Cashing out to GBP

[psychohistorian52]

Hi,

I haven't traded yet as I want to be able to understand this before buying coin. I can see exchanges make it very easy to purchases cryptocurrencies, but cashing out seems challenging, particularly for those in the UK.

What is the best way to cash out GBP? localbitcoins or bitcoin ATMs seem to charge the kind of transaction fees that people would laugh at if they were dealing in fiat currencies. From what I've read, traditional banks can block interactions with crypto-related activities (as well as charging huge fees to receive SEPA). I was looking at Revolut plus a payment service such as Paysera (to convert from EUR to GBP) as a method. Any thoughts or improvements on this method?

Thanks!

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[BillyBobZorton]

Hi,

I haven't traded yet as I want to be able to understand this before buying coin. I can see exchanges make it very easy to purchases cryptocurrencies, but cashing out seems challenging, particularly for those in the UK.

What is the best way to cash out GBP? localbitcoins or bitcoin ATMs seem to charge the kind of transaction fees that people would laugh at if they were dealing in fiat currencies. From what I've read, traditional banks can block interactions with crypto-related activities (as well as charging huge fees to receive SEPA). I was looking at Revolut plus a payment service such as Paysera (to convert from EUR to GBP) as a method. Any thoughts or improvements on this method?

Thanks!

It's unfortunate that the United Kingdom is leaving Europe. In Europe, SEPA are free in a lot of banks, so that is handy if you want to sell in Localbitcoins across European countries without paying ridiculous fees.

I have never sold BTC yet so im not sure how it would work. Im scared to get my bank account frozen to be honest, you never know if these bastards will steal your BTC if you cash out into fiat.

You should look for experiences selling BTC with the same website and the same bank you are going to use.

[gentlemand]

It depends on the amounts.

For sheer convenience I'd go for withdrawing cash from a Bitcoin debit card like Xapo or Bitpay. There may be a small loss on the rate but at least there's no risk of your bank getting arsey. I've got both and they work perfectly.

Bitpay fixes the BTC rate when you deposit it. Xapo fixes it when you actually spend or withdraw it.

Other than that many people open a Fidor UK account and withdraw to it from Kraken. Forget the GBP market on Kraken, only use the EUR one and convert with Fidor.

For larger amounts I'd forget exchanges and look into an OTC trade rather than an exchange and either alert your bank beforehand or open a separate account just in case.

It's bleeding pathetic that the UK is still such a desert for this.

[tiggytomb]

It depends on the amounts.

For sheer convenience I'd go for withdrawing cash from a Bitcoin debit card like Xapo or Bitpay. There may be a small loss on the rate but at least there's no risk of your bank getting arsey. I've got both and they work perfectly.

Bitpay fixes the BTC rate when you deposit it. Xapo fixes it when you actually spend or withdraw it.

Other than that many people open a Fidor UK account and withdraw to it from Kraken. Forget the GBP market on Kraken, only use the EUR one and convert with Fidor.

For larger amounts I'd forget exchanges and look into an OTC trade rather than an exchange and either alert your bank beforehand or open a separate account just in case.

It's bleeding pathetic that the UK is still such a desert for this.

It is quite annoying seeing as London especially is supposed to be some kind of financial center, at some point the UK will need to catch up.

[cleavey]

Cashing out is about as easy as cashing in, with similar rip-off fees. You can do SEPA both ways (talking from experience with Coinbase and Kraken). Not that you're asking, but I'd recommend Kraken over Coinbase (from the minimal small transactions I've done with both, YMMV). Just remember there are a lot of steps to go from fiat to bitcoin (especially GBP, an additional GBP->EUR, I don't think there's an exchange that accepts GBP), with a percentage fee or flat fee every step of the way (using market prices typically not in your favour). It's unfortunate but that's the way it is.

Whatever exchange you pick, you'll need to give them some personal details, and if it's more than a few thousand, probably scans of your passport. I wouldn't be deterred by that, it's the ones that don't require that for large transfers I'd be wary of.

It's unlikely that brexit will mean the UK will stop using SEPA, there are many countries not part of the EU that are part of SEPA now. Either way, that decision is years off.

[psychohistorian52]

Thanks everyone! Really helpful replies.

Yea, the UK bank situation seems ridiculously old school. Plus, cashing out, in general, seems to carry a lot of risk at each step: I've found too many forum posts from people saying Kraken have withheld SEPA transfers out.

@Gentlemand - can you tell me what OTC is? I've googled and I'm not 100% and the forum search isn't working for me.

[AT101ET]

Why can't you just have the funds transferred to you via Faster Payments using a site like localbitcoins to place your ads? Every time I want to sell some BTC I find the UK traders and sell to them. I get my GBP in minutes. It's really simple.

[LeGaulois]

Hi,

I haven't traded yet as I want to be able to understand this before buying coin. I can see exchanges make it very easy to purchases cryptocurrencies, but cashing out seems challenging, particularly for those in the UK.

