Topic: UK international bank account for Bitstamp deposit (Read 1887 times)

Thanks, that's a good idea as long as they don't recognise the account name and connect it to bitcoin. You haven't got any advice on shaking those bad exchange rates and bloody transaction fees to get into exchanges do you? offshore accounts etc.

ive transferred quite a bit from uk banks globally
sometimes they ask why or what is the purpose of the transaction
and they usually accept whatever reason i give them (buying property abroad etc )

never told them about BTC before though but open about 10-20 accounts
so your not hammering the same one every week

that should keep you fom amassing a huge total summ with a single bank until a
bank finally steps up and says we support the  BTC economy and all related transactions

it sholdnt be too long since america has decided BTC is not illegal ,UK wil  probably follow

Thanks for the reply, yes I have transferred money to bitstamp from my account before. I am trying to find a cheaper alternative and a bank that will not close my account when I make large frequent transactions.

There's no need to be rude and this is not a ridiculous question. I have transferred money to bitstamp many times using my UK account, so I am fully aware that I am able to do this. However, the bank charge a £15 transaction fee and the exchange rate is bad. Therefore, I would use transferwise to convert GBP to euros into my euro account and then transfer from there with no transaction fee. Now before you tell me I'm being ridiculous again, currency exchanges like transferwise will not send money directly to bitcoin exchanges. This is what I used to do. Hence, using this method I would be getting a better exchange rate than if I did a direct transfer and increase my profits.
 
In addition, as I stated in the original post, banks have been known to freeze accounts, as I am planning on transferring a relatively large amount of money to bitstamp frequently. This happens with UK bank accounts, so even if I wanted to transfer this amount using a GBP account, it is likely that my account would be frozen. This is also a risk with any UK account including euro accounts, which is why I was asking if anyone had experience with this and not looking for criticism from someone who doesn't even know what I'm talking about.

I'd appreciate it if you refrain from leaving condescending replies on my post, which you don't even understand.

This is a ridiculous question. You live in the UK which is a global financial center. So of course you can wire money to bitstamp. You don't need an international or special account. Any GBP account will do.

Hi,

Depositing money into Bitstamp from a UK account is easy.

Send the money to Bitstamp in GBP using an international wire transfer.
Your bank will charge you around £15.
Bitstamp recieves the funds and converts it to USD using the Unicredit Corporate exchange rate.
Bitstamp will take a small fee, 15 USD I think, or 0.2%.

Simples...

Thanks, yes I am looking to buy and have always previously bought from localbitcoins. Unfortunately neither cash nor localbitcoins are possible options in this scenario as I am trying to arbitrage between bitstamp and localbitcoins. Bitstamp is marginally cheaper most of the time so it is profitable, I just need to figure out the cheapest way to get money into an exchange without getting my account frozen. Thanks for the advice anyway.

It's possible but I'm not an expert in the banking system so I couldn't give you an answer. Are you buying bitcoins? You could try buy them for cash instead. Either try buy some on here or check out localbitcoins. You can get good deals on there far; cheaper than the exchanges sometimes.

Okay thanks, I will call HSBC and find out. I only ask as I have seen a lot of people saying that many of the main banks straight out refuse to allow people to buy bitcoins frequently. Do you suggest that this is possible due to the relatively small amount I will be transferring?

It's possible, but if you're setting up a new account, it might be best to tell the bank how frequent you'll be making transactions and ask if this might be a problem. If they suspect suspicious activity or possible money laundering they can freeze funds.

Hi guys, apologies if this has been asked elsewhere. I have been looking around for a while and cannot find a definite answer to my question.

I am based in the UK and interested in sending up to 5000 GBP weekly to bitstamp. After writing off all other options I looked at, I came to the conclusion that the cheapest way to do this would be to set up an international account with someone like HSBC and send euros from there. The issue here is that I know banks are not too keen on this and are known to freeze accounts.

I was wondering if anyone here has any experience with this in the UK? Will transfers of this size arouse suspicion leading to a closure of my account? Does anyone know any ways around this?

Thanks in advanced.