Most cost efficient exchange for GBP in UK

[5flags]

If I live in the UK, and want to buy £10,000 of BTC, I have lots of options.

I can transfer GBP into my GBP account at MtGox. I pay the bank a fee to process the wire. I pay a fee to MtGox to have my wire transfer processed. I then have to pay MtGox 2.5% of every transaction as a conversion fee to USD.

I can convert the money here, and send as USD to MtGox. I pay the bank a fee to process the wire. I take the bank's exchange rate for GBP to USD, and I pay a fee to have MtGox handle the wire transfer. There are only the standard transaction fees for trades at MtGox.

I can convert the money here to EUR, and send via SEPA transfer to Bitstamp. I pay the bank a fee to process the SEPA. I take the bank's exchange rate for GBP to EUR. Funds are apparently converted to USD without charge by Bitstamp. I pay standard fees from then on in.


Which route will result in me owning the most BTC? (Assuming a flat market and other simplifications)

Cheers,

5flags

[1715498676]

1715498676

[1715498676]

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[1715498676]

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[1715498676]

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[1715498676]

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[empoweoqwj]

Don't use banks for currency conversions, ever. Use something like currencyfair.com or transferwise.com

I've never used MtGox but bitstamp is very efficient, 1-2 days max.

[NABiT]

Going the SEPA route Transferwise will beat your bank both in terms of exchange rate and fees.

"If you're converting from GBP/EUR, then payments up to 200 GBP/EUR cost you a flat fee of £1 or €1. For larger payments just 0,5% of the payment amount"

Try the calculator on their homepage to see how much you will save - http://transferwise.com/u/054b

[etheral]

Better use this transferwise link: http://transferwise.com/u/0b6f

you'll get a better deal

[5flags]

Thanks for Transferwise. That's another new one in the toolkit!

So I guess converting to USD is the way to go.

[NABiT]

Thanks for Transferwise. That's another new one in the toolkit!

So I guess converting to USD is the way to go.

You're welcome

Depends on the exchange

Bitstamp - GBP>EUR>USD

Bitcoin Central GBP>EUR - deal in Euros

[evilscoop]

see http://www.bitcoinuk.blogspot.co.uk/

[Mouchtaris]

some vendors on localbitcoins.com do good prices on big orders