Topic: Barclays UK account to Coinbase? (Read 35 times)

it is doable. but expect hassle

you will get the transfer paused where the bank will contact its listed number for you and put you through to the "crime prevention/fraud prevention line"

they will ask you to confirm your identity and ask you some questions such as
"are you being held under duress and being requested to make a payment by someone"
"have you been contacted by some (scammer) saying you need to pay them in crypto!
"do you understand the risks of investing"
"do you give full consent that you are making this payment of your own free will and understanding of the risks"

or something along those lines.

if your using a business bank account that usually moves large amounts like you suggest the hassle will be the same as your other payments. but if this is the first "large" amount from this account. expect them to want to double check

I haven't used the bank so I can't answer the question, but it looks like Barclays UK had a partnership with Coinbase[1] which got canceled in 2019 (the reason is unknown).

And these are a couple of users I found who reported having their accounts frozen for dealing with crypto[2][3]

[1] https://www.coindesk.com/markets/2019/08/14/barclays-is-no-longer-banking-coinbase/
[2] https://www.reddit.com/r/BitcoinUK/comments/pqlpx1/barclays_bank_freezing_account_payments_to_crypto/
[3] https://www.reddit.com/r/CryptoCurrency/comments/qwneze/my_bank_barclays_uk_blocked_my_transfers_froze_my/

I have a Barclays account in the United Kingdom and I intend to make a substantial purchase (several hundred thousand pounds’ worth) of Bitcoin (BTC) and Ethereum (ETH) in the coming weeks (early 2023). What is the best way to do this as securely and efficiently as possible, and with minimal friction on the banking side?

I already have a verified account with Coinbase and I am already very comfortable with that already as I have already used Coinbase happily for several years -- but on all those previous occasions I funded my Coinbase account by sending the money from a different bank account in another country (not from Barclays and not from the UK). I have never sent money before from my Barclays U.K. bank account to any crypto exchange, whether Coinbase or otherwise.

I assume that it should be possible to send the money as an international wire transfer from my Barclays UK bank account over to the Coinbase bank account in the U.S. (indicating my personal Coinbase account code in the ‘Reference’ section on the wire transfer instructions), and I assume that I should do this in person at a Barclays branch. I can break it up into multiple transfers over several weeks if needed, although I’d prefer to do it all in one or two transactions.

My main concern right now is whether Barclays is going to freak out and hassle me (or worse) when I attempt to send large wire transfers to a crypto exchange (even to an established mainstream exchange such as Coinbase)?

Any advice for sending money successfully from a Barclays UK account to fund a Coinbase account? Is this doable nowadays, or will my Barclays account get flagged or frozen?