Offshore Bank Account for Crypto

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Joyceww

Joyceww

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Sep 30, 2022
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Hello,

I live in Turkey and have been wanting to deposit fiat USD or EUR to cryptocurrency exchanges for a while. But banks in Turkey are very strict about this and they definitely do not allow it. On your first try, they will reject the transaction and close your account.

I want to open an offshore bank or any bank in any country account to circumvent this problem. (and company if needed)

Features of the bank I am looking for:

- It must be an established and well-established bank. So I can fully trust them. EMIs definitely don't. Because I plan to keep money in the range of 200K-300K USD in my account. And I would never trust EMIs for this.
- SWIFT transfers from Turkey must be accepted.
- If necessary, I can go to that country and visit the bank. But it is my preference to complete all procedures remotely.
- The bank should support depositing and withdrawing funds from crypto exchanges.
- Looking for comfort in deposits, withdrawals and transfers. I'm already dealing with horrible compliance departments in my own country.

I invite anyone who has experience, knowledge or advice on this subject to comment.
And thank you so much everyone!
 
JohnnyDoe said:
JohnnyDoe said:
You will not find what you are looking for because it doesn't exist.
You should better open an account with an exchange that issues a personal IBAN and send the money to it from Turkey, your bank will not know that you are sending to an exchange.
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Sorry to hear that, I really hope it's not like that.

Yes, I was investing in FTX as you said before. But FTX went bankrupt and other major exchanges do not issue unique IBAN.

Are there any reliable exchanges you can recommend in this regard?
 
I think your best bet here is to visit Miami and ask around until you get an account open, preferably multiple.

Unless you want to move, then there're more options.
 
JohnnyDoe said:
JohnnyDoe said:
You will not find what you are looking for because it doesn't exist.
You should better open an account with an exchange that issues a personal IBAN and send the money to it from Turkey, your bank will not know that you are sending to an exchange.
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I must admit I have no real experience with a crypto exchange that issues a personal IBAN, so perhaps a naive question: It means that such a crypto exchange gives you a personal IBAN that is maintained by another institution (probably EMI, or even bank)? Because if such an account was maintained by the exchange, it would be easy to distiguish that money are sent to this exchange (as every IBAN contains a maintaining institution code)...

And just my two cents: What about some Swiss “digital” bank? Swissquote, Flowbank, even Seba (although they have relatively high initial deposit, 0.5 M or so, IIRC). Cannot it work in this case, @JohnnyDoe?

TheCryptoAnt said:
TheCryptoAnt said:
I think your best bet here is to visit Miami and ask around until you get an account open, preferably multiple.
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Do you think that it is a realistic scenario for this use-case? To be able open as a walk-in in some Miami bank? I am really just asking, I have no personal experience with banks in Florida, I have just heard that especially in Miami various things are possible to happen 😉

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Forester said:
Forester said:
I must admit I have no real experience with a crypto exchange that issues a personal IBAN, so perhaps a naive question: It means that such a crypto exchange gives you a personal IBAN that is maintained by another institution (probably EMI, or even bank)? Because if such an account was maintained by the exchange, it would be easy to distiguish that money are sent to this exchange (as every IBAN contains a maintaining institution code)...
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Crypto.com offers a personal IBAN, like SwissBorg, Nebeus and others. The sending bank will not know that the money is going to an exchange.
Forester said:
Forester said:
And just my two cents: What about some Swiss “digital” bank? Swissquote, Flowbank, even Seba (although they have relatively high initial deposit, 0.5 M or so, IIRC). Cannot it work in this case, @JohnnyDoe?
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They are rubbish but if you manage to open an account they can serve the purpose

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Forester said:
Forester said:
I must admit I have no real experience with a crypto exchange that issues a personal IBAN, so perhaps a naive question: It means that such a crypto exchange gives you a personal IBAN that is maintained by another institution (probably EMI, or even bank)? Because if such an account was maintained by the exchange, it would be easy to distiguish that money are sent to this exchange (as every IBAN contains a maintaining institution code)...

And just my two cents: What about some Swiss “digital” bank? Swissquote, Flowbank, even Seba (although they have relatively high initial deposit, 0.5 M or so, IIRC). Cannot it work in this case, @JohnnyDoe?


Do you think that it is a realistic scenario for this use-case? To be able open as a walk-in in some Miami bank? I am really just asking, I have no personal experience with banks in Florida, I have just heard that especially in Miami various things are possible to happen 😉
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If a cryptocurrency exchange provides me with an EMI account, I can fund it.
Like the (FTX - Klarpay AG) relationship.

Earlier, I deposited approximately 200,000 EUR into the Unique account provided by FTX from KlarPay.

But working directly with an EMI scares me.

I would like to see the cryptocurrency exchange as my interlocutor.

EMIs will probably treat me much more horribly than they treat cryptocurrency exchanges.

