Does the Royal Bank of Scotland accept Bitcoin?
In terms of allowing customers to use cryptocurrencies for purchases or transfers, the Royal Bank of Scotland currently does not support any transactions involving cryptocurrencies.
While it is possible for customers to hold and invest in cryptocurrencies through third party providers, the bank does not offer any specific services for buying, selling, or storing them. Royal Bank of Scotland users can freely buy and sell digital assets with the funds in their RBS accounts. The most secure exchange in Scotland and the UK is Uphold, it is regulated by both the FCA and CySEC.
How to Buy Crypto with Royal Bank of Scotland
The best way to buy cryptocurrencies with Royal Bank of Scotland is through Uphold. On Uphold, RBS users can deposit GBP, EUR, AUD & USD via bank transfer, credit/debit card, SEPA, Google Pay & Apple Pay. Follow the below steps to get started.
- Sign up to the Uphold exchange with your email and complete the verification process.
- Connect your RBS bank account or card to Uphold by selecting the currency you want to deposit on your dashboard.
- You can then select the 'connect bank' button to link your RBS bank account to the platform and deposit Great British Pounds (GBP), Euros (EUR) and other currencies.
- Once the funds arrive, find the cryptocurrency you want to purchase and execute your trade.
Is RBS Crypto-Friendly?
The Royal Bank of Scotland does not currently have a specific policy surrounding cryptocurrencies. However, in recent statements, the bank has expressed interest in digital assets and has taken steps to begin implementing blockchain technology into their platform.
At this time, it seems that the Royal Bank of Scotland is a crypto-friendly institution. As the industry continues to evolve and mature, it is possible that the bank may reconsider listing cryptocurrencies on its platform.
About Royal Bank of Scotland
The Royal Bank of Scotland, commonly known as RBS, is a British banking and insurance holding company headquartered in Edinburgh, Scotland. Founded in 1727, it is the second-oldest bank in the United Kingdom after Barclays. RBS serves over 30 million customers through its personal and business divisions, operating in the United Kingdom and internationally.
In addition to retail banking services, the company offers corporate finance, investment banking, private banking, asset management, and insurance products and services. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
In 2008, RBS faced financial difficulties and received an £45 billion bailout from the British government, making it one of the largest bank bailouts in history. Following years of restructuring, the company returned to profitability in 2017. In 2019, RBS announced plans to create a “ring-fenced” bank to comply with regulatory changes requiring banks to separate their retail and investment divisions.