[WTB] Bitstamp USD (and XRP) via Ripple for UK Bank Transfer - $1.56 per £

[Simon Tomlin]

Not sure if this will be applicable to any users since you have to fit a certain criteria.

You have to have USD funds in bitstamp that you wish to deposit in a UK bank account

You need to have a basic understanding of how the ripple network works.

If you fit the above criteria then this is the best possible way to do this. Example for $790

1) Withdraw USD to you ripple wallet.

2) Purchase GBP from the issuer RippleMoney/GBP address rkH1aQbL2ajA7HUsx8VQRuL3VaEByHELm

The current interbank rate (24/10/13) as per google is $1.62 per £1.00. You can get a rate of $1.58 per £1.00

So that $790 buys £500 not £487 which bitstamps bank would give you.

Even better there are no bank transaction fees meaning you get the whole £500 in your account.

And its quick.

Register at https://ripplemoney.co.uk you will need an email address and your ripple account address.

Make sure you fill out your UK bank details which are three things found on the debit card.

Name of account holder, sort code and account number at bank.

Redeem your GBP by sending it for redemption at the issuers address.

The whole process should take less than two hours but the first time is always a bit longer as you get used to the system. Also the first time you should just send a token amount like £1.00 to ensure the linkage has been set up correctly. After the first time it should go very quickly. Works 24/7 as well but expect delays at 3.00am in the morning.

Why is this such a good deal?
We need to provide users with USD.bitstamp going the other way and basically we are sick of paying the poor exchange rate and bank transfer charges plus it takes forever to get the USD.bitstamp for our users.

Any questions just ask support at ripplemoney.co.uk

This is a forum post which shows the procedure although the pricing is out of date

https://ripple.com/forum/viewtopic.php?f=3&t=3816

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[bardi.harborow]

Um... *cough* http://ripplescam.org/ *cough*

[Lethn]

They're not even bothering to wait to get into the main sections anymore O_O.

[monbux]

lol, I hate ripple.  Bitcoin is cooler 

[Simon Tomlin]

This is nothing to do with bitcoins its about currency exchange USD and GBP and transferring across different banking systems

[Simon Tomlin]

** UPDATE 26/10/2012 **

This is for once again UK bank account holders who wish to cash out their XRP holdings into fiat.

At https://ripplemoney.co.uk you can cash out any holding which can be converted to

GBP.ripplemoney at rkH1aQbL2ajA7HUsx8VQRuL3VaEByHELm

As of the time of this post we are offering to purchase XRP at 240 to the £1.00.

If you were one of the folks who got the 30k early giveaway then you can cash out for £125.00

The price of XRP can of course change so please check the order book for the current price using the above address

RippleMoney/GBP uses FPS meaning you can get the money in your account in a few hours at anytime except Sunday is maintenance day so expect delays to processing.

Remember to register your bank details before cashing out

[Simon Tomlin]

***UPDATE 30/10/13***

Now offering to buy USD.bitstamp for $1.56 per £

The current inter bank rate is $1.60

So as of 11:15 GMT 30/10/13 the bitstamp BTC bid price was $202.40

meaning you could sell 1 BTC for $202.40 - 0.5% commission =  $201.38

Then redeem it to your UK bank account for £129.08 ($201.38 / 1.56)

Note

For reference you could also withdraw 1 BTC and sell it on bitbargain.co.uk

The ask price at this time was £138.00 so assuming you offered and were accepted @ £137.50

£137.50 - 1% commission = £136.12 to your bank account.

So this is not the best price for UK holders of bitcoin since they are worth more in the UK than on bitstamp.

This is about moving USD to a UK bank account at a fantastic rate.