Jannercobbler Posted February 14, 2018 Share Posted February 14, 2018 (edited) 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. 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. Topped up the Revolut GBP account with £50 using my current account debit card. Created a Euro account within Revolut (a couple of button clicks in the app). Transferred the £50 GBP into Euros in the newly created Euro account (again a couple of clicks). Swiped to the Euro account and clicked PAYMENTS option (at the bottom of the app). Chose "To a Bank Account" and added a new beneficiary (ie. my receiving Euro account details in Kraken exchange). 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... 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. 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). 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 February 14, 2018 by Jannercobbler Edited ZX81_1k 1 Link to comment Share on other sites More sharing options...
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