So, someone who use Transferwise just got their account locked when he tried to use it for making a deposit[1]. While it is not about withdrawal, I think we should keep this in mind. They might start locking your account for withdrawal too.
[1] https://bitcointalksearch.org/topic/--5293274
Topic: List of banks working welll with exchanges to make withdrawal (Read 429 times)
But are you happy with those (bolted) questions? For me, its like I making me naked.
Unfortunately I'm already used to this. Every bank and exchange and of course the tax authorities are asking such questions and without proving/answering those questions there is indeed no way to make sure that I'm not laundering money.But I'm not fine with how this is done. I would prefer a solution where all this information is NOT stored at dozen exchanges/banks in very unsafe manner and easily hackable and sold in darknet... don't get why this practice is not already forbidden, considering how real and dangerous such a hack is.
So some kind of centralized/decentralized solution would be better, where exchanges can ask "is person XY a money launderer" and this only returns True or False, without giving the exchanges/banks more information. That way only on instance would know everything, which of course would need the highest security ever.
Bitwala are working with solaris bank together. All of a sudden they ask for additionally information about
your wealth,
how much do you earn (you have to proof it by proof of salary),
how much crypto do you have,
whether you're planning do buy more crypto
what is the purpose of the following transaction?
what is the relationship between you and the other party?
and so on. You have about 48 hours for the documentation. Otherwise your account will be closed.
This is what users writing in the German Board.
yes, can confirm this, but still I would recommend bitwala currently. (the time to answer is 5 days)your wealth,
how much do you earn (you have to proof it by proof of salary),
how much crypto do you have,
whether you're planning do buy more crypto
what is the purpose of the following transaction?
what is the relationship between you and the other party?
and so on. You have about 48 hours for the documentation. Otherwise your account will be closed.
This is what users writing in the German Board.
All banks are asking you AML/KYC questions, at least after moving more than roughly ~10k€ (exact numbers are not public and differ from bank to bank).
But the difference with bitwala is that they are asking detailed questions about crypto and your relation to it, instead of just "crypto? no we don't allow that" like other banks.
So if you can answer all the questions properly and are also prepared for many more*, then they will allow you big/regular transfers from/to crypto exchanges and currently the account and SEPA transfers are free of charge.
* they also asked me for deposit addresses on crypto exchanges and how exactly my money/crypto flow works. Also recent trade history (csv) and tax assessment was asked.
So far I have my bitwala account since ~2 months and I think (hope) that I finally got a crypto friendly bank, which won't close my account as long as I can answer such questions.
But are you happy with those (bolted) questions? For me, its like I making me naked.
Bitwala gives 5 days to respond. Here the questions.
Quote
• Do you use this account as main account or do you plan to do so in the future?
• Are there persons other than yourself who got access to this account?
• Which occupation do you have and what is your employment relationship (e.g. employed, self-employed, freelancer, student, without employment)?
• How high is your monthly disposable income?
• How would you estimate your crypto knowledge? (expert/good knowledge/interested/beginner)
• When did you first obtain crypto currencies?
• Please provide us with an official residency certificate issued by local authorities
• Are there persons other than yourself who got access to this account?
• Which occupation do you have and what is your employment relationship (e.g. employed, self-employed, freelancer, student, without employment)?
• How high is your monthly disposable income?
• How would you estimate your crypto knowledge? (expert/good knowledge/interested/beginner)
• When did you first obtain crypto currencies?
• Please provide us with an official residency certificate issued by local authorities
Bitwala are working with solaris bank together. All of a sudden they ask for additionally information about
your wealth,
how much do you earn (you have to proof it by proof of salary),
how much crypto do you have,
whether you're planning do buy more crypto
what is the purpose of the following transaction?
what is the relationship between you and the other party?
and so on. You have about 48 hours for the documentation. Otherwise your account will be closed.
This is what users writing in the German Board.
yes, can confirm this, but still I would recommend bitwala currently. (the time to answer is 5 days)your wealth,
how much do you earn (you have to proof it by proof of salary),
how much crypto do you have,
whether you're planning do buy more crypto
what is the purpose of the following transaction?
what is the relationship between you and the other party?
and so on. You have about 48 hours for the documentation. Otherwise your account will be closed.
