Introducing Local Bank Transfers in the United Kingdom

Convenient transfers for the United Kingdom residents

Bank transfer is the most commonly used payment method, not to mention the cheapest one. A bundle of bank transfers are made every second, amounting to millions of payments per day. 

In the cryptocurrency space, people usually look for platforms to purchase bitcoins and other popular cryptos with funds deposited from their bank accounts or vice versa – where withdrawals can be made directly to their banks. 

SpectroCoin understands the massive demand for bank payments, which is why our customers can take advantage of various banking services. For example, users can claim their dedicated IBAN accounts and make free of charge SEPA transfers within EEA (European Economic Area) banks in their name. 

While SEPA transfers are denominated in EUR, Faster Payments Service opens up a way for the United Kingdom residents to make bank wires and transfer GBP to and from their SpectroCoin accounts without any additional currency exchange involved. Similarly to SEPA, the Faster Payments option has no daily or monthly limits set. Thus, customers can enjoy unlimited GBP deposits and withdrawals. 

How to buy cryptocurrency with a local bank transfer? 

To buy cryptocurrency with a local bank transfer, one must complete the account verification process. You can find more detailed information about verification in our blog post. 

After the account is already verified, all you have to do is complete a few simple steps:

1. Enter the “Deposit” section in your account. 
2. Choose the “Bank” option.
3. Select GBP wallet as your deposit wallet, insert the deposit amount and press “Next”. 
4. You will be given the bank details. Use them when making a payment from your bank account.
5. After a successful deposit, go to the “Buy & Sell” section of your account.
6. Choose a currency you want to buy for your GBP. At SpectroCoin, we support Bitcoin, Ethereum, Litecoin, Ripple, Stellar, NEM, and several stablecoins, such as Tether and TrueUSD. 
7. Insert the GBP amount you want to sell for crypto and press the “Exchange” button to complete the purchase.

And that is it! You have successfully bought cryptocurrency with a local bank transfer. 

You can also watch the video tutorial on how to buy Bitcoin with a local bank transfer on our YouTube channel.

If you have any further questions regarding local bank transfers at SpectroCoin, please contact our support team via the LiveChat option available on the website or write an email to [email protected].