SEPA Payments to/from UK bank account

[CYPER]

Can you please let me know if I understood things correctly

So SEPA withdrawals can only be made if I have euros in MTGox or any other exchange. If I have USD then I'll have to buy Bitcoin and sell them for euro?

I'm based in the UK and I want to know what will happen if I request a SEPA withdrawal - is that even possible if I give UK bank account details.

I just spoke with my bank and they said they only support SWIFT international transfers and the guy wasn't even aware of what SEPA is.

My questions are valid for all exchanges btw.


P.S - I am aware of the looooong delays in MTGox withdrawals.

[kawkaw2013]

SEPA is an abbreviation for Singe Euro Payments Area http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

Euro only.

I don't live in the UK, but I think that most high street banks will allow you to open a Euro account. You could then use SEPA to withdraw to it, and then ask your bank to convert the Euro to GBP.

[Kris]

Based on your requirements, I think https://bips.me/ would fulfill your needs.

1. Buy Bitcoin by sending to our EUR, USD or DKK bank account.
2. Sell your Bitcoins and receive fiat in your local currency, GBP
3. When you have added your UK bank account details, you are able to request a withdrawal / sell bitcoin
4. We process this withdrawal with the provided IBAN / Account number, and SWIFT of your bank, in 1 to 5 business days.

BIPS is based in Europe.

Hope you can use this, and I answered your question adequately.

[CYPER]

SEPA is an abbreviation for Singe Euro Payments Area http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

Euro only.

I don't live in the UK, but I think that most high street banks will allow you to open a Euro account. You could then use SEPA to withdraw to it, and then ask your bank to convert the Euro to GBP.

I don't think there is a UK bank that offers a free Euro account.
I just called Citibank and they charge 5 a month.

Any other ideas?

[davidgdg]

I think in practical terms the only way to buy Bitcoins using funds from a UK sterling bank account is to convert from sterling to dollars/Euros and then send the funds by SWIFT to a dollar or Euro exchange. As far as I know, there are no active exchanges except for Gox with a sterling/BTC market.

[oblongmeteor]

If you've got a UK bank account and its got an IBAN and BIC code (you will have one - ask your bank if it's not on your monthly statement and/or internet banking screen), it will support SEPA. SEPA is not optional, all banks in the European Economic Area are required to be on it by 2014 I think.

FYI; The process is entirely transparent to you (the end user) - your bank determines which method it will use for completing the transfer (SWIFT, SEPA, FPS, CHAPS etc etc)... and bills you accordingly

[CYPER]

I think in practical terms the only way to buy Bitcoins using funds from a UK sterling bank account is to convert from sterling to dollars/Euros and then send the funds by SWIFT to a dollar or Euro exchange. As far as I know, there are no active exchanges except for Gox with a sterling/BTC market.

SEPA via TransferWise is the best for deposits

But it looks like the only options for withdrawals from MTGox to a UK GBP Account is International Wire Transfer with the usual 2000 yens fee + any intermediary fees

[CYPER]

If you've got a UK bank account and its got an IBAN and BIC code (you will have one - ask your bank if it's not on your monthly statement and/or internet banking screen), it will support SEPA. SEPA is not optional, all banks in the European Economic Area are required to be on it by 2014 I think.

FYI; The process is entirely transparent to you (the end user) - your bank determines which method it will use for completing the transfer (SWIFT, SEPA, FPS, CHAPS etc etc)... and bills you accordingly

Even so I just created a payee using the new MTGox Withdrawal Center Wizard and the only option was International Wire Transfer - I tried just with the IBAN and again just with the BIC.
It appears MTGox doesn't offer SEPA for UK bank account, even if they would accept it

[KS]

SEPA is for transfers in Euro (+IBAN+BIC).

If/when the UK will switch to EUR, you'll be able to use SEPA.