Topic: My bank doesn't know what a bitcoin is.... HELP (Read 1972 times)
Buy local and use cash. Or better yet purchase a miner and mine an alt and then exchange it for another alt. That way you're not laundering money, whatever that means.
Then I guess you will just have to go in and show your ID.
But Just make sure you do not feel guilty or "naughty" in anyway. You are a young positive person, just starting out in the exciting world of crypto. stay positive! and be happy and positive with the bank staff.
But Just make sure you do not feel guilty or "naughty" in anyway. You are a young positive person, just starting out in the exciting world of crypto. stay positive! and be happy and positive with the bank staff.
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
Precisely! It is her money after all.This is precisely my point. Don't even bother explaining bitcoin to banks. They will ask more questions and waste more of your time. I would say money is for something else. Have you considered writing a cheque or cash deposit into the seller's account?
Actually you can and they will have to record it as such.
Just go in and say your sister has just been looking at a second hand moped and now wants to buy that with the money, she's in love with it. The original bitcoin idea was a way that she was trying to make more money in order to afford another moped, but now she's in love with that moped and it's a good deal that will probably be snatched up quick, she can't wait to get in the saddle!
Of course some time after leaving the bank she will have a change of mind (as women do) and now want bitcoin.
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
Precisely! It is her money after all.This is precisely my point. Don't even bother explaining bitcoin to banks. They will ask more questions and waste more of your time. I would say money is for something else. Have you considered writing a cheque or cash deposit into the seller's account?
Actually you can and they will have to record it as such.
Just go in and say your sister has just been looking at a second hand moped and now wants to buy that with the money, she's in love with it. The original bitcoin idea was a way that she was trying to make more money in order to afford another moped, but now she's in love with that moped and it's a good deal that will probably be snatched up quick, she can't wait to get in the saddle!
Of course some time after leaving the bank she will have a change of mind (as women do) and now want bitcoin.
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
Precisely! It is her money after all.This is precisely my point. Don't even bother explaining bitcoin to banks. They will ask more questions and waste more of your time. I would say money is for something else. Have you considered writing a cheque or cash deposit into the seller's account?
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
Precisely! It is her money after all.This is precisely my point. Don't even bother explaining bitcoin to banks. They will ask more questions and waste more of your time. I would say money is for something else. Have you considered writing a cheque or cash deposit into the seller's account?
It s all about money laundering. I had a similar issue with my bank, they refused to let me transfer money to my Bitstamp account and they requested me to provide some kind of user confirmation document stating what my money is being used for and what is the exact amount I ll be using to buy Bitcoin. In other words, you just need to educate them, provide proof you are buying Bitcoin and not drugs and all should be fine.
Why did you have to say the money is for bitcoin? You could have said the money is for a secondhand car or a computer. Banks don't want anything to do with bitcoin. By mentioning bitcoin, your sister's account could be suspended for longer.
They would have no real reason for that no? This would be breaking of human rights.yes, but banks do what they want
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
Precisely! It is her money after all.
Seems nowadays that banks have started intelligence gathering operations akin to the military, and we're all potential terrorists!
I mean... You work hard to get some money, taxed along the way, and then when you come to spend it you get treated like a naughty kid stealing from the cookie jar, things have got to change!
Viva Bitcoin!
Why did you have to say the money is for bitcoin? You could have said the money is for a secondhand car or a computer. Banks don't want anything to do with bitcoin. By mentioning bitcoin, your sister's account could be suspended for longer.
They would have no real reason for that no? This would be breaking of human rights.yes, but banks do what they want
Other people have had bitcoin related incidents with their banks and their accounts haven't been closed.
Why did you have to say the money is for bitcoin? You could have said the money is for a secondhand car or a computer. Banks don't want anything to do with bitcoin. By mentioning bitcoin, your sister's account could be suspended for longer.
They would have no real reason for that no? This would be breaking of human rights.yes, but banks do what they want
Why did you have to say the money is for bitcoin? You could have said the money is for a secondhand car or a computer. Banks don't want anything to do with bitcoin. By mentioning bitcoin, your sister's account could be suspended for longer.
They would have no real reason for that no? This would be breaking of human rights.
Why did you have to say the money is for bitcoin? You could have said the money is for a secondhand car or a computer. Banks don't want anything to do with bitcoin. By mentioning bitcoin, your sister's account could be suspended for longer.
I'm pretty sure they won't close the bank account because when my sister went into the bank, the lady was talking to the headquarters and all they seemed to be looking for was a stamped bank statement showing my bank account transferring funds to her paypal account. I have ordered a bank statement, I will go and get it stamped and I will take my passport and go to my sisters bank with her.
