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Kraken withdraw Euro Swift with ETANA
- Thread starter fuorissimo
- Start date
Etana Custody will not allow you to withdraw to an offshore bank. (Or, at least they did not allow me).
In addition, their KYC is very strict. It is a bit frustrating to go through that, only to be denied a withdrawal.
In addition, their KYC is very strict. It is a bit frustrating to go through that, only to be denied a withdrawal.
Yeah it may be the reason. I had a local bank who asked me where the funds came from that I received from Kraken, they knew them. I told them it's an old wallet I had and they were fine. Other banks simply shut down the account or tell you to stop what you are doing.
It comes handy if you transfer your kraken money to TW or AdvCash or even ePayments and from there to your local bank account if it's what you want to do.
If you're fine with using euros/SEPA, you can avoid Etana. If you want to withdraw or deposit dollars or do international transfers, you have to use this "custody". I checked their introductionary questionnaire, it is ridiculous. They want to know information not even my mom knows.
Also don't expect Etana to function as a workaround if your bank doesn't like Kraken. They will figure out pretty fast what Etana means and if they block Kraken for whatever reason, they'll block Etana sooner or later. It is a depressing world.
Also don't expect Etana to function as a workaround if your bank doesn't like Kraken. They will figure out pretty fast what Etana means and if they block Kraken for whatever reason, they'll block Etana sooner or later. It is a depressing world.
Etana Custody will allow you to withdraw FIAT (also EUR) to any offshore jurisdiction if you can pass theirs as you correctly pointed out strict KYC. I am speaking from my personal experience. I was one of the first test users to be enabled ETANA withdrawals to one of my offshore structure before official public rollout when minimal limit was 50k. I was also cooperating with them to setup their api with kraken in proper way.
But watchdogs are closely monitoring them, that's true, so be prepared sometime to get random compliance check from their bank partners for your transactions and wait as long as 1 month for release of your funds.
But that's part of the business.
Cheers,
John Dee
I am also speaking from my personal experience. I passed their KYC, tried to withdraw to my approved account (to a country where I am not a resident). The withdrawal was declined. Here is a lightly edited quote from their correspondence:
This happened in spring 2019.
Sorry if this is very stupid, forgive me. But why don't you withdraw your money from kraken to transferwise and transfer the money to wherever you want?
Some offshore jurisdicions are not supported by transferwise. If you want to make it right and pass financial audits, that's the only way, how to do it.
In another thread somebody told it worked fine until TW closed his account. Like always, "it depends" and banks make decisions on case by case-basis.
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