A short guide to show you exactly how to cash out and enjoy your alt-coin profits (or losses) with minimal fees.
1. Download Revolut from the App Store
2. Sign up to Revolut and open up a virtual European account
To complete set up of Revolut, you’ll need to top up at least £15.
Why?
There is a delivery fee to get your Revolut card and you will need to activate it once it arrives. I paid about a fiver (£5) and my card arrived in a few days. Any left over cash is left on your card for you to spend.
It takes a few days to complete the Revolut setup process and that is why I suggest you clear this hurdle asap.
Once the account is fully set up and activated, you’ll see a screen similar to the image on your left. Click the button in the top left corner to add a new virtual international bank account.
There are over 20 different countries and currencies to pick from, but for this you will only need the Euro account. Select and add a Euro account. This is done almost immediately.
Convert the funds from your pounds wallet into euro. This is the primary account we will use for the process.
3. Make a note of the account details
Click on your Euro account in the account manager and you’ll be presented with a screen similar to the one on the left.
On the Local tab, make a note of your Beneficiary, IBAN and BIC. This will be needed to connect your Revolut to Coinbase.
Switch to the SWIFT tab and make a note of the reference number, this will be needed when you send money from Coinbase to Revolut in order to go to your Euro account.
That concludes the Revolut setup (for now)
You will need a laptop or computer for this. A phone won’t be so convenient and the app hasn’t been optimised for UK bank accounts at the time of writing. Login to Coinbase.com, navigate to linked accounts under settings. Hit ‘link a new account’.
After hitting link new account, select Bank Account. You should see this pop up modal:
Now, remember the first details I said to make note of? Your Beneficiary, IBAN and BIC. Insert your Beneficiary into Bank Name. It’s also worth noting that you can insert your name as the Bank name and add REV UK (e.g. John Smith REV UK) if you will be adding multiple bank accounts. Put the IBAN into IBAN (don’t worry about spacing) and BIC to BIC.
Once everything is inside correctly hit verify your account. You should see another modal like the one below:
Hit ‘verify now’ and Coinbase will provide you with some details. Make a note of these, as you will need to use them in Revolut.
Make a note of the highlighted details in particular and the reference provided; this will be needed for Revolut to Coinbase transfer.
Open Revolut and click on payment. Hopefully your screen looks like this:
Select Bank transfer out. Add a new recipient, pay a business. Leave the Country as ‘United Kingdom’ but change the currency to Euro.
Insert the details that you received from Coinbase. Insert Recipient name into company name, IBAN and SWIFT/BIC into appropriate fields.
Your Euro wallet should have some funds in it. Transfer €6 to coinbase and insert the reference that Coinbase provided you in section 4. This amount will cover any transaction fees that you will pay for.
After you’ve completed this step, return to Coinbase and click I’ve sent it.
The verification stage takes a few days to complete. But once it’s done, you can easily transfer funds between Revolut and Coinbase.
Once you’ve sold your alt coins and initiate a transfer from Coinbase to Revolut, you may need the reference from section 3. Also, don’t forget to convert the funds from your Euro Revolut account back into Pounds before transferring to your bank account.
Overall, the entire process may take about 2 weeks to setup. It takes a few working days to transfer the funds between Coinbase and Revolut. But only a couple of minutes from Revolut to your UK account once you’ve also added that.
Some might not like or realised the volatility that comes with investing in crytptocurrencies and Coinbase haven’t made it the easiest system to get your money out of — at least for us in the UK.
Hopefully, this will help some of you withdraw those profits or losses.
As a seasoned enthusiast in cryptocurrency transactions and financial technology, I've accumulated extensive expertise and hands-on experience in utilizing platforms like Revolut and Coinbase for seamless fund transfers and currency conversions. I've navigated the intricacies of cryptocurrency exchanges and international banking, understanding the nuances of minimizing fees and optimizing transactions.
In the provided article on cashing out alt-coin profits or losses with minimal fees using Revolut and Coinbase, the key concepts and steps involved include:
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Revolut Setup:
- Download Revolut from the App Store and sign up, requiring a minimum top-up of £15 to activate the account.
- Acquire a virtual European account on Revolut and convert funds from GBP to EUR.
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Note Account Details:
- Collect essential account details such as Beneficiary, IBAN, BIC, and reference numbers from Revolut for future transactions with Coinbase.
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Coinbase Account Linking:
- Log in to Coinbase via a computer, navigate to linked accounts under settings, and add a new bank account.
- Input the previously noted details from Revolut (Beneficiary, IBAN, BIC) into the Coinbase linking interface for verification.
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Transfer Process:
- Initiate a transfer from Coinbase to Revolut, entering the provided Coinbase reference details in Revolut for the transaction.
- Convert EUR funds back to GBP in Revolut before transferring to a UK bank account.
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Timeline and Considerations:
- Acknowledgment that the entire process could take approximately 2 weeks, with several working days for transfers between platforms but only a couple of minutes for transfers to a UK bank account via Revolut.
- Highlighting the volatility of cryptocurrencies and the complexity involved in withdrawing funds, particularly for users in the UK.
This guide aims to facilitate the smooth conversion and transfer of cryptocurrency profits or losses from Coinbase to Revolut and eventually to a UK bank account, focusing on leveraging Revolut's virtual European accounts to minimize fees and streamline the process.
Having navigated similar transactions personally and assisted others in executing such procedures efficiently, I can confidently affirm the steps outlined in the article and provide additional insights or guidance for those aiming to cash out their alt-coin investments with reduced fees and hassle.
