Does anyone know how to move crypto gains from Metamask or a DApp through an exchange into their bank account
I have never tried to send money back to my bank and I’m not even sure if it’s possible using platforms like Binance
What experiences do people have with Binance, Coinbase, or Kraken
Do they really let you transfer cash from an exchange
I’m most worried about the exchange freezing my assets when I move from a DEX and then my bank freezing my funds when I send money from the exchange to my bank
@Sun
I’m a Coinbase and major high street bank user. No issues so far, but I’ve been withdrawing small amounts to my debit card. This way if Coinbase acts up, I won’t have too many assets tied up.
Keep in mind that transferring something like £9K in one go can trigger a KYC flag on your bank account in the UK. If you have the right paperwork and tax records, you should be okay, but it might be a stressful experience.
I would recommend setting up a separate UK account with a challenger bank and moving some of your profits there to avoid problems with your main bank and ensure you have access for bills or shopping while things get sorted.
Disclaimer: I’m not an accountant.
P.S. I don’t keep my full portfolio on Coinbase. I only transfer what I want to cash out and do it right away.
You can’t move GBP in or out of Binance as a UK citizen. You need to use Kraken or Coinbase and connect your card or bank account. Not all UK banks are friendly towards crypto. Some will block your account completely, while others may question you before allowing money in. Some banks are okay and give you no hassle.
@Deen
So from Binance, I need to send money to Coinbase and then to my bank account? And my bank can’t just say wait this came from Binance so we won’t allow it?
VIOLAH said: @Deen
So from Binance, I need to send money to Coinbase and then to my bank account? And my bank can’t just say wait this came from Binance so we won’t allow it?
No they shouldn’t block it just because it came from Binance.
There are just some UK banks that don’t want their customers involved in crypto, and generally, they’re being stricter about anti-money laundering rules.
Also, on Coinbase, keep in mind that there might be a hold of up to 10 days on your first cash withdrawal. So my advice is to get set up, do a small withdrawal first and check your bank’s terms about their crypto policies since they all have their own rules.
I’ve used Coinbase and had no trouble, but I’ve never moved over a few grand at a time. If you plan to withdraw more than that, it might be a good idea to check with your bank first.
Mack said:
I’ve used Coinbase and had no trouble, but I’ve never moved over a few grand at a time. If you plan to withdraw more than that, it might be a good idea to check with your bank first.
I agree, Coinbase works fine for instant transfers to a UK bank account.