GB*** IBAN for a EU company?

[Forester]

EliasIT said:
former Saxo Bank owners are founders and sold to some equity funds it looks.
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Yes, exactly.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

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[W Fish]

Forester said:
Well, if you are in crypto business (you have not mentioned this), then all the game upgrades to a higher level 😉
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Not in crypto business but a bit of a Bitcoin maxi and don't keep practically any FIAT. So transfers to exchange are regular.
Seems this makes it suspectible and risky enough for some or perhaps even most banks.

Forester said:
Yes, this is well possible; as I have already written, SEPA instant is not obligatory ”“ and it need not to work even among the banks in the same country.
But this in not the problem: you said that international payments are more expensive; I have been asking for some example of this... (I do not want to say that your clients or you are lying; just this is really not well expectable and pretty suspicious, in the same time being IMO important a lot, so I would like to see it somehow documented...)
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This more expensive part I have to admit that I was wrong. Got hold of that customer and asked him to give me a link or price list. He responded that apparently he was wrong and all SEPA area is the same price (free).
But Instant sepa working from the same account to one IBAN and not another while all being members of SCT Inst. is weird enough.

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Expense invoices with cashback (in crypto). Crypto on/offramp with invoices. Crypto SOF solutions.

 

[Cloudbanck]

hannesur said:
Not in crypto business but a bit of a Bitcoin maxi and don't keep practically any FIAT. So transfers to exchange are regular.
Seems this makes it suspectible and risky enough for some or perhaps even most banks.
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So, if your business has nothing to do with crypto, maybe dont do any transactions related to crypto with your business accounts. Just use your personal accounts for sending/receiving to exchanges to transact with Bitcoin.
But if you cant do that because of negative tax consequences (or something), then get a crypto friendly business bank account.

Suggestions: Nebeus, FV Bank, Yoursafe (ex Bitsafe), Swissquote Bank
And Xapo is super bitcoin friendly too, a proper bank with a banking license that also is a Bitcoin exchange and supports stablecoins, but I think they only offer personal accounts, not business accounts.

And by the way, I have also attempted to send from Wise to Kraken and got the same block message as you, didnt get my Wise account shut down though, but it was a personal Wise account not a business account.

 

[Forester]

hannesur said:
Seems this makes it suspectible and risky enough for some or perhaps even most banks.
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The latter is correct.

hannesur said:
This more expensive part I have to admit that I was wrong. Got hold of that customer and asked him to give me a link or price list. He responded that apparently he was wrong and all SEPA area is the same price (free).
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OK. Nice to hear this. (At least something is functional 😉 )

hannesur said:
But Instant sepa working from the same account to one IBAN and not another while all being members of SCT Inst. is weird enough.
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Yes. However there are some technical aspects of SEPA instant that make this more complicated (disclaimer: I am not much deeply informed about this; maybe e.g. @Sols has deeper insight).

Cloudbanck said:
So, if your business has nothing to do with crypto, maybe dont do any transactions related to crypto with your business accounts. Just use your personal accounts for sending/receiving to exchanges to transact with Bitcoin.
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A good idea, in general. IMO.

Cloudbanck said:
But if you cant do that because of negative tax consequences (or something), then get a crypto friendly business bank account.

Suggestions: Nebeus, FV Bank, Yoursafe (ex Bitsafe), Swissquote Bank
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You mean just for the crypto-related transactions, I presume (I am afraid that e.g. DE customers would not be much eager to send money to FV bank 😉 ).
My first bet would be Zen anyway. It can serve for customer payments, too.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Marshal]

Forester said:
My first bet would be Zen anyway. It can serve for customer payments, too.
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Why not Bunq? It's a proper bank with a European banking license and crypto friendly. Works well with Kraken too.

 

[Forester]

Marshal said:
Why not Bunq?
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No onboarding for EE companies, AFAIK.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[ilke]

Forester said:
You mean just for the crypto-related transactions, I presume (I am afraid that e.g. DE customers would not be much eager to send money to FV bank 😉 ).
My first bet would be Zen anyway. It can serve for customer payments, too.
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Yeah, sending a SWIFT to a Puerto Rican account is not exactly trust-building for a retail EU customer.

Zen is cool; Verifo works, Vialet, ISXFinancial, Ecommbanx, and maybe TeslaPay are all pretty friendly to crypto but not DE or GB IBANs, as requested. They do take SEPA, though. Yoursafe, as @Cloudbanck suggested, can work too, but from my experience, they prefer HRB and even more Adult than other businesses & mainstream, which is interesting because of the low pricing. Maybe they want to onboard them to their Verotel payment processor, too.

 

[Cloudbanck]

Forester said:
The latter is correct.

OK. Nice to hear this. (At least something is functional 😉 )

Yes. However there are some technical aspects of SEPA instant that make this more complicated (disclaimer: I am not much deeply informed about this; maybe e.g. @Sols has deeper insight).


A good idea, in general. IMO.

You mean just for the crypto-related transactions, I presume (I am afraid that e.g. DE customers would not be much eager to send money to FV bank 😉 ).
My first bet would be Zen anyway. It can serve for customer payments, too.
Click to expand...

Yeah I meant customers pay to Bank A which is not necessarily crypto friendly, and then you do an intra company transfer to Bank (or EMI) B which is crypto friendly. And then you convert to BTC within Bank B or send to an exchange from Bank B.

So from Bank A's perspective you are just sending to another bank, not to like Kraken.

And if possible, sure you can skip Bank A entirely and just use Bank B for everything, but then Bank B can't be in Puerto Rico as someone pointed out , but if Zen works that's great!

 

[ilke]

Cloudbanck said:
Yeah I meant customers pay to Bank A which is not necessarily crypto friendly, and then you do an intra company transfer to Bank (or EMI) B which is crypto friendly. And then you convert to BTC within Bank B or send to an exchange from Bank B.

So from Bank A's perspective you are just sending to another bank, not to like Kraken.

And if possible, sure you can skip Bank A entirely and just use Bank B for everything, but then Bank B can't be in Puerto Rico as someone pointed out , but if Zen works that's great!
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Kraken already has dedicated IBANs with GB and LU IBANs for deposit from yourself for several EU countries and I think the UK. So, it may pass off as an intra-company transfer at normal banks too.

 

[Cloudbanck]

They know it is Kraken even if it is a dedicated IBAN I think.