Topic: Newbie question re UK bank transfers (Read 187 times)

The problem with following one course is that it might have cheesy or outdated information. My dear old ma is awful for stuff like this. She gets fed one half arsed factoid and treats it as gospel for the rest of her life despite the evidence otherwise shouting in her face.

When I've casually perused similar things there was always a howler or two. However I have zero idea what starting from scratch would feel like now.

Yeah it also implies they haven't FOUND a successful hacking attempt which might be a questionable route to take.


You normally just hit pay and then put in an account number, sort code, amount and reference and then confirm everything and the transaction is sent...


Yeah I just learnt off the community and wiki when I got here. Some courses might have been helpful but I think courses are a bit hit and miss where you could instead find a faucet that pays without you needing to deposit anything and use that money to fiddle with to understand crypto.

Just because holdhodl haven't been hacked before doesn't mean it's the strongest, I even prefer a hacked platform because they will learn from their mistakes and probably adjust their security every time, no one expected to see kucoin got hacked this year, it was very shocking and unexpected and now it's back online and running, hodlhodl doesn't hold funds they claim well p2p platforms can still get hacked

It never occurred to me to take a course back in the day. There probably weren't any. Why not list your questions here?

Hodlhodl looks like quite the unique set up so I wouldn't know much about it. Plenty others here will.

Well I suppose I'll have to register for online banking though have never used it before. Registering should be easy enough but actually using it in relation to buying btc on an exchange, I've still no idea how that actually works.

It finally occurred to me last night to do a search on bitcoin courses for complete beginners and found a couple of interesting looking ones that claim to cover the areas that I need help and advice with i.e. buying and safely storing bitcoin.

Does anyone know of any specific bitcoin beginner courses that they'd recommend? 

I've done trades and waited ~16 hours for the transfer as the other person had to go into the bank - I didn't really care as the funds were being held in escrow. And that was partly because I started a trade at 10pm.



European and US bank accounts (I've heard) take ages. In the UK it takes me longer to do touch ID then it does for the funds to move to my coinbase account.

PayPal is faster because they already have your info and can get the funds confirmed fast - it's normally also using visa or some fast payment system they pull the funds out with.

The funds go direct to the seller, they don't go to the exchange - that's on the exchanges landing page. I'd send a small amount first to a trader and send more later in thst case unless they're well reputed (but even then)...

I assume they assume every single user is signed up for online banking. If you told whoever you were dealing with you had to go down the bank they'd probably shop elsewhere. With faster payments people expect it to be resolved in a few minutes.

Do you do telephone banking at all? That's the next best thing. Feed them the transfer details over the phone. Ultimately online banking is just the fastest way of passing information on. Telephone and in person is the same thing but others may not have much patience for it.

Thanks for reply but I still haven't got a clue about how funds get from buyer to seller via the exchange.  Bear in mind I'm completely new to this. I don't know about Europe or Us and 3 day waits etc, with Paypal for example I can transfer dollar funds from Paypal account to bank account more or less instantly with currency conversion immediate and free however there's no way I'm using Paypal in any capacity relating to bitcoin, not yet anyway.

Do you mean that because I'm not registered for online banking there's a delay or some other problem?

They look like local bitcoins and from the look of the site they seem to have uk based sellers that can deal. With faster payments.

If you send any other way you're going to have a 3 day anxious wait for Europe or the US to wake up (... I mean catch up) with your bank transfer. Also I think most banks charge you €20 to do a sepa/swift transfer.

You'll notice on your bank statement (if you have one) you should have your account number, sort code and below that will be an Iban and another identifier thst can be used to send international payments (to you).

If you're not wanting to use online banking, you'd just have to go down to the bank and ask them to transfer it (you could probably go to one of those desks with the person with the tablet rather than a cashier). But we are in a pandemic so it might be better for you to get online banking or phone the bank and ask them to transfer the funds.

BANK TRANSFERS ARE IRRIVERSIBLE! Remember that when you try to send make sure you double check it and if you go to the bank ask them for a receipt.

Hi all, I'm thinking of creating an account and registering with hodlhodl.com but want to hold off on doing that for just a little while longer till I have a clearer picture in my head about how all this works re using an exchange. Hodlhodl seems like a good pick for me because it's non kyc and that suits me for a number of reasons not just the privacy angle. Also it gets good reviews on the review sites and apparently has never been hacked since it started in 2016.

My question relates to bank transfers. I have a UK current account,  which I think is broadly similar to a US checking account, which I intend to use for funds to buy bitcoin and if/when the time comes to sell bitcoin and deposit fiat funds into it from sale of the bitcoin. I don't do online banking, funds are simply deposited into it from various sources then I withdraw cash from ATM or bank branch when I need to.

When you click on Payment Method on hodlhodl the drop down list appears and the one option I could use is International Wire Transfer (SWIFT) as SEPA transfers relate to Euros only and UK uses GBP. 

Could someone, if possible someone who uses or has used hodlhodl, explain to me in simple step by step terms exactly how if I'm buying bitcoin on there how the funds get form my fiat uk bank account then via the exchange into the sellers bank account?

Like I said I haven't even registered with them yet so don't know if when you select the SWIFT option you're asked to provide the bank name account number and sort code but if not exactly how do the funds get from buyer to seller?

I have of course contacted hodlhodl support about this and while the reply was quite prompt it didn't address this specific question.

Any help/advice gratefully appreciated.