Topic: Banking issues - page 2. (Read 400 times)

I didn't have this issue when trying to purchase cryptocurrency but rather when I sold a large amount of crypto. Banks are not informed it seems. I had to go through 2 months of hassle with my bank verifying something new each week and proving where the money came from.

In the long run, they're trying to protect themselves. They can get fined by the government for accepting "dirty" money as they called it. Upwards of 500k in fines if they're found to be receiving bad money. Fortunately I was able to prove everything and the money was finally accepted.

Not sure if they can get the same fines for allowing a payment to go through, but they are likely trying to keep you from being able to claim it was a fake payment and having to pay outta pocket for letting the payment go through.

Honestly all banks should be made to take classes and inform themselves on cryptocurrencies and popular exchanges so that they can have a better understanding of how things work and what is legit and not legit. If you verified everything via telephone, that shoulda been the end of it.

It might be really annoying to be required to go to the bank physically to confirm the transaction, but sure I'd somewhat understand it if it was a huge amount of money. Them requiring you to physically show up right now knowing that we have a global pandemic spreading though, that's a huge nope for me dawg.

This might be a really really stupid suggestion(so I apologize in advance), but could you possibly ask them if you could "personally" confirm the transaction through you having a video call with them? Because you definitely have an excuse for not showing up(due to COVID-19). I mean, I personally wouldn't take the risk of going out right now. You have nothing to lose for asking them I guess?

It was a 'popular' problem in my country, it still happens from time to time but very less frequently. Despite the fact, the companies are well known in the industry, have the highest volumes, and any other argument, banks blocked outside transfers 'to protect their customers' they say.

The only solution was to sign a paper explaining we understand 'the risks' to send money to such companies and bla bla bla. Perhaps you can do the same adding you love to get scammed, it's your own money, and if it has nothing to do with their AML procedures they have to obey your desires lol.

Banks have become increasingly suspicious of all transactions, especially since the new AMLD5 came into effect, and in one part it focused specifically on cryptocurrency. Obviously your bank has a firm stance that such payments can only be made physically, not remotely, which on the one hand protects you as a client in case of identity/theft hacking, but on the other hand limits you to the situation when you want to make an online payment. Did you maybe offer them a Skype verification or something like that?

What I would try is maybe reduce the amount of money you want to send, because it is possible that the problem is just too big amount of money. Besides, the only other options are to go to a bank in person or to find another bank that will be more crypto friendly.

I've recently tried purchasing Bitcoin, and because it was a large amount the bank required me to call their fraud department, and confirm it was me. This is considered normal practice, and I didn't think I would run into any issues. However, when stating the reason for sending a large amount to buy "cryptocurrencies" it seemed to trigger an alarm, and despite me verifying that it was indeed myself, they went into depth about being sure that the company I was sending it to was legitimate. I verified that I had done my homework, and this particular company has transacted millions worth, however they were not convinced. In fact, they went as far to say that this sounds like a scam thats been going around recently ,and even though I said I accepted that risk, I still wanted the payment to go through. He said he would try to push it through, but came back a minute later, and said it was unsuccessful, and I would be required to go to the bank, and send it from there.

The thing is I actually live quite a bit away from my "local" branch, and with the pandemic going on, and a few cases they still advised me to go to the bank. This is annoying, and has convinced me to only use a bank for what is necessary. I can't verify whether this was a genuine concern about fraud, or if it was because it involved cryptocurrency.

I'm wondering if anyone else has had any issues with banks when purchasing crypto recently. This particular bank doesn't seem very friendly to cryptocurrencies because of previous actions, but I've also had no problems. I've also transferred out larger amounts with no issue other than confirming that I wanted to send it over the phone.

My works unfortunately only pays via bank, and therefore owning a bank is necessary. However, I'm thinking about regular withdrawals, and converting to Bitcoin. However, for that to happen I need a bank which actually allows me to send via the internet, and not go to a branch which isn't even local to me.  I understand, that banks try to protect their customers from large amounts or any unusual actions, but requiring my physical presence is often not convenient, and prevents me from moving my money whenever I want. Although, because of this happening to me personally this has personally reinforced my beliefs that whenever possible you should be in complete control of your money (private keys), and use a system which you do not rely on third parties like Bitcoin, but this is still rather annoying.