Which UK Banks Allow Cryptocurrency Purchases? Top 6 Crypto-friendly UK Banks
Cryptocurrencies are a relatively new technology, and the UK is one of the few countries in Europe that has not yet regulated cryptos. The British government has been wary of regulating cryptocurrencies. However, getting authorisation from regulators takes time. In the meantime, if you’re wondering which UK banks allow cryptocurrency purchases, keep on reading to find out!
Banks vs cryptocurrency: Which UK banks allow cryptocurrency purchases?
The best way to find out which UK banks allow cryptocurrency purchases is by contacting them and checking their websites to get a better sense of their individual policies. They will be able to tell you if they allow deposits and transfers, as well as transactions with crypto.
Some of the most popular UK banks that currently accept cryptocurrencies include Barclays and Royal Bank of Scotland, but you’re here to find out which UK banks allow cryptocurrency purchases, so below there’s a full list of the top 5 crypto-friendly banks in UK.
Which UK banks allow cryptocurrency purchases?
In this article, you’ll find which UK banks allow cryptocurrency purchases and which are the best crypto bank accounts to consider opening in 2022.
Barclays was the first UK bank to accept bitcoin and has been widely praised for its progressive attitude towards cryptocurrency. However, it is not an entirely crypto-friendly bank when compared to digital apps and crypto wallets, that may only require your passport to start operating.
Besides, they also only allow one transaction per day and have higher fees than other banks on top of higher rates overall. If this doesn’t deter you, then Barclays is still a good choice. As with any other renowned bank, you know your money will be in good hands, and you’ll have full customer support available to you, making it a great choice for people who are getting started with crypto. An additional pro is they do not charge any fees for holding your crypto accounts.
#2 Royal Bank of Scotland or Natwest
RBS, Natwest’s owner, has in recent years softened its stance on cryptocurrency. In fact, customers usually don’t have any issues buying and selling crypto with both debit and credit cards or via wallet exchanges. The most convenient way to purchase cryptocurrencies with Royal Bank of Scotland is through licensed brokerages, such as eToro. They accept GBP deposits from RBS Digital Banking customers.
Nationwide is a UK-based bank which has recently become a major player in UK’s banking industry. Nationwide allows customers to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin through its online service or at any other exchange. Besides, unlike other banks, which usually can and may stop crypto transactions, there are no known issues with Nationwide’s transactions, making it a great choice for people who trade crypto quite often.
Revolut is a UK-based cryptocurrency exchange that allows you to purchase Bitcoin, Litecoin, Ethereum and Ripple with GBP. If you were wondering which UK banks allow cryptocurrency purchases, then Revolut may be your go-to. Often referred to by users as the go-to crypto bank in UK, Revolut is a fully-functional cryptocurrency exchange with an easy-to-use interface for beginners and advanced trading tools for seasoned traders. Revolut also offers free deposits via credit/debit card, so you don’t have to pay any fees when purchasing Bitcoins or other cryptocurrencies!
Monzo, is the UK crypto-friendly bank that lets you use your phone to make payments and transfers and has been a crypto-friendly bank since its inception. Monzo customers can buy crypto from a variety of cryptocurrency exchanges, yet, like all regulated banks, may occasionally block a small number of transactions due to risk. However, this applies to all transactions, not just crypto. Monzo is a great choice for crypto customers because it is a UK bank regulated by the FCA, with its own payment system built to support modern lifestyles.
Nuri, previously Bitwala, is one of the UK’s best overall banks for crypto, which allows its customers to buy, sell and hold cryptocurrencies. The bank provides services similar to any other full-service bank, but it operates as a cryptocurrency-only operation, meaning its customers have no fiat currencies. Nuri offers the brokerage of transactions in cryptocurrencies, which means if you live in the UK and want to buy or sell cryptocurrencies for the first time or on a daily basis, Nuri is a great choice.
Cryptocurrency is still in a bit of a grey area in the UK, despite it being an innovative technology that has the power to change the world. As more and more people become aware of the benefits, they will start embracing cryptocurrencies.
But there is one major issue which remains, and that is the fact that it can’t be used with many apps and services due to it not being widely accepted by most banks. Luckily, this article helped you find out which UK banks allow cryptocurrency purchases. As cryptocurrencies get bigger, you can bet that the list will grow longer as companies such as Revolut and Nuri are paving the way.
Check out some other posts on cryptocurrency, written by our panel of experts.