Can I Buy Crypto with Royal Bank of Scotland?

Yes, Royal Bank of Scotland customers can buy crypto through FCA-regulated exchanges in the UK using bank transfers, Faster Payments, or debit cards.

While RBS doesn’t handle crypto transactions directly, it permits payments to compliant UK platforms, giving investors regulated access to digital assets.

How to Buy Bitcoin with Royal Bank of Scotland

The safest way for RBS customers to buy Bitcoin & crypto is through FCA-regulated platforms like eToro (Firm Reference Number: 583263). eToro offers over 6,000 cryptos, stocks, and ETFs, and supports fast, secure deposits via bank transfers, Faster Payments, or debit cards from RBS accounts.

Here’s how to quickly purchase Bitcoin using RBS:

1. Sign Up: Open an account on the eToro platform and complete the Know Your Customer (KYC) verification process by submitting an official ID such as a passport or driving licence.
2. Deposit Funds: Once verified, log into your eToro account, navigate to the "Deposit Funds" option, and select bank transfer or debit card to transfer funds directly from your RBS account.
3. Locate Bitcoin (BTC): In the eToro dashboard, enter "Bitcoin" or "BTC" into the search bar and select it from the results to access the Bitcoin trading interface.
4. Execute Your Purchase: Enter your desired amount of Bitcoin, carefully review all transaction details including the displayed fees, then confirm your transaction.

Royal Bank of Scotland Cryptocurrency Policy

RBS allows clients to transfer funds to crypto platforms but maintains specific fraud controls. The bank only approves transactions to digital asset exchanges registered with the Financial Conduct Authority (FCA). Payments identified as high-risk, suspicious, or unusual may be blocked.

Royal Bank of Scotland permits users to make limited transfers to crypto exchanges but imposes daily (£1,000) and monthly (£5,000) transaction limits for Faster Payments and debit cards. Since February 2018, RBS has blocked all cryptocurrency purchases made with credit and charge cards.

While the bank does not endorse specific platforms, customers should consider eToro UK Ltd, which is authorised by the FCA (FRN: 583263). eToro requires KYC verification and implements anti-money laundering (AML) and counter-terrorism financing (CTF) measures in compliance with UK law.

Alternative Crypto Exchanges for RBS

Royal Bank of Scotland clients considering crypto investments can select from several licensed platforms suitable for British traders, such as:

• Uphold: Supports trading in over 300 cryptocurrencies, national currencies, and precious metals, providing extensive diversification options.
• Kraken: A trusted exchange authorised by the FCA, Kraken offers secure trading in over 390 cryptocurrencies with various GBP deposit methods.
• Bitpanda: Fully registered in the EU and accessible in the UK, Bitpanda delivers user-friendly access to cryptocurrencies, stocks, ETFs, and commodities.

When choosing an exchange, investors should review platform security, supported currencies, fees and consider the daily (£1,000) and monthly (£5,000 per 30-day period) transaction limits.

Cryptocurrency Exchange Fees

Royal Bank of Scotland users looking to invest in cryptocurrencies through regulated exchanges should carefully review fee structures associated with deposits, withdrawals, and trading activities. These include:

• Deposits: Most exchanges accept GBP deposits via Faster Payments or bank transfers from RBS accounts without fees. Debit card deposits often involve additional charges.
• Withdrawals: Withdrawing funds back to your RBS account via bank transfers or Faster Payments typically carries no extra cost, though certain exchanges might impose fees for express or international transfers.
• Trading Fees: Exchanges differ significantly in trading costs. For instance, eToro features competitive fees of 1%, Uphold incorporates fees within their price spreads around 1.49%, and Bitpanda’s fees generally start from around 1.5%.

To manage costs effectively, RBS customers should regularly check the official fee pages of their selected cryptocurrency exchange.

About Royal Bank of Scotland (RBS)

Royal Bank of Scotland is a major retail and commercial bank headquartered in Edinburgh, Scotland, and part of NatWest Group plc. Established in 1727, RBS provides banking services, including personal accounts, mortgages, business banking, loans, and investment products across the UK. 

The bank offers the RBS Digital Banking app and Reward Accounts, which are designed to give customers cash back and other benefits. It also features tailored products like the Premier Banking service for high-net-worth individuals, as well as business banking accounts.

Final Thoughts

When buying cryptocurrency through the Royal Bank of Scotland, prioritise safety by choosing FCA-registered platforms like eToro, Kraken, or Uphold and thoroughly checking all transaction fees beforehand. 

Remember, RBS’s daily and monthly payment limits exist for your protection, so plan your transactions carefully to avoid disruptions. Always maintain control of your crypto wallet and regularly review the security measures provided by your chosen platform.