Bunq (the bank of the free) and crypto exchanges?

1Referee

legendary

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Quote from: hashtag on February 22, 2019, 05:46:24 AM

So you should start with 10k transactions from the beginning?

It could be $100 or $10,000 as long as you keep your transaction activity as consistent as possible. This doesn't mean you only have to deal with the exact amounts, just don't give them a reason to flag your transactions.

In the end, as long as you can provide the evidence they want from you there isn't anything they can take from you. It's just an inconvenient and potentially time consuming event in that case.

hashtag

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Quote from: 1Referee on February 21, 2019, 09:50:34 AM

Quote from: hashtag on February 20, 2019, 04:22:32 PM

Do you happen to know what kind of amounts were involved wiht those people?

The biggest purchase was 2BTC worth ~€7600.

Quote from: hashtag on February 20, 2019, 04:22:32 PM

Or over what amounts they freeze your account until you show source of funds?

That can happen even with a few hundred Euros. It's important to keep your transaction activity (value wise) as consistent as possible in order to not have them freeze your funds. If you for example have a transaction activity with values well under €1000 and suddenly you're receiving €10,000, that's reason for Bunq to start asking you silly questions.

So you should start with 10k transactions from the beginning?

1Referee

legendary

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Quote from: hashtag on February 20, 2019, 04:22:32 PM

Do you happen to know what kind of amounts were involved wiht those people?

The biggest purchase was 2BTC worth ~€7600.

Quote from: hashtag on February 20, 2019, 04:22:32 PM

Or over what amounts they freeze your account until you show source of funds?

That can happen even with a few hundred Euros. It's important to keep your transaction activity (value wise) as consistent as possible in order to not have them freeze your funds. If you for example have a transaction activity with values well under €1000 and suddenly you're receiving €10,000, that's reason for Bunq to start asking you silly questions.

hashtag

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Quote from: 1Referee on February 14, 2019, 10:21:20 AM

Quote from: Slow death on February 08, 2019, 03:32:48 PM

Are you talking about this https://together.bunq.com site?

That's the community page of Bunq.

I know of people who successfully used their Bunq account in combination with Bitstamp in the more recent months. No issues here.

Don't be fooled by their friendly nature though, because it's a bank at the end of the day and they have to abide by all the regulations they are subject to. It's definitely more friendly than a regular bank, but more friendly doesn't mean you're free to go nuts, because they are forced to check your transaction activity, and report it to the authorities in case of shady/weird/inconsistent activity.

Violation of their terms will result in account closure, so read their terms carefully.

Good to know. Do you happen to know what kind of amounts were involved wiht those people?
Or over what amounts they freeze your account until you show source of funds?

1Referee

legendary

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Quote from: Slow death on February 08, 2019, 03:32:48 PM

Are you talking about this https://together.bunq.com site?

That's the community page of Bunq.

I know of people who successfully used their Bunq account in combination with Bitstamp in the more recent months. No issues here.

Don't be fooled by their friendly nature though, because it's a bank at the end of the day and they have to abide by all the regulations they are subject to. It's definitely more friendly than a regular bank, but more friendly doesn't mean you're free to go nuts, because they are forced to check your transaction activity, and report it to the authorities in case of shady/weird/inconsistent activity.

Violation of their terms will result in account closure, so read their terms carefully.

hashtag

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There was a typo in the OP

bunq is revolut alternative and i was wondering if they are crypto friendly, that's all

nc50lc

legendary

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Quote from: Patatas on February 08, 2019, 05:04:12 PM

Oh I see. I still don't understand how this has anything to do with the crypto. Or Am I missing on something?

Seems like OP Author is trying to withdraw from an Exchange to Bunq(?) via wire transfer.
By checking his post history: hashtag, thirteen of the post were questions about transferring funds from an Exchange to Bunq, N26 or TransferWise.

It's either it's a publicity stunt or a genuine research due to a red flag.

@hashtag Unfortunately, nobody in their right mind will transfer their Cryptos into a token-fueled "Bank".
I will use my own bank (Bitcoin) instead.

