bank account for European crypto trading company

[Coin]

Hello everyone,

I've been running crypto trading company in Europe for a short time. Since beginning I only used one bank that recently decided to close my account.
I contacted every single bank in my country but sadly they all denied to open bank account for my company.

I'm not sure what to do at this point so I'd appreciate to hear some suggestions on banks that accept crypto business. I do 100s of transactions monthly with decent turnover. I need SEPA and SWIFT payments + I use debit card a lot and I do around 100K monthly in currency conversions with bank.

I heard about Bankera but they seem to be quite expensive and I'm also scared about keeping a lot of money there.
I talked with one agent who specializes in bank accounts and he recommended some Switzerland accounts. If you have any experience with Switzerland bank accounts I'd like to hear it.

Crypto exchange kraken uses Fidora bank, Bank Frick, InCore Bank and Clear Junction. Is there any chance to get accepted by these banks? Or does does anybody have any experience with them?

 

[Gediminas]

Coin said:
and I'm also scared about keeping a lot of money there
Click to expand...

No need to be scared of them. It's a great team. But they wouldn't be able to provide SWIFT for crypto businesses anyway.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Coin]

Gediminas said:
No need to be scared of them. It's a great team. But they wouldn't be able to provide SWIFT for crypto businesses anyway.
Click to expand...

They don't provide SWIFT payments to crypto businesses? On their website they seem to be offering "crypto exchange - Virtual currency businesses (cryptocurrency exchanges, brokerages, mining farms, and more)" accounts for 1000€ minimum monthly commitment and they advertise:

• SWIFT (outgoing)
  0.2% + 7 EUR
• SWIFT (incoming)
  18 EUR
  
  Is this not true?
  

 

[Gediminas]

Coin said:
They don't provide SWIFT payments to crypto businesses? On their website they seem to be offering "crypto exchange - Virtual currency businesses (cryptocurrency exchanges, brokerages, mining farms, and more)" accounts for 1000€ minimum monthly commitment and they advertise:

• SWIFT (outgoing)
  0.2% + 7 EUR
• SWIFT (incoming)
  18 EUR
  
  Is this not true?

Click to expand...

Well, they offer it case by case, only to well-established exchanges with a proven history of operations.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Silvio]

Coin said:
Hello everyone,

I've been running crypto trading company in Europe for a short time. Since beginning I only used one bank that recently decided to close my account.
I contacted every single bank in my country but sadly they all denied to open bank account for my company.

I'm not sure what to do at this point so I'd appreciate to hear some suggestions on banks that accept crypto business. I do 100s of transactions monthly with decent turnover. I need SEPA and SWIFT payments + I use debit card a lot and I do around 100K monthly in currency conversions with bank.

I heard about Bankera but they seem to be quite expensive and I'm also scared about keeping a lot of money there.
I talked with one agent who specializes in bank accounts and he recommended some Switzerland accounts. If you have any experience with Switzerland bank accounts I'd like to hear it.

Crypto exchange kraken uses Fidora bank, Bank Frick, InCore Bank and Clear Junction. Is there any chance to get accepted by these banks? Or does does anybody have any experience with them?
Click to expand...

As far as I know Swiss banks hate crypto and won't touch you with a 10 foot poll if you mention it. Bank Frick is known to be friendly, also Fidor.

Which Swiss banks were recommended to you?

 

[PurpleH]

Hey @Coin I am on a similar situation and would love to know more about your enquiries. I am not sure where are you located in Europe, but I guess most countries ask you for a license to operate with crypto, right? In the case of Estonia, your account must be in the EEA, so I believe Switzerland would ruled out.
I was once on a process with Bankera and my experience was very bad, they stopped the process at some point and refused to tell me why they denied the account, I had already paid 200€ or 400€ (don't wanna remember) for their compliance work and lost them. I had no answer from them after, only automated responses. I have a little list of banks and EMI that I have looked into, so feel free to contact me for more info, I'll be glad to share.

 

[Coin]

maxmmm said:
As far as I know Swiss banks hate crypto and won't touch you with a 10 foot poll if you mention it. Bank Frick is known to be friendly, also Fidor.

Which Swiss banks were recommended to you?
Click to expand...

He hasn't mentioned any specific banks but he said that he has 15 Swiss banks in his portfolio that accept crypto businesses. He sent out my business plan to them and in couple days he will inform me which banks are okay with my business and would open account for me.

I've been recommended Duckascopy Bank from different source and they seem to offer crypto services on their website.

 

[Coin]

I found out that Dukascopy Bank does not offer business accounts so that wouldn't be an option.

 

[wellington]

Coin said:
Hello everyone,

I've been running crypto trading company in Europe for a short time. Since beginning I only used one bank that recently decided to close my account.
I contacted every single bank in my country but sadly they all denied to open bank account for my company.

I'm not sure what to do at this point so I'd appreciate to hear some suggestions on banks that accept crypto business. I do 100s of transactions monthly with decent turnover. I need SEPA and SWIFT payments + I use debit card a lot and I do around 100K monthly in currency conversions with bank.

I heard about Bankera but they seem to be quite expensive and I'm also scared about keeping a lot of money there.
I talked with one agent who specializes in bank accounts and he recommended some Switzerland accounts. If you have any experience with Switzerland bank accounts I'd like to hear it.

