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Does anyone know the best way to change bitcoins into pounds (GBP), then do a bank transfer or paypal transfer? I've found some, but they take a week.

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The factors that matter for any cash-out decision are:

  • Where are you located (country)? (you mention UK)
  • How much are you looking to trade?
  • What type of cash are you looking to receive? (you mention bank transfer or PayPal)
  • How soon do you need access to the proceeds?
  • Is privacy important?

Specifically for cash-out to PayPal, options include:

BitBargain is probably your best method:

Or, of course, you have many local cash out methods:

And there are local traders who will buy your coins:

You might be able to find someone willing to trade over-the-counter (OTC) but you only want to do this with a trusted counterparty. The #bitcoin-otc marketplace's Web of Trust (WoT) will help as it has a trust history.

Here are more cash-out options:

  • Where are you located (country)? (you mention UK) Yep UK How much are you looking to trade? It will be small amounts to start till I get my mining rigs up What type of cash are you looking to receive? (you mention bank transfer or PayPal) Either of those would be great How soon do you need access to the proceeds? if it takes a week it would not bother me. Is privacy important? meh 50/50 really. Also I live about 6 hours from london so sites like that don't work for me. – Humanxlemming Mar 7 '13 at 22:20
  • Sorry forgot to add this bit and the other comment looks horrible not worked out the proper spacing in comments on this site yet. I can't use fastcash4bitcoins.com because it is made for american transfers only. – Humanxlemming Mar 7 '13 at 22:25
  • not worked out the proper spacing in comments on this site yet I like to surround the part I'm quoting in tilde marks, like `this` – Nick ODell Mar 7 '13 at 22:29
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I would sell them on LocalBitcoins. The current link is http://localbitcoins.com That way, the buyer's money is transferred directly to your U.K. bank account.

Another site that does the same thing is BitBargain. The link is http://bitbargain.co.uk.

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Bitstamp allows international withdrawals as long as you have a bic and swift code. YOU CAN Withdraw a minimum of $10 usd

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