One of the problems that UK users find with using Coinbase is that when they sell their bitcoins or other cryptos that Coinbase supports (Litecoin, Ether, Bitcoincash), the proceeds are in Euros and that they then need to get the money into their UK bank account in UK pounds (GBP).
The problems that UK users face are delays in transfers using the SEPA system and the vagaries of the fees that their bank will charge them and the exchange rate that will be applied.
The good news is that there is a low cost solution using the app Revolut. Now first of all Revolut is not some dodgy outfit that could disappear with your money in a trice. They are recommended by Martin Lewis on Money Saving Expert as one of the best prepaid debit cards for foreign travel. Praise indeed! Money Saving Expert. They are regulated by the Financial Conduct Authority, so your money is ring-fenced (in a Barclays account), so in the event there are problems with Revolut your money’s safe.
So what is Revolut?
Revolut is an app that you use on your phone and is ideal for changing currency which is what we want in this case.
So these are our simple steps to get your money from Coinbase into GBP:
- Go to your Coinbase account and choose -> Accounts -> Euro Wallet -> Withdraw
- If you haven’t already done so go to iTunes/play store and download the Revolut app.
- On Revolut, go into your Euro wallet -> Top Up -> Bank Transfer -> EUR
- Note down the IBAN and BIC from Revolut, and enter them into Coinbase. Also enter the amount of money you want to withdraw.
- Withdraw funds into Revolut (there’s a 15p charge)
- Once funds are in your Revolut EUR account, you can exchange them from EUR to GBP (which is FREE)
- Go to GBP wallet -> send funds. Add yourself as a beneficiary.
- Send the funds (also free!)
Coming soon trading cryptocurrencies with Revolut
Revolut are also gearing up to enable you to trade cryptocurrencies direct through Revolut. The system is not yet live but they are suggesting that their prices will be better than Coinbase and that using them your fees will be lower.