I'm not saying it's a guaranteed that they close your account, but you sister is at very high risk of having an account closure (and possibly banned too) if you say it was for a bitcoin transaction. I'm not sure if UK has similar sentiments as the US, but here generally banks will close your account if you're dealing with bitcoin, even if it's totally legit.
I'm pretty sure they won't close the bank account because when my sister went into the bank, the lady was talking to the headquarters and all they seemed to be looking for was a stamped bank statement showing my bank account transferring funds to her paypal account. I have ordered a bank statement, I will go and get it stamped and I will take my passport and go to my sisters bank with her.
I'm not saying it's a guaranteed that they close your account, but you sister is at very high risk of having an account closure (and possibly banned too) if you say it was for a bitcoin transaction. I'm not sure if UK has similar sentiments as the US, but here generally banks will close your account if you're dealing with bitcoin, even if it's totally legit.
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
I honestly thought most banks knew what bitcoins were to be honest, proved wrong though from this post.
All banks know what bitcoin is by now. It's the low level gnomes that work inside the physical locations that haven't got a clue what bitcoin is.
Talk to an analyst in the fraud department, tell them it's a bitcoin transaction and they'll close your bank account.
As long as it's your money and it's from a legit source,you don't have to really explain for what purpose you are transferring the money either it be a bitcoin or anything.It's not the banks concern btw but the paypal could raise the question.Paypal and Bank are ;)different
Please be assured that the bank must know Bitcoin, but may not know for the bank teller
I honestly thought most banks knew what bitcoins were to be honest, proved wrong though from this post.
All banks know what bitcoin is by now. It's the low level gnomes that work inside the physical locations that haven't got a clue what bitcoin is.
Talk to an analyst in the fraud department, tell them it's a bitcoin transaction and they'll close your bank account.
Which companies accept bitcoin? I am asking so I can give the bank some info about it and how it is widely used I know Dell and Overstock accept bitcoins. Does anyone know any other big companies that accept bitcoins?
its really good question basically it helps to show growth of Bitcoins . if you want to study Bitcoin deeply then you have to follow this site "http://www.coindesk.com/" . I sure you will updated time to time if any changes come in BTC market I know Dell and Overstock accept bitcoins. Does anyone know any other big companies that accept bitcoins? 
They don't need to know what BTC is, they just need to be assured that your sister really does want to transfer those £600 to someone else.
Refer them to weusecoins.com.
Which companies accept bitcoin? I am asking so I can give the bank some info about it and how it is widely used I know Dell and Overstock accept bitcoins. Does anyone know any other big companies that accept bitcoins?
I know Dell and Overstock accept bitcoins. Does anyone know any other big companies that accept bitcoins? It's a really hard thing to do 
Even It's difficult to explain what bitcoin is to my parents
Even It's difficult to explain what bitcoin is to my parents
haha true even though I have explained to their parents still do not know: D
but they wonder why I can earn a lot of bitcoin it: D
I honestly thought most banks knew what bitcoins were to be honest, proved wrong though from this post.
I would see if you can find any information on places such as wikipedia or even other websites that you can print off to show them exactly what it is that is being done and take it from there. I hope you get this resolved soon
I would see if you can find any information on places such as wikipedia or even other websites that you can print off to show them exactly what it is that is being done and take it from there. I hope you get this resolved soon
Can just say that its online credits to use for online payments on a game site :-)
I'm pretty sure they'll think im a retard for trying to buy over £600 ($995) worth of game credits.
Can just say that its online credits to use for online payments on a game site :-)
What bank is it if its not a secret 
TSB bank (UK). The lady in the bank didn't know what bitcoin was. I'll just say to them it's a virtual currency.
What bank is it if its not a secret
It's a really hard thing to do
Even It's difficult to explain what bitcoin is to my parents
Even It's difficult to explain what bitcoin is to my parents
A bank that do not know whats bitcoins 
maybe print out some wikipedia and show it to them
maybe print out some wikipedia and show it to them
bump
Hi, my sisters bank account got suspended for buying 2 btc because she was transferring over £600 to a btc seller. I have to go to her bank with a photo id and my bank statement and show them that I transferred funds to my sisters account. (By the way, I transferred money from my paypal using my debit card to my sisters paypal then she withdrawed it to her bank account. I did this because I don't have online banking and the banks were closed at the time to make a cash deposit. Also, I'm under 18 so if they ask why do I have paypal, i'll just say aren't I allowed it and if they say I have to be over 18 then I will just say I didn't know that ) However, the banks do not know what bitcoin is. So what do I say to them? Should I say it is a virtual currency and should I show them a screenshot of localbitcoins? Thanks
) However, the banks do not know what bitcoin is. So what do I say to them? Should I say it is a virtual currency and should I show them a screenshot of localbitcoins? Thanks Jump to: