Where to open a bank account for Crypto business

Mahanton

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Quote from: usekevin on November 13, 2020, 01:42:41 PM

Quote from: izanagi narukami on January 13, 2019, 11:32:32 AM

When bank able to accept bitcoin , it means that bitcoin are being control. Of course it breaks cryptocurrency paradigm !
So I think it will difficult to find bank that accept crypto business except the government really concern about crypto and they make some regulation about it !

Why should you are searching for the bank which accepting the bitcoin.Now paypal accept of bitcoin,so you do two things.You can do the transaction with paypal by using your bank account.Then you can use that paypal money to inverse on bitcoin.So the need of account which accept transaction of bitcoin is not merely needed.

To assume that they had asked out this question when paypal havent still accepted or adopted Bitcoin so its expected that now that Paypal is already accepting BTC then that do really solves the issue.
Always consider out on the time that they do make such query and if those times that they can able to see some option then they wont bother on asking out the public.
You can actually make one but wont be directly making up conversions which means you do simply need to convert to fiat first before making any deposits.

usekevin

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DGbet.fun - Crypto Sportsbook

Quote from: izanagi narukami on January 13, 2019, 11:32:32 AM

When bank able to accept bitcoin , it means that bitcoin are being control. Of course it breaks cryptocurrency paradigm !
So I think it will difficult to find bank that accept crypto business except the government really concern about crypto and they make some regulation about it !

Why should you are searching for the bank which accepting the bitcoin.Now paypal accept of bitcoin,so you do two things.You can do the transaction with paypal by using your bank account.Then you can use that paypal money to inverse on bitcoin.So the need of account which accept transaction of bitcoin is not merely needed.

fuzebase

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We can help to open business or international business bank account for Crypto Company.

Start your Money Exchange here :👉 https://fuzebase.com/

hridoyb

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Bitgesell (BGL) Decentralized Cryptocurrency!

Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Crypto market not totally legal all over the world.Some country totally ban bitcoin or crypto and also they ad money laundering case so first know your country situation that legal or illegal crypto.From my experience, our country totally ban bitcoin and crypto and we are usually buy sell bitcoin in some local market so search on google and hope you find more information about it

Whosdaddy

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Malta has been one of the most forward thinking crypto countries in the world for a while not and Ukraine has no crypto tax until 2030 which is a long way later. So you can start with any bank in one of those countries no matter where you are located, they do not require you to be a citizen to open a bank, you can just go there and open a bank even if you are a foreigner.

Also, Germany has good laws on crypto as well and allows you to open banks there. So, your Israeli banks could help you out if you can find one but if you can't find one in Israel you can look for other banks in foreign countries and when you open a bank in one of those countries you will get a debit and credit card which will allow you to spend your money in that bank while you are in isreal as well.

BigBos

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I have never heard information about a bank that supports crypto business. well, I think it is still difficult to support, because basically it does not guarantee and remains risky. sometimes banks only support clear, profitable systems. but maybe some local exchangers can function like banks in this matter.

apityeh71

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I think this is depend on the regulation of crypto in each country, in my country Indonesia Bitcoin and others crypto already get regulation to trade so all Bank supported withdrawal from crypto to fiat.

savioroshan

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Nowadays many crypto firms prefer Cayman Islands. I have seen many ICOs registered in Cayman Islands.
https://www.careyolsen.com/sites/default/files/CO_CAY_Blockchain-and-Cryptocurrency-Regulation-2019-1st-Edition_10-18.pdf
Check this link. I hope you will get some idea about Cayman Islands cryptocurrency regulation if you read this article.

izanagi narukami

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When bank able to accept bitcoin , it means that bitcoin are being control. Of course it breaks cryptocurrency paradigm !
So I think it will difficult to find bank that accept crypto business except the government really concern about crypto and they make some regulation about it !

