To sell Bitcoin in the UK and withdraw British pounds to a UK bank account you will need to use a combination of apps. As Bitcoin is still in early stages of adoption, the infrastructure around the currency has not developed enough to make the process streamlined. If you are based in the UK it is especially difficult to switch between BTC and cash as all established cryptocurrency exchanges allow the purchase and withdrawal in Euros or US dollars only. When you make a withdrawal in Euros, to your UK bank account, the euros will be converted to British pounds by your own bank. But the conversion rates are usually very unfavourable. You will also be charged a fee for the international bank transfer by your bank.
Sell BTC and withdraw GBP to a UK bank account:
Based on the latest information available, we have developed a guide to help you sell your Bitcoin and withdraw your money safely to a UK bank account with minimum fees.
Step 1 – sell BTC for Euros on GDAX (Coinbase)
Sell your BTC for Euros on GDAX. To use GDAX you need to create a Coinbase account first. If you keep your Bitcoin in your Coinbase wallet you can transfer it to GDAX for free.
Step 2 – Get Revolut
Download the Revolut app and sign up. Create both GBP and EUR accounts.
Step 3 – Withdraw EUR to Revolut
Withdraw EUR from GDAX to your Revolute EUR account.
Step 4 – Convert EUR to GPB
Convert EUR to GBP within the Revolut app.
Step 5 – Withdraw GBP
Send GBP from your Revolut account to your UK bank account.