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Withdrawing money from Coinbase

Discussion in 'Crypto Currency & Mining' started by Rossuk89, Aug 22, 2017.

  1. Rossuk89

    Wise Guy

    Joined: Jan 11, 2011

    Posts: 1,833

    I'm having a nightmare withdrawing money from Coinbase.

    So they say I have to convert my money into EURO which I have done, then I have to withdraw my money via SEPA which my bank (Halifax) don't offer.

    I'm really annoyed right now as I just want the money in my bank account.

    Can someone please guide me on what to do?

    Are there any other websites that allow easy transfer to a UK bank or be able to convert money into anything that's useable?

    I can buy BTC with the money in the account if I need to transfer it to another website.

    I just want the money back in my UK bank account!

    Please help!
     
  2. Howling

    Wise Guy

    Joined: Sep 14, 2008

    Posts: 1,785

    I burst out laughing when I saw the topic title - didn't even need to read your thread to know exactly what it said :(

    Sell your coins on localbitcoins and never use coinbase for anything ever again - your life will be happier from it.
     
  3. Trunkey

    Gangster

    Joined: Mar 25, 2015

    Posts: 362

    Same issue here, I even got as far as sending a 6 euro deposit via SEPA to link my uk account but that was nearly a week ago and I still get the message stating I need to add a payment method to withdraw funds.
    Coinbase do not appear to play fair.
     
  4. Ayahuasca

    Capodecina

    Joined: Apr 23, 2014

    Posts: 16,494

    Location: County Durham

    They're a joke, they'll happily accept a SEPA transfer for deposits but withdrawal using the same method somehow doesn't work, transfer elsewhere and sell on LBC as above.
     
  5. Rossuk89

    Wise Guy

    Joined: Jan 11, 2011

    Posts: 1,833

    Ah jeez, that's not good news then. I thought Coinbase were trustworthy but like you said they make it easy to deposit funds but a nightmare to withdraw which is stupid.

    I have just checked out LocalBitCoins as advised and it's like a whole different way of selling BTC, selling to UK people who offer cash deposits and all sorts of different payments, I wish I knew about this before! Thanks for the suggestion!

    I've signed up, so do I just choose a trustworthy UK seller who offers payments to Halifax, then it's just a case of making the trade?

    EDIT - I've just sent money through to LocalBitCoins with my wallet. Am I still effected by price changes of BTC until I sell my BTC now then? As there is no live BTC value monitor on the website. Just the prices of buyers and sellers
     
    Last edited: Aug 22, 2017
  6. Trunkey

    Gangster

    Joined: Mar 25, 2015

    Posts: 362

    I cant even send Bitcoin back to my wallet from where I deposited to Coinbase in the first place, I get a message saying enter a valid wallet address!! well I just did you scamming bunch of tw#ts!!
    Think its fair to say Coinbase are not good hope reporting this experience saves others the hassle.
     
  7. bimbleuk

    Wise Guy

    Joined: Sep 10, 2009

    Posts: 1,197

    Location: Gloucestershire

    Try Lykke exchange or maybe a service like Transferwise that have various ways of converting Euro and avoid the 5% bank tax on the exchange rate.

    SWIFT and SEPA are the traditional cross border methods and they are in desperate need of being replaced by a blockchain tech such as Ripple. I think SWIFT are working in the background on a blockchain tech as well.
     
  8. jeff83nz

    Gangster

    Joined: Aug 26, 2013

    Posts: 363

    I believe Coinbase will not let you send money to addresses not linked with been all squeeky and clean, as it trys to comply with the same regulations banks do. This is why it is a pain in the arse.
     
  9. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499

    Seems to me there is a great opportunity for a British based company that lets us UK Bitcoiners operate in sterling and with UK bank accounts. I don't know if it's regulations or something holding this up, but hopefully we will see this in the future.

    I've personally used Coinbase to purchase Eth before and never had issue, but I do find their fees a bit ridiculous and unfair, and having to deal with Euros all the time is a PITA!
     
  10. Rossuk89

    Wise Guy

    Joined: Jan 11, 2011

    Posts: 1,833

    Just an update on LocalBitCoins, I sold my BTC just now, the process was so fast and easy I was extremely impressed.

    Literally contacted one of the buyers on there, within 2 minutes they said they sent the payment, 5 minutes later the money was in my bank account.

    I cannot believe I didn't do this weeks ago..
     
  11. Jokester

    Don

    Joined: Aug 7, 2003

    Posts: 37,167

    Location: Aberdeenshire

    I'm not convinced this is totally Coinbase's fault. I think you need to inform your bank that a SEPA payment is incoming for them to accept it.
     
  12. Rossuk89

    Wise Guy

    Joined: Jan 11, 2011

    Posts: 1,833

    My bank doesn't do SEPA payments, I tried to do the verification process (sending Coinbase 6 euro) but Halifax said they cannot do it so even if it wasn't Coinbase's fault I'd have to open up a bank account with someone else that does SEPA payments.

    It's too much hassle to be honest and LocalBitCoins was alot easier to get sorted.
     
  13. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499

    Yeah I'm a big fan of LBC, only had positive experiences on there. If anyone wants to sell me BTC on there let me know, as I need to build up my feedback/reputation a bit as have tried to make a few buys for larger amounts but have found over a certain amount quite a few sellers don't like to sell to you because of not having enough feedback. I'm told there are lots of scammers on there (buyers) who try to do reverse charge backs and the like, so they have to be very cautious. I was chatting with one seller on there who works for a company that sell Bitcoin and he is forbidden to sell to anyone below a certain rep rating.
     
  14. andicole0

    Soldato

    Joined: Sep 12, 2005

    Posts: 5,400

    Location: Robertsbridge

    Could you not open a basic account with a bank that does accept SEPA. Nationwide seem to accept them. A separate account linked to crypto currency may be better anyway.
    Andi.
     
  15. mmmalas

    Gangster

    Joined: Mar 27, 2006

    Posts: 479

    so easiest way, without incurring stupid fees is to use LBC. I was hoping for direct transfer from an exchange to my bank account.

    so with SEPA I would expect the money to be 5% less?
     
  16. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499


    It won't be that much, but ultimately it comes down to the Euro/£ conversion. That's where you take the hit. SEPA cost is negligible and fixed (about £10), but what matters is the exchange rate that the bank decides to convert your Euros in to Sterling at. I know going from UK bank to Euro account they will tell you EXACTLY what that figure is, so you should be able to find out from the exchange exactly what it will be coming the other way.
     
  17. padcontrol

    Gangster

    Joined: Jul 30, 2007

    Posts: 102

    Halifax do offer SEPA, im with halifax and have set this up on coinbase.
     
  18. Minusorange

    Wise Guy

    Joined: Nov 25, 2005

    Posts: 2,076

    Nationwide do SEPA but Coinbase has an alert when you go to set it up that they don't accept Nationwide lol

    Coinbase is probably the cheapest place to buy BTC even with their 3.99% fees but if you want to convert to FIAT better pick somewhere else to avoid the nightmare
     
  19. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499

    it can be the cheapest, all depends what sellers are asking on LBC. I've picked up for just under market rate on there once, sometimes 1-2% mark, but at the moment it seems to be around 3-4%. Always worth checking on there first anyway... sometimes you get a bit of competition between sellers and it drives price down.

    As for selling, LBC would be my choice, you'll get the most that way.
     
  20. Ace Modder

    Antec Rep

    Joined: Sep 8, 2003

    Posts: 22,387

    Location: 150 yds from OcUK

    I have withdrawn fine. Both €7 and £1 to test this out. Both are in my bank account now (Natwest - who do accept SEPA)