FlyingFox Posted February 10, 2018 Share Posted February 10, 2018 Being from the UK and fairly new to the XRP HODLing game, I thought I'd share my experiences with buying XRP and see if anyone else here has good (and bad?) pathways to share so that others may benefit. My route initially was in early December, reading about XRP and wanting to invest. Bitstamp was the first broker I heard about that seemed reasonably well spoken about, so I signed up with an account there and waited a long time (best part of 4 weeks) for verification. Bitstamp only accept USD or EUR fiat deposits, so I transferred EUR via SEPA from my first direct GBP account (subsidiary of HSBC) to Bitstamp's bank in Slovenia with the details given on Bitstamp when you go to make a "Deposit". After about 2 days Bitstamp confirmed the deposit and I placed my limit order to buy. All in all, quite simple and easy. Whilst first direct don't charge any fees for SEPA transfers, the exchange rate applied for the GBP->EUR SEPA was not the best (not unsurprisingly). So I went about trying to find the best way of getting max Euros for min GBP, looking at establishing EUR accounts at Irish banks and money transfer services. Eventually, I found a route to minimise fees and exchange rate issues like this: I established an account at TransferWise (a money transfer service) using their Borderless Account (which gives you virtual bank accounts in your name in GBP, EUR, USD and some others), then did a normal GBP bank transfer to my GBP account at TransferWise. This arrives pretty much instantly, and can sit there until you want to convert it to EUR; to do this, you simply make the conversion there and then between your Transferwise GBP and EUR accounts, at the spot rate plus small fee (much lower than the bank's artificial exchange rate). This is instant too, and in theory could now be sent to Bitstamp EUR account as a deposit, if it wasn't for the fact that Transferwise block transfers to Bitstamp (and other exchanges). So, another step is required to get the EUR out of Transferwise and into Bitstamp... Enter Fire.com bank account, set up on your iPhone or Android device. Again, you sign up free for 2 bank accounts in your name (one GBP, one EUR). Send the EUR from Transferwise (SEPA transfer) to your Fire EUR account. Wait approx 24 hours for it to arrive, then send it from Fire EUR account to Bitstamp EUR account (SEPA again, another 24 hours), with minimal (a few cents) fee. TLDR; GBP from UK Bank account --> Transferwise Borderless Account --> Convert to EUR within Transferwise account (small conversion fee at spot exchange rate) --> Send EUR from Transferwise (small fee of pennies) to Fire.com --> Send EUR from Fire.com (small fee of 0.60EUR) to Bitstamp. Does anybody have any alternative ways of buying significant XRP with GBP for minimal fees? Link to comment Share on other sites More sharing options...
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