Bitcoin: Concerns With Withdrawing Funds
Hands Holding Bitcoin

Bank wire transfers are the universal way to pass money around the world. This method of transfer is funded by most (if not all) online Bitcoin markets.

Withdrawing Bitcoin Exchanges Funds

Bitcoin,Bitcoin Markets

Via the “Single European Payments Region” (SEPA) scheme, another way to move money to your bank after selling bitcoin is. SEPA has been planned to make international transactions more effective between the Member States of the European Union. These payments are sponsored by certain exchanges (such as Kraken and BTC-e).

Transfers, however, take a very long time (around four days), and can incur high costs , making trading potentially prohibitively costly. For eg, HSBC charges £ 4 per SEPA payment made through online banking and £9 per transaction with WorldPay. For other international transactions, Barclays charges £ 15 per SEPA payment and £25.

You can find high street banks refusing to do business with you if you are opening an account with the particular intention of obtaining funds from bitcoin trading. The author of this guide to Bitcoin trading accounts has expressly denied HSBC.

You may also use payment processors from third parties to withdraw and collect fiat funds. However, the number of these programs is dwindling. OKPAY has recently stopped working with Bitcoin firms.