Crypto exchange kraken uses Fidora bank, Bank Frick, InCore Bank and Clear Junction. Is there any chance to get accepted by these banks? Or does does anybody have any experience with them?
Click to expand...

Curious, did the other banks have a red flag, or were you open and honest?

 

[LoveMyLife]

In which european country is your company incorporated? There are still some banks in Austria which accepts crypto business if you are willing to hold a minimum balance in 7 digits..

 

[Sadhu]

You can try Globitex and Clearjunction - not cheapest, but easy to work with

 

[Coin]

LoveMyLife said:
In which european country is your company incorporated? There are still some banks in Austria which accepts crypto business if you are willing to hold a minimum balance in 7 digits..
Click to expand...

I'm not that rich unfortunately

Sadhu said:
You can try Globitex and Clearjunction - not cheapest, but easy to work with
Click to expand...

I haven't heard of Globitex so I'll definitely check that out. I already contacted Clearjunction and we're scheduling a call so we will see how that goes. Do you know what their pricing looks like? I couldn't find it anywhere on their website.

 

[Sadhu]

Coin said:
I'm not that rich unfortunately

I haven't heard of Globitex so I'll definitely check that out. I already contacted Clearjunction and we're scheduling a call so we will see how that goes. Do you know what their pricing looks like? I couldn't find it anywhere on their website.
Click to expand...

Clearjunction charges 0.15% for incoming/outgoing transactions. Transfers to Kraken are 8 eur. There is also a setup fee, but you definitely need to bargain with them

Also try Connectpay

 

[Coin]

Sadhu said:
Clearjunction charges 0.15% for incoming/outgoing transactions. Transfers to Kraken are 8 eur. There is also a setup fee, but you definitely need to bargain with them

Also try Connectpay
Click to expand...

Thanks for the info. Do you have any experience with verifo.com ? My friend uses them without any issues by far but they are a bit expensive.

 

[Sadhu]

Coin said:
Thanks for the info. Do you have any experience with verifo.com ? My friend uses them without any issues by far but they are a bit expensive.
Click to expand...

Haven't worked with them - but yeah, they are a bit more expensive than typical offers on the market

 

[nomad999]

what jurisdiction is the company incorporated ?
what crypto exchanges do you use ?

my guess is you might have to adapt how you do business a bit to increase the odds perhaps, like trading on uniswap or even binance is likely to be unacceptable for any bank. perhaps make sure to tell them you only trade on regulated crypto exchange giving more details like that.
I am curious if you could give us a bit of details on how your communication with banks have gone or if other people have any insight on this.

no idea if its possible but there is silvergate bank in the us that is said to be crypto friendly
https://www.silvergatebank.com/

 

[PurpleH]

I am curious if you could give us a bit of details on how your communication with banks have gone or if other people have any insight on this.
Click to expand...

I'm on similar situation as @Coin and my experience with different banks and EMI is that they'll try to charge you first for a compliance analysis without any insurance that you will get your account opened, same thing goes with 'consultants' in this field. IMO you shouldn't pay anything before the account is opened, I already fell for it, thinking that as the process was going forward already, there wouldn't be any problems further down the road. I lost some money with Bankera doing that, stay away from it.

 

[Sadhu]

PurpleH said:
I'm on similar situation as @Coin and my experience with different banks and EMI is that they'll try to charge you first for a compliance analysis without any insurance that you will get your account opened, same thing goes with 'consultants' in this field. IMO you shouldn't pay anything before the account is opened, I already fell for it, thinking that as the process was going forward already, there wouldn't be any problems further down the road. I lost some money with Bankera doing that, stay away from it.
Click to expand...

I agree about Bankera - lost money twice with them - their demands are just ridiculous :/

 

[Coin]

nomad999 said:
what jurisdiction is the company incorporated ?
what crypto exchanges do you use ?

my guess is you might have to adapt how you do business a bit to increase the odds perhaps, like trading on uniswap or even binance is likely to be unacceptable for any bank. perhaps make sure to tell them you only trade on regulated crypto exchange giving more details like that.
I am curious if you could give us a bit of details on how your communication with banks have gone or if other people have any insight on this.

no idea if its possible but there is silvergate bank in the us that is said to be crypto friendly
https://www.silvergatebank.com/
Click to expand...

I don't use exchanges that much. I trade directly with people which is a big no no from banks. Bank Frick rejected my application as they are only interested in working with bigger exchanges and I'm still working on other banks.

Sadhu said:
I agree about Bankera - lost money twice with them - their demands are just ridiculous :/
Click to expand...

Good to know 😀 I'm currently working on application process with clearjunction but I find it really strange that they won't even show me their fees. I wanted to check it out before I provide all the company documents they are requesting. Is there any catch I should know about?

 

[Sadhu]

Coin said:
Good to know 😀 I'm currently working on application process with clearjunction but I find it really strange that they won't even show me their fees. I wanted to check it out before I provide all the company documents they are requesting. Is there any catch I should know about?
Click to expand...

As far as I can tell, they look at each case separately - and you can bargain with them for sure 🙂