BlockFi: best method to transfer Bitcoin to pounds in a UK bank account?

planteria

looking to take some Bitcoin profits.. anyone here using BlockFi and suggest the best method to transfer Bitcoin to pounds in a UK bank account?
to transfer directly? or move to Coinbase or Kraken and transfer from there? other suggestions?

[Deleted User]

I suggest to take step at a time. First, withdraw Bitcoin to your wallet you control. Then, deposit to exchange you normally use. Bina nce (their name is censored here! Remove the space) is well known and good choice, they have instant deposits via Faster Payment, but don't know how long sterling withdrawal take, probably between instant and a day, nothing like NS&I users have to sustain lol. Of course you can use exchange of your choice with good sterling link, I don't use Coinbase because of their high fees, but if that's what you use then you should be fine.

planteria

thank you for your reply pi
i have accounts with Coinbase and Kraken: the former has been good for freebies, but i've done most trading via Kraken, who are different class cs-wise.

theforest

You may like to investigate Bisq (.network) where you can sell Bitcoin for fiat and have the money paid directly into your bank account. You will need to run the Bisq software on your own computer. Personally at this time I'd rather use Bitcoin to invest in other cryptocurrencies, some are also available on Bisq.

comment_as...

I've heard anecdotally about bank accs being closed for withdrawing bitcoin, the bank assumes you're a criminal. That might be different now it's more mainstream but could still be worth checking with your bank or withdrawing some cash first incase you get frozen out of the banking system for a couple of days

planteria

yes interesting points both.. fwiw i have withdrawn into a UK bank in recent weeks with no problems, and have uploaded funds from a UK bank to an exchange without any problems too..

swatrfc

Personally I would transfer funds to a wallet where you fully control ie exodus wallet is a good one then send the amount you want to withdraw to a Coinbase type account and withdraw that way. You will be in full control of your coins then. If your worried about the bank not letting you take money from an account I would use a modern bank lie starling for example. The old school banks seem to hate everything crypto.

swatrfc

Worst case scenario open a localbitscoins  account and sell them through there for cash or similar

TimSynths

comment_as... said:

I've heard anecdotally about bank accs being closed for withdrawing bitcoin, the bank assumes you're a criminal. That might be different now it's more mainstream but could still be worth checking with your bank or withdrawing some cash first incase you get frozen out of the banking system for a couple of days

Certainly used to be the case but not so much anymore, I bank with Lloyds group and use coinbase and have had no issues. Ive heard recently that HSBC is the bank to avoid- Bitcoin holders barred from depositing profits in UK banks | Money | The Times