RBS Bank – Crypto Haters quake in their boots

Of course, everyone knows that RBS Bank (that’s Natwest and other banks in the UK) is run by a guy that hates Cryptocurrency of any sort. Today, they’ve announced that you are not allowed to buy Crypto with your Credit card – note, that’s not DEBIT CARD, so as I have no debt with them or credit cards it makes no difference to me.

I suspect that the CEO’s hatred of crypto may have the opposite effect on his staff.

Get around the problem

So let’s just say you had £2000 credit on your credit card you want to put into crypto, here’s how.

1. Withdraw £2000 in £250 chunks per day (that’s the max you can withdraw.
2. Pay into your RBS bank account
3. Buy Bitcoin with your RBS Debit card

Alternatively, you could do what I’m going to do and switch banks to a different bank. It’s pretty easy these days but I want to find a bank that is “crypto” friendly, however, I think that might be a hard ask. Banks are nervous about crypto because it’s direct competition. So I’m going to be posting in the next few days which bank I decide to go to, and why, I may just go the whole hog and set up an offshore account instead… maybe somewhere sunny, like Costa Rica, or somewhere that recognises cryptocurrency.

If I owned a bank (Which by holding crypto, you technically do, because you actually hold your own currency, unlike with a bank where it’s lent out 10 times over), then I would offer crypto accounts within the bank and make money by having a surcharge into my crypto accounts. Rather than being a stupid idiot and losing billions every year by not embracing new tech.