To test the process for the UK, I installed Lobstr wallet.
This was straightforward and had a useful FAQ section.
I then started the process of acquiring USDC from within the Lobstr wallet.
There is a Buy & Sell Crypto option listed within the wallet with VISA/MC symbols.
This links to a partner called MoonPay, which allows card or bank transfer (faster payment)
There is also a Deposit option.
Going via the Assets option, then looking at the options for USDC, you can also access Deposit.
Deposit has two options of potential interest:
MoonPay
MoonPay charges are rather high.
Your payment amount is used to calculate the number of USDC.
The relevant fee is then added to your payment amount to come to the total to pay.
There may have been a small amount of additional slippage on the GBP/USD/USDC rate. I was focused on the added fees to calculate the above %'s.
MoneyGram
The MoneyGram option involves depositing cash at one of their locations in exchange for USDC.
Although the UK is listed as one of the Cash In countries, it doesn't appear on the list of available countries when going through the process, so this is not an option for the UK, but could be interesting for other countries eg there are 14 countries in Africa that are listed.
Banxa
Banxa charges are slightly lower than MoonPay.
These % costs were "everything included". I calculated the USD value for the GBP payment and assumed 1 USDC=1 USD.
MoonPay transaction
I didn't notice the Banxa option initially, so went forward with a purchase via MoonPay (bank transfer).
The process itself was very smooth. Started on desktop, completed on mobile by scanning QR code, then confirming payment in mobile banking app.
It took less than 10 minutes between authorising the bank transfer and receiving the USDC.
USDC sent to my KM account generated a Kinesis email receipt within a minute.
Fee Charged:0.00001 XLM, basically nothing.
The cost of funding GBP, even via Banxa faster payments is relatively high.
However, might be worth considering vs a high street bank international wire for smaller amounts.
eg £200 sent via Banxa would cost 2.7%.
If you have a crypto account that allows fiat deposit and USDC purchase, that route is likely to be eliminate much of the cost.
KYC, 24 hour wait period, questionnaire
Be aware that you will have a 24 hour wait period for any of these fiat-crypto services in the UK (eg Banxa, MoonPay) and that qualifying for one doesn't qualify you for another.
You will also have to classify your investor type, do KYC and also pass a questionnaire before they will allow you to complete your purchase.
The clock seems to start when you initiate your first purchase - which they will interrupt to do the above. Some of the required activity is at the interruption point, some is after the 24 hours is up.
EDIT:
While not really related to deposits, I did try the MoneyGram Cash Out option.
This time, UK was one of the supported countries.
I got all the way through the process, including selecting a local store and submitting ID, however at the last page, I got this message:
Unfortunately this wallet is not eligible for MoneyGram transactions at this time
This was straightforward and had a useful FAQ section.
I then started the process of acquiring USDC from within the Lobstr wallet.
There is a Buy & Sell Crypto option listed within the wallet with VISA/MC symbols.
This links to a partner called MoonPay, which allows card or bank transfer (faster payment)
There is also a Deposit option.
Going via the Assets option, then looking at the options for USDC, you can also access Deposit.
Deposit has two options of potential interest:
- MoneyGram - cash (doesn't work for UK)
- Banxa - card or faster payment
MoonPay
MoonPay charges are rather high.
- Minimum payment is £30.
- 6.5% for card payments for values above ~£160. Fee is £5.20 for min payment.
- 2.7% for bank transfer for values above ~£570. Fee is £4.60 for min payment.
Your payment amount is used to calculate the number of USDC.
The relevant fee is then added to your payment amount to come to the total to pay.
There may have been a small amount of additional slippage on the GBP/USD/USDC rate. I was focused on the added fees to calculate the above %'s.
MoneyGram
The MoneyGram option involves depositing cash at one of their locations in exchange for USDC.
Although the UK is listed as one of the Cash In countries, it doesn't appear on the list of available countries when going through the process, so this is not an option for the UK, but could be interesting for other countries eg there are 14 countries in Africa that are listed.
Banxa
Banxa charges are slightly lower than MoonPay.
- Minimum payment is £40.
- ~6.2% for card payments for values above ~£160. Just over 6.5% for min payment.
- ~2.3% for bank transfer for values above ~£600. 5.2% fee for min payment.
These % costs were "everything included". I calculated the USD value for the GBP payment and assumed 1 USDC=1 USD.
MoonPay transaction
I didn't notice the Banxa option initially, so went forward with a purchase via MoonPay (bank transfer).
The process itself was very smooth. Started on desktop, completed on mobile by scanning QR code, then confirming payment in mobile banking app.
It took less than 10 minutes between authorising the bank transfer and receiving the USDC.
USDC sent to my KM account generated a Kinesis email receipt within a minute.
Fee Charged:0.00001 XLM, basically nothing.
The cost of funding GBP, even via Banxa faster payments is relatively high.
However, might be worth considering vs a high street bank international wire for smaller amounts.
eg £200 sent via Banxa would cost 2.7%.
If you have a crypto account that allows fiat deposit and USDC purchase, that route is likely to be eliminate much of the cost.
KYC, 24 hour wait period, questionnaire
Be aware that you will have a 24 hour wait period for any of these fiat-crypto services in the UK (eg Banxa, MoonPay) and that qualifying for one doesn't qualify you for another.
You will also have to classify your investor type, do KYC and also pass a questionnaire before they will allow you to complete your purchase.
The clock seems to start when you initiate your first purchase - which they will interrupt to do the above. Some of the required activity is at the interruption point, some is after the 24 hours is up.
EDIT:
While not really related to deposits, I did try the MoneyGram Cash Out option.
This time, UK was one of the supported countries.
I got all the way through the process, including selecting a local store and submitting ID, however at the last page, I got this message:
Unfortunately this wallet is not eligible for MoneyGram transactions at this time
Last edited:
