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Cryptofriendly banks

#101
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aplnx said:
So, back to the topic. Does anybody know a crypto-friendly bank? Is Mercury ok with sending money to Binance or Coinbase? Can someone tell what are the caveats involved?
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Ok. I researched a little more. Final decision? well, mercury is not a crypto-friendly bank... read below:

"...(xviii) other businesses that operate or engage in any business regulated by FinCEN, including money service businesses, e-money business, and businesses selling money orders or traveler’s checks, and virtual or crypto-currency marketplaces and exchanges;..."
 
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#102
Yea, but it depends if they still allow transfers to transit gateways. For example Bankera or Dukascopy which can be opened remotely. Instead of a direct transfer, an intermediate "may" still work. That's why i always search or ask "from X to Y", is allowed or is restricted :( Takes time and makes tired... Time to time, i ask such to bank or EMI directly though official support :) Always generic answers, there's not a definite yes or no. The most problematic EMI is TW and as far as i see, ADV, Binance, and Kraken is cursed.
 
#103
cp74 said:
Yea, but it depends if they still allow transfers to transit gateways. For example Bankera or Dukascopy which can be opened remotely. Instead of a direct transfer, an intermediate "may" still work. That's why i always search or ask "from X to Y", is allowed or is restricted :( Takes time and makes tired... Time to time, i ask such to bank or EMI directly though official support :) Always generic answers, there's not a definite yes or no. The most problematic EMI is TW and as far as i see, ADV, Binance, and Kraken is cursed.
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Take a look at this one... Seems to be very interesting. I've sent an e-mail to their support. Let's see what they will feedback.
https://arivalbank.com/
By the way, can you describe in detail how Bankera would work? Do they provide money custody like a real bank?
 
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#104
Bankera is EMI but like a real bank. There's EUR only deposit account with SEPA transfers. %100 crypto friendly but there's not any option to buy/sell coins. So it depends if any financial intuition blocks transfers to them.

@Gediminas from forum can give more detailed answers. He helped me during application and raising the limits. I do not any problems so far as of today. Very happy with it.
 
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#105
cp74 said:
Bankera is EMI but like a real bank. There's EUR only deposit account with SEPA transfers. %100 crypto friendly but there's not any option to buy/sell coins. So it depends if any financial intuition blocks transfers to them.

@Gediminas from forum can give more detailed answers. He helped me during application and raising the limits. I do not any problems so far as of today. Very happy with it.
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Very good. I didn't realize that Bankera is EUR only. I asked the support if it was possible to open a business account from the U.S., but it was not clear. The answer is that each case is analyzed separately...

Anyway, Bankera seems to be a very good solution. At least, for Europe...
 
#106
If you need multi currency in EU (in addition to EUR currency), i know Dukascopy (also using), CIM (Swiss again but running cost is a bit more, but still very affordable, first deposit is high), and Satchel (opening cost is high, running cost is similar to CIM, but CIM in under regulation and offers deposit insurance, no idea for Satchel as they are EMI, not bank).
 
#107
OP what bank did you find beside the suggested in this thread? I believe we soon will need a list of crypto friendly banks, if someone would be so kind?

Maybe list crypto friendly banks in one post here?

  • Dukascopy
  • CIM Bank
  • AdvCash
  • Kraken (soon a bank)
  • Spectrocoin
  • Bankera

more...?
 
#111
cp74 said:
If you need multi currency in EU (in addition to EUR currency), i know Dukascopy (also using), CIM (Swiss again but running cost is a bit more, but still very affordable, first deposit is high), and Satchel (opening cost is high, running cost is similar to CIM, but CIM in under regulation and offers deposit insurance, no idea for Satchel as they are EMI, not bank).
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Unfortunately, I didn't had any deal with these banks. They don't work with U.S. offshores.
 
#112
Mercury is crypto-friendly in the sense that you can buy cryptocurrency with the account (by setting up a business account in a crypto exchange), and you can receive proceeds from the sale of crypto in Mercury, you can also buy crypto with the business card. What they don't like is to have clients whose sole business is crypto trading.

To illustrate: if you have a consultancy or e-commerce business, Mercury will let you buy and sell crypto (a valid reason to do so for example is if you do payroll in crypto).

On the other hand, if you have a crypto exchange business, Mercury will NOT take you as a client, the same goes for other high-risk businesses.
 
#113
Syrobonkers said:
Mercury is crypto-friendly in the sense that you can buy cryptocurrency with the account (by setting up a business account in a crypto exchange), and you can receive proceeds from the sale of crypto in Mercury, you can also buy crypto with the business card. What they don't like is to have clients whose sole business is crypto trading.

To illustrate: if you have a consultancy or e-commerce business, Mercury will let you buy and sell crypto (a valid reason to do so for example is if you do payroll in crypto).

On the other hand, if you have a crypto exchange business, Mercury will NOT take you as a client, the same goes for other high-risk businesses.
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Very interesting. This means that I can only have business with an exchange. They don't like if I act like an exchange (i.e. receiving money from clients promissing profits from cryptotrading). Well, If I were a bank I would also not like it because it seems risky.

Do you have a Mercury account? What are your experiences with crypto?

Thanks for your comments.
 
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#114
I'm posting that as I'm in the exact situation. I have a Mercury account and consultancy business, but I like crypto. I set up a business account in a reputable crypto exchange. I can use it together with Mercury to buy crypto with the business revenue, or sell it. You can also inject capital in the company via Crypto (send crypto to the exchange, sell it, and withdraw USD to the company mercury account).
 
