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Topic: UK Bitcoiners Friendly Banks Business List Localbitcoin Traders - page 2. (Read 3874 times)

hero member
Activity: 700
Merit: 500
Strike The Co-Operative Bank/Smile of your list of UK BTC friendy Banks!!! Done a few small transactions on Local Bitcoins, the cancelled both my cards and blocked my internet Banking, made me speak to fraud department. As i thought 1 of the transactions must have been fraudulant i told them it was from Local Bitcoins. "It is our policy not to allow any Bitcoin related business"


Yeah, the Ethical Bank  Grin Grin Grin

Just like any other 'organised crime' outfit.
sr. member
Activity: 952
Merit: 281
Strike The Co-Operative Bank/Smile of your list of UK BTC friendy Banks!!! Done a few small transactions on Local Bitcoins, the cancelled both my cards and blocked my internet Banking, made me speak to fraud department. As i thought 1 of the transactions must have been fraudulant i told them it was from Local Bitcoins. "It is our policy not to allow any Bitcoin related business"
That is just pure insanity.

What happens to your money inside the bank account in those circumstances?  Can you withdraw it?
legendary
Activity: 2086
Merit: 1001
Strike The Co-Operative Bank/Smile of your list of UK BTC friendy Banks!!! Done a few small transactions on Local Bitcoins, they cancelled both my cards and blocked my internet Banking, made me speak to fraud department. As i thought 1 of the transactions must have been fraudulant i told them it was from Local Bitcoins. "It is our policy not to allow any Bitcoin related business"

edit: small as in worth altogether under £1000 in 3 or 4 sells, so not that small!? Smiley
member
Activity: 133
Merit: 10
Looks like we have some progress in UK. Friendly banks, ATMs... Seems like BTC can find good ground here rather that in US
sr. member
Activity: 952
Merit: 281
Very useful yet disheartening topic for me as I am UK based am setting up my first bitcoin-related business.

What I don't understand is why does it matter if your business is risky?  It is not like you are applying for a loan or even an overdraft, it is just a bank account.  Worst case scenario if bitcoin collapses is your business is over and the profits left in your bank account won't grow any larger.

The way I see it, your best bet is to simply say you are mining bitcoins and just pay capital gains tax on it if you pass the threshold.

Blatchcorn, I spoke to a BTC specialist accountant/financial adviser last week:

http://www.nowellassociates.co.uk/bitcoin   a grand lady Norma Nowell, they have many BTC business clients in UK but mainly eastern European countries, we discussed UK regs and tax issues. But she told me about smile/Co-operative bank and suggested they are BTC friendly at least more so than our other banks. I will be meeting with their branch manager on Tuesday.

I'm treading carefully because don't want to get flat "No" wrt to business banking with them, for my purposes just a simple Current Account might serve me well, there IMT's are fairly competitive too, for overseas exchange funding (8GBP).

Will try asking them about BTC perhaps at a later date. But I would suggest you do the same for your business, perhaps find a branch in neighboring town, lock-in a meeting and discuss Bitcoin to hearts content. Alternatively you could call their business group http://www.co-operativebank.co.uk/corporate/customerservices/contactus/phone-us#generalnumbers

All goes well, they might be happy to open a Business Account for your BTC enterprise Smiley



Thanks a lot mate.  Really appreciate the advice.  Good luck with your meeting
full member
Activity: 224
Merit: 100
If only we had these were I lived. By the way, how would this work exactly? Would it be like walking into a physical Localbitoins?

Right on mate! - Us UK Bitcoiners are lucky in that respect, something I've taken for granted - The Faster Payments network offered by most UK banks has certainly benefited me over the past year.

We have the ability using our Online Banking services to transfer fiat (GBP) funds to another UK bank account typically under a minute.

I'm guessing where you are from, clearing funds takes much longer (3-8 days?) via Cheque, Standing Orders or Giro Credits (old payment methods banks use)

You can still use Localbitcoins website though - in a lot of places, people use this site to arrange meeting in person, where you can exchange your local currency for Bitcoins directly with a Seller.

If you try this, I would advise you check the Sellers Feedback, meet up in a public location, maybe bring some friends with you (basically just be careful)

Here's a link to their website: https://localbitcoins.com/

Just type in your location, then select the best payment method that suits you. If you click on the Sellers name, it'll bring up more information about the Seller and you can check his/her Feedback and contact information.
hero member
Activity: 644
Merit: 500
If only we had these were I lived. By the way, how would this work exactly? Would it be like walking into a physical Localbitoins?
full member
Activity: 224
Merit: 100
Just a handy very brief summary for UK BTC traders:

https://blog.quickbitcoin.co.uk/good-and-bad-uk-banks-for-bitcoin/

Posted on a competitor site to LocalBitcoins
full member
Activity: 224
Merit: 100
Very useful yet disheartening topic for me as I am UK based am setting up my first bitcoin-related business.

What I don't understand is why does it matter if your business is risky?  It is not like you are applying for a loan or even an overdraft, it is just a bank account.  Worst case scenario if bitcoin collapses is your business is over and the profits left in your bank account won't grow any larger.

The way I see it, your best bet is to simply say you are mining bitcoins and just pay capital gains tax on it if you pass the threshold.

Blatchcorn, I spoke to a BTC specialist accountant/financial adviser last week:

http://www.nowellassociates.co.uk/bitcoin   a grand lady Norma Nowell, they have many BTC business clients in UK but mainly eastern European countries, we discussed UK regs and tax issues. But she told me about smile/Co-operative bank and suggested they are BTC friendly at least more so than our other banks. I will be meeting with their branch manager on Tuesday.

