Ripple update: Revolut UK/Ireland alternative.
This is for UK/Ireland investors!
I’m sure some of you have realised by now that “Revolut” have banned transactions to and from some of the major exchanges, this may have become a problem that has left a few of you looking for an alternative method to fund or withdraw from your preferred exchange.
Sign up for a “Fire” bank account (Fire.com) based in Ireland (UK/Ireland residents only) and get your account verified.
Steps to get money to a banned exchange:
Continue to use Revolut as normal (Send money from your personal account) and convert to euro’s within Revolut.
(Revolut offers a better exchange rate and has no fee for conversion unlike fire bank)
Send your currency to your Fire bank euro account using Revolut. Be sure you have entered your Fire bank IBAN and BIC correctly within Revolut.
Wait to receive your funds from Revolut into your Fire euro account, this may take a few hours at most in my experience.
Once you have received the money into your Fire euro account you can proceed to send it to the exchange of your choice!
Remember to set up the exchange you wish to send money to as a “Payee” within Fire bank, there is no need to enter the BIC code as Fire only requires an account name, IBAN and a name to save the “Payee” as within the fire account, the BIC will be filled in automatically!
Once you wish to send your funds to the exchange remember to enter your “Reference” code as a “Note” in Fire banks transfer.
(Bank transfers in euro are processed each business day at 9:30am and 1:30pm. Sterling bank transfers are processed at 9:00am and 4:00pm on business days)
Internal transfers between same currency “Fire” accounts are completed instantly. Internal transfers to another currency account (e.g. transferring from a Fire euro account to a Fire sterling account) are also instant!
To withdraw, just use the same process as funding but in reverse, Revolut still has no fee for exchanging back to your desired fiat currency unlike Fire. Make sure Revolut is set up as a “Payee” within Fire!
Hope I helped some of you out, this is going to be a crazy few years.
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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