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MSE News: Cryptocurrency exchange Coinbase to...

Former_MSE_Callum
Former_MSE_Callum Posts: 696 Forumite
Third Anniversary 10 Posts I've been Money Tipped! Newshound!
edited 19 March 2018 at 6:36PM in Savings & investments
UK users of the digital currency exchange Coinbase could find it easier to withdraw their money after the company announced it will support the Faster Payments Service used by most UK banks...
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'Cryptocurrency exchange Coinbase to allow Faster Payments'
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Comments

  • glider3560
    glider3560 Posts: 4,115 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    UK banks support SEPA, so I don't see why it was "nearly impossible" to withdraw money? Just give them your IBAN!
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    glider3560 wrote: »
    UK banks support SEPA, so I don't see why it was "nearly impossible" to withdraw money? Just give them your IBAN!

    Because it wouldn't have made an "outrage" story for the increasingly tabloid journalism on MSE, otherwise.
  • edinburgher
    edinburgher Posts: 13,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    UK users of the digital currency exchange Coinbase could find it easier to withdraw their money after the company announced it will support the Faster Payments Service used by most UK banks...

    Great, now they just need to charge lower fees and offer better rates :D
  • Cottage_Economy
    Cottage_Economy Posts: 1,227 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 21 March 2018 at 12:02PM
    glider3560 wrote: »
    UK banks support SEPA, so I don't see why it was "nearly impossible" to withdraw money? Just give them your IBAN!
    ValiantSon wrote: »
    Because it wouldn't have made an "outrage" story for the increasingly tabloid journalism on MSE, otherwise.

    Because some of the companies behind the payment processing are refusing to have anything to do with Bitcoin, of note is the German company behind Nationwide's SEPA transactions, Commerzbank.

    http://bitcoinist.com/coinbase-announce-they-will-no-longer-accept-deposits-from-nationwide-bank/

    Also, many exchanges that convert cryptocurrencies to fiat currency have huge transaction minimums, think $10,000 minimum. They don't like little transactions as they clog the system and slow everything down so it is quite difficult sometimes to get your money out if you have small amounts. You have to transfer your money around exchanges and there are not many exchanges do fiat transfers to bank accounts.
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