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Cashing out from Gatehub to UK bank


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22 minutes ago, LamboToTheMoon said:

Just be careful to let your bank know, multiple 10k transactions could look like money laundering.

Right, just let them know. Under NO circumstances try to structure deposits to avoid hitting $10,000 or above. $9999, or two deposits of $4999, for example- bad idea. They WILL fill out a SAR because they want to keep their jobs. Just a tip from your friendly neighborhood retired banking employee.

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7 minutes ago, bluedalmatian said:

Not heard of LBX until I read this thread. I think i might go that route unless the Binance Fiat GBP rumour comes to fruition first

Me neither, looks decent, always good to have another cash out option,

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3 hours ago, SamK said:

Why don’t you withdraw to Revolut?

You would have to inform them there’s a lump sum coming and from where. They’ll see your deposits to Gatehub so will know it’s legit. 

This would be my preferred option but I'm not sure if Revolut have a maximum withdrawal to bank limit and couldn't find the answer to this.

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21 hours ago, Moonraker said:

Currently, I deposit pound sterling (GBP) funds from my UK bank account to Revolut and convert it to Euros (EUR) before sending it to Gatehub via a SEPA transfer. Otherwise, if I transfer GPB directly from my bank account to Gatehub (without going through Revolut) I'm charged a high fee.

Once I sell my XRP on Gatehub for EUR fiat, what's the best way to get it into my UK bank account in GBP without having to pay ridiculous fees?

Thanks

 

 

5

Hey Moonraker,

Here are a couple ideas -

It sounds like your end game is to have GBP  in your UK GBP bank account after you've done some trading etc.

We'll pick up from where your question really takes off:

What's the best way to get it into my UK bank account in GBP without having to pay ridiculous fees?

Starting with the last step, you have GateHub issued Euro IOU's and you would like to convert those into GBP. Currently, there is no Gateway or issuer for GBP (that we're aware of). Ultimately this means there is no liquidity of GBP for your EUR/GBP in the ripple network. If you find a Gateway offering this pair this would be your easiest/fastest way.

Withdrawing EUR to your UK bank and paying the conversion fee is currently the quickest way.

GateHub Team

 

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