babysweetTiger0401

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Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Well, there are few banks now that accepting or they connect into digital or crypto currency. Like here in my country one of the Asian nations, we had here that is very much opened into crypto or blockchain technology which is very favor to crypto enthusiast here including me of course. But I don't know in the other nations.

muratdur

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You can start from my ether wallet I think that this is most secure platform that we have right now on the market

jaocoincrypto18

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Quote from: [email protected] on January 01, 2018, 01:16:33 PM

Yes, so the banks here are very old fashioned and strict.
I'm looking to create a company bank account in a different country that is more positively posed towards cryptocurrencies.
For example, I've heard that Switzerland and Gibraltar are good for this. But I'd rather hear it from someone with experience, that has gone through the process already, and knows where it's recommended to open a business account.

I don't have the experience but there are lot of countries that their Central banks are supporting the crypto currencies like Japan, USA, Germany, France and many more. If you could visit these countries as legal businessman then maybe you are welcome to use their banks because I do not know what is the policy for money laundering which is the most common issue of most of the countries. You are a foreign to a certain nation then for sure it is not that easy to use their banks for the foreigners because of money laundering law.

platgroup

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Give us some support and we will help:

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MMA

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Quote from: BeerMan81 on January 29, 2018, 09:25:55 PM

Quote from: budz0425 on January 04, 2018, 09:46:30 AM

Quote from: qiwoman2 on January 03, 2018, 09:36:48 AM

It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.

Every country has different saying and perception when it comes to cryptocurrency, and just like here in our jurisdiction they are not really in favor yet and they are not tolerating or suggesting to invest on it but they are not closing the door but with that we cannot open a saving account and we will state that our source of income is crypto.

I made 5 different trips to 4 different banks today.

2 problems, Bank of America, Wells Fargo don't allow crypto. I was nearly done at BoA and they shot me down after the word cryptocurrency was thrown around. Second problem was my business partner is out of town, and some banks (Chase, Wells Fargo) require both parties to be present.

Finally had success at the nearby Credit Union, after having to make a trip home to correct some stupid documentation.

Q: What is the nature of my business?
A: Cloud Computational Computing. I own computers and servers, and i rent out their horsepower. It is quite technical...

Banks don't like crypto...my adivce use that approach and go to a local Credit Union. Plus there are no fees! should have started here.

That is right to say that currently most of the banks are not accepting bitcoin for saving, or for any other purpose, may be still some places are there specially in such places where bitcoin is currently have legal status, there may some banks who have started accepting bitcoin but still in most of the banking such facilities are not available in current time and hope that as time pass banks will also start accepting bitcoin for saving and other purposes.

debuni

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If you are looking mostly to convert crypto in FIAT, I would suggest you to open a Ltd in Bulgaria (EU member state). It's known for 10% Corporate taxes and banks don't mind to GET money from crypto's. There are few local companies who can deliver you fiat into your bank account within few hours or you could USE Kraken SEPA withdraws.

lite

legendary

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Wirex is launching/has launched(for some users?) crypto friendly bank based in UK, you could sign up for that.
You can also open a bank account with mistertango[1].
Have a look at these threads[2][3], they have list of some crypto friendly banks. please do as much research as you can before opening a bank account.

[1] https://bitcointalksearch.org/topic/ann-mistertango-bitcoin-friendly-european-bank-account-free-mastercard-1972805
[2] https://bitcointalksearch.org/topic/list-of-bitcoin-hostile-and-friendly-banks-264679
[3] https://bitcointalksearch.org/topic/list-of-bitcoin-hostile-banks-edit-new-thread-see-first-line-189917

whatluke

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There is only one or two banks I know in Switzerland that are open to crypto, I can make an intro for the right project.

Pilasu

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Yes it's simple but you have to give them webservice address...

BeerMan81

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Quote from: budz0425 on January 04, 2018, 09:46:30 AM

Quote from: qiwoman2 on January 03, 2018, 09:36:48 AM

It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.

