Bitcoin Forum

Hello everyone,

I wondered if anyone knew a way of withdrawing a large amount of money from BTC to a UK bank account? Anyone used BitPanda?

I don't trust Coinbase as I have had problems before and their customer support seems non existent.

Thanks

I`ve never used Bitpanda.I always use Localbitcoins.com to sell my bitcoins for fiat money and i never had any issues with them.Coinbase customer supports replies on time.I`ve talked with them several times.
Sometimes they are responding quite slow.It`s better to use a big and trusted comapny like Coinbase,rather than a small service without customer reviews. 

Thanks. I imagine you'd lose a fair bit of money with localbitcoins as you'd have to sell for quite a bit less otherwise people would just use Coinbase etc?

I might contact Coinbase then, I can't even increase my limit purchase limit as they accept my id but the website still shows £0 limit.

Depends who you are.  Some seasoned traders sell for significantly higher than the exchange price, hence why you tend to get a shit deal when you buy as well.

As a lay man, an exchange would give you a better rate, yeah.

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If you're not interested in using Coinbase, you could always try Bitstamp (https://www.bitstamp.net/) as well.  Coinbase also has a more dedicated trading platform called GDAX with significantly lower fees, so that might interest you.

Well one way to do it i think is via a peer to peer exchanging servecie, like localbitcoin, which is where you would find people buying or selling bitcoin in all kind of payment servecies, either in real lifer or via paypal and i am sure you will find bank account deposit, as for a large amount you can simply exchange with multiple different poeple, and it does not have to be from the uk so they can send you money to your bank account ?, if not then you just try to find the ones in the uk and if that does not work out try  exchaning with people around the world via other payment method like moneygar or western union and then you can deposit the money yourself.

So with LocalBitcoins, do I just wait till the person sends the money by bank transfer then send the BTC or does my BTC get held by LocalBitcoin and they release it when I confirm I've received the money?

Otherwise how do they know I'm going to send the BTC once I've received their money?

You can use Kraken. Send your BTC to Kraken. Sell for Euros. Then withdraw the euros to your UK bank account using the SEPA service (which will need your bank's IBAN number).

If you withdraw before 11 a.m. it's usually in your bank in sterling by the end of the day.

Krakem will only allow you to withdraw $2000 worth a day though, unless you get higer verification.