Bank w/ remote opening accepting Crypto Exchg. Withrawals

[Emilio]

I need to deposit an equivalent of 60K USD in a Bank account and hold it there for a few months. The requirements are:
1)It must be a bank with a a banking license (not an EMI) because its to prove solvency.
2)I should be able to create the bank account remotely.

The BTC amount will become from a crypto exchange and its legit and low-risk. I'd prefer to work with a bank where I can prove the origin of the funds quickly and smoothly, I know some banks are a pain and take weeks to do this. I can either deposit directly to the bank or to transfer it from the exchange to Advcash and then from Advcash to the bank.

The only real bank I could get so far is Dukascopy. I'm trying to get Schwab and Xapo.

Which bank would you use?

Is Swissquote an option here? I'm not sure if its a licenced bank or an EMI.

Last edited: Jun 29, 2022

 

[JohnnyDoe]

Emilio said:
I need to deposit an equivalent of 60K USD in a Bank account and hold it there for a few months. The requirements are:
1)It must be a bank with a a banking license (not an EMI) because its to prove solvency.
2)I should be able to create the bank account remotely.

The BTC amount will become from a crypto exchange and its legit and low-risk. I'd prefer to work with a bank where I can prove the origin of the funds quickly and smoothly, I know some banks are a pain and take weeks to do this. I can either deposit directly to the bank or to transfer it from the exchange to Advcash and then from Advcash to the bank.

The only real bank I could get so far is Dukascopy. I'm trying to get Schwab and Xapo.

Which bank would you use?

Is Swissquote an option here? I'm not sure if its a licenced bank or an EMI.
Click to expand...

Too many requirements for too little money.
You have no real reason for not choosing an EMI.
But you could consider Nuri

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[Forester]

Emilio said:
The only real bank I could get so far is Dukascopy.
Click to expand...

Dukascopy sets for you the limit of 10 000 (or maybe 15 000, I do not recall) CHF after onboarding and it is not so quick & easy to increase it nowadays.

Emilio said:
'm trying to get Schwab
Click to expand...

Schwab International (I understand you are not US resident) is crypto-friendly? I doubt but I am not sure; anyway IMO it is a bank focused on investments, not on holding the assets.

Emilio said:
and Xapo.
Click to expand...

It might work, if they onboard you... (frankly, I know nothing about their onboarding policy).

Emilio said:
Is Swissquote an option here? I'm not sure if its a licenced bank or an EMI.
Click to expand...

Swissquote has a (Swiss) banking licence.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

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[Jerry1911]

I would open 3 different local bank accounts and deposit 20k in each.

 

[Emilio]

Thank you for your help!

JohnnyDoe said:
Too many requirements for too little money.
You have no real reason for not choosing an EMI.
But you could consider Nuri
Click to expand...

Even if it's little money for some institutions. Some other banks may ask a lot of questions.

I need a bank certificate and they're strict that's why prefer a bank.
I considered Nuri, but is available for residents of the European Economic Area. Even if they open the account with your passport, it'd be against the TOS if I don't live there: New Reality Banking

Forester said:
Dukascopy sets for you the limit of 10 000 (or maybe 15 000, I do not recall) CHF after onboarding and it is not so quick & easy to increase it nowadays.

Schwab International (I understand you are not US resident) is crypto-friendly? I doubt but I am not sure; anyway IMO it is a bank focused on investments, not on holding the assets.

It might work, if they onboard you... (frankly, I know nothing about their onboarding policy).

Swissquote has a (Swiss) banking licence.
Click to expand...

You're very right. You've been of great help. Swissquote seems the way to go,
less pain than Dukascopy. And it seems like 60K is not big deal for them (as it is for dukascopy).
After reading your message, I realized that Schwab offers a brokerage account, it isnt a checking or savings account, and Xapo has a permanent waiting list.

Jerry1911 said:
I would open 3 different local bank accounts and deposit 20k in each.
Click to expand...

I'll consider this strategy too.

 

[diatessaron]

Swissquote onboarding process is a bit slow and you will be asked for extra documents, make sure you have everything ready. That includes your first ever transfer to a crypto exchange and trades for the last 6 months to 1 year.

 

[Forester]

Emilio said:
You're very right. You've been of great help.
Click to expand...

You're welcome 🙂

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Emilio]

diatessaron said:
Swissquote onboarding process is a bit slow and you will be asked for extra documents, make sure you have everything ready. That includes your first ever transfer to a crypto exchange and trades for the last 6 months to 1 year.
Click to expand...

I will! Thank you for the tip. For any specific amounts?
Somebody in the forum mentioned that he never had a problem with 50K or 60K amounts, and all his deposits eventually added up 1MM without problem. That's why it looked better than Dukascopy for me.

 

[diatessaron]

Emilio said:
I will! Thank you for the tip. For any specific amounts?
Somebody in the forum mentioned that he never had a problem with 50K or 60K amounts, and all his deposits eventually added up 1MM without problem. That's why it looked better than Dukascopy for me.
Click to expand...