#115
Syrobonkers said:
I'm posting that as I'm in the exact situation. I have a Mercury account and consultancy business, but I like crypto. I set up a business account in a reputable crypto exchange. I can use it together with Mercury to buy crypto with the business revenue, or sell it. You can also inject capital in the company via Crypto (send crypto to the exchange, sell it, and withdraw USD to the company mercury account).
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It couldn't be better reply. Straight to the point, that is exactly the answer I was looking for. Thanks!!
 
#116
Only way i could handle crypto efficiently without passing through clown EMIs is using onshore banks. That of course requires your money to be clean so if you got dubious sources you don't have much gateways to get access to banking unless you're well connected.

There are international banks that will look the other way if you're a private banking client but who will not hesitate to close your account if you are a retail customer and have crypto withdrawals. HSBC, Barclays, etc won't care much about crypto if you use reputable exchanges and can document your wealth properly and if you have a lot of money with them (1m plus).

Only other way as a retailer is to use local banks where you live (I know in some countries that is still difficult anyways since no banks are friendly with crypto), otherwise cash it out via OTC trades (Bitcoin for cash type of deals) then slowly deposit the funds in an account.

If you accept crypto as a business and you're in a not-so-friendly jurisdiction when it comes to crypto then you're just shooting yourself in the foot and need to rethink your business strategy or location. If you try too hard to find workarounds and resort to sketchy EMIs to move money you'll create more problems instead of fixing that one issue you initially had.

Mercury Bank is a legit entity, they are more conservative because it's online and there is no in-person KYC, you'll just need to avoid triggering red flags and have a real business with real cash flow to be able to operate there. Most banks are starting to be very hostile to simplistic business models or randoms showing up saying "they're traders and they need a bank account". Crypto is going to be treated like forex/derivatives in the sense that if you have a company trading that market, you'll need to show some kind of license for it or at least a proof of regulation. And they'll ask for it even if you don't trade third party funds simply because they don't want people who can just pump millions of undocumented cash into the company, show up to the bank and call it "trading profits" (That trick is getting old and banks have caught up to it, they simply won't trust your word.).
 
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#117
cp74 said:
Bankera is EMI but like a real bank. There's EUR only deposit account with SEPA transfers. %100 crypto friendly but there's not any option to buy/sell coins. So it depends if any financial intuition blocks transfers to them.

@Gediminas from forum can give more detailed answers. He helped me during application and raising the limits. I do not any problems so far as of today. Very happy with it.
Click to expand...
Hello, in Bankera how much limits do you have to transfer 1000 EUR by month, 1000 EUR by year or you are Level 3 verified and don´t have the limitations? I already contacted @Gediminas for help with these limits because i need to send payments soon and i read that support take longs time for review applications. Thanks for answer.
 
#118
Leandritus said:
Hello, in Bankera how much limits do you have to transfer 1000 EUR by month, 1000 EUR by year or you are Level 3 verified and don´t have the limitations? I already contacted @Gediminas for help with these limits because i need to send payments soon and i read that support take longs time for review applications. Thanks for answer.
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If you are fully verified you won't have stupid limits. I regularly move 2K-5K euros per month there without issues.
 
#119
The solutions I use that work all amount so far.
Ally.com
Chase
Cashapp btc enabled
These do not gaf. I’ve asked in chat(ally) and in person-at chase) and was told they have zero problems with it. Obviously a btc enabled cashapp allows btc:)
With those two banks I have sent plenty to exchanges. You can wire into/out of.
Cashapp can only be used to send 5k/week to external wallets.
Here is where cashapp shines:
Cashing out crypto from an exchange to your bank. 25k/week/account. Cashapp can sell unlimited btc however can only cashout to a bank 25k/week. (Though there are other methods to cashout to bypass this)
As far as your bank knows now, your funds are from cashapp, which is not an exchange of course. Never been questioned with accounts running at max.
So you want a million cashed out? 10 cashapps can do that in a month.
If you bypass cashout limits obviously the world is your oyster.
Then you can withdraw from atms worldwide, send to other banks, do whatever you want. ATM limits
Kick in here however, 1k/day x multiple accounts can get a hefty amount out, though opsec, do you want to be seen emptying out 10 local atms every day all month lol?
 
#120
Praetorian said:
Only way i could handle crypto efficiently without passing through clown EMIs is using onshore banks. That of course requires your money to be clean so if you got dubious sources you don't have much gateways to get access to banking unless you're well connected.

There are international banks that will look the other way if you're a private banking client but who will not hesitate to close your account if you are a retail customer and have crypto withdrawals. HSBC, Barclays, etc won't care much about crypto if you use reputable exchanges and can document your wealth properly and if you have a lot of money with them (1m plus).

Only other way as a retailer is to use local banks where you live (I know in some countries that is still difficult anyways since no banks are friendly with crypto), otherwise cash it out via OTC trades (Bitcoin for cash type of deals) then slowly deposit the funds in an account.

If you accept crypto as a business and you're in a not-so-friendly jurisdiction when it comes to crypto then you're just shooting yourself in the foot and need to rethink your business strategy or location. If you try too hard to find workarounds and resort to sketchy EMIs to move money you'll create more problems instead of fixing that one issue you initially had.

Mercury Bank is a legit entity, they are more conservative because it's online and there is no in-person KYC, you'll just need to avoid triggering red flags and have a real business with real cash flow to be able to operate there. Most banks are starting to be very hostile to simplistic business models or randoms showing up saying "they're traders and they need a bank account". Crypto is going to be treated like forex/derivatives in the sense that if you have a company trading that market, you'll need to show some kind of license for it or at least a proof of regulation. And they'll ask for it even if you don't trade third party funds simply because they don't want people who can just pump millions of undocumented cash into the company, show up to the bank and call it "trading profits" (That trick is getting old and banks have caught up to it, they simply won't trust your word.).
Click to expand...
you don’t need a license to trade your own money through a company ...why would broker statements to prove your trading profits not be enough ?
 
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