This is what users writing in the German Board.
All banks are asking you AML/KYC questions, at least after moving more than roughly ~10k€ (exact numbers are not public and differ from bank to bank).
But the difference with bitwala is that they are asking detailed questions about crypto and your relation to it, instead of just "crypto? no we don't allow that" like other banks.
So if you can answer all the questions properly and are also prepared for many more*, then they will allow you big/regular transfers from/to crypto exchanges and currently the account and SEPA transfers are free of charge.
* they also asked me for deposit addresses on crypto exchanges and how exactly my money/crypto flow works. Also recent trade history (csv) and tax assessment was asked.
So far I have my bitwala account since ~2 months and I think (hope) that I finally got a crypto friendly bank, which won't close my account as long as I can answer such questions.
...
Nothing surprising or alarming. It's called the Customer Identification Program aka KYC and a bank can ask the same question at any time for their due diligence regarding AML directives. They have no reason to publish a notification (the same apply to Bitwala).
And nope, users can not lose money in a company like Bitwala, because they can't freeze an account forever. The last step for them is to close the account and return the funds wherever the user asked.
It's the law in all countries in Europe.
They should have publish a notifications about this before they start bombarding users with the questions.
That is the same like at coinbase if a german citizen registering there. You can register there, you can connect it to your bank account and you can withdrawal to it . But Officially Germany is not in the list of the supported country's. If you register they don't tell you that you're not allowed to do so. So there is a high risk suddenly your account gets freeze. 
That's kinda weird. I mean, exchanges would likely have their name printed on the bank account that they use to transfer the funds so I bet they'll know asap if any tx happens. Unless they hide it somehow. Never tried Transferwise for crypto myself as it's too risky for me. I'd rather stick with their official standing and won't use them for crypto though.
Bitfinex used to do that when they had troubles with their banks, wouldn't be surprised if other exchanges also improvised like that to stay afloat.
They should have publish a notifications about this before they start bombarding users with the questions. It would be terrible if the users lost their money because they failed to provide the answer.
It's a common practice, unfortunately.
Transferwise support told me they don't allow any crypto related transfers currently.
If it works for some, I guess it is just luck.
If it works for some, I guess it is just luck.
That's kinda weird. I mean, exchanges would likely have their name printed on the bank account that they use to transfer the funds so I bet they'll know asap if any tx happens. Unless they hide it somehow. Never tried Transferwise for crypto myself as it's too risky for me. I'd rather stick with their official standing and won't use them for crypto though.
Bitwala are working with solaris bank together. All of a sudden they ask for additionally information about
They should have publish a notifications about this before they start bombarding users with the questions. It would be terrible if the users lost their money because they failed to provide the answer.
Bitwala are working with solaris bank together. All of a sudden they ask for additionally information about
your wealth,
how much do you earn (you have to proof it by proof of salary),
how much crypto do you have,
whether you're planning do buy more crypto
what is the purpose of the following transaction?
what is the relationship between you and the other party?
and so on. You have about 48 hours for the documentation. Otherwise your account will be closed.
This is what users writing in the German Board.
I would be careful using Bitwala /Solaris Bank
your wealth,
how much do you earn (you have to proof it by proof of salary),
how much crypto do you have,
whether you're planning do buy more crypto
what is the purpose of the following transaction?
what is the relationship between you and the other party?
and so on. You have about 48 hours for the documentation. Otherwise your account will be closed.
This is what users writing in the German Board.
I would be careful using Bitwala /Solaris Bank
Transferwise support told me they don't allow any crypto related transfers currently.
If it works for some, I guess it is just luck.
Revolut does only support a few cryptoexchanges, like Bitstamp, Coinbase and Gemini:
https://www.revolut.com/help/exploring-revolut/spending/which-merchant-is-not-supported-with-revolut
And their compliance team told me, that they dont accept funds which are crypto trading profits. So when you have to proof your source of funds, make sure you can proof that without crypto profits.
