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]

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.

 

[Coin]

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]

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

 

[Silvio]

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

Which Swiss︈ 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 compliance︀ work and lost them. I had no answer from them after, only automated responses. I︁ have a little list of banks and EMI that I have looked into, so feel︂ free to contact me for more info, I'll be glad to share.

 

[Coin]

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 seem︀ 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]

Curious, did the︆ 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]

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.

 

[Sadhu]

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]

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]

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'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 from︀ it.

 

[Sadhu]

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

 

[Coin]

I don't use exchanges that much. I trade directly with people which is a︂ big no no from banks. Bank Frick rejected my application as they are only interested︃ in working with bigger exchanges and I'm still working on other banks.
Good to know 😀 I'm currently working on application process with clearjunction︅ but I find it really strange that they won't even show me their fees. I︆ wanted to check it out before I provide all the company documents they are requesting.︇ Is there any catch I should know about?

 

[Sadhu]

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