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Quote from: smallbear12 on June 27, 2015, 08:53:35 AM
Hi all, sorry in advance if this is a silly question, but am bit of a newbie to this - please can someone advise me on how I transfer bitcoins from my wallet (using Electrum 2.3.2) to my bank account? Do I need to change/sell them back to GBP first via localbitcoins or similar site, or is there a way of transferring directly from wallet please?
Thanks in advance Smiley
There's no bank I know of that has a Bitcoin account for the customers whereby you can sent Bitcoin into the bank account and you will.be credited with the amount of Bitcoin you have sent, what I know with most banks is they have Fiat accounts and other investment accounts of which I am yet to see a crypto account with banks,  although I don't know and cannot really tell if there is any .

For the best I know,  you will have to sell off or transfer your Bitcoin to a crypto exchange from where you will be able to exchange it with Fiat and the Fiat will be transfered to your bank account after which you can withdraw the Fiat to use for whatever purpose you wish to use it for. Bitcoin cannot be transferred to a bank account to the best of my knowledge.
Original archived Re: Transferring btc to bank account?
Scraped on 29/07/2025, 12:00:23 UTC
Quote from: smallbear12 on June 27, 2015, 08:53:35 AM
Hi all, sorry in advance if this is a silly question, but am bit of a newbie to this - please can someone advise me on how I transfer bitcoins from my wallet (using Electrum 2.3.2) to my bank account? Do I need to change/sell them back to GBP first via localbitcoins or similar site, or is there a way of transferring directly from wallet please?
Thanks in advance Smiley
There's no bank I know of that has a Bitcoin account for the customers whereby you can sent Bitcoin into the bank account and you will.be credited with the amount of Bitcoin you have sent, what I know with most banks is they have Fiat accounts and other investment accounts of which I am yet to see a crypto account with banks,  although I don't know and cannot really tell if there is any .

For the best I know,  you will have to sell off or transfer your Bitcoin to a crypto exchange from where you will be able to exchange it with Fiat and the Fiat will be transfered to your bank account after which you can withdraw the Fiat to use for whatever purpose you wish to use it for.