All About BTC, LTC, ETH mining as well as other alternative crypto currencies
We have recently tested the service Bitwala for sending BTC to PayPal, but the use of eChecks makes the transfer of the coins to money in PayPal very slow, so we started looking for alternative. One such alternative that we found, also operated by an European company that apparently is targeting only European users (supports only EUR as a fiat currency), is called Coinimal and we have decided to give it a go as well. This service supports not only Bitcoin to PayPal, but sending Bitcoin to bank accounts via SEPA as well as multiple other payment systems, though our focus was on the PayPal support. Another interesting thing about Coinimal is that it is not only for selling your Bitcoins or NXTcoin and having the respective Euro amount sent to PayPal, bank account or other payment processor, but you can actually also buy BTC as well as NXT and even Ethereum’s Ether coins with it.
Once you register and verify your email address you will be able to start using the service for selling crypto coins for Euro with a daily limit of 1000 Euro, 7500 Euro monthly limit and 30000 EUR total limit, but you will not be able to buy crypto coins. You would need to go through an additional verification process to increase your limits and get the ability to also buy crypto coins, but the good thing is that right after registration you can immediately test the Bitcoin to PayPal functionality or Bitcoin to SEPA wire transfer. Do note that since the service is targeted at European users if you are from another country you might not be able to go through all levels of verification, but you should still not have trouble using the lower limit levels.
Here are how the different verification levels go and what are the requirements and the limits you get with each of them. Going for the maximum Gold level would give you access to the full functionality offered by the service as well as very high limits for both buying and selling the supported crypto currencies, but in order to pass it you need to verify your identity and provide the respective documents to do that. If you do not require to have high limits and don’t need the functionality for buying crypto coins using the service you can be just fine even with the Starter or Bronze plans. For the Bitcoin to PayPal transfer functionality this should be enough with the standard limits you get, at least for checking the service out to see if it will provide you with what you need in terms of functionality.
When you go to the page to sell Bitcoin (or NXTcoin) for Euro and have the money sent to your bank account or to PayPal you have to set an amount of coins you want to sell. There is a limit of minimum 50 Euro equivalent in coins to initiate a transaction and that goes for both BTC and NXT coins, regardless of where you want to transfer them. After you enter the amount in coins you want to sell you will see the base price per Bitcoin and how much you will receive depending on the payout provider you have chosen (minus the service fee). The SEPA wire transfer comes with the lowest fee and the fee for PayPal transfers is apparently higher as it also takes into account the PayPal fees, do note however that the estimate you get in EUR might be a bit less when you go to the final confirmation page for initiating the Bitcoin to PayPal transaction.
After you send the BTC to the wallet address you are given you will have to wait for the network confirmation that can normally take up to about 1-2 hours and then you can expect to see a money transaction to PayPal to be initiated. Since the process can take multiple hours to be completed you will also receive an email when the money have been sent to your PayPal account. In our test for sending about 50 EUR (the minimum) converted from Bitcoin to PayPal the total time needed was about three and a half hours from the moment we have initiated the process until we have got the money in our PayPal account. The good thing here is that unlike Bitwala that use PayPal eCheck for the transfers this service does a normal regular transfer and you have the money available immediately in your PayPal account without having to wait for their confirmation. So if you want to be able to quickly and easily transfer Bitcoins to Euro in your PayPal account, then Coinimal is the better solution available from the two services that we have recently tested, though both of them do work pretty much equally well for BTC to SEPA bank transfers.