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)
4. Connect to Coinbase
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.
5. Verify Revolut account
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.
