Banks/EMI for crypto offramp (non-EEA resident)

[foreverdoomed]

Hello,

What would you recommend as a bank that I can open remotely with the following requirements:

- relatively easy offramp around 200k+ USD (from KRAKEN mostly), not a pain/high fees to move money around
- can hold USD in the accounts and access to basic yield
- lets me open the account remotely & has a credit/debit card; I'm european but living in Asia and several EMIs rejected my application for that reason, also they don't want to send credit/debit card here

So far haven't seen many options, looking at HSBC expat or singapore banks (but idk if i can hold USD in those)
Thanks for your suggestions

 

[Martin Everson]

Have a look at Nebeus and see if it works for you.

As long as your country not on restricted list below should be fine.

https://support.nebeus.com/portal/en/kb/articles/countries-eligible-for-nebeus-account-creation

 

[daniels27]

So far haven't seen many options, looking at HSBC expat or singapore banks (but idk if i can hold USD in those)

Yes, you can. But they may not like crypto that much.

 

[Lincoln Burrows]

Why USD and not EUR?

You'll have difficulty opening a USD account anywhere in the world knowing that you'll primarily use it to receive international SWIFT transfers from a crypto exchange, especially with the figures you mentioned.

 

[foreverdoomed]

Have a look at Nebeus and see if it works for you.

As long as your country not on restricted list below should be fine.

https://support.nebeus.com/portal/en/kb/articles/countries-eligible-for-nebeus-account-creation

never heard of it, will try thanks. would you keep a significant % of your networth there?

Why USD and not EUR?

You'll have difficulty opening a USD account anywhere in the world knowing that you'll primarily use it to receive international SWIFT transfers from a crypto exchange, especially with the figures you mentioned.

easier for me as I trade in USD, almost all my assets are USD now. also EUR rates are dropping I dont feel comfortable holding a large amount
that said if it's really the only alternative I'll have to go with it

 

[Martin Everson]

never heard of it, will try thanks. would you keep a significant % of your networth there?

In any EMI?...hell no.

 

[AndyAresa]

In any EMI?...hell no.

where would you keep savings? etf, mmf with a broker? or a savings account with some bank?

 

[AndyAresa]

In any EMI?...hell no.

i noticed in another thread that you wrote
Otherwise any EU bank with a custody account and park cash in short term treasury and keep rolling. Custody accounts are ring fenced in case banks collapses and wont form part of BRRD.

I never came across custody accounts. how to get it with an EU bank? Just go your current bank and ask for the custody account? or is there a list of such banks? google search does not help

 

[Martin Everson]

i noticed in another thread that you wrote
Otherwise any EU bank with a custody account and park cash in short term treasury and keep rolling. Custody accounts are ring fenced in case banks collapses and wont form part of BRRD.

I never came across custody accounts. how to get it with an EU bank? Just go your current bank and ask for the custody account? or is there a list of such banks? google search does not help

The custody account i.e the investment account the bank provides i.e the account where your keep stocks, bonds etc with them. Just ensure the assets you keep there are not the banks own i.e stocks and bonds issued by the bank itself.

where would you keep savings? etf, mmf with a broker? or a savings account with some bank?

Since years now I keep all my savings outside the banking system in non-financial hard assets (income generating real estate etc). I only inject income from those hard assets into the financial system and nothing more. My bonds and cash did not keep up with real inflation and confiscation or freezing of financialised assets is not something I want to ever deal with at my age.

Sorry but I am not at all in the stock market .

 

[foreverdoomed]

In any EMI?...hell no.

sorry then I need to clarify my question, I'm looking for a Bank (or maybe EMI) whose reputation is safe enough to offramp and keep a significant % of my nw there, (because rn too much of my nw is in crypto)

 

[Martin Everson]

sorry then I need to clarify my question, I'm looking for a Bank (or maybe EMI) whose reputation is safe enough to offramp and keep a significant % of my nw there, (because rn too much of my nw is in crypto)

Ok...nothing firm comes to mind at this very moment i.e safe to store wealth, offers a yield, crypto friendly and sends cards to Asia

Only maybe DBS Bank in Singapore if you meet their requirements. Maybe reach out to them and check.

https://www.dbs.com.sg/treasures/investments/product-suite/digital-platform/dbs-crypto-currency

