Is buying BTC from funds in a UK bank account illegal?

hilariousandco

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Quote from: oriel2 on February 25, 2014, 05:49:39 PM

Its tricky because I cant easily get to one of the paypoints within one hour of ordering the BTC. There are places near me but you need the correct change down to the penny (so it says on bittylicious) and my life does not really let me run to the nearest paypoint during the day. Bank would be easiest really.

Dont know much about escrow - can you tell me more about how I buy this way?

Put a request in for how many coins you want to buy over in the narketplace and what payment methods you can use. Once you've found someone who will sell you the coins, the seller will send them to a trusted escrower, you then send the money to the seller and the escrower releases the coins to you.

List of trusted escrows here: https://bitcointalksearch.org/topic/escrow-list-108716

oriel2

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Its tricky because I cant easily get to one of the paypoints within one hour of ordering the BTC. There are places near me but you need the correct change down to the penny (so it says on bittylicious) and my life does not really let me run to the nearest paypoint during the day. Bank would be easiest really.

Dont know much about escrow - can you tell me more about how I buy this way?

hilariousandco

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Quote from: oriel2 on February 25, 2014, 05:14:51 PM

ok thanks guys - As i mentioned I dont personally bank with HSBC but with another popular highstreet bank. Looking at it further I dont think they would know through bittylicious that I was buying BTC as you just pay another person. I looked at ZipZap but it does say that you need to ba able to immediatly go and deposit the cash and this is tricky for me. Looked at local bitcoins and it seems to be the same kind of thing as bittylicious - deposit cash or pay a person through bank account if I am correct?

Why's it tricky? I think it says you have an hour or so to get to the store, which there should be a few near you unless you live in the middle of nowhere.

You could also try buy some from people on here. Just use escrow.

oriel2

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ok thanks guys - As i mentioned I dont personally bank with HSBC but with another popular highstreet bank. Looking at it further I dont think they would know through bittylicious that I was buying BTC as you just pay another person. I looked at ZipZap but it does say that you need to ba able to immediatly go and deposit the cash and this is tricky for me. Looked at local bitcoins and it seems to be the same kind of thing as bittylicious - deposit cash or pay a person through bank account if I am correct?

hilariousandco

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Quote from: guybrushthreepwood on February 25, 2014, 03:51:49 PM

You shouldnt be banking with HSBC at all http://www.bloomberg.com/news/2013-07-02/hsbc-judge-approves-1-9b-drug-money-laundering-accord.html

Yeah, the hypocrisy of the banks, especially HSBC, is greatly ironic.

guybrushthreepwood

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You shouldnt be banking with HSBC at all http://www.bloomberg.com/news/2013-07-02/hsbc-judge-approves-1-9b-drug-money-laundering-accord.html

roslinpl

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Quote from: MakeBelieve on February 25, 2014, 01:14:04 PM

It's not illegal and you should really ask your bank why they are stopping you and why they are controlling your money on a legal entity.

Indeed. Maybe hsbc want to loose many customets? :-)

But I think there is another unknown reason.

Go there and ask. :-)

MakeBelieve

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It's not illegal and you should really ask your bank why they are stopping you and why they are controlling your money on a legal entity.

hilariousandco

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Quote from: oriel2 on February 24, 2014, 06:59:41 PM

Hi
Just wondering if anyone knows if buying BTC via bittylicious (with funds from a UK bank account) likely to get me account shut down? I saw someone on another thread saying that HSBC had said any trades in BTC would see their account closed? Dont know if this applies to buying through Bittylicious?

Thanks!

I think that's usually for profits from selling Bitcoins that might get you shut down. Buying should be fine. If you want to buy from Bittylicious without using a bank you can go through zip-zap and pay with cash at a lot of convenience stores or post offices etc.

Kiki112

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I don't even know how would they know you're buying bitcoins?

just use localbitcoins.com and you have nothing to worry about Cheesy

oriel2

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I am not with HSBC myself but with another major highstreet bank. Someone else in another thread who was looking to start a business using Bitcoin in the UK had the problems with HSBC and them saying that they would shut accounts down etc.

Bittylicious uses your UK bank account to take the money to pay for the Bitcoins. Just wondered if the bank would have anything to say about purchasing Bitcoin through Bittylicious? Its so difficult to get through to anyone on the phone who knows what Bitcoin is let alone knows if its ok! If you ask to speak to a manager they rarely can put you through and ask to call u back which they dont do!

Sheldor333

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Best would be to ask your bank directly. That way you can be for sure. Or even better use cash to buy at localbitcoins.com

trexbtc

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It's certainly not illegal, but it's better to move to another bank.

TreasureSeeker

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HSBC have started asking people how they'll spend money they're withdrawing and even insisting on bills or similar evidence. There was a recent BBC report on Radio 4's moneybox. Some info about it at http://www.bbc.co.uk/news/business-25861717

I'd move to another bank if I were you. It's certainly not illegal.

roslinpl

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Quote from: oriel2 on February 24, 2014, 06:59:41 PM

Hi
Just wondering if anyone knows if buying BTC via bittylicious (with funds from a UK bank account) likely to get me account shut down? I saw someone on another thread saying that HSBC had said any trades in BTC would see their account closed? Dont know if this applies to buying through Bittylicious?

Thanks!

Hmm I never heard about that but maybe best to ask @ HSBC.

oriel2

newbie

Activity: 42

Merit: 0

Hi
Just wondering if anyone knows if buying BTC via bittylicious (with funds from a UK bank account) likely to get me account shut down? I saw someone on another thread saying that HSBC had said any trades in BTC would see their account closed? Dont know if this applies to buying through Bittylicious?

Thanks!

Topic: Is buying BTC from funds in a UK bank account illegal? (Read 899 times)