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Cryptofriendly banks

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Ok. I researched a little more. Final decision? well, mercury is⁠ not a crypto-friendly bank... read below:

"...(xviii) other businesses that operate or engage in any⁤ business regulated by FinCEN, including money service businesses, e-money business, and businesses selling money orders⁣ or traveler’s checks, and virtual or crypto-currency marketplaces and exchanges;..."
 
Yea, but it depends if they still allow transfers to transit gateways. For example Bankera‌ or Dukascopy which can be opened remotely. Instead of a direct transfer, an intermediate "may"‍ still work. That's why i always search or ask "from X to Y", is allowed⁠ or is restricted 🙁 Takes time and makes tired... Time to time, i ask such to⁤ bank or EMI directly though official support 🙂 Always generic answers, there's not a definite yes⁣ or no. The most problematic EMI is TW and as far as i see, ADV,⁢ Binance, and Kraken is cursed.
 
Take a look at this︀ one... Seems to be very interesting. I've sent an e-mail to their support. Let's see︁ what they will feedback.
https://arivalbank.com/
By the way, can you describe in detail how Bankera︂ would work? Do they provide money custody like a real bank?
 
Bankera is EMI but like a real bank. There's EUR only deposit account with SEPA‌ transfers. %100 crypto friendly but there's not any option to buy/sell coins. So it depends‍ if any financial intuition blocks transfers to them.

@Gediminas from forum can give more detailed⁠ answers. He helped me during application and raising the limits. I do not any problems⁤ so far as of today. Very happy with it.
 
Very good. I didn't realize that Bankera is EUR only. I asked the support if it⁣ was possible to open a business account from the U.S., but it was not clear.⁢ The answer is that each case is analyzed separately...

Anyway, Bankera seems to be a︀ very good solution. At least, for Europe...
 
If you need multi currency in EU (in addition to EUR currency), i know Dukascopy‌ (also using), CIM (Swiss again but running cost is a bit more, but still very‍ affordable, first deposit is high), and Satchel (opening cost is high, running cost is similar⁠ to CIM, but CIM in under regulation and offers deposit insurance, no idea for Satchel⁤ as they are EMI, not bank).
 
OP what bank did you find beside the suggested in this thread? I believe we‌ soon will need a list of crypto friendly banks, if someone would be so kind?‍

Maybe list crypto friendly banks in one post here?

  • Dukascopy
  • CIM Bank
  • AdvCash
  • Kraken (soon⁠ a bank)
  • Spectrocoin
  • Bankera

more...?
 
CIM Bank is not "crypto friendly" it was mentioned here by some members. I also‌ asked them if they support SEPA transfers to/from crypto exchanges and they said NO.
 
I didn't know about CIM.

So Bankera or Dukas from/to CIM is possible or not?

And i think icard is EEA only?
 
Unfortunately, I didn't had⁣ any deal with these banks. They don't work with U.S. offshores.
 
Mercury is crypto-friendly in the sense that you can buy cryptocurrency with the account (by‌ setting up a business account in a crypto exchange), and you can receive proceeds from‍ the sale of crypto in Mercury, you can also buy crypto with the business card.⁠ What they don't like is to have clients whose sole business is crypto trading.

To illustrate: if you have a consultancy or e-commerce business, Mercury will let you buy and⁤ sell crypto (a valid reason to do so for example is if you do payroll⁣ in crypto).

On the other hand, if you have a crypto exchange business, Mercury will⁢ NOT take you as a client, the same goes for other high-risk businesses.
 
Very interesting. This means that I can only have business with an︂ exchange. They don't like if I act like an exchange (i.e. receiving money from clients︃ promissing profits from cryptotrading). Well, If I were a bank I would also not like︄ it because it seems risky.

Do you have a Mercury account? What are your experiences︅ with crypto?

Thanks for your comments.
 
