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stevo7790

XRP, UK users and Uphold

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58 minutes ago, Jannercobbler said:

The UK Deposit Guarantee (which is what I believe you are referring too, with the £65k figure) is actually £85k per account.

you are correct, I had a nagging feeling it was higher nowadays. Thanks for confirming.

$50 would make me (insert rude phrase here) happy

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12 minutes ago, scoobysi said:

you are correct, I had a nagging feeling it was higher nowadays. Thanks for confirming.

$50 would make me (insert rude phrase here) happy

Slight alteration to this, it's £85k per Separate Banking institution (operating under a different FCA Licence) For example, HBOS, which is part of the Lloyds Banking Group, has Halifax, Intelligent Finance, Birmingham Midshires, Bank of Scotland, The AA and Saga all operating under its licence. Therefore if you had £85k in each bank I have just listed then only £85k would be protected, NOT £85k in each account.

Further info can be found here.

https://www.moneysupermarket.com/savings/protecting-your-savings-guide/

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@stevo7790  Also in the UK and using Uphold. It's worth doing a test of transferring in some fiat to Uphold and then transfer it back to your bank to assure yourself it works and write the steps down so you remember when the time comes. 

For me, I use Revolut (look them up) as a bank account for GBP. A button click swaps GBP to Euro and from there you can use a SEPA bank transfer to the Euro Uphold card. It takes about 5 hours and costs a few pence. From there you know how to swap Euro card to XRP card then export out to your own wallet. Obviously the reverse gets the money back. 

Test getting the money out periodically as banks and exchanges change their policies from time to time and a transfer that worked six months ago is now rejected.

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What are revolut fees like? Guy at work got one of their cards for going abroad & I was doing my usual boring him about XRP talk but he said he couldn't get XRP wallet on free service. I know I could search.....

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I have a revoult card, I got this because of of the guys in here said he rounded up transactions and that round up became xrp. To become an early adopter of the crypto part of revoult you have to pay £6.50 a month. I'm not doing that.

Also they do this fast transaction thing where it's meant to take 2 hours to withdraw. I got a notification saying 2 hours and then a text saying 3 days... I only transferred £10 so I'm not too bothered but I'm holding off until I see revoult evolve more.

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I have Revolut. Not efficient for buying XRP in general as very expensive. Eg. ATM: Buy £1000 at around £0.41 (of XRP) then immediately change back (but get a rate of £0.39 or equivalent real time exchange rate) and get £950. In other words, the purchase price is inflated by around 6%. So at today’s prices you need around a 2p increase before you break even. However, on the upside it’s instant and easily convertible. I use it for my play money but it’s a gamble when/if you need to withdraw immediately. In the last fortnight, using the example given, the price would have ranged between around £850 and £2000. Withdraw when/each time a “fizz” occurs. I’m happy to play with it like this.

For serious withdrawals (OP) I use Gatehub, convert to Euro and send to my Revolut Euro account (usually takes 1 working day). Then convert to GBP. This is the cheapest/ most efficient way for me. If you go over your yearly limit you just have to complete the Revolut AML/KYC online form to receive additional payments.

Edited by WhentheBoat_ComesIn

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On 10/4/2018 at 8:06 PM, scoobysi said:

Also going to be important to check the rates offered by different services when transferring back to GBP. Not doubting/hoping that both uphold & wirex will be offering the standard rate but when we start talking big numbers I'm still going to be a tight sod looking for every fraction of a %

 

I really need to open & check other accounts & options. I had a note that coinfloor & LBX London block exchange could be good UK options to investigate...…..

 

CGT should be easy, at least by comparison with our US brothers, thought it was 20% on anything over £11850 gained but appears on govt calc it's 10% on anything between your salary & top rate of income tax & 20% beyond that?

I've signed up to LBX, but can't seem to transfer Zerps from Binance, as it doesn't seem to like the wallet address. Any ideas?

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On 10/30/2018 at 12:25 PM, Craig_ said:

I've signed up to LBX, but can't seem to transfer Zerps from Binance, as it doesn't seem to like the wallet address. Any ideas?

Could be that you need to use some leading zeros but i'd verify with LBX first.

 

Incidentally, I think LBX offers OTC trades so definitely an option for me when the time comes to cash out.

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16 hours ago, sharpn said:

I'm based in the UK I would just deposit xrp into Kraken then transfer euros into my uk bank account. No big deal.

This is how I do it, and normally in my UK bank by 11.30am the following day, unless it's a weekend.

I Have a First Direct Bank account, and can send EUR SEPA Payments to Kraken for free, normally in my Kraken account the next day also.

Edited by Jannercobbler

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