Cashing out Bitcoin into UK Banks?

[Pokerman69]

Hi, what is the latest situation regarding cashing out Bitcoin in the UK?
I have heard a lot of stories of people having their Bank accounts frozen or closed for bitcoin related transactions.
I have heard that Nationwide are OK to use, but also saw a post from someone who said Nationwide will not accept SEPA transfers from Bitcoin exchanges.
So what is the answer for cashing out £250k plus of Bitcoin in the UK?

All help much appreciated!

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[OmegaStarScream]

I suggest calling your bank and ask them about it. If they allow crypto currencies trades, you should be fine and I believe there is in the UK a bank called Fidor which is crypto friendly.

[km4700ruda]

If you sell your bitcoins for p2p in cash in there there wouldn't be any problem, but if you are going to put that money in a bank, prepare your ass because you will need to pay a lot of taxes and you will be hardly interrogated

[unneros]

Hi, what is the latest situation regarding cashing out Bitcoin in the UK?
I have heard a lot of stories of people having their Bank accounts frozen or closed for bitcoin related transactions.
I have heard that Nationwide are OK to use, but also saw a post from someone who said Nationwide will not accept SEPA transfers from Bitcoin exchanges.
So what is the answer for cashing out £250k plus of Bitcoin in the UK?

All help much appreciated!

I am also looking for this information, Bank of England will continue to open for bitcoin back? I would like to confirm this information to buy Bitcoin for the upcoming pump sessions.

[Pokerman69]

If you sell your bitcoins for p2p in cash in there there wouldn't be any problem, but if you are going to put that money in a bank, prepare your ass because you will need to pay a lot of taxes and you will be hardly interrogated

I have no problem at all paying the capital gains tax.
All I want is to be sure the money lands safely in my account and doesn't get frozen.
I spoke to Nat West and they said all I can do is make some trial payments. They cannot approve it beforehand.
If it gets flagged as an issue then you have to go through all the hassle of trying to unfreeze the transaction.
That isn't good enough.
I'm beginning to think that a lot of people thinking they are now very wealthy from crypto have little idea how difficult it is to actually cash out your money

[Pokerman69]

I suggest calling your bank and ask them about it. If they allow crypto currencies trades, you should be fine and I believe there is in the UK a bank called Fidor which is crypto friendly.

Thanks, I spoke to my Bank who would not give a yes or no answer. They said they cannot give prior approval and all I could do was try a few transactions.
Of course this is not any use, I cannot risk having a large amount of money frozen in some dispute which may take ages to resolve if ever.

[LeGaulois]

Create a bank account with MisterTango sell your bitcoins and transfer the funds to your new bank account. Then just make a SEPA transfer from Mistertango to your UK bank account. The bank will just see that you received a transfer from another account in your name (you get a dedicated IBAN)

[Pokerman69]

Create a bank account with MisterTango sell your bitcoins and transfer the funds to your new bank account. Then just make a SEPA transfer from Mistertango to your UK bank account. The bank will just see that you received a transfer from another account in your name (you get a dedicated IBAN)

Hey many thanks!
Will look into that right now!