Bitcoin Forum

I'm interested in opening a UK bank account to use specifically for the fiat end of my bitcoin activities. After doing a bit of digging it seems this is a bit of a minefield. My needs/wants/concerns are as follows...

• I need to be able to revieve UK GBP BACS transfers without incurring fees
• I need an Android app that allows me to view recent transactions in real time
• I need to be able to make SEPA transfers in EUR
• I need the GBP>EUR conversion to be free
• I want to be able to make SEPA EUR transfers using online banking
• I want to avoid paying fees for SEPA transfers. AFAIK such fees are illegal anyway, but that doesn't stop banks charging them
• I want some kind of API or feed, OCX or similar
• I am not a registered buisiness, and would rather not become one
• All banks are evil, but the degree of evil has some bearing on my choice. I really really don't want to deal with Barclays, HSBC, RBS, Lloyds or any of their subsiduaries

I realise my ideal account may well not exist, I expect to have to compromise.
Thanks in advance for your advice  :)

not sure about a few of the points regarding mobile app and API,

But if you are willing to either store £50k average in the account OR transfer £5k in each month (and you can transfer it back out) while holding two direct debits on the account you can get the following account without a monthly fee (£25 pm)

Citigold
http://www.citibank.co.uk/personal/banking/citigold/benefits.htm

Allows you to do sepa transfers for free and even gives you a 8 CHAPS transfers a month. All the while ofcourse allowing faster payment, you can have a linked EURO and USD account (http://www.citibank.co.uk/personal/banking/citigold/usdeuros.htm)


Alternatively hsbc do many international accounts... you may run into the fact you will potentially have lots of btc related payment in and out and issue with any uk bank though...

Avoid Barclays like the plague, they're closing down more BTC related banks accounts than any other on the highstreet. You could try looking into credit-unions though you may struggle to find one that has any android based transaction apps.

+1

Barclays are shocking

also if you have rooted your phone, their app will no longer work.  Mob app and pingit!  there used to be a work around by installing an old version, hiding the root, and not updating but as of the 2nd Aug there is a forced upgrade and as soon as you upgrade it blocks you using the app.

A bank that uses an almost identical app is nationwide but it is not so harsh on root detection, it's like the old version of the barclays app.  very good.

Also nationwide has an offshore account department that allows you to open a USD account from the UK.

Agreed.  Word is filtering down from the Barclays hierarchy, clamp down on btc activity within the realms of Barclays accounts.  I have heard one too many stories of this occurring.  It seems nearly every week someone I know is falling victim to these bwankers.

I am looking for many of the same points you have listed in a UK bank, am yet to find one that does even half of those things without question. 

I will be watching this thread with a close eye.  Keen to know more experiences of people using Citibank... anyone?

Hi, im just a noob but my 10cents worth...

I too am very interested in this thread. I have just opened a Barclays acc to trade with but i do not load BS from Barclays i transfer to Natwest and send to BS from there, however i am currently trying to open a 3rd account as Natwest is my personal account and i really don't want it involved.

I wish i could trade from just the 1 account but i think i should minimize potential problems by keeping little in the receiving account (Barclays atm) and also separating the receiving acc from the sending acc.

This search for UK banks has been a minefield and i don't think there is a "magic bullet" in the UK.

Maybe some people should get together and set up a credit union that allows GBP & BTC , would be cool but i really don't know anything about how such a thing might be done or if it even could be.

Shall keep an eye on this thread :)

I've used Citigold for a little while.  Not yet made a SEPA/EUR xfer, but after a bit of experimentation I do believe that their instant xfers between USD and GBP seem to consistently have lower costs than that HSBC Premier does.  That said, I find the Citigold US and UK websites a little harder to get used to than I did the HSBC one.   However, the qualifications for Citigold are lower and the policies on fee-free xfers outside of themselves seem pretty good, especially compared to HSBC.   Too early for me to really say I like Citi, but I strongly feel that "Premier" is internal-HSBC code for "bend this guy over and ram him against every fee you can imagine."

Unfortunately, my experiences don't involve any xfers to anyone recognized as BTC-related yet, so I can't begin to tell you if either have a problem with that. 

Does any bank in UK offers free SEPA transfer without having to pay for the account monthly? I know citybank does for those 25£ a month. Anything cheaper under the sky? I have Nationwide (20£) and Lloyds (10£), but was wondering if I can get any free account with free or cheap SEPA.

Thanks!

Can you recommend an another bank which is friendly with bitcoin?

Just to clarify for anyone else reading, the £25/month fee mentioned above only applies if you don't qualify for free Citigold by its eligibility criteria.  If you do, then FASTER and SEPA payments are free per http://www.citibank.co.uk/personal/banking/citigold/cgts.htm   Only saying this because so far I'm pretty happy with my experiences with my Citigold account, except for the recent announcement that they are closing their retail banking services in 11 countries including Japan.

The UK is part of the EU.

Open a bank account in another EU country, its your legal right to do so.

Some even allow you to do this from your home.

Which UK'S bank charges cheaper?

Any particular in mind?

Anyone have new experiences with UK banks and bitcoin transactions? Any suggestion of bank which would let me do high volume transactions without being to hassled about it? And if possible SEPA transfers with minimum fees?

About that Citigold they have on their pages they offer 8 SEPA free transactions a month, I though they had more than that?

Wonder how much volume a citigold account can deal with before they start looking at your accounts funny...

What account do you use?

Any updates on good UK banks for sending money to Bitstamp? So far I had fine experience with HSBC. They only charge £4 for transaction and let me send GBP there. Bitstamp has much better rate for conversion than most of UK banks so this way the money can be moved quite cheap. Also if I send payment in midnight usually at there next day around 13. Anyone know of bank which would be good for this type of transfers also?

how about HBOS?

what you said best is mean the cheapest??

Not the cheapest. I'm looking to price per transfer, time it takes, if I can send GBP or have to be Euro (most of the UK banks have terrible conversion) and thats about it..

Didn't hear about HBOS yet. Will look it up.

Fidor bank! SEPA transfer only 2.5 £, however you cant receive SEPA yet... :(

I never heard about this bank. Is this safe?

Don't know if people are still interested in this topic, but here's my tuppence:

In the past, Citibank would be the definite answer. I have been holding an account with them for over sixteen years now and their service has been very good:

a) no SEPA fees (which are indeed illegal, but somehow the banks get away with ignoring that). Barclays still charging £13 per transaction, most other banks take between £5 and £8. Does anyone complain? Don't look like it.

b) You can hold a Euro account and a Dollar account additionally to your Sterling account and shift between them online. Conversion rates are reasonable, usually better than those found at other banks or the Post Office.

However, this is now changing: from 20th of June this year you will have to pay a hefty £15 per month for the privilege to have a Citibank account at all (unless you  keep a minimum of £35.000 in the account or are crediting a minimum of £ 3.500 per month to it). Just received an email to that tune. As I am not in such a salary bracket, I will leave this institution and find another suitable one. Pity really as they were pretty good.

So again the question is: which bank actually adheres to that EU directive and does NOT charge SEPA fees?

Anyone any answers please?