UK banks that support transfers to and from crypto companies
It is well known that a lot of banks don’t support transfers to and from crypto companies. This is because of crypto space is increasingly disrupting the whole bank industry on a number of parameters:
- Cryptocurrencies allow users to move large amounts of “money” across borders without any authority and have any ability to control it.
- Traditional bank transfers take several business days to complete a transaction. Cryptocurrencies complete transactions in seconds
- Transaction fees are significantly lower for cryptocurrencies
- Staking gives the user the ability to earn interest on their crypto assets
- New defi (decentralised finance) projects are introducing interest rates on your cryptocurrency funds which gives you compound interest.
This is something that the banks have become increasingly aware of and they are doing a lot to make it as hard as possible for crypto enthusiast to get hold of their cryptocurrencies by blacklisting known bank accounts of cryptocurrency companies so that their users are unable to complete bank transfers.
Below you will find a list of banks that are not fond of cryptocurrencies. Note that the below list can vary depending on what crypto exchange you try to transfer to and from as well as what type of transaction you try to complete.
UK banks that are not allowing cryptocurrency transfers
- Starling Bank
- Lloyds Bank
- Virgin Money
- Capital One
UK banks that do allow customers do cryptocurrency transfers
- Royal Bank of Scotland
Great crypto exchanges for UK citizens
Kraken (review) is a US based crypto exchange with a great reputation. They offer low fees, staking and very high security.
Bitpanda (review) is one of the best crypto exchanges for customers in Europe. Bitpanda has a lot of payment options and one of the most popular is credit cards. With credit card deposit fees at 1.50%, Bitpanda is one of the lowest in the crypto industry and definitely worth checking out.