Crypto Friendly Offshore personal account

[TRAPPIST1]

That's unfortunate there customer service‌ is that bad. I would recommend to transfer a lot smaller fiat in the start‍ and do more smaller tests.

(Bank > Transferwise > Revolut > Exchange) Thats true but⁠ if you did it this way you can avoid that problem.
(Bank > Transferwise >⁤ Paysera > Revolut > Exchange) If you do it this way it will be a⁣ lot faster, don't know about the fee yet though.

 

[Fox7]

That is the plan 🙂

Quick update:

No word from Mistertango. To⁢ me, that automatically eliminates it as suitable solution since it's been almost a week with︀ no word back from support! How am I supposed to trust them with my momey.︁

Naturally started looking into alternatives:

contacted B2BPay - they were quick to state that they︂ do not support Crypto transactions.

Contacted ICARD.com and I, for once, received a clear answer︃ about their crypto policy

I am opening an account︈ with them a getting the card (for 10 EUR). Their issue is that they have︉ a monthly limit for 30,000 EUR for outgoing payments.

I want to test Advcash next︊

anyone has any experience with Change bank - Change , your blockchain-based digital banking app︋ ?

 

[mrau]

Hi, thanks for posting︂ your progress on this issue. My comments are below:
I doubt EMIs can provide a︃ prompt and timely support. Most of them (if not all) are small startups and I've︄ read that their are totally overwhelmed with thousands of new sign ups which highly exceed︅ their response capacity. It doesn't necessarily mean they are fishy but that their target/business model︆ is probably SMALL payments of utilities or P2P which do not require a specific engagment/correspondence︇ with every user. Anything more complex probably falls out their very core business and thus︈ takes a much longer approach.
As for ICARD, what they replied it's interesting news because︉ I've read their are a sister company of LeuPay which we know bans and rejects︊ ANYTHING related with Cryto Currencies.
Regarding AdvCash, beware as they do not provide a dedicated/unique︋ IBAN, nor a card (there are only for EU residents) and are quite restrictive with︌ the income funds (almost only from an account in your name)

 

[asd]

Interesting update, thanks @Fox7

 

[Fox7]

Very interesting. I had no‌ idea that ICARD is Leupay's sister company.

As for EMI Startup capacity, I understand where‍ you're coming from, but with scale comes more revenue, which they can easily re-invest in⁠ customer service.

 

[Fox7]

As promised, I'm going to keep this thread alive with my updates:

MisterTango: Good news‌ - They received my deposit promptly after I sent it. I found a way to‍ send via SEPA and not SWIFT although I don't live in Europe. The Better news⁠ - The transfer made to the crypto exchange was received and credited in less than⁤ a day and it did not incur any fees from the exchange's end since it⁣ is a SEPA deposit! Bad news? 1 week and two tickets later and still⁢ no word from their support! That makes me nervous and hesitant to send any serious︀ amounts.

ICARD: Excellent support. Quick responses in less than 24 hours. They indicated that it︁ will be possible to increase the account limits once verified. Unfortunately they asked me to︂ upload more proof of residence since for some reason a driver's license and a passport︃ were not enough.

Next: I want to test more EMIs or preferably banks. I came︄ across a bank in Croatia after a lot of digging that I want to try︅ out.

 

[Milky Moon]

*
cim banque say the offer online openings but your documents need a notary verification,‌ so the whole process takes some time.

also, as mentioned here before, their fees are‍ very high, and their support cannot answer questions "to the point", so avoid this bank.⁠

*
transferwise is anti crypto, they will close your account.

*
mistertango.com is crypto friendly.⁤ all inbound payments over 10K need an invoice/proof, if proper funds will be released next⁣ day.
for eu residents, sepa payments are free, they have an app and webinterface. support⁢ is sometimes slow, however you get more than you pay for it 🙂

 

[mrau]

Thanks for this update @Fox7
As far as I︅ know, ICARD do not offer dedicated IBAN so you have to send the transfers to︆ their own account and include a reference in the payment description. Am I correct? Are︇ you OK with that system? (I thought you needed an account in your name)
If the bank you found in Croatia with remote opening is Primorska, note that they belong︈ to Swiss' CIM Banque. @Milky Moon just mentioned some info about them in the post︉ above and there's plenty details about them in the forum.

