Crypto focused business, based in Sweden, rejected by banks

[spagge123]

Hi,

I run a crypto focused business based in Sweden. Now the Swedish banks are questioning the source of funds. I have all the documents but the Swedish banks don’t like that I work and invoice in crypto and is probably closing my company accounts.

The set up is like this:

1. Invoice goes to client in crypto
2. Gets paid to my business account on CoinsPaid
3. I exchange crypto to EUR and transfer it to my Swedish business bank account

I need a Swedish bank account to pay for tax, salary and dividends.

Now I am running out of ideas. How can I set this up legally and use a crypto friendly bank? Should I just skip the Swedish bank and only use CoinsPaid and then maybe Wise for all other transactions? Any other ideas?

Admin, feel free to move this thread if I am posting in the wrong forum.

 

[EliasIT]

You could open an account with Revolut, Wise, and Zen, that might work for you.‌ But your situation sounds a lot like mine about five years ago, when all hell‍ broke loose in Denmark. It started with the banks asking questions, so we brought in⁠ an accountant and a tax lawyer. Everything was fine… until the Danish Tax Agency decided⁤ that what we were doing was highly illegal.

That kicked off a five year tax⁣ case, which we finally won a few months ago, but, wow, what a ride.

You can read more about it in the thread I posted, if you’re interested.

 

[spagge123]

Would Airwallex be an alternative as well? Read about some closed accounts with Wise.

 

[EliasIT]

Yes, that could work as well.

Personally, I’ve never had issues with Wise when transferring‌ funds from, for example, Kraken to them.

You can’t do it the other way around,‍ but I’ve moved up to 300K euros at a time without problems.

There are plenty⁠ of options, if you search here on the forum, you’ll also find a thread listing⁤ crypto friendly banks and EMIs.

 

[Martin Everson]

You can try wirexapp as they now allow business accounts again or Nebeus.

 

[spagge123]

Thanks for the advices and tips. I just got off from a phone call with‌ my bookkeeper and to run a business without a Swedish bank account was a huge‍ risk signal from him so he was not interested.

So, a long shot, anyone know⁠ any company that would have the knowledge and capability to do Swedish bookkeeping and taxes⁤ by using Wise or similar?

 

[Martin Everson]

1office did a good job with my Estonia company when I had it. They⁠ also setup and service Scandinavian companies. Ask them about crypto however. Hopefully they should be⁤ ok with it as its 2025 now and they also work with Wise.

https://1office.co/sweden/product/accounting-in-sweden-starting-fee/

 

[aniglo22]

Estonia in 2025 ?

 

[OVZA LLC]

Banks in Sweden will almost always resist when cryptocurrency enters the equation. This is not‌ a question of your documents; it is a matter of policy. What you require is‍ not persuasion of the Swedish banks, but the right type of banking partner, one that⁠ is structured for crypto and international commerce.

There are banks that will gladly accept your⁤ company, provided you look beyond the conventional system. Cryptocurrency demands a special category of banking,⁣ one that overlaps with offshore financial services. In your case, a forward-looking institution such as⁢ Jeton Bank would be a far more suitable path.

Our banking partner network supports a︀ wide range of banks that actively onboard crypto-focused businesses. The solution exists, it is simply︁ a matter of choosing the right institution.

 

[alley]

What is a strong jurisdiction? Something wrong with Revolut ?

 

[alley]

Would an good alternative be Xolo Go or WinGlio ?

 

[ilke]

No

 

[alley]

Why not ?