JohnnyDoe said:
JohnnyDoe said:
Crypto.com offers a personal IBAN, like SwissBorg, Nebeus and others. The sending bank will not know that the money is going to an exchange.

They are rubbish but if you manage to open an account they can serve the purpose
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Depositing on Crypto.Com is not working for me. There is a lot of loss when buying USDT.

I can buy USDT face to face in Turkey with less loss. And it is 100% safe.

The reason I want to send the money to the cryptocurrency exchange is to get USDT at the least cost. FTX was working very well.

I guess SwissBorg does not offer me an IBAN because I am not an EU citizen.

I've never heard of Nebeus. Are they reliable? do you have any experience with them?
 
Forester said:
Forester said:
Do you think that it is a realistic scenario for this use-case? To be able open as a walk-in in some Miami bank? I am really just asking, I have no personal experience with banks in Florida, I have just heard that especially in Miami various things are possible to happen 😉
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yeah for what ive seen WF Miami branches will open an acc to literally everybody.

Crypto is ok with WF.
 
JackAlabama said:
JackAlabama said:
Do you need any address proof or ITIN number for it beforehand? Are they fine with overseas addresses as well or put a US one of a friend?
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They are fine with whatever you give them really, no ITIN.

If they were to request you a local one just fabricate one for the AirBNB where you will be staying.
 
JohnnyDoe said:
JohnnyDoe said:
Did you try moving high amounts with them? 6-8 figures I mean.
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Highest tx received from an account not in my name (Binance) was 347k.
Close to 1.6M has passed through this year, no issues.

If you are still in BS i think you could give it a try, its a short flight away.

Note; it took me forever to get a CC from them cause I had no credit history. Regardless of having money.
 
TheCryptoAnt said:
TheCryptoAnt said:
Highest tx received from an account not in my name (Binance) was 347k.
Close to 1.6M has passed through this year, no issues.

If you are still in BS i think you could give it a try, its a short flight away.

Note; it took me forever to get a CC from them cause I had no credit history. Regardless of having money.
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Do you recommend a specific branch? PM me if so

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JohnnyDoe said:
JohnnyDoe said:
Crypto.com offers a personal IBAN, like SwissBorg, Nebeus and others. The sending bank will not know that the money is going to an exchange.
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Joyceww said:
Joyceww said:
If a cryptocurrency exchange provides me with an EMI account, I can fund it.
Like the (FTX - Klarpay AG) relationship.
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Oh yes. So I understand ”“ it is an account with a (crypto-friendly) EMI, not with an exchange 🙂
Joyceww said:
Joyceww said:
But working directly with an EMI scares me.

I would like to see the cryptocurrency exchange as my interlocutor.

EMIs will probably treat me much more horribly than they treat cryptocurrency exchanges.
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Well, it depends... 🙂
Joyceww said:
Joyceww said:
I've never heard of Nebeus. Are they reliable? do you have any experience with them?
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They are relatively new to the market, AFAIK. I do not heard anything wrong about them ”“ as about an EMI transactions. No clue about crypto operations.

Forester said:
Forester said:
And just my two cents: What about some Swiss “digital” bank? Swissquote, Flowbank, even Seba (although they have relatively high initial deposit, 0.5 M or so, IIRC). Cannot it work in this case, @JohnnyDoe?
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JohnnyDoe said:
JohnnyDoe said:
They are rubbish but if you manage to open an account they can serve the purpose
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Well, I do not want to be an advocate for Flowbank or Seba (the former is not so matured and the latter has mixed reviews) but could you, @JohnnyDoe, elaborate more why you consider Swissquote being rubbish? (It is not my opinion now but I am ready to learn ”“ remark: I am not in crypto, I evaluate SQ just generally as a trading platform.)

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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...
 
Forester said:
Forester said:
Well, I do not want to be an advocate for Flowbank or Seba (the former is not so matured and the latter has mixed reviews) but could you, @JohnnyDoe, elaborate more why you consider Swissquote being rubbish? (It is not my opinion now but I am ready to learn ”“ remark: I am not in crypto, I evaluate SQ just generally as a trading platform.)
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My opinion is based on how they treated me when I applied for an account (rejected).
Swissquote in particular is a funny situation, as I have a large amount of money deposited with them through another bank. In other words, they rejected one of their own lenders as a client rof/%

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

 
JohnnyDoe said:
JohnnyDoe said:
My opinion is based on how they treated me when I applied for an account (rejected).
Swissquote in particular is a funny situation, as I have a large amount of money deposited with them through another bank. In other words, they rejected one of their own lenders as a client rof/%
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You consider banks to be criminal organisations (BTW, I agree partially; e.g. for Western central banks I agree fully). You hiddenly sponsored one of them. It means, you should be handcuffed and jailed! 😉 😉 😉

Last edited: Nov 16, 2022
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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...
 
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