QuickBitcoin

06 April 2014 by Guy Halford-Thompson

Good and Bad Banks for Buying Bitcoin in the UK

We have been putting together a list of which banks are best to use when purchasing bitcoins in the UK using bank transfer. Wire transfers in the UK are part of the Faster Payments Service under which payments are meant to be cleared within 2 hours 24/7.

Buying bitcoins through https://quickbitcoin.co.uk/ or other UK bitcoin seller can be a 10 minute process or faster, but depending which bank you send your payment from your results will vary. Once we receive your payment the order is normally complete in under 10 minutes, but some banks take longer than others to process the transaction.

The list below shows the transaction times for making faster payments from a range of UK banks. The list is far from complete so if you have more to add please submit them in the comments and we will add them in. This guide aims to be as accurate as possible, but be aware that other things can cause transaction delays like fraud checks etc.

Clydesdale Bank PLC

Payments are often delayed. Customers trying to use faster payments often end up using CHAPS so the payment arrives next working day.

Natwest

Payments arrive within 1 minute. Natwest online banking states that payments sent on weekends won't arrive till monday. From experience the payments go through within 1 minute any day of the week.

RBS

Payments arrive within 1 minute. RBS online banking states that payments sent on weekends won't arrive till monday. From experience the payments go through within 1 minute any day of the week.

HSBC

Payments arrive on the hour every hour. Payments sent at 12:01 arrive at 13:00.

HSBC Premier

Payments arrive within 1 minute 7 days a week.

Metro Bank

Payments arrive every 2 hours on the even hour. Payments sent at 12:01 arrive at 14:00. They are working to upgrade this so payments clear within 15 seconds, although there is no timeframe on this.

The Cooperative Bank

Payments arrive within 1 minute during bank opening hours. Outside of opening hours payments are often delayed until next day.

The Cooperative Bank Business

Payments arrive within 1 minute during bank opening hours. Outside of opening hours we still need someone to test it.

Lloyds

Payments arrive within 1 minute 7 days a week.

Halifax

Payments arrive within 1 minute during bank opening hours. Outside of opening hours we still need someone to test it.

Santander

Payments arrive within 1 minute 7 days a week.

comments powered by Disqus