Jump to content

Withdrawing for laymans


Recommended Posts

On 13/02/2018 at 2:24 PM, 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.

Thanks @Badger, I didn't know Kraken did XRP/EUR Pair, much eaiser than using Coinbase EUR/LTC ---> Poloniex LTC/BTC --> BTC/XRP.

I now have my Kraken Account set up, and Verified to Tier 3 (took 30 mins to verify). Plus my UK Bank Account (First Direct) does fee Free SEPA payments and tells you the Exchange rate, you'll get, if done via online banking. ;) Or it's £4 if I have to call them, I called them the 1st time I did one to Coinbase, and they walked me through doing it online.

It just means i'll have to do SEPA payments instead of Debit / Credit Card payments.  Although Barclaycard, have also now started charge a cash advance fee, if using a Credit Card, so another reason not to use it. 

Edited by Jannercobbler
Link to comment
Share on other sites

@ToastWallet are talking about putting payments into their app.  That would mean you could just go direct from fiat to XRP.  Not sure about the reverse though.

This is only a hope at this time.   Perhaps at some point soon they will give an update on progress and some details about how it will work and what the fees and or spreads would be like.  It may be a future method of achieving a sell of some portion of your stash.

My advice is at least for the next decade or two....   don't ever sell ALL of your XRP.  It could be a really long term gainer.

Link to comment
Share on other sites

2 hours ago, Badger said:

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.

That's 19 days quicker than Gatehub :lol:

Link to comment
Share on other sites

On 15/02/2018 at 6:17 AM, Badger said:

@Jannercobbler sounds like you've got it sussed. It's worth doing a test SEPA Euro withdrawal (for a nominal amount)  back to your bank account from Kraken just to make sure that works too with no unexpected bank fees.

Did a test amount today, and funds were credited to Kraken today, so seems I have same day transfer in, just testing withdrawal now :)

Looks like same day credited to my account, so that's a nice bonus, although the EUR --> GBP conversion back is horrendous :(

Edited by Jannercobbler
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.