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Withdrawing for laymans


gunner
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I have a small bundle of XRP. I'm not planning on cashing out just now - happy to see where it goes. But I'd like to at least understand the process of how I would go about it. 

I currently use ToastWallet, and my home currency is GBP. So I have to buy ETH via Coinbase and change it to XRP. 

But on the way back, can I follow the same path? Using something like Changelly to swap XRP into ETH and having that sit in my Coinbase account. 

 

After this, what happens? If I withdraw - whats a SEPA payment? How much do they cost? I have little to know knowledge of international payments and the costs. Do SEPA payments cost per transaction or as a % of the transaction value? Can someone either help explain or point me to a really simple 'how to' ? 

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11 minutes ago, gunner said:

I currently use ToastWallet, and my home currency is GBP. So I have to buy ETH via Coinbase and change it to XRP. 

you can open a EUR account within the uk, e.g. i think metro bank provide one

or a service like Revolut, which is a bank without bricks and mortar -- although they have deposit limits

or just eat the fees and send via SWIFT into the UK, but good luck finding a friendly bank!

other option is to wait for a service like Coinfloor to finally provide XRP, although I'm sceptical of their UK banking relationships

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I have a small bundle of XRP. I'm not planning on cashing out just now - happy to see where it goes. But I'd like to at least understand the process of how I would go about it. 
I currently use ToastWallet, and my home currency is GBP. So I have to buy ETH via Coinbase and change it to XRP. 
But on the way back, can I follow the same path? Using something like Changelly to swap XRP into ETH and having that sit in my Coinbase account. 
 
After this, what happens? If I withdraw - whats a SEPA payment? How much do they cost? I have little to know knowledge of international payments and the costs. Do SEPA payments cost per transaction or as a % of the transaction value? Can someone either help explain or point me to a really simple 'how to' ? 
Get registered on some exchanges where you can trade XRP to USD or EUR direct such as Bitstamp or Gatehub. Then, when the time comes you can move your XRP there and sell it for USD or EUR. Then you can make a SEPA transfer to your UK bank. Fees are listed on the exchange web sites. Your bank will do the exchange from USD or EUR into GBP at the prevailing rate at the time of transfer. Note that there have been reports of some banks refusing to do transfers from/to crypto exchanges but I haven't researched the detail yet.

I don't use Coinbase but they are US based I believe so you would be using a SWIFT transfer not SEPA.

There are other ways to cash out but unfortunately I don't have the time to explain at the moment. Maybe later.

I hope that helps.

Newt
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6 minutes ago, NewtonsOyster said:

Get registered on some exchanges where you can trade XRP to USD or EUR direct such as Bitstamp or Gatehub. Then, when the time comes you can move your XRP there and sell it for USD or EUR. Then you can make a SEPA transfer to your UK bank. Fees are listed on the exchange web sites. Your bank will do the exchange from USD or EUR into GBP at the prevailing rate at the time of transfer. Note that there have been reports of some banks refusing to do transfers from/to crypto exchanges but I haven't researched the detail yet.

I don't use Coinbase but they are US based I believe so you would be using a SWIFT transfer not SEPA.

There are other ways to cash out but unfortunately I don't have the time to explain at the moment. Maybe later.

I hope that helps.

Newt

Thanks. I have just been verified on bitstamp. Is this better method for me to buy XRP as it negates the need for using coinbase? And therefore, better for doing the reverse?

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I'm also in the UK with a GBP bank account. I'll explain the way I've done it and you can choose to follow or cherry pick the bits to suit your scenario.

  1. I have a standard, household current account with a high street bank but I set up a bank account with Revolut (look them up and download the app) to move money to and from exchanges.
  2. Topped up the Revolut GBP account with £50 using my current account debit card.
  3. Created a Euro account within Revolut (a couple of button clicks in the app).
  4. Transferred the £50 GBP into Euros in the newly created Euro account (again a couple of clicks).
  5. Swiped to the Euro account and clicked PAYMENTS option (at the bottom of the app).
  6. Chose "To a Bank Account" and added a new beneficiary (ie. my receiving Euro account details in Kraken exchange).
  7. I then sent my Euros to that beneficiary (this will take up to 24 hours but probably a lot less).
     

Once the crypto trades had been done and cashed out using the following process...

