Topic: UK based - What banks are companies using to accept fiat currency for Bitcoin? (Read 824 times)

this is a good idea, but don't use your real name.

Barclays are the fkn sin bin of all banks when it comes to Bitcoin.

I am with RBS, and have done a bit of buying and selling on LocalBitcoin and never had no problems.

However, for getting money onto Bitstamp or other exchanges, the only tenable option is to either have, or have access to a foreign bank account. When I first started shifting money over to Bitstamp from GBP to EUR, I would be paying an average premium of 3.5% just to get GBP turned into Bitcoin and I know that with some banks, people pay a lot more than this. Since I opened a German bank account, I use Transferwise and pay just 0.5%, or 0.25% if I don't mind waiting a few days. Using Transferwise or other cheaper currency changing alternatives are a no go for direct payment to Bitcoin exchanges.

Seriously this is ridiculous now, I am just a buyer of maybe £300 of coins per month on average, using my Barclays personal account and they have now blocked my account because I tried to purchase 0.3 BTC on Locatbitcoins and I used the pin machine as well and entered all the details into the transfer and it has locked my account and told me to call the fraud department in the morning.

For buying a tiny amount of coins every few weeks! I've never traded it's just my personal account for my bills and debits and my wages, it's insane they are obviously turning on even BTC buyers now. I have no idea how they even knew it was a BTC transaction presumably from the reference as they're looking at Localbitcoins users. Not really sure what to say when I speak to the fraud dept should just ask why they blocked the transfer and if they mention BTC just say tell the truth and say I purchase them to donate to wikileaks? Any tips would be much appreciated! Looks like they maybe refusing to deal with BTC now which is a pain in the arse even for small time buyers!

Heard RBS are OK with BTC but it's all a bit difficult in the UK now.

You may have more than one problem here. One is that UK banks hate bitcoin. You need to find one that won't withdraw its services without notice. bit121 could go the way of its predecessors now. That's just too much uncertainty: they can kill your business at a stroke.
Another issue is that you have to get people to use the bank you choose, depending on the nature of your business. Bitstamp uses a Slovenian bank, but the UK banks (which your customers will presumably use?) get charged for making SEPA transfers, and they get charged a terrible exchange rate. Buy one bitcoin on Bitstamp from the UK and you could effectively pay 6-7% fees as a result. No one in the UK is going to use that service where small amounts of money are involved.
I've looked into this, a little, because I had an idea for a simple site that would allow people to buy and sell coins. Not exactly an exchange, but not like the sites currently doing that in the UK either. Basically something that is appropriate to where the UK is at in terms of bitcoin adoption. (Sadly, having come up with what I think is a viable idea, I don't have the programming skills to make it happen.) Of course you have to use the banks in some form, but there are various ways of doing that, some safer than others.
Depending on what you need them for, you may also run into issues of APIs etc, which they may or may not have/make available to you.
Feel free to PM me if there are more details you don't want to give on a public thread. I'm no expert but I may have one or two ideas if they would be useful.

I understand where you are coming from.


My belief was that I want to provide relaible services where customers will get a good deal, the transactions will be safe for both the business and customers and that's why a bank behind us, will help.


I am in contact with bitcoin-friendly banks.

I am based in the UK looking at Bank of Montréal, Fidor Bank in Germany and others.

I have also contacted senior business organisations in the UK. For me, if there are legitimate methods as alternatives, I am happy to explore them.

So long as I can access and complete online banking with a bank, I will be happy.

You'd think so. But the banks hate bitcoin. Just about every exchange that has been opened here has been hamstrung when banks withdraw facilities. bit121 was the latest - happened in the last couple of weeks. No surprise that Stamp use a Slovenian bank.
Result: are you sold on using a bank at all, or are there alternatives?

Thanks for that - I will look at your suggestion. I am very tempted to post the question on several business-related forums.


All I'm trying to do is use a business bank account to conduct honest and transparent business where we can accept a multitude of fiat currency to buy cryptocurrency.

I just feels so frustrating, even when HMRC are stating that Bitcoin etc won't be subject to money-laundering regulations.

There has to be a banking institution we can use, surely!

Thanks for your reply.

Good question..am looking myself as well. What about Neo&Bee?

Hi there everyone.


I am looking to start a cryptocurrency-related company and just wondered what banks are accepting businesses with Bitcoin-related 'products and services'.


Can anyone recommend global banks that accept large fiat currency levels. HMRC in the UK are about to state their position of not being part of Money-Laundering regulations and VAT.





I look forward to anyone's recommendations please.

Thanks for your time.

Mark