Topic: Most cost efficient exchange for GBP in UK (Read 1337 times)
some vendors on localbitcoins.com do good prices on big orders
Thanks for Transferwise. That's another new one in the toolkit!
So I guess converting to USD is the way to go.
So I guess converting to USD is the way to go.
You're welcome
Depends on the exchange
Bitstamp - GBP>EUR>USD
Bitcoin Central GBP>EUR - deal in Euros
Thanks for Transferwise. That's another new one in the toolkit!
So I guess converting to USD is the way to go.
So I guess converting to USD is the way to go.
Going the SEPA route Transferwise will beat your bank both in terms of exchange rate and fees.
"If you're converting from GBP/EUR, then payments up to 200 GBP/EUR cost you a flat fee of £1 or €1. For larger payments just 0,5% of the payment amount"
Try the calculator on their homepage to see how much you will save - http://transferwise.com/u/054b
"If you're converting from GBP/EUR, then payments up to 200 GBP/EUR cost you a flat fee of £1 or €1. For larger payments just 0,5% of the payment amount"
Try the calculator on their homepage to see how much you will save - http://transferwise.com/u/054b
Don't use banks for currency conversions, ever. Use something like currencyfair.com or transferwise.com
I've never used MtGox but bitstamp is very efficient, 1-2 days max.
I've never used MtGox but bitstamp is very efficient, 1-2 days max.
If I live in the UK, and want to buy £10,000 of BTC, I have lots of options.
I can transfer GBP into my GBP account at MtGox. I pay the bank a fee to process the wire. I pay a fee to MtGox to have my wire transfer processed. I then have to pay MtGox 2.5% of every transaction as a conversion fee to USD.
I can convert the money here, and send as USD to MtGox. I pay the bank a fee to process the wire. I take the bank's exchange rate for GBP to USD, and I pay a fee to have MtGox handle the wire transfer. There are only the standard transaction fees for trades at MtGox.
I can convert the money here to EUR, and send via SEPA transfer to Bitstamp. I pay the bank a fee to process the SEPA. I take the bank's exchange rate for GBP to EUR. Funds are apparently converted to USD without charge by Bitstamp. I pay standard fees from then on in.
Which route will result in me owning the most BTC? (Assuming a flat market and other simplifications)
Cheers,
5flags
I can transfer GBP into my GBP account at MtGox. I pay the bank a fee to process the wire. I pay a fee to MtGox to have my wire transfer processed. I then have to pay MtGox 2.5% of every transaction as a conversion fee to USD.
I can convert the money here, and send as USD to MtGox. I pay the bank a fee to process the wire. I take the bank's exchange rate for GBP to USD, and I pay a fee to have MtGox handle the wire transfer. There are only the standard transaction fees for trades at MtGox.
I can convert the money here to EUR, and send via SEPA transfer to Bitstamp. I pay the bank a fee to process the SEPA. I take the bank's exchange rate for GBP to EUR. Funds are apparently converted to USD without charge by Bitstamp. I pay standard fees from then on in.
Which route will result in me owning the most BTC? (Assuming a flat market and other simplifications)
Cheers,
5flags
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