I'm posting that as I'm in the exact situation. I have a Mercury account and‌ consultancy business, but I like crypto. I set up a business account in a reputable‍ crypto exchange. I can use it together with Mercury to buy crypto with the business⁠ revenue, or sell it. You can also inject capital in the company via Crypto (send⁤ crypto to the exchange, sell it, and withdraw USD to the company mercury account).
 
It couldn't be better reply. Straight to the point, that is⁢ exactly the answer I was looking for. Thanks!!
 
Only way i could handle crypto efficiently without passing through clown EMIs is using onshore‌ banks. That of course requires your money to be clean so if you got dubious‍ sources you don't have much gateways to get access to banking unless you're well connected.⁠

There are international banks that will look the other way if you're a private banking⁤ client but who will not hesitate to close your account if you are a retail⁣ customer and have crypto withdrawals. HSBC, Barclays, etc won't care much about crypto if you⁢ use reputable exchanges and can document your wealth properly and if you have a lot︀ of money with them (1m plus).

Only other way as a retailer is to use︁ local banks where you live (I know in some countries that is still difficult anyways︂ since no banks are friendly with crypto), otherwise cash it out via OTC trades (Bitcoin︃ for cash type of deals) then slowly deposit the funds in an account.

If you︄ accept crypto as a business and you're in a not-so-friendly jurisdiction when it comes to︅ crypto then you're just shooting yourself in the foot and need to rethink your business︆ strategy or location. If you try too hard to find workarounds and resort to sketchy︇ EMIs to move money you'll create more problems instead of fixing that one issue you︈ initially had.

Mercury Bank is a legit entity, they are more conservative because it's online︉ and there is no in-person KYC, you'll just need to avoid triggering red flags and︊ have a real business with real cash flow to be able to operate there. Most︋ banks are starting to be very hostile to simplistic business models or randoms showing up︌ saying "they're traders and they need a bank account". Crypto is going to be treated︍ like forex/derivatives in the sense that if you have a company trading that market, you'll︎ need to show some kind of license for it or at least a proof of️ regulation. And they'll ask for it even if you don't trade third party funds simply‌ because they don't want people who can just pump millions of undocumented cash into the‍ company, show up to the bank and call it "trading profits" (That trick is getting⁠ old and banks have caught up to it, they simply won't trust your word.).
 
Hello, in Bankera how much limits do you have to transfer 1000 EUR by month, 1000⁣ EUR by year or you are Level 3 verified and don´t have the limitations? I⁢ already contacted @Gediminas for help with these limits because i need to send payments soon︀ and i read that support take longs time for review applications. Thanks for answer.
 
If you are fully verified you won't have stupid limits.⁣ I regularly move 2K-5K euros per month there without issues.
 
The solutions I use that work all amount so far.
Ally.com
Chase
Cashapp btc enabled‌
These do not gaf. I’ve asked in chat(ally) and in person-at chase) and was told‍ they have zero problems with it. Obviously a btc enabled cashapp allows btc🙂
With those⁠ two banks I have sent plenty to exchanges. You can wire into/out of.
Cashapp can⁤ only be used to send 5k/week to external wallets.
Here is where cashapp shines:
Cashing out crypto from an exchange to your bank. 25k/week/account. Cashapp can sell unlimited btc however⁣ can only cashout to a bank 25k/week. (Though there are other methods to cashout to⁢ bypass this)
As far as your bank knows now, your funds are from cashapp, which︀ is not an exchange of course. Never been questioned with accounts running at max.
So you want a million cashed out? 10 cashapps can do that in a month.
If you bypass cashout limits obviously the world is your oyster.
Then you can withdraw from︁ atms worldwide, send to other banks, do whatever you want. ATM limits
Kick in here︂ however, 1k/day x multiple accounts can get a hefty amount out, though opsec, do you︃ want to be seen emptying out 10 local atms every day all month lol?
 
you don’t need a license to trade your own money through⁣ a company ...why would broker statements to prove your trading profits not be enough ?⁢
 
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