  1. Added Revolut as recipient bank account to my Kraken Euro wallet. I found the details for the Revolut account by clicking the top-left slider in the app, chose Euro and selected the LOCAL option to see the beneficiary, IBAN and BIC references.
  2. I than transferred my Euros from the Kraken wallet to the Revolut wallet using a SEPA transfer option (this can take a matter of hours).
  3. Once back in the Revolut account you can spend with a Revolut debit card/cash out with ATM or transfer back to your standard current account.

Total cost for the exchange from GBP to Euros in Revolut, transfer to Kraken using SEPA, return from Kraken using SEPA and conversion back to GBP in Revolut was about 50 cents. SEPA transfers are a fixed cost of a few cents. Most of the cost was exchanging from GRP to Euro and back again but doing it within the Revolut app is cheaper than letting the exchange do it for you.

Edited by Badger
tidy up
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34 minutes ago, Badger said:

I'm also in the UK with a GBP bank account. I'll explain the way I've done it and you can choose to follow or cherry pick the bits to suit your scenario.

  1. I have a standard, household current account with a high street bank but I set up a bank account with Revolut (look them up and download the app) to move money to and from exchanges.
  2. Topped up the Revolut GBP account with £50 using my current account debit card.
  3. Created a Euro account within Revolut (a couple of button clicks in the app).
  4. Transferred the £50 GBP into Euros in the newly created Euro account (again a couple of clicks).
  5. Swiped to the Euro account and clicked PAYMENTS option (at the bottom of the app).
  6. Chose "To a Bank Account" and added a new beneficiary (ie. my receiving Euro account details in Kraken exchange).
  7. I then sent my Euros to that beneficiary (this will take up to 24 hours but probably a lot less).
     

Once the crypto trades had been done and cashed out using the following process...

  1. Added Revolut as recipient bank account to my Kraken Euro wallet. I found the details for the Revolut account by clicking the top-left slider in the app, chose Euro and selected the LOCAL option to see the beneficiary, IBAN and BIC references.
  2. I than transferred my Euros from the Kraken wallet to the Revolut wallet using a SEPA transfer option (this can take a matter of hours).
  3. Once back in the Revolut account you can spend with a Revolut debit card/cash out with ATM or transfer back to your standard current account.

Total cost for the exchange from GBP to Euros in Revolut, transfer to Kraken using SEPA, return from Kraken using SEPA and conversion back to GBP in Revolut was about 50 cents. SEPA transfers are a fixed cost of a few cents. Most of the cost was exchanging from GRP to Euro and back again but doing it within the Revolut app is cheaper than letting the exchange do it for you.

This sounds ideal. Where does kraken feature by comparison to what I normally use? Would kraken take the place of coinbase? 

 

So I would be adding Revolut as a recipient bank account to my Coinbase wallet? Have I got that right? 

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Thanks. I have just been verified on bitstamp. Is this better method for me to buy XRP as it negates the need for using coinbase? And therefore, better for doing the reverse?
I have never used Coinbase but based on what I have read on these forums then yes using Bitstamp would be better and probably cheaper as you are not going via another crypto first. I understand Coinbase fees are high but I haven't looked into it.
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Can someone please help me out too, I'm currently buying LTC from Coinbase, then sending LTC over to Kraken, then selling the LTC for fiat in order to buy XRP.

Is buying LTC my best option in CB fee-wise?

Am I doing something completely stupid?

Would using GDAX lower my losses significantly (I usually buy around 200xrp at a time)?

Any guidance would be greatly appreciated!

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28 minutes ago, XRPHdlr said:

buying LTC from Coinbase, then sending LTC over to Kraken, then selling the LTC for fiat in order to buy XRP.

Your profile says you're in Greece. I'd use a SEPA transfer to send Euros from your bank to your Kraken Euro wallet then buy the XRP there. Have you tried that?

Edited by Badger
Greece
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2 hours ago, Badger said:

Your profile says you're in Greece. I'd use a SEPA transfer to send Euros from your bank to your Kraken Euro wallet then buy the XRP there. Have you tried that?

Whaaat? I could send directly to Kraken?

I'm sooo stupid..I didn't know this...I'm looking into this right now! :good:Thank you!

Has anyone here done that? I'm asking cause SEPA requires additional info..

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I've sent Euros directly to Kraken using a SEPA transfer (fixed price approximately 0.5 euro) from my British GBP bank account and from Revolut Euro account. Both worked and so did the reverse. It's worth doing any extra verification just because the fees to taster are so low with SEPA... The only issue is it can take a few hours to transfer, maybe even a day.

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