EMI Bank not strict

[semas2]

Hello

is there currently any EMI bank which is not very strict in terms of providig PoF for every damn low incoming sepa transfer?

i have tried revolut with 1000 EUR from a Crypto exchanger which got credited without any issues and i was able to transfer it to my retail bank.

next day i did a withdrawal of 11000 euro from the CEX , it got credited aswell but once i wanted to resend it to my retail bank they asked for SoF, luckily they accepted my documents , however im not very happy with the situaiton.

in the past PFS Bank didnt even care about SoF on 300k income to my personal bank account i held with them. Unfortuantely they stopped their service in the Eu.

How is paynetics ( bulgaria ) ? they have good limits but not sure if they are good to go or better leave it.

Zen might also ask documents very fast?

 

[YoungLansk]

None

 

[Sols]

If you find a financial institution that's lenient on KYC, you've found a financial institution‌ that might be at risk of having its operations or license suspended at any moment.‍ Broadly speaking, bigger financial institutions tend to have higher thresholds and just more data/experience so⁠ they might ask questions less frequently than a smaller financial institution. But that's not really⁤ something you can rely on, especially if you're dealing in crypto. Especially since many big⁣ financial institutions are slow moving and still think crypto equals crime.

Basically, it's {CURRENT_YEAR}. If you want to be in the fiat system, play by the fiat system rules.⁢

 

[Martin Everson]

Credit Suisse........oh‍ wait 😕

 

[diatessaron]

No, and if you find one don't use them. There's a high chance your money‌ will be stuck in that platform.

 

[ilke]

Reliable + cheap = strict
Reliable + not strict = not cheap
Not strict +‌ cheap = not reliable

I'd say that this generalisation could tell you enough. And keep‍ in mind that option 2 is still likely to see some attacks from the regulator.⁠

 

[JohnLocke]

It has a lot to do with how long you have had your account and‌ whether your transaction pattern is normal. If you have had an account for the last‍ 10 years and your transaction pattern has been fairly consistent, you typically don't hear much⁠ from the bank; at least, it is rare.

When you open a new account and⁤ one day you deposit 1000 EUR and transfer it out the next day, it probably⁣ doesn't trigger any alarms. However, if the following day you deposit 11,000 EUR and attempt⁢ to transfer it to another bank, it raises all the red flags. And that's how︀ it should be.

 

[tradeall]

If you need to transfer crypto to Fiat world you can do Off Ramp with‌ Nexo bank. But as other colleagues mentioned you should be attached to some "patterns" that‍ make the bank not to fire the red flags.

 

[Marshal]

Is Nexo now a bank? The last time‍ I checked it was a crypto exchange/platform.

 

[tradeall]

Yes. You have also a IBAN account from Malta so‍ you are able to pass cryto to FIAT in EUR, USD or GBP

 

[EliasIT]

yes they do,‌ have not worked well for me.

 

[semas2]

has anyone tried paynetics ( Bulgaria ) if they have a decent threshold at least?‌

im looking for a EMI/Bank whom is not that strict for 25-50k per year.

i know that all emis and banks have to follow compliance rules in terms of AML‍ but still im sure there is some who dont take it very seriously.

there is⁠ always an opportunity

 

[Sols]

It's not (just) about amounts. It's also about where the money is coming from, where‌ it's going, and what the purpose of each transaction is.

You can get a 10‍ million EUR wire from Google for selling your AI startup to them, and no one⁠ will bat an eye beyond some basic KYC.

You can get 10 EUR from a⁤ high risk individual, and suddenly your account is closed pending an investigation.

 

[Forester]

I agree completely, adding that your current residence and citizenship also matter, unfortunately...⁣

 

[semas2]

well im a citizien of a low risk west EU country.

the monthly payment i‌ would want to use would be from a CEX or a licensed P2P partner who‍ sends the funds from a business account once a month for 1-2k euro max.

i think that is a quite low threshold to find a reliable bank whom wont ask⁠ for documents as this will be around 12000-24000 per year.

 

[diatessaron]

That doesn't‍ make them a bank.

@OP, Xapo Bank.

 

[Forester]

Do they currently onboard new clients? From what‌ I recall, they did not, having quite a long waiting list... but this info can‍ be well outdated.

OK; but it also means that you probably have quite hungry⁤ taxmen. EMIs are aware of it and nobody wants his business seeming somehow related to⁣ a possible tax evasion.
Unfortunately, it is not. As @Sols has already pointed out: the amount is definitely not the only parameter. And your transactions are︃ crypto-related, even P2P. So, a clear attention flag for any reputable provider.

And remember this︄

I am sorry that I cannot share with you any︇ more positive news 🙁

 

[diatessaron]

A relative of mine registered not too long ago, May if I can remember⁠ correctly, and they accepted him.

 

[Forester]

Really good news! Thanks for sharing.‍

@semas2: In such a case, Xapo may be your good bet. They are crypto-friendly⁠ by nature and in the same time, they are not a very small player. Yet⁤ “no-questions-asked policy” really cannot be guaranteed. What was possible in the past, is impossible nowadays...⁣

 

[Marshal]

That doesn't‍ make Nexo a bank lol