 

[foreverdoomed]

Ok...nothing firm comes to mind at this very moment i.e safe to store wealth, offers a yield, crypto friendly and sends cards to Asia

Only maybe DBS Bank in Singapore if you meet their requirements. Maybe reach out to them and check.

https://www.dbs.com.sg/treasures/investments/product-suite/digital-platform/dbs-crypto-currency

Yeah looks like it's not the easiest situation; thank you I will check this one out

 

[Meta]

Hi. You may try Xapo Bank. Integrated crypto exchange, offers deposits and possibility to buy stocks (expensive), fine with Asia.
You may try neobanks in EU, like N26, if you still have address back in Europe. Possibly not one account, but a few.
The last one, depending on your Asian country. Research local banks. Some may be trustworthy and fine with funds from crypto.

DBS in Singapore will probably be not happy if you say that all you want is to offramp from crypto. (Personal experience with Singaporean banks). Mentioning also some other savings that you want to keep in a safe jurisdiction etc should help.

Good luck.

 

[foreverdoomed]

Hi. You may try Xapo Bank. Integrated crypto exchange, offers deposits and possibility to buy stocks (expensive), fine with Asia.
You may try neobanks in EU, like N26, if you still have address back in Europe. Possibly not one account, but a few.
The last one, depending on your Asian country. Research local banks. Some may be trustworthy and fine with funds from crypto.

DBS in Singapore will probably be not happy if you say that all you want is to offramp from crypto. (Personal experience with Singaporean banks). Mentioning also some other savings that you want to keep in a safe jurisdiction etc should help.

Good luck.

Hi, yes I have xapo already, very good app but optimally I wouldnt keep a lot there

Thanks for your advice regarding DBS; just a question for Singaporean banks in general, do they usually allow you to invest the money you keep there in US stocks/ ETFs? best case for me would be to have a current account and an investment acc where i put all my money in $BIL ETF for example

 

[daniels27]

Thanks for your advice regarding DBS; just a question for Singaporean banks in general, do they usually allow you to invest the money you keep there in US stocks/ ETFs? best case for me would be to have a current account and an investment acc where i put all my money in $BIL ETF for example

Yes, they are generally much more open to open an account for you if they can make some money from investing fees.

 

[Revoltec]

Is Swissquote an alternative for you? Crypto friendly, you can deposit USD and EUR, even BTC directly.

You also have access to a brokerage account and the investments are separated from the bank's assets by Swiss law

 

[daniels27]

Is Swissquote an alternative for you? Crypto friendly, you can deposit USD and EUR, even BTC directly.

You also have access to a brokerage account and the investments are separated from the bank's assets by Swiss law

Have you done this? How easy are they with the source of the BTC and USDT?

 

[foreverdoomed]

Is Swissquote an alternative for you? Crypto friendly, you can deposit USD and EUR, even BTC directly.

You also have access to a brokerage account and the investments are separated from the bank's assets by Swiss law

Yes I was actually just looking at it, looks like a good compromise; any downside I should know about? (apart maybe from their custody fees that look expensive over 1M CHF)

 

[Revoltec]

Have you done this? How easy are they with the source of the BTC and USDT?

Have not done it myself yet.

Yes I was actually just looking at it, looks like a good compromise; any downside I should know about? (apart maybe from their custody fees that look expensive over 1M CHF)

You get what you pay for. I do not think they are too expensive for being Switzerland. Regarding crypto, it seems like they want you to either deposit directly and pay the fee of 0.5 to 1% or from Kraken. I do not know what happens if you sell for instance on Binance and use an EMI or bank for transferring the money to Swissquote.

FOI my experiences with Singapore has been that they ask many rounds of SOF, how you got the money and then how you got the money to get the money. I would avoid Singapore for Crypto, they are already strict on documentation as it is.

 

[foreverdoomed]

Currently working with OCBC, it seems like they might be open to it
One thing that looks odd to me with SG banks is some of them have a really low interest on USD accounts, which effectively makes you lose money against inflation (I want at least 3.5% as fed rates are 4.25%, and for example this bank showed me a 0.03% interest rate)

Is that common and to expect in Singapore? Or maybe I've been looking at the wrong types of accounts ? what are your experiences