Bank withdrawals in GBP with Faster Payments
Now you can withdraw funds in GBP to your personal bank account in the UK using Faster Payments.
Withdrawals are available to users with verification Tier 3. Minimum withdrawal amount is 10 GBP, maximum daily bank withdrawal limit is 42 000 GBP, withdrawal fee is 0.09GBP.
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 GBP withdrawals for your Cryptopay account. Upon activation you will get your own sort code and account number, which means that the transfers will bear your Cryptopay account holder’s name, not 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.
Important: GBP withdrawals are processed on business days from 9AM to 5PM UTC every two hours. On weekends withdrawals are processed once a day at 2 PM UTC. GBP withdrawals initiated after 5PM on business days and 2PM on weekends will be processed on the following day.
To initiate a withdrawal, please do the following:
- Go to your Accounts page
- Click "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 correspondent fields. You will need to specify Currency (GBP), Account number and a Sort code. Once it's done, press the "Create" button.
Please note: 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.
If any questions arise, feel free to contact us in the live-chat or via email@example.com.