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Buy Bitcoin Cheaply in the UK: Revolut FAQ

Got a question about cheaply buying bitcoin in the UK which you can’t find the answer to in my previous guide?

In this post, I answer some of the most frequently asked questions about using Revolut as a route to buy bitcoin as cheaply as possible in the UK.

Remember: I’m not a financial advisor. Check out my full disclaimer here.

Have a question?

If you can’t find your answer below, check out the Revolut Help section, their community forums, or my previous post

Alternatively? Let me know in the comments below or tweet me. I’ll try to help you out.

FAQ

Error: Beneficiary not allowed

Some users have reported that they’ll receive the error “Beneficiary not allowed” when attempting to add a cryptocurrency exchange, such as Coinbase or Bitstamp, as a beneficiary (i.e., payment recipient). As noted in the ‘Buy Bitcoin Cheaply in the UK’ post and this Reddit post, this can be resolved by activating your personal EURO account inside Revolut beforehand.

To do so, follow these steps:

  1. Open the Revolut app.
  2. On the Revolut home screen, click the small icon in the top left corner of the screen (Accounts).
  3. Select EUR account.
  4. Select ‘Activate’.

Alternatively: Follow the instructions in this post.

Once you’ve activated your personal Euro account, you should be able to add exchanges like Coinbase/GDAX and Bitstamp as beneficiaries without issue.

If this doesn’t resolve your issue, try uninstalling and re-downloading the Revolut app. Failing that, contact their support in-app to troubleshoot the issue.

Can I withdraw from GDAX/Bitstamp to Revolut?

Yes, check out my ‘Sell Bitcoin UK Guide‘. You’ll have to pay a €0.15 fee when withdrawing from GDAX and a €0.90 fee when withdrawing from Bitstamp.

Here’s how you add your Revolut EURO accounts:

  • GDAX
    • Go to Coinbase
    • Select ‘Settings’
    • Select ‘Payment Methods’
    • Select ‘+ Add Payment Method’
    • Add details of Revolut EURO accounts
  • Bitstamp
    • Go to Bitstamp
    • In the top right, select ‘Withdrawal’
    • In the left-pane, select ‘EU Bank (SEPA)’
    • Put in details of Revolut EURO accounts

Can I withdraw euros from Kraken to Revolut?

Not anymore (as of May 2018).

People were previously circumventing this by routing payments through Fire.com accounts (e.g., Kraken > Fire.com > Revolut). But that’s no longer possible either.

Here’s an excerpt from an email I received from them on 12th February 2019:

“We are writing to all of our customers to advise that we will no longer support payments to/from cryptocurrency exchanges. This change will take effect immediately. Any payments connected to cryptocurrency exchanges will be unsuccessful and the funds will be returned to the sending account.” – Fire.com

I haven’t found a workaround yet. I’ll update this if/when I do.

Does Revolut have funding limits?

Once you’ve completed Revolut’s ID verification, you can check your annual funding limit in the app:

  1. Open the Revolut app.
  2. In the bottom right corner, select ‘More’.
  3. At the top of the app, select ‘Profile’.
  4. Select ‘Verification & Limits’.

On this page, it shows your annual limit and how much you’ve used of that allowance so far. My annual limit is set to £25,000 (but yours might be different). You can increase this limit by submitting additional information to customer support.

From the Revolut FAQ (here), it also notes that:

If you’re making a transfer in GBP in or out of your Revolut account there are daily and weekly limits. The daily limit is £75,000 combined, meaning that you cannot transfer more than £75,000 in or out of the account per 24 hours. The weekly limit is £125,000 combined. If you attempt to make a transfer larger than this amount, it will be automatically rejected by our payment processor.

How can I check how much of the monthly free foreign exchange allowance I've used?

Follow these steps:

  1. Open the Revolut app.
  2. In the bottom right corner, select ‘More’.
  3. At the top of the app, select ‘Profile’.
  4. Select the option labelled ‘Price plan’.

This page shows how much of your free monthly exchange rate you’ve used (under ‘FX transactions’).

If you expect to regularly go over your monthly £5000 foreign exchange transaction allowance, consider Revolut Premium.

Hypothetical: What happens if Revolut block payments to cryptocurrency exchanges in the future?

In late 2017, some /r/BitcoinUK users thought Revolut would stop allowing payments to Coinbase Pro (and other cryptocurrency exchanges) once they started supporting cryptocurrency speculation via their app. Their in-app cryptocurrency support sucks (read more about that here) and hasn’t happened (yet).

Previously, I had detailed that – if this did occur – we could add another hop through a Fire.com personal (Euro) account. Unfortunately, Fire.com are now blocking payments to/from cryptocurrency exchanges.

Fortunately, UK residents have more options in 2019. Check out this post, where I rank the 5 best ways to buy bitcoin in the UK.

Should I buy and sell bitcoin through GDAX or Bitstamp?

If you check out BittyBot’s EUR exchange comparison here, you’ll usually find that bitcoin is selling for less on Bitstamp (<1% above the real exchange rate) than it is on GDAX (>1% above the real exchange rate).

This means that:

  • You get more bitcoin when you buy through Bitstamp.
  • You’ll get more euros when you sell bitcoin through GDAX.

Check out this spreadsheet to see for yourself.

If you’re curious, you can check the volume of transactions through each exchange here.

I don't want to (or can't) use Revolut. What other routes can I take?

In 2019, UK residents now have more places where they can buy and sell bitcoin (at good rates) than ever before.

Coinbase Pro (previously GDAX) now supports GBP faster payments (for deposits and withdrawals). This has made the ‘Revolut Route’ unnecessary for buying and selling bitcoin as cheaply as possible.

You can find my walkthrough about how to setup and use Coinbase Pro to buy bitcoin as cheaply as possible here. I’m constantly updating it.

Alternatively, check out this list of the 5 best ways to buy bitcoin in the UK.

Anything to add?

Did I miss something? Or did I make a mistake?

Let me know in the comments below or tweet me. (I’m improving and expanding this post over time, so I appreciate any feedback.)

8 Comments

  1. Gabriel 10th December 2017
  2. Akif 12th December 2017
    • Penguin 13th December 2017
  3. Toto 16th January 2018
  4. Baudeleau 9th May 2018
    • Dean 11th May 2018

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