I'm treading carefully because don't want to get flat "No" wrt to business banking with them, for my purposes just a simple Current Account might serve me well, there IMT's are fairly competitive too, for overseas exchange funding (8GBP).

Will try asking them about BTC perhaps at a later date. But I would suggest you do the same for your business, perhaps find a branch in neighboring town, lock-in a meeting and discuss Bitcoin to hearts content. Alternatively you could call their business group http://www.co-operativebank.co.uk/corporate/customerservices/contactus/phone-us#generalnumbers

All goes well, they might be happy to open a Business Account for your BTC enterprise Smiley

full member
Activity: 224
Merit: 100
I believe there is mix reviews about llyods bank. I think some people have had problems and others have told their bank that they trade with Bitcoin and they were fine with it.

As was the case with me, my branch manager's a good guy and we've maintained a good relationship - But this is just One Guy and not fully representative of Lloyds Group with respect to the treatment of Bitcoins, especially from a business perspective. From his point of view, he was happy with how I maintained my accounts, never zero/negative balance, higher than average fees/charges for IMT's, FX Exchange fee's per month paid out to Lloyds, a good customer.

The problem I had was migrating to a Business Account and letting them know my business involved Bitcoin. In fact I've heard some people had their accounts frozen for incoming/outgoing transfers Referenced + "Bitcoin".

It's hard because most traders are legit and once their turnover exceeds VAT threshold the reasonable thing to do is register as a Sole Trader/pay any Income Tax liabilities/Partition to Business Account. Now I know HMRC do not impose any VAT on the trading of Bitcoins themselves but I thought registration and migration would be the best thing to do. Properly shot myself in the foot  Smiley
legendary
Activity: 4424
Merit: 4794
I believe there is mix reviews about llyods bank. I think some people have had problems and others have told their bank that they trade with Bitcoin and they were fine with it.

there are mixed views about most banks. its all about th 'sales pitch' you give to the bank manager, which h then classes as high risk low risk. i personally found my bank manager cared more about my intentions and honour, rather then the business model
hero member
Activity: 532
Merit: 500
Currently held as collateral by monbux
I believe there is mix reviews about llyods bank. I think some people have had problems and others have told their bank that they trade with Bitcoin and they were fine with it.
legendary
Activity: 4424
Merit: 4794
Just spoke to a friend of mine - He's was made redundant almost 2 years ago, and now Self Employed as a Taxi Driver.

He told me he's not running his accounts through a Business Account, just using his regular Current Account, which I thought was surprising!

Looked online and he's right:

http://www.easyaccountancy.co.uk/freelancecentre/setting_up_self_employed_freelancer.html (Setting up a Business Account)

https://www.primusaccountancy.co.uk/usefulguides/soletraderguide.php (Banking Considerations)

The problem with the primusaccounting advice about sole traders using standard current accounts. is that usually wire transfers are very far and few inbetween. maybe 1 a week to pay a bill (4-5 bills a month). but when it comes to doing 20 a day, that borders in the EU directives regarding the wire transmission limits for personal use.. thus a business account is more legitimately suited for localbitcoin day-traders.

but i do agree that thesecond half of the advice primus mentions is true. to have a business account and a personal account, and only move funds into the personal account for personal (wage). as it does make it so much easier to audit your business vs personal finances
full member
Activity: 224
Merit: 100
Just spoke to a friend of mine - He's was made redundant almost 2 years ago, and now a Sole Trader/Self Employed as a Taxi Driver.

He told me he's not running his accounts through a Business Account, just using his regular Current Account, which I thought was surprising!

Looked online and he's right:

http://www.easyaccountancy.co.uk/freelancecentre/setting_up_self_employed_freelancer.html (Setting up a Business Account)

https://www.primusaccountancy.co.uk/usefulguides/soletraderguide.php (Banking Considerations)
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
You'd think in these European times there would be bank on the continent that could offer some type of GBP option. If you were dealing in Euros you'd have several operating options ready to go.
full member
Activity: 224
Merit: 100
You guys notice most banks offer this FSCS (Financial Services Compensation Scheme) - maybe it's to do with that?

Bitcoin not being considered "Eligible"
full member
Activity: 224
Merit: 100
if only Virgin Money done business accounts, we would be sorted. as we all know richard branson loves and understands bitcoin


Looked into them, they are still treading water about opening/offering just Current Accounts
full member
Activity: 224
Merit: 100
Very useful yet disheartening topic for me as I am UK based am setting up my first bitcoin-related business.

What I don't understand is why does it matter if your business is risky?  It is not like you are applying for a loan or even an overdraft, it is just a bank account.  Worst case scenario if bitcoin collapses is your business is over and the profits left in your bank account won't grow any larger.

The way I see it, your best bet is to simply say you are mining bitcoins and just pay capital gains tax on it if you pass the threshold.

Don't be dis-heartened brother, where there's a will.......  plus with the help of community on side, we'll find a solution for your business. Our banks just seem unenlightened/protective right now.
sr. member
Activity: 952
Merit: 281
if only Virgin Money done business accounts, we would be sorted. as we all know richard branson loves and understands bitcoin
Guess we need to ask them
legendary
Activity: 4424
Merit: 4794
if only Virgin Money done business accounts, we would be sorted. as we all know richard branson loves and understands bitcoin
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