I have received several emails from BitcoinRumors readers asking how to purchase bitcoin from UK since blockchain stopped their bank transfer service, mtGox disabled GBP deposit and also Intersango.
This tutorial will show you how to buy bitcoin through Bitstamp, mt.gox, bitcoin24, bitcoin-central and any exchange that accepts SEPA deposits. This is kind of indirect way to buy Bitcoin as you cannot use British Pound to buy Bitcoin.
Step 1: Go to http://transferwise.com/u/b7c0 and register for a new account. Note: using this link will get you first transfer FREE of CHARGE.
Step 2: Deposit GBP into TransferWise’s account then use your GBP to buy EUR.
Note: TransferWise charge £4.98 for exchange fee. Rate at 5th April 2013 for £1000 is 1171.64 EUR
Step 3: In TransferWise dashboard, click on Add a new recipient to add bank account of any Bitcoin exchange. It can be BitStamp, mt.gox or any exchange that accepts SEPA transfer.
Note: BitStamp and some other exchanges use USD for trading, so our EUR needs to be converted first. Why do we convert GBP into EUR, and not directly into USD? Because EUR can be transferred by SEPA for free, taking 1-3 days, whereas it would cost another 0.1% and take 2-5 days if we used USD directly.
Step 4: Ask TransferWise to transfer the money to exchange account. Remember to mention your reference number or follow bank transfer instruction from the exchange you use.
This is one of the CHEAPEST methods to buy Bitcoin from UK with small fee and take about 48 hours.
If you know any other methods, please let me know and I will share it here.
Be QUICK before Bitcoin’s price rise beyond your expectation again.