BITCOIN

Scottex99

Bank of Scotland for me… so far.

What can help is if you withdraw from an app where you have a named account. I have 3 or 4 like that and I’m essentially receiving £ from myself 

startrim

I had an email from Nationwide today,

"The Financial Conduct Authority (FCA), who regulate the financial services industry, has highlighted certain risks associated with purchasing crypto currency.

With this in mind – and because we want to do everything we can to help keep members’ money safe – we’ll be making the following changes from 28 February:

will be introducing limits on card payments made to crypto exchanges from a current account, and We will not allow payments to crypto exchanges using a Nationwide credit card. We will continue to monitor the situation and may make more changes to limits or prevent payments to crypto exchanges in the future." I have been using a debit card to transfer funds to Coinbase every few weeks. Nowhere near the Nationwide limit but I can see there being a total ban soon. Apparently it is ok to transfer funds to eToro but I would not use them because you cannot withdraw your crypto from the exchange to a cold wallet.

Scottex99

Or just do a bank transfer instead? 

Coinbase are probably charging you for card top ups too.

eToro is fine yeah but it’s mainly just CFDs

startrim

Scottex99 said:

Or just do a bank transfer instead? 

Coinbase are probably charging you for card top ups too.

eToro is fine yeah but it’s mainly just CFDs

Never been charged by Coinbase for a deposit. I use a debit card where funds arrive within 1 minute so there is no advantage to doing a bank transfer. From the e-mail Nationwide sent I get the impression that sending payment to a Crypto exchange is frowned upon and they have set limits but I can see these limits tightening or not being allowed at all at some point.

After doing some research I see that many banks have stopped allowing payments to Crypto exchanges.

Scottex99

yeah fair play, that’s good if no charge on cards. 

I always used wire transfer to deposit anyway, assuming higher chance of your card rejecting if you were trying to deposit a mid/high amount

FrankRizzo

Scottex99 said:

Bank of Scotland for me… so far.

What can help is if you withdraw from an app where you have a named account. I have 3 or 4 like that and I’m essentially receiving £ from myself 

What do you mean a named account? Is that a sole account i.e. not a joint account? Thanks

Scottex99

As in the app you use creates an account under your name. I.e Swissborg. When I send £ to them or withdraw, it comes from an account in my name. So much less likely to flag with my bank

FrankRizzo

Scottex99 said:

As in the app you use creates an account under your name. I.e Swissborg. When I send £ to them or withdraw, it comes from an account in my name. So much less likely to flag with my bank

Thanks. 

Do have any issues with your bank blocking when depositing money into your Swissborg?

aaj123

Futuristic said:

For those withdrawing their profits (lets say "in size"), which bank(s) have you had no issues with?

Santander.

Scottex99

FrankRizzo said:

Scottex99 said:

As in the app you use creates an account under your name. I.e Swissborg. When I send £ to them or withdraw, it comes from an account in my name. So much less likely to flag with my bank

Thanks. 

Do have any issues with your bank blocking when depositing money into your Swissborg?

Historically no.

But they've now changed from an omnibus (could be making this up) account to bank accounts in their users names.

i.e

I used to send £ to Swissborg with no issue
I now send £ to Scott X with no issue

This is the same for Tap Global (another app) and Damex.io (my firm)