Adding and withdrawing GBP in popular payment services
Regardless of recent political changes (we mean Brexit, of course) British Pound remains a strong, attractive and popular currency widely used by many users both inside and outside of the UK. Therefore the question about adding and withdrawing funds in/from the most popular payment system is something a lot of users would like to know more.
This review will provide more detailed information on how one can replenish an account and how one can withdraw money including payment services fees.
There are four ways to add funds and three withdrawal methods available for GBP account owners in Payza.
Bitcoin replenishment looks the most attractive due to 0% fee, but the exchange rate can be rather far from the good one.
Wire and bank transfers are available too. Bank wire fee is 6 GBP per transaction regardless of the amount you add. Traditional bank transfers are free if you are going to replenish your account with more than 200 GBP – otherwise you will need to pay 5 GBP commission.
Finally, one can add funds via a credit card paying 3.50% fee.
Withdrawal is available for bank transfers, to credit cards and to BTC wallets. Bank transfer withdrawal includes 2.25 GBP fee per transaction which is really great! As for the credit card withdrawal one will have to pay the fee in GBP equivalent to 8 USD. The amount of funds has no impact here.
Bitcoin withdrawal fee is 2%.
Payza has different fees for individuals and companies. Please get sure to check the right page of the website. Luckily the difference is not that significant.
Skrill is another major payment service used worldwide. It is quite popular in the United Kingdom and you will now see why!
Adding funds to a Skrill account via bank transfer means paying no fee! It doesn't matter how much money you are going to upload and how many transactions you make – replenishment via bank transfer is absolutely free of charge. Probably that is the reason why so many internal online transfers are made via Skrill in the UK.
Furthermore, the same is about SWIFT transactions! You don't have to pay a dime for adding money via SWIFT.
As for other replenishment methods like adding funds using Visa and MasterCard you would need to pay 1.9% fee and 2.5% fee for replenishment via American Express. Oh, by the way, adding funds with Maestro cards is free of charge too!
Money withdrawal via bank or SWIFT transfer includes 4.76 GBP commission without any exclusions. It is also possible to withdraw funds to a Visa card with the 7.5% fee which is rather high. It's pretty easy to find a service with lower fees.
Without a doubt there are no online traders who have never heard of Payoneer. Actually, this payment service is widely used in Europe including the United Kingdom. The service itself looks to be more convenient for Europeans, that, for instance, for Americans.
USD account owners have to pay 1% fee for each transaction when adding funds while EUR account holders pay nothing. Replenishment via bank transfer is free for all Payoneer users who have EUR accounts! However there is warning on Payoneer website saying that the bank issued your card can charge its own fee. Therefore we suggest you checking it with the bank prior to adding funds to your Payoneer account. It happens sometimes that a bank charges really a big commission which cannot be refunded later.
The same warning applies to money withdrawal. There is also a flat fee for withdrawing GBP from your Payoneer account to your bank account via bank transfer – 1.5%. If you want to withdraw funds via bank transfer in another currency the commission may be up to 2.5% depending on the currency.
PayPal needs no introduction – that's the largest electronic payment service nowadays due to eBay.
If you have a GBP account with PayPal you may upload money for free using bank transfer option. Please keep in mind that your bank may charge its commission and that such a replenishment method may take up to 4 business days before the money appears on your PayPal account.
Customers are also encouraged to use PayPal cash option for account replenishment when you generate a barcode in your account. Typically one can add a sum in GBP equivalent to the amount from $20 to $500 (up to $5000 per month) – it depends on your general activity on PayPal. The fee is equal to 3.95 USD per transaction which is usually instant.
There are no withdrawal fees either if you withdraw money to a GBP bank account. Typically banks do not charge fees for such transactions either.
Coinsbank is another big payment service that supports deposits and withdrawal in British Pound. This is not just a service for online payments – that's more a cryptocurrency exchange where you can have account in both electronic and fiat currencies.
Deposits via GBP bank transfers are free of charge for Coinsbank users, however it is allowed to add more than 500 GBP only. This is a serious limitation, of course, especially if we consider a possible bank fee which can be from 0.5% to 3% or even higher depending on the bank.
Withdrawal through a bank transfer is also available, but here you have the minimum sum of 500 GBP again. The service charges 1% commission which cannot be lower than 50 GBP. It means that if you want to withdraw 500 GBP you will get only 450 GBP to your bank account.
Frankly speaking, that's not a good decision from the side of Coinsbank. Paying 10% instead of 1% specified on the website can be too disappointing for users. Please be attentive whenever you are going to withdraw your money and read all clarifications.
Both major and smaller services provide an opportunity to create a GBP account. As you may see the fees are really different. Moreover you always need to consider the commissions charged by your bank. Experienced users often create an account for such online transfers in a bank which charges the smallest commissions. That is definitely a worthy idea and we highly recommend you to do the same.