Using Bitcoin to send money back to the UK
Dec 6th 2016, 6:26 am
#1
Forum Regular
Thread Starter
Joined: Feb 2008
Location: UK
Posts: 124
Using Bitcoin to send money back to the UK
Hi,
I currently live in Taiwan and am planning to move back to the UK with my Taiwanese wife in the near future. I would like to start sending some money back to the UK each month to prepare for our move. Although I've already got enough savings to apply for her spouse visa (£62,500+), I'd still like to take advantage of the low pound and send some more back.
Would BitCoin be a viable option for this? I don't want to use a traditional bank as their transfer fees in Taiwan as well as the intermediary bank charges along the way would probably wipe out over half of what I want to send back each month. I've seen a few people on other forums mention that they use Bitcoin to send money from Taiwan to the US, but have not read of any Brits doing it.
I have access to Bitcoin exchanges here in Taiwan, so all I would need would be a UK-based exchange.
Is anyone on here using Bitcoin for transfers back to the UK?
Thanks,
Mark
I currently live in Taiwan and am planning to move back to the UK with my Taiwanese wife in the near future. I would like to start sending some money back to the UK each month to prepare for our move. Although I've already got enough savings to apply for her spouse visa (£62,500+), I'd still like to take advantage of the low pound and send some more back.
Would BitCoin be a viable option for this? I don't want to use a traditional bank as their transfer fees in Taiwan as well as the intermediary bank charges along the way would probably wipe out over half of what I want to send back each month. I've seen a few people on other forums mention that they use Bitcoin to send money from Taiwan to the US, but have not read of any Brits doing it.
I have access to Bitcoin exchanges here in Taiwan, so all I would need would be a UK-based exchange.
Is anyone on here using Bitcoin for transfers back to the UK?
Thanks,
Mark
Dec 6th 2016, 9:05 am
#2
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: Using Bitcoin to send money back to the UK
Hi,
I currently live in Taiwan and am planning to move back to the UK with my Taiwanese wife in the near future. I would like to start sending some money back to the UK each month to prepare for our move. Although I've already got enough savings to apply for her spouse visa (£62,500+), I'd still like to take advantage of the low pound and send some more back.
Would BitCoin be a viable option for this? I don't want to use a traditional bank as their transfer fees in Taiwan as well as the intermediary bank charges along the way would probably wipe out over half of what I want to send back each month. I've seen a few people on other forums mention that they use Bitcoin to send money from Taiwan to the US, but have not read of any Brits doing it.
I have access to Bitcoin exchanges here in Taiwan, so all I would need would be a UK-based exchange.
Is anyone on here using Bitcoin for transfers back to the UK?
Thanks,
Mark
I currently live in Taiwan and am planning to move back to the UK with my Taiwanese wife in the near future. I would like to start sending some money back to the UK each month to prepare for our move. Although I've already got enough savings to apply for her spouse visa (£62,500+), I'd still like to take advantage of the low pound and send some more back.
Would BitCoin be a viable option for this? I don't want to use a traditional bank as their transfer fees in Taiwan as well as the intermediary bank charges along the way would probably wipe out over half of what I want to send back each month. I've seen a few people on other forums mention that they use Bitcoin to send money from Taiwan to the US, but have not read of any Brits doing it.
I have access to Bitcoin exchanges here in Taiwan, so all I would need would be a UK-based exchange.
Is anyone on here using Bitcoin for transfers back to the UK?
Thanks,
Mark
In your shoes, I'd use a reputable foreign exchange broker. The exchange rate is far superior to that of a bank and fees are lower or, if you transfer over a certain amount, there are no fees at all.
Last edited by spouse of scouse; Dec 6th 2016 at 9:41 am.
Dec 7th 2016, 1:00 pm
#3
BE Forum Addict
Joined: Jul 2003
Location: Finally moving!
Posts: 1,236
Re: Using Bitcoin to send money back to the UK
Well, I would say that if the wealth is already in Bitcoin, then it makes little sense to sell it for local currency only to then transfer it to Sterling. Better to simply sell the BTC for Sterling.
Making two deals, first to Bitcoin and then from Bitcoin necessitates paying two margins (commissions if you like) and that's unlikely to be a good deal since Bitcoin traders typically have larger margins than the least expensive Forex traders.
But having said that, it is important to distinguish money from wealth. Which is what Bitcoin is all about, isn't it? HMG wants a showing of fiat money, not of wealth so, for example, owning gold bars or real estate will not meet the criteria for a spouse visa.
Making two deals, first to Bitcoin and then from Bitcoin necessitates paying two margins (commissions if you like) and that's unlikely to be a good deal since Bitcoin traders typically have larger margins than the least expensive Forex traders.
But having said that, it is important to distinguish money from wealth. Which is what Bitcoin is all about, isn't it? HMG wants a showing of fiat money, not of wealth so, for example, owning gold bars or real estate will not meet the criteria for a spouse visa.
Dec 28th 2016, 9:16 am
#4
Forum Regular
Thread Starter
Joined: Feb 2008
Location: UK
Posts: 124
Re: Using Bitcoin to send money back to the UK
Wouldn't touch bitcoin for international transfers. The market for bitcoins is very volatile and speculative, and as far as I'm aware you have no legal comeback if a transfer goes pear shaped.
In your shoes, I'd use a reputable foreign exchange broker. The exchange rate is far superior to that of a bank and fees are lower or, if you transfer over a certain amount, there are no fees at all.
In your shoes, I'd use a reputable foreign exchange broker. The exchange rate is far superior to that of a bank and fees are lower or, if you transfer over a certain amount, there are no fees at all.
The problem I have is that even the largest foreign exchange broker won't touch the currency in my current country (the New Taiwan Dollar - NT$), so that's why I am thinking about using Bitcoin.
Dec 28th 2016, 2:27 pm
#5
BE Forum Addict
Joined: Sep 2014
Posts: 1,114
Re: Using Bitcoin to send money back to the UK
Would BitCoin be a viable option for this? I don't want to use a traditional bank as their transfer fees in Taiwan as well as the intermediary bank charges along the way would probably wipe out over half of what I want to send back each month. I've seen a few people on other forums mention that they use Bitcoin to send money from Taiwan to the US, but have not read of any Brits doing it.
Have you try and have a look at HSBC in Taiwan?
The rate I saw in google today is NT$39.5617 for £1. The HSBC Taiwan branch telegraphic rate is NT$39.8802 for £1. Would it not be easier if you open an account with HSBC in Taiwan and purchase GBP at the 'telegraphic' rate within your HSBC account, then withdraw the money once you are in the UK.
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