What is the best way to cash out GBP? localbitcoins or bitcoin ATMs seem to charge the kind of transaction fees that people would laugh at if they were dealing in fiat currencies. From what I've read, traditional banks can block interactions with crypto-related activities (as well as charging huge fees to receive SEPA). I was looking at Revolut plus a payment service such as Paysera (to convert from EUR to GBP) as a method. Any thoughts or improvements on this method?

Thanks!

You may take a look at Cryptopay.me as they are from UK. It's a Bitcoin wallet website but they have this feature for bank withdrawals, so I assume they deal with £
edit: After checking their website, the process is done via SEPA. But if you didn't know the UK is part of the countries of the SEPA zone
https://en.wikipedia.org/wiki/Single_Euro_Payments_Area

[gentlemand]

@Gentlemand - can you tell me what OTC is? I've googled and I'm not 100% and the forum search isn't working for me.

OTC = Over The Counter. A broker pairs you with a buyer and the sale happens between both parties. You don't have to dick around with exchanges flaking out. This is how the really deep pockets take positions in BTC without moving the price. The exchanges are too small.

I'm not totally sure who the biggest OTC broker is in the UK. I would probably start here - https://www.coinfloor.co.uk/over-the-counter and ignore the institutional bit, they've offered this to regular folks too.

The biggest US operations will be - https://genesistrading.com/   and - https://cumberlandmining.com/  and I assume they can do things with UK banking.

I've also come across a couple of Brits using this  https://gemini.com/areas-of-operation/ and wiring money back to the UK but that must be expensive and slow. They also do a daily auction which is semi OTC ish in nature.

[The One]

Hi,

I haven't traded yet as I want to be able to understand this before buying coin. I can see exchanges make it very easy to purchases cryptocurrencies, but cashing out seems challenging, particularly for those in the UK.

What is the best way to cash out GBP? localbitcoins or bitcoin ATMs seem to charge the kind of transaction fees that people would laugh at if they were dealing in fiat currencies. From what I've read, traditional banks can block interactions with crypto-related activities (as well as charging huge fees to receive SEPA). I was looking at Revolut plus a payment service such as Paysera (to convert from EUR to GBP) as a method. Any thoughts or improvements on this method?

Thanks!

It's unfortunate that the United Kingdom is leaving Europe. In Europe, SEPA are free in a lot of banks, so that is handy if you want to sell in Localbitcoins across European countries without paying ridiculous fees.

I have never sold BTC yet so im not sure how it would work. Im scared to get my bank account frozen to be honest, you never know if these bastards will steal your BTC if you cash out into fiat.

You should look for experiences selling BTC with the same website and the same bank you are going to use.

Europe is a continent and the UK are not leaving the continent to join another continent or make up our own continent.

[The One]

You can always sell to a local buyer exchanging btc for cash. Just meet in a cafe next to a bank, so you don't get robbed.

[gentlemand]

Europe is a continent and the UK are not leaving the continent to join another continent or make up our own continent.

Give it a few months more turmoil. Maybe Donny will tow us to the East coast so he can sell us more mutant chickens.

[Minecache]

Cheapest quickest method I have found is Kraken BTC to Eur then SEPA to bank account who transfer to GBP automatically.

And it's very easy, simple and also hassle free once you've set up your bank account. Nothing to worry about cashing out. 

[bluefirecorp]

Hi,

I haven't traded yet as I want to be able to understand this before buying coin. I can see exchanges make it very easy to purchases cryptocurrencies, but cashing out seems challenging, particularly for those in the UK.

What is the best way to cash out GBP? localbitcoins or bitcoin ATMs seem to charge the kind of transaction fees that people would laugh at if they were dealing in fiat currencies. From what I've read, traditional banks can block interactions with crypto-related activities (as well as charging huge fees to receive SEPA). I was looking at Revolut plus a payment service such as Paysera (to convert from EUR to GBP) as a method. Any thoughts or improvements on this method?

Thanks!

If you need to withdraw a small amount then usually the transaction fees will be greater. If you really want to save your transaction fees then you should find a person who purchasing bitcoin for transferring bitcoins from directly from an exchange to exchange like from yobit to yobit via yobi codes. It can help to save your transaction fees.

[Ethan_Locke]

Using a site such as localbitcoins.com will be the most effective method for withdrawal within the UK. Providing you use the escrow service alongside choosing a reputable exchanger.

[ASHLIUSZ]

Local bitcoins.com is way better than the other way of trading. Why not hold for a week or two as the price increase is continuing after the days of splitting and giving existence for a new digital currency named bitcoin cash. As both were experiencing growth the price increase might continue long.

[The One]

Local bitcoins.com is way better than the other way of trading. Why not hold for a week or two as the price increase is continuing after the days of splitting and giving existence for a new digital currency named bitcoin cash. As both were experiencing growth the price increase might continue long.

Jolly good, a rare positive post.

[Minecache]

SEPA charge on Kraken for me to cash out EUR to a bank account is €0.09. You bank will charge you for converting to GBP but it's never been excessive for me and is based on local rate. I'll always cash out this way.