Quote from: LeGaulois on February 08, 2019, 05:59:48 PM

I don't know how @Slow death brought together.bunq.com in the discussion and I think he thought it was a crypto bank.

That's what I also got based from OP's statement: "Bunq hat coin"

Ave_Maximus

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none of them. exchangers. they don't store your funds, they aren't asking you for docs, on changenow I'm swapping coins without problems (near 5-6 btc equivalent)

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Quote from: Patatas on February 08, 2019, 05:04:12 PM

Not with banks but with a nonbank provider like PSAA and Fidelity. I don't know how @Slow death brought together.bunq.com in the discussion and I think he thought it was a crypto bank.

Quote from: BitHodler on February 08, 2019, 05:20:58 PM

I wonder if Bunq is a bank on its own, or one that utilizes the services provided by an actual bank. In case of the latter, you're basically dealing with a massive risk factor because you don't know how the underlying bank responds to crypto payments.

It seems that Bunq offers quite a few features that go against the core business model of banks in general. It's pretty disruptive if you ask me. I'll dive into it in the weekend, sounds like a decent alternative.

I think that OP tries to figure out if there are any problems moving wire transfers back and forth between Bunq and crypto exchanges. I'm curious myself now too.

Bunq has its own European banking license but it also uses TransferWise

BitHodler

legendary

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I wonder if Bunq is a bank on its own, or one that utilizes the services provided by an actual bank. In case of the latter, you're basically dealing with a massive risk factor because you don't know how the underlying bank responds to crypto payments.

It seems that Bunq offers quite a few features that go against the core business model of banks in general. It's pretty disruptive if you ask me. I'll dive into it in the weekend, sounds like a decent alternative.

I think that OP tries to figure out if there are any problems moving wire transfers back and forth between Bunq and crypto exchanges. I'm curious myself now too.

Patatas

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Quote from: LeGaulois on February 08, 2019, 04:54:56 PM

I suppose he wanted to say 'Bunq dot com' and for 'Bank of the free with wires' he wanted to say free wire transfers.
Other than that I have no idea what he wanted to say.

Is there a bank that does that? I doubt it. If they would, they'd pay the taxes and service duties from their own pockets. That is not how a bank works.

Quote from: LeGaulois on February 08, 2019, 04:54:56 PM

And together.bunq.com is not a parked domain it's the forum board of the bank where customers reply to customers

Oh I see. I still don't understand how this has anything to do with the crypto. Or Am I missing on something?

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I suppose he wanted to say 'Bunq dot com' and for 'Bank of the free with wires' he wanted to say free wire transfers.
Other than that I have no idea what he wanted to say.

And together.bunq.com is not a parked domain it's the forum board of the bank where customers reply to customers

Patatas

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Quote from: hashtag on February 08, 2019, 03:36:21 AM

Has anyone used Bunq hat coin themselves as bank of the free with wires from crypto exchanges to see if they are really bank of the free?

What's a bunq hat coin? Bank of the free with wires? What the hell does that even mean?

Quote from: Slow death on February 08, 2019, 03:32:48 PM

Are you talking about this https://together.bunq.com site?

Registry Tech ID: REDACTED FOR PRIVACY
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crypto is a market that is not yet regulated in more than 90% of the countries, and has Wallet to store our bitcoins that we have control our private keys, so why the hell would someone use a " crypto bank "?

I don't think he is exactly talking about that site lol That site looks like a random parked domain. All I see is some threads in a different language and stuff related to bank but not crypto. This is way far from an exchange or a bank.

Slow death

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Are you talking about this https://together.bunq.com site?

Registry Tech ID: REDACTED FOR PRIVACY
Tech Name: REDACTED FOR PRIVACY
Tech Organization: REDACTED FOR PRIVACY
Tech Street: REDACTED FOR PRIVACY

crypto is a market that is not yet regulated in more than 90% of the countries, and has Wallet to store our bitcoins that we have control our private keys, so why the hell would someone use a " crypto bank "?

hashtag

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Has anyone used Bunq hat coin themselves as bank of the free with wires from crypto exchanges to see if they are really bank of the free?

Topic: Bunq (the bank of the free) and crypto exchanges? (Read 300 times)