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Author Topic: How to withdraw into fiat (non-US)  (Read 594 times)
Stibit
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April 08, 2013, 10:07:26 PM
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I am a semi-newbie. Have set up my wallets, bought a couple of coins and even got myself a Casascius (2nd edition) from molecular. I don't want to 'cash out' - this isnt a 'trading for profit' activity for me as I am more interested in the social and fiscal ramifications, however.....the Bitcoins I bought were by bank transfer to trusted vendors on bitbargain.co.uk. It occurred to me that I have no idea how to exchange the coins for sterling should I ever want to other than becoming a vendor myself (with no trust history). I do read around the the sites and wikis a lot - have I missed the UK or even european version of Mt Gox ?

I am sure this Q is not mine alone  Huh

Thx in advance
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CalicoChris
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April 08, 2013, 11:00:09 PM
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What about just selling it on the local market?

Perhaps I don't understand your question - but it seems simple.  If I am in another country, and I want to sell bitcoin, I would just go to the local equivalent of craigs list or a bitcoin trade list and sell what I want to sell out of hand for whatever currency is in use?
Stibit
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April 09, 2013, 09:18:30 AM
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Thanks for your answer Chris - yes, I could become a vendor on bitbargain (the local market) but with no previous record of trading it's very hit and miss (like being eBay with o% feedback). My question was really about exchange methods outside of the US. As far as I can see the equivalents in UK, such as Sofort banking, only allow deposits, not withdrawals. That would seem to me to limit the spread of BTC.

Does anyone know of a method for changing BTC back into fiat other than selling them on the open market ?
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April 09, 2013, 09:26:23 AM
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https://intersango.com/ is the "UK Mt Gox" you're looking for.
Stibit
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April 09, 2013, 10:10:55 AM
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Thx b!z - I had looked at them and dismissed as completely opaque. Couldnt even work out how to sign up !  However I'll raise a ticket with themto see whether it's invite only.
Stibit
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April 12, 2013, 09:56:12 PM
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Yeah - as I thought - regisrations on Intersango are closed. So.......

Question still remains - how - if - anyone wanted to change BTC into UK fiat (sterling) could they ?

imrat
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April 12, 2013, 10:09:31 PM
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I have a euro account with hsbc and have been able to do sepa transfers from the exchange into my bank account.

Im sure you should be able to just transfer euros to your UK bank account using the IBAN account number and your bank will change it to UK GBP. Do check with your bank though to make sure this works.

Another option might be transferwire although i have not tried that myself.
1m1nd
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April 12, 2013, 10:18:36 PM
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Yeah - as I thought - regisrations on Intersango are closed. So.......

Question still remains - how - if - anyone wanted to change BTC into UK fiat (sterling) could they ?




Set up an account with Bitstamp, sell BTC for dollars, withdraw using SEPA transfer. They convert from dollars to euros, then when the money reaches your UK account it will be converted to sterling. Everyone takes a % along the way so do some maths. You might find it cheaper to set up a Euro account with a UK bank for a monthly fee.

So yes, it is possible to change BTC into sterling, it is a fairly long process.

Another option is bitcoinfridge, who supposedly buy BTC in sterling. However I never got a reply from them.

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April 14, 2013, 10:42:00 PM
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Thanx imrat and 1m1nd, I will investigate and report back
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