exchange rate. Can you let me know if you do pull some fiat from the ATM and if you are happy with the fee?

I was hoping to pull GBP from the ATM.

The whole point of Bitcoin debit cards is that they handle all the conversions. Send your Bitcoin there and it'll turn into GBP that you can withdraw. I assume somewhere on the website it'll tell you when it's ready to spend.

Thank you gentlemand, if I exchange on payeer first, could I sell the bitcoin for more GBP than the debit card website would exchange for?

Hmm. I'm not familiar with Payeer but I've just had a quick look at their website and I can't find any GBP option on there. GBP in general is a nightmare compared to other currencies because of the lack of banking. Most payment processors won't touch it for fear of losing their banking. Maybe I'm not looking in the right place.

In general the debit cards will be market rate. I've just got a Bitpay debit card and their current exchange rate is £2133.

Preev.com's exchange rate, which is balanced from several sources is £2122.

The next easiest option for a Brit to turn BTC into GBP would be to sell to a Localbitcoins trader by bank transfer. You'd get more selling to the public on there but I wouldn't bother myself.

The current highest price paid by a trader buying off you is £2140. Personally I'd stick with the card for the convenience factor myself.

Checking back on payeer exchange, you are completely correct that their is no gbp option. Perhaps I can use this to get more euro for my bitcoin which I need to use on western union?
There is an option to sell bitcoin for GBP in coinbase.

You might find this a useful link - http://bittybot.co/uk/sell-bitcoins-uk/

If you're into EUR as well then the world is your oyster in comparison to GBP.

Thank you gentlemand, eur only needed for a particular purchase.

What's the highest mark up I could expect for bitcoin to euro, or bitcoin to gbp?

If you can stomach it you'll get by far the most GBP for your money selling to the public on Localbitcoins or Bittylicious, but you'd have to wary of scammers and people may not want to buy unless you're very established.

If you're not up for doing that, and you'd need a bank account for faster payments which you may not have, then you're back into fairly piddling percentages and I'd still go for the card for the ease of it.

Thank you so much gentlemand.
By the way, though you can withdraw GBP (ie local currency) with Cryptopay.me card, the options were for a euro or usd card. I chose euro, was that correct, or doesn't it make any difference?

Yes it does. It'll charge you an extra foreign exchange fee the same as if you were withdrawing NZD or anything else. It might add up. It's often 3% or more.

Bitpay and Xapo do GBP cards. The Bitpay card fixes the exchange rate there and then when you deposit the BTC. The Xapo card only does the exchange when you spend GBP so the price you get will vary constantly. I got both just for the hell of it.

Even though it will come out of my GBP wallet? Would usd card have been better?

They all set the currency option when you buy the card and it can't be changed so it's the usual fees in that native currency. Anything else and there'll be foreign fees. If you have an EUR card it'll cost extra to withdraw USD, GBP or anything else as it's not the card's currency.

I don't know what setup you have, but if the card's EUR then withdrawals in anything else costs that extra fee.

Thank you gentlemand, you have been extremely informative and helpful :-)

Yes of course you need to go through this procedure otherwise you will not be able to do so. I have the same card as well so I first take my earnings to the international exchange and then to my card or to the local exchange for directly to transfer the funds to my account or to receive a cash on counter without using a card system. But in both the cases you will have to go through the procedure.

Thank you wuvdoll, gentlemand said that I could send bitcoin directly to cryptopay.me and get them exchanged there?

Yes I will try to remember to make a note of all charges and post on this thread.

Hi wuvdoll, cryptopay.me customer service assured me: 'You can send the bitcoins directly to your GBP account on Cryptopay from an external wallet. In this case, you will be charged only a 1% conversion fee and nothing more.'

Just to clarify cryptopay.me debit card currencies, the options are Visa bitcoin debit cards in GBP, EUR and USD. Luckily I will be receiving a GBP card despite my confusion :-)