I still haven't made any transfer with them because their daily volume was too low for Bitcoin last time I checked, I think it was like 15k. AFAIK it's Bitstamp that provides liquidity for Swissquote but the website shows very low volume, which means a slippage so big your 60k would crash their market and cause some massive losses.

Contact them first, let them know what you're planning on doing and make sure the volume is right before you enter a trade.

 

[Emilio]

I will. Your help is appreciated.

 

[tyrexoid]

Emilio said:
Thank you for your help!


Even if it's little money for some institutions. Some other banks may ask a lot of questions.

I need a bank certificate and they're strict that's why prefer a bank.
I considered Nuri, but is available for residents of the European Economic Area. Even if they open the account with your passport, it'd be against the TOS if I don't live there: New Reality Banking


You're very right. You've been of great help. Swissquote seems the way to go,
less pain than Dukascopy. And it seems like 60K is not big deal for them (as it is for dukascopy).
After reading your message, I realized that Schwab offers a brokerage account, it isnt a checking or savings account, and Xapo has a permanent waiting list.

I'll consider this strategy too.
Click to expand...

Schwab automatically creates checking account alongside the investment one because that's what you use in order to move money back and forth into and out of the investment. I use it, their ATM card is also very good, they refund any ATM fees you incur abroad, so this card is what I use for any ATM when travelling. Also their "alerting" system is less annoying than Bank of America (which rejects transactions abroad a lot) Schwab only sends you notification that the card was used abroad, but doesn't reject the transactions. Worth a try, if you have the option to make this account and get their card.

 

[Forester]

tyrexoid said:
Schwab automatically creates checking account alongside the investment one because that's what you use in order to move money back and forth into and out of the investment. I use it, their ATM card is also very good, they refund any ATM fees you incur abroad, so this card is what I use for any ATM when travelling. Also their "alerting" system is less annoying than Bank of America (which rejects transactions abroad a lot) Schwab only sends you notification that the card was used abroad, but doesn't reject the transactions.
Click to expand...

Good to know, thanks for sharing.
A minor question: I presume that you are using Schwab for doing your investments ”“ otherwise they probably would not be long-time happy with your account(s), correct?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Emilio]

tyrexoid said:
Schwab automatically creates checking account alongside the investment one because that's what you use in order to move money back and forth into and out of the investment. I use it, their ATM card is also very good, they refund any ATM fees you incur abroad, so this card is what I use for any ATM when travelling. Also their "alerting" system is less annoying than Bank of America (which rejects transactions abroad a lot) Schwab only sends you notification that the card was used abroad, but doesn't reject the transactions. Worth a try, if you have the option to make this account and get their card.
Click to expand...

Thank you for sharing.
I think US account holders get the checking account. International clients only get a brokerage account.

 

[Cryptohodler]

Emilio said:
Thank you for your help!


Even if it's little money for some institutions. Some other banks may ask a lot of questions.

I need a bank certificate and they're strict that's why prefer a bank.
I considered Nuri, but is available for residents of the European Economic Area. Even if they open the account with your passport, it'd be against the TOS if I don't live there: New Reality Banking


You're very right. You've been of great help. Swissquote seems the way to go,
less pain than Dukascopy. And it seems like 60K is not big deal for them (as it is for dukascopy).
After reading your message, I realized that Schwab offers a brokerage account, it isnt a checking or savings account, and Xapo has a permanent waiting list.

I'll consider this strategy too.
Click to expand...

What do you mean by Xapo.com has a permanent waiting list ? Is this for real ?

 

[JosephLL]

Cryptohodler said:
What do you mean by Xapo.com has a permanent waiting list ? Is this for real ?
Click to expand...

AFAIU the op is noneea, so the Xapo website/support probably did on him the same old bulls**t: "Non-eeas currently not supported, but we'll let you know as soon as it's available. (Thank you for uploading your personal documents...)"

 

[Cryptohodler]

JosephLL said:
AFAIU the op is noneea, so the Xapo website/support probably did on him the same old bulls**t: "Non-eeas currently not supported, but we'll let you know as soon as it's available. (Thank you for uploading your personal documents...)"
Click to expand...

Lol they just want to misuse your personal data. I mean if they didn't want non eea customers then why not explicitly say so in the faq section.there they say most countries are supported !

 

[vehzag]

diatessaron said:
Swissquote onboarding process is a bit slow and you will be asked for extra documents, make sure you have everything ready. That includes your first ever transfer to a crypto exchange and trades for the last 6 months to 1 year.
Click to expand...

swiss quote says that you should hold 500k on their account to be onboarded

 

[Cryptohodler]

vehzag said:
swiss quote says that you should hold 500k on their account to be onboarded
Click to expand...

Is that amount required for personal or for institutional trading account ?

 

[vehzag]

Cryptohodler said:
Is that amount required for personal or for institutional trading account ?
Click to expand...

Corporate. SEBA says the same