Many banks, guess it will be 90% of all banks, will allow occasionally transfers, but will close your account if your main use of the account is to send/receive money from/to crypto exchanges. This is just my personal experience so far...
If it works for some, I guess it is just luck.
Revolut does only support a few cryptoexchanges, like Bitstamp, Coinbase and Gemini:
https://www.revolut.com/help/exploring-revolut/spending/which-merchant-is-not-supported-with-revolut
And their compliance team told me, that they dont accept funds which are crypto trading profits. So when you have to proof your source of funds, make sure you can proof that without crypto profits.
Many banks, guess it will be 90% of all banks, will allow occasionally transfers, but will close your account if your main use of the account is to send/receive money from/to crypto exchanges. This is just my personal experience so far...
AFAIK, for personal (not business) use, most* Polish banks should work without major issues with exchanges. Millenium and Alior banks should also work with foreigners who are non-residents in Poland, but in the case of the latter they must hold an EU citizenship. BNP, BOŚ, Citi Handlowy, EnveloBank may also work for both EU and sometimes also non-EU non-residents. Unfortunately an account can only be opened from within the country.
*I think it's "all" but I'm not 100% sure.
*I think it's "all" but I'm not 100% sure.
OP, I think it will be more compelling if you can add some screenshot (with all personal details blocked out of course) or any other details when you do the test transaction. Just a suggestion, there's no need to do this if you don't like the idea.
Bitwala
https://i.gyazo.com/57d5b523f0791c4f5bc968bbfd843d38.png
Transferwise
https://i.gyazo.com/1f3099ff80c6061a27b9bf87c389643a.png
Revolut
https://i.gyazo.com/8dba3e153f6b03b27d1a6e6328f4e1c5.png
Pocopay
https://i.gyazo.com/c39f7647bd2e2ecc1e3c76830724070c.png
Also I did with Skrill. From May 14 to today, I still haven't received the money.
Kraken does not send to Revolut, you won't be able to add Revolut IBAN
I'm pretty sure it was listed on the 'not working' part already.
OP, I think it will be more compelling if you can add some screenshot (with all personal details blocked out of course) or any other details when you do the test transaction. Just a suggestion, there's no need to do this if you don't like the idea.
Kraken does not send to Revolut, you won't be able to add Revolut IBAN
Update!
This week I tested withdrawals from bitstamp to :
Revolut
Pocopay
Bitwala
successfully.
This week I tested withdrawals from bitstamp to :
Revolut
Pocopay
Bitwala
successfully.
...
The person needs to live in the same country where ING operates.
For example, to open an account with ING.es you need to be a Spanish resident, with ING.fr only French residents are accepted, etc, etc and unfortunately they don't operate everywhere in Europe
According to the last information we have polish ING bank allows crypto related transactions for individuals.
Could you test it with some exchange? For experience, what banks policy say with reality is not the same. ING works fine with cryptocurrencies exchange platforms, at least it was back from 2015 to 2017 but there is no reason the things be different
Maybe you could add the necessary details such as their website, do they accept non-EU customers, what kind of KYC that they need, etc.
Looks like this was a local bank for Polish users and not US/EU related bank services? I'm not sure but I think OP is targeting US customers.
Looks like this was a local bank for Polish users and not US/EU related bank services? I'm not sure but I think OP is targeting US customers.
They operate in multiple European countries. Anyone who legally lives in the EU should be able to have an account with them.
According to the last information we have polish ING bank allows crypto related transactions for individuals.
Could you test it with some exchange? For experience, what banks policy say with reality is not the same. I'm not sure but I think OP is targeting US customers.
I´m from Europe, but I think this list could be help to everyone. To keep it working I confirmed at May 8th 2020,
N26 and Transferwise are working well with Bitstamp
Next week I´m going to test ING Bank and Revolut.
If anyone has other banks please share with us to help the community.
According to the last information we have polish ING bank allows crypto related transactions for individuals.
Maybe you could add the necessary details such as their website, do they accept non-EU customers, what kind of KYC that they need, etc.
Looks like this was a local bank for Polish users and not US/EU related bank services? I'm not sure but I think OP is targeting US customers.
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