 

[Fox7]

ICARD provides you with a dedicated︀ IBAN when you verify your account.

I have contacted Promorska and they sent me the︁ forms to fill out. They have avoided the crypto question twice. Their fees are quite︂ high though

 

[mrau]

Thanks @Fox7 . In ICARD website they mention the need of a mandatory reference code for every‍ transfer so that's why I assumed they didn't provide a dedicated IBAN. Good to know⁠ they do if the account is verified. Is is a Bulgarian or Maltese IBAN?
As for Primorska, if I remember well, their parent/controlling company CIM Banque are not crypto friendly⁤ so you have to be careful on this regard with Primorska (besides that their fees⁣ are almost as high as CIM Banque and even more for non-residents because they charge⁢ an annual compliance fee or something like that)

 

[jayminho]

hi fox.

you used mistertango to send money to︅ an exchange or to receive money from an exchange ?
and to what exchange did︆ you send/receive money to/from ? (i am asking because you said it was fast, and︇ i need speed too)

thanks

 

[jayminho]

really ? do i need invoice on mistertango ?
lets say i︀ send 100k to mistertango and from mistertango i want to send 99k to an exchange︁ . do i need to provide anything ?

thanks

 

[Milky Moon]

If you⁠ get 10K+ from a third party you need to give them a copy of the⁤ invoice (sent it beforehand to their support). If you wire it from your own account,⁣ I have had no probs with multiple 25K wires.

They allow SEPA transfers to Crypto's⁢ and also allow corporate transfers to crypto's.

(They have AML/KYC regulations to abide by so︀ expect a resonable amount of questions before they accept. They are not gray but fully︁ legit, and their compliance aims to avoid a next WaveCrest. If this level of compliance︂ is to strict for you, you might reconsider the markets you are in 😉 )

 

[jayminho]

Hey milky, thanks a lot for the clarification.︀

I plan to transfer more than 10k. But the wires always come from accounts that︁ belong to me and my name on them. . Plus, I never withdraw back to︂ mistertango, my idea is to use mistertango to receive my wires and from there send︃ to kraken and so on...

However I was looking at the mistertango fees yesterday and︄ boy they are expensive right? 1% to buy, 1% to withdraw..

OH boy.

 

[Milky Moon]

You can⁢ use SEPA to pay into Kraken, thats free.

 

[extremedox101]

i read on a leading crypto forum about a pissed customer who︀ sent 100,000 usd they force him to refund the money as it could be money︁ laundry .... they refund him minus 500 usd .

i suggest everyone to not send︂ big payments to any emi/exchange but better to break them into smaller one .

 

[Martin Everson]

btw that's called structuring and‍ that's also an AML offence. So be careful and I would not advise doing this⁠ either.

 

[jayminho]

so limits below‍ 100k are acceptable ?

 

[Milky Moon]

It's only smurfing‍ if you willingly try to stay below a reporting limit (10k-15k depending on jurisdiction). Otherwise⁠ it is a sensible business practise to ensure your money is not trapped by EMI's/Banks⁤ that have a fear of Crypto's.

 

[Martin Everson]

There is no economic purpose for breaking down a large transfer into small amounts and⁤ hence it is structuring whether amounts are below or above a jurisdictions reporting limits. Structuring⁣ itself leads to investigation by banks/EMI's and is a clear indicator of illegal activity which⁢ can get your account frozen.

You have to ignore what EMI's tell you about banking.︀ Once the correspondence banks queries EMI for why Mr Jones sends 4 transfers of 25k︁ and asks for the economic purpose its game over for EMI banking relationship. However if︂ you have paperwork for all transactions then no issue.