The bank withdrawals in GBP are available to users with verification Tier 3. The minimum withdrawal amount is 10 GBP, the maximum one is €50,000 daily and €100,000 weekly and the withdrawal fee is just 0.09 GBP.
First, you will need to accept UK banking terms and conditions. To do that, please go to your Accounts page and click the Deposit button next to your GBP account.
Agreeing to T&C will activate the GBP withdrawals for your Cryptopay account. Upon activation, you will get your own sort code and account number, which means that the transfers will be made with your Cryptopay account holder’s name, not with the Cryptopay company name. This is especially important as some banks may block crypto-related transactions resulting in money getting stuck with no way to withdraw.
NB! As we’ve recently updated the way we work with Faster Payments transfers, you will now need to verify your bank account to be able to withdraw to it. To do this, please make a small deposit (the minimum deposit amount is 10 GBP) from the desired account to your Cryptopay account. Once your account is verified, you will be able to withdraw to it, and your deposits will be processed almost instantly. You can check the status (Confirmed/Unconfirmed) of all your linked bank accounts in Settings – Bank accounts.
To initiate a withdrawal, please do the following:
- Go to your Accounts page;
- Click the Withdraw button next to the account you want to withdraw funds from
- In the pop-up window choose Bank account;
- Choose your linked bank account*;
- Choose the amount you want to send and click Withdraw.
* If you don't have a linked bank account yet, click Link a new bank account to add a new one and fill up the corresponding fields. You will need to specify Currency (GBP), Account number, and a Sort code. Once it's done, press the Create button.
Important: the GBP withdrawals are processed on business days from 8 AM to 4 PM UTC every two hours. On weekends, however, we cannot guarantee the same processing frequency and speed, hence the processing time is increased up to the next business day.
NB: not all banks are signed up to the Faster Payment Scheme. Here is the list of directly connected participants. Alternatively, it’s always better to check up with your bank or provider you want to send money to before the transfer.
You can check if the Sort Code you want to send a payment to accepts Faster Payments, by using the sort code checker.
Please note: you cannot link your Cryptopay account number and sort code to Paypal. All bank transfers between your Cryptopay account and Paypal are not supported and will be cancelled by our Payments team. On the other hand, you can use your C.Pay card with your Paypal account. Please find more details in this article.
If you plan to make transfers using a joint bank account, please, contact us via chat or email@example.com and we will let you know if you can use it for bank transfers.