Here’s an update on my attempt to cash my crypto out to GBP. You can actually cash out into almost any currency with Revolut, but I'm using GBP for my needs. You can read the full blog post here, but if you just want a quick recap, the issues I was encountering were these:
- Coinbase, Bitstamp etc currently have a withdrawal backlog often experience delays, especially at busy times – in times of crisis they will not be reliable
- Many banks, at least in the UK, have started not only rejecting deposits from bodies they suspect to be involved in cryptocurrency, but have even stopped you buying crypto through their banks.
So I needed to find a method of cashing out that was quick, cheap and was guaranteed to get there. I expected it to mean a fair bit of hoop jumping, but I figured it would be worth it. The good news is, my test transfer worked beautifully, so here is my method below. For a more detailed explanation, please see my blog linked above.
Step 1
Create an account on Uphold.com. Add a BCH/DASH/ETH/LTC card (personal choice) and a EUR card. Send your chosen withdrawal amount in that crypto to your Uphold account. Convert that amount into EUR (1.4% fee, compared to 1.49% at Coinbase).
Step 2
Create a Revolut.com account. Add a GBP and a EUR account.
Step 3
Add your Revolut EUR account to Uphold as a bank account. Make sure you use the ‘Local’ account not your SWIFT account as only the local account is in your name – this is important. Send the EUR from Uphold to your now connected EUR Revolut account (€3.24 flat fee). This takes 1-3 business days.
Step 4
Convert EUR to GBP inside Revolut (free). You can now either send the GBP to your UK bank (using Revolut’s turbo payment it arrived in 15 minutes) or use Revolut’s banking features, such as paying bills, sending funds to a contact, using their virtual debit card to shop online, or ordering a physical card to use in stores (and take abroad). HOWEVER, because their virtual card does not have 3D Secure many online merchants won’t accept it, so you may have to use the physical card for that. This meant that I was not able to pay off my credit card without sending the money to my bank first, which isn’t a bad thing necessarily, it’s just not what I expected.
So there we are, a method of getting your crypto successfully from any exchange to your bank account in about 3 business days with minimal fees. Good luck!
UPDATE:
It turns out that Revolut has an annual depsit limit imposed when you register which you can raise by proving where your funds come from. You can use cryptocurrency as a legitimate source of income, but you have to provide evidence of you buying it and withdrawing it. Before I do this I'm going to try and send a payment from Uphold to my UK bank in GBP to see if my bank accepts it. If they do I'll use this method for paying off my credit cards/loans and keep Revolut for day to day purchases.