I have read various discussions in this community about bitcoin and cryptocurrency but I haven’t managed to find a recent answer (but please point me in the right direction if I have missed something)
Has anyone recently managed to bank transfer fiat currency into their Monzo account? If so, what exchange have you used?
I have spoken to support at Monzo they don’t have any blocks against transfers from crypto exchanges, not like other banks, which is awesome! However, most exchanges use international transfers, requiring an IBAN number which the monzo current account doesn’t support currently. Monzo also doesn’t support 3D secure which I believe some UK exchanges require too.
It would be great to know what exchanges people have used to transfer GBP or EUR etc!
When I tried, it wasn’t possible to verify my Revolut account with Coinbase by making a transfer from my Revolut account to Coinbase, before receiving a withdrawal from Coinbase.
Revolut doesn’t support 3D Secure either so it’s not possible to purchase currencies from Coinbase using your Revolut card.
As far as I know, it’s not possible to use Revolut with Coinbase at all, just as you can’t use Monzo.
@Austen - Thanks for your message! Have you ever transferred fiat currency from Coinbase to Revolut? If so, did it work fine? Was it a SEPA transfer using the IBAN number? Have you done this in the last few weeks?
I have already made one transfer to Revolut from another established exchange with an international transfer and the IBAN and BIC numbers. This transfer, however, has been blocked for the last week or two and I have been in various discussions with people on Live Chat providing documentation. I am now having to wait to speak to another advisor which will supposedly take up to 96 hours.
I’m not an expert on financial services, though in essence it means that they now authorised to offer “e-money” services. So basically they can now hold deposits on behalf of its users at UK banks. Not sure why it’s called “e-money”, although I suspect it is derived from the fact that they money isn’t actually held by the company offering the service (as in, the company only holds a virtual reference to your deposits, if that makes sense).
They initially offered UK bank transfers, but later dropped them, likely due to banks being wary of crypto exchanges. Since they now hold a license here, it probably makes it a lot easier to find partner banks here
I echo everything @Austen said. Revolut is perfect for U.K. users. Here’s the 5min step by step video tutorial for using Revolut in conjunction with Coinbase that is very useful: https://youtu.be/BRRSjfQRcjE
Thanks @Austen ! Did you have to send them documents too? While one transfer was being sorted with Revolut did you ever send another transfer? I am wondering whether I can send another transfer, from Coinbase this time, while I am waiting for them to sort my previous transfer.
Thanks @Austen - good shout on getting issue #1 fixed lol
My question was not about ID verification no, but thanks for the info and your help! I guess I just need to wait for Revolut to get back to me - last I heard from them was 8pm Thursday night. The live chat is a frustrating system sometimes as there seems to be no way to check in on your case, it just feels like you’ve been forgotten. Would be good if you could send and message and be reassured with a reply that the case is still being process.
Just to point out with Revolut, the cryptocurrency you buy can not spent, it is simply an asset account linked to a cryptocurrency.
There is a new service from WireX, they give you a Visa Card (Virtual at the moment), accountnumber/sort code. It allows you to purchase actual bit coins without the need of a debit/credit card and unlike Revolut you can spend it as well.
Only to other Revolut users, and money needs to be virtually converted back to FIAT if you spend via your account. You CAN NOT send the crypto currency to other users out side the Revolut echo system.
The whole point of Crypto currency, it takes the control of money out of government hands. In Argentina during their financial crises, when government ran out of money, they simple instructed all banks to put saving into government bonds. Even those who had currency in other exchanges, all the money was converted over using unfavourable exchange rates and millions lost out.
During he 1970s in the UK, the gold standard value in this country collapsed compared to the gold value in other countries, because the investment was purchasing gold that the GOVERNMENT owns/controls. Exactly the service which glintpay offers, so if there is a financial disaster then the government can still instruct these organisations to convert the currencies over to the unstable pound and YOU have no say.
Having physical bitcoins/litecoin governments have absolutely no control and in a situation of a financial crises your investments are virtually protected, it is the reason why the government is now started to see the threat of crypto currency,
Just a reminder the debts of 2008 has not yet been liquidated and simply purchased by government bonds indirectly. Having your investments in Revolut defeats the purpose of crypto currencies.
Problem with FIAT currency, they devalue over time. The pound you have in the bank today may only be worth 70p in 5 years time via government inflation.
As has been mentioned, you don’t pay on Coinbase with the Revolut card. You complete a EUR SEPA bank transfer to the Coinbase IBAN from a the Revolut IBAN and vice versa.
