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Topic: banks and if they allow buying bitcoin - page 2. (Read 276 times)

legendary
Activity: 3346
Merit: 3125
I just found out that my bank is against anyone of their customers buying bitcoin or bitcoin related things like hard wallets. I have heard it somewhere and would like to confirm or not the following. Of course when I tried to pay for a hard wallet with my credit card, it was declined by the bank. I have heard that if you buy bitcoin through your bank by wire transfer, they have no way of knowing what you bought. Is this true? If it is can I rest assured that the bank will not find out I bought bitcoin this way? I live in Canada, does anyone know a bank that has not problems with you buying bitcoin?

This is weird, any bank should allow their customers to buy any piece of hardware (Like a hardware wallet), they must understand it's your money, and not their money. even if you want to spend it in bitches and cocaine isn't their business.  Grin

They know what you are buying if you are paying directly to the hardware wallet company or if you are depositing directly to an exchange. They should have black-listed companies. That's how they know what are you buying.

Canada has some hard laws against bitcoin, but you can always go to the bank to withdraw some cash, and make a deposit to buy bitcoins in localbitcoins. I would recommend you to talk with your bank and give them an ultimatum, if they don't let you spend your money then change to another bank or use paypal.
member
Activity: 342
Merit: 24
I just found out that my bank is against anyone of their customers buying bitcoin or bitcoin related things like hard wallets. I have heard it somewhere and would like to confirm or not the following. Of course when I tried to pay for a hard wallet with my credit card, it was declined by the bank.

Call your bank and ask them why your transaction was declined.
You tried to buy a hardware wallet, not cryptocurrencies, even if they are against crypto, they shouldn't block transactions for equipment.

I have heard that if you buy bitcoin through your bank by wire transfer, they have no way of knowing what you bought. Is this true?

What you have heard is wrong or you didn't understand it exactly. A wire transfer where exactly? If this is a wire transfer to a crypto exchange, of course they will know. But if this was a wire transfer to somebody else, and you bought P2P probably they will not know, as they will only have your money traced to the other guy's account. Depending on the amount, banks may ask questions or alert financial authorities though. There are AML procedures depending on where you live. In Europe, wire transfers of over 2,000 euro are being watched under the latest KYC/AML framework.

If it is can I rest assured that the bank will not find out I bought bitcoin this way? I live in Canada, does anyone know a bank that has not problems with you buying bitcoin?

I thought that Canada was pro-crypto, I don't know why your bank gives you problems. I suggest to just call the bank and ask them. I mean, you already had that transaction rejected by your bank, and if you want to avoid any interest in cryptocurrencies to your bank, you can't. So why not call them and ask them, this will clear all your questions.
It's not like you wanted to use Bitcoin for illegal activities. You already know everything is recorded and the blockchain is transparent.
legendary
Activity: 2044
Merit: 1018
Not your keys, not your coins!
You can choose Peer-to-peer marketplaces and buy Bitcoin. Only you and your trade partners know details of your trade.

Help: A list of LocalBitcoin alternatives (P2P marketplaces)
https://bisq.network/
No details of bank transfer transactions that they are for Bitcoin or Cryptocurrency trades. When you trade partner receives fiat from your bank transfer, bitcoin or crypto will be released. Bank will not know that bank transfer transaction is for crypto trade.
mk4
legendary
Activity: 2870
Merit: 3873
Paldo.io 🤖
It's the first time of me hearing bank denials of hardware wallet purchases lol. Why not try using PayPal? Not to mention Ledger and Trezor accepts BTC payments.

As for buying bitcoin, probably use peer-to-peer services such as HodlHodl[1] and LocalCryptos[2]. Chances are, they wouldn't find out that you're actually buying bitcoin. All they see is that you sent out money to a certain person.


[1] https://hodlhodl.com/
[2] https://localcryptos.com/
jr. member
Activity: 47
Merit: 6
I just found out that my bank is against anyone of their customers buying bitcoin or bitcoin related things like hard wallets. I have heard it somewhere and would like to confirm or not the following. Of course when I tried to pay for a hard wallet with my credit card, it was declined by the bank. I have heard that if you buy bitcoin through your bank by wire transfer, they have no way of knowing what you bought. Is this true? If it is can I rest assured that the bank will not find out I bought bitcoin this way? I live in Canada, does anyone know a bank that has not problems with you buying bitcoin?
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