I’m really new to this and the complexity of buying and withdrawing your cash has put me off so far.
A colleague explained to avoid fees, set up a fire.com bank account. This effectively gives you a working euro account. He then uses revolution to turn GBP into euro to feed this account and buy your bitcoin from it. You can also withdraw from coin base into it.
Haven’t done it myself yet, so I cant verify the above.
So this will probably look harder than what it is, but is easier in practice.
Revolut
1) Open a Revolut EUR account [this way you get the correct IBAN and BIC details]
2) Convert GBP into EUR
3) Select 'Send Money' [the big pink button on the app]
4) Select 'bank transfer'
5) Enter account details found on the Coinbase app
6) Send at least 6 euro to Coinbase using your unique Coinbase ID [this is the important bit!]
Then wait for the transfer and for Coinbase to update your account. My Revolut and Coinbase accounts were then linked within a day.
Coinbase
1) Sell whatever Crypto you hold
2) This is deposited into your EUR wallet
3) Click withdraw on your EUR wallet
4) Your Revolut EUR details will be automatically added
5) Confirm
6) Wait for the transfer
Revolut
1) Receive funds and keep in EUR or convert to GBP.
2) Once in GBP - withdraw to your normal bank account.
So it's really clunky to buy and sell digital currency but it's easier to do it than what it looks.
I tried it with a few small amounts as a proof of concept first and it worked perfectly. I'm hoping when the process becomes easier to buy cryptos, the price will shoot up even more as it becomes more accessible.
Hope this helps!
Edit: Once the accounts are linked, you can fund or withdraw really easily as an established beneficiary...
Thanks for the Revolut tips ^^^, very useful, trying it out now.
Revolut step 6 didn't work....Revolut gave me a message when I clicked Send saying "Request for your bank transfer has failed. Beneficiary is not allowed"
Seems it's not just me:
https://community.revolut.com/search?q=pay%20coinbase
So really curious how you did it.
Last edited by ViperStripes; 29th November 2017 at 23:57.
Can you do a screenshot of the Coinbase Account details you set it up with please (in Revolut)? Obviously blank out your Coinbase ID.
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Can you do a screenshot of the Coinbase Account details you set it up with please (in Revolut)? Obviously blank out your Coinbase ID.
Psstt I got some great tulip bulbs, bidding starts at....
About step 6.. what do you mean by “using your Coinbase ID”?
I just did the whole thing, using the details Coinbase has provided me.. received an email from Revolut saying that the transaction was being processed.. and then after about ~30mins a second email arrived stating that the transaction was successful.. opened up Coinbase, to find nothing!
is it a matter of time? Or did I do something wrong?
Thank you
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I'm away from my computer, but it's just the standard Coinbase account details when you press 'deposit' on your EUR wallet. I copied them over from Coinbase into Revolut and it's now saved as a beneficiary, so it takes seconds to send my Coinbase account more money.
If you've had the e-mail from Coinbase you will have entered the correct details, otherwise they would have just received an anonymous payment. But the Coinbase ID is the reference you get when pressing the 'Deposit' button on your EUR wallet. Strange that it didn't appear instantly once you had the email however.