Sending fiat to exchange from Barclays Isle of Man

[trek]

I'm thinking of sending some fiat to FTX (crypto exchange) from my Barclays account in the Isle of Man. Do I risk some termination for doing so? I guess they are not keen on receiving withdrawals but not sure about sending wire transfers. Is there anyone with some experience with this? Any guesses?

 

[DerAufklaerer]

I send to FTX by SEPA CH IBAN

K-DNA Financial Services LTD

Bank Name:​

KLARPAY AG​

 

[trek]

Do you use Barclays to send the wire transfer?

 

[DerAufklaerer]

No

 

[Martin Everson]

trek said:
I'm thinking of sending some fiat to FTX (crypto exchange) from my Barclays account in the Isle of Man. Do I risk some termination for doing so?
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Have you read the terms and conditions you accepted when you opened the account? Does it say anything there about crypto?

trek said:
I guess they are not keen on receiving withdrawals but not sure about sending wire transfers. Is there anyone with some experience with this?
Click to expand...

Don't guess just ask them directly.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[CyprusLawyer101]

Ask randomly one of their officers in a btw manner. See first wjat they say, before attempting anything.

 

[JohnnyDoe]

Useless to ask, you can't trust what they say.
Btw @trek do you reside on the IOM?

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[wellington]

Never send direct from a bank, always use a EMI in the middle, and vice versa.

Terms and conditions on banks usually make you an unattractive customer, whereas terms and conditions on EMI's are different and more open to regulated/legally operating crypto exchanges.

 

[EliasIT]

Martin Everson said:
Don't guess just ask them directly.
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That's the best advise in most cases!

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[JohnnyDoe]

wellington said:
Never send direct from a bank, always use a EMI in the middle, and vice versa.

Terms and conditions on banks usually make you an unattractive customer, whereas terms and conditions on EMI's are different and more open to regulated/legally operating crypto exchanges.
Click to expand...

Or send to a personal iban provided by an exchange, such as Nebeus, SwissBorg, Crypto.com

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[pomegranate]

trek said:
I'm thinking of sending some fiat to FTX (crypto exchange) from my Barclays account in the Isle of Man. Do I risk some termination for doing so? I guess they are not keen on receiving withdrawals but not sure about sending wire transfers. Is there anyone with some experience with this? Any guesses?
Click to expand...

Was is it difficult to open an account with Barclays in the Isle of Man? is it a personal or corporate account?

 

[JohnnyDoe]

pomegranate said:
Was is it difficult to open an account with Barclays in the Isle of Man? is it a personal or corporate account?
Click to expand...

They closed mine when I ceased to be IOM resident

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Martin Everson]

pomegranate said:
Was is it difficult to open an account with Barclays in the Isle of Man? is it a personal or corporate account?
Click to expand...

It's easy. But Barclays do not open any longer for EU residents like yourself.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[trek]

Martin Everson said:
Don't guess just ask them directly.
Click to expand...

I asked and they seem to be fine with any exchange except Binance.

JohnnyDoe said:
Btw @trek do you reside on the IOM?
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Yes, but I have a Barclays International account with an IoM sort code.

pomegranate said:
Was is it difficult to open an account with Barclays in the Isle of Man? is it a personal or corporate account?
Click to expand...

It was easy and it is a personal account. Just look for the International account. Not sure if they still open such accounts, though.