Every country has different saying and perception when it comes to cryptocurrency, and just like here in our jurisdiction they are not really in favor yet and they are not tolerating or suggesting to invest on it but they are not closing the door but with that we cannot open a saving account and we will state that our source of income is crypto.

I made 5 different trips to 4 different banks today.

2 problems, Bank of America, Wells Fargo don't allow crypto. I was nearly done at BoA and they shot me down after the word cryptocurrency was thrown around. Second problem was my business partner is out of town, and some banks (Chase, Wells Fargo) require both parties to be present.

Finally had success at the nearby Credit Union, after having to make a trip home to correct some stupid documentation.

Q: What is the nature of my business?
A: Cloud Computational Computing. I own computers and servers, and i rent out their horsepower. It is quite technical...

Banks don't like crypto...my adivce use that approach and go to a local Credit Union. Plus there are no fees! should have started here.

budz0425

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Quote from: qiwoman2 on January 03, 2018, 09:36:48 AM

It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.

Every country has different saying and perception when it comes to cryptocurrency, and just like here in our jurisdiction they are not really in favor yet and they are not tolerating or suggesting to invest on it but they are not closing the door but with that we cannot open a saving account and we will state that our source of income is crypto.

[email protected]

newbie

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I already have a business bank account. Thing is the banks here won't allow crypo related activity. Just like that.
I found this interesting page:
http://www.healyconsultants.com/international-banking/bitcoin-business-bank-account/

In this link, there is a list of countries where operate crypto friendly banks. Only thing left is to figure which banks.. Undecided

7950$ sounds a bit too much, considering that they do the same thing for half the price if it's not bitcoin related:

Quote from: qiwoman2 on January 03, 2018, 09:36:48 AM

It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.

qiwoman2

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It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.

zmkriel

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I don't think that there is a bank for crypto-currencies or maybe just in my country. What others do here if they don't plans to invest in bitcoin is to convert their earnings into fiat and deposited it directly to their banks from their wallets after converted. For further answers, just try to search it online or just google it.

ImSuparmin

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Quote from: reflector on January 01, 2018, 12:53:34 PM

Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

I am not sure what are all the banks will support digital currencies trading. You will get the more details by surfing about that in google search in your country. If citi or axis banks gives support in your country go direct to the bank manager in your city and asking for digital currency current account. You may get the proper guidance from these banks.

I agree with you, we must first seek accurate information in our country, because not all banks accept digital currency, we can search the information by searching on google or can find information directly to the existing bank in your country

[email protected]

newbie

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Well, check the comment above. He says that the bankers in his area have no issues with working with bitcoin.

Quote from: BTCeminjas on January 02, 2018, 01:38:10 PM

Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Actually there's no bank who really tie up with cryptocurrencies because they think that cryptocurrency is one of their competitor when it comes of money.
In our place lately all bank account related with cryptocurrency was totally banned there are some bitcoin users has a suspicious account, and now our bank here were declared banning for those account who involved in bitcoin transaction, so it is impossible that you have create bank account and used bitcoin to convert fiat. Here our place there some remittances who accept bitcoin then convert to our local fiat.

BTCeminjas

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Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Actually there's no bank who really tie up with cryptocurrencies because they think that cryptocurrency is one of their competitor when it comes of money.
In our place lately all bank account related with cryptocurrency was totally banned there are some bitcoin users has a suspicious account, and now our bank here were declared banning for those account who involved in bitcoin transaction, so it is impossible that you have create bank account and used bitcoin to convert fiat. Here our place there some remittances who accept bitcoin then convert to our local fiat.

[email protected]

newbie

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Hey @Westingcote!

What country are you from?

Quote from: Westingcote on January 01, 2018, 06:14:41 PM

Quote from: avikz on January 01, 2018, 02:20:42 PM

Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.

Examples please? I've spoken to multiple people about opening a bank dealing in crypto and they were more than willing too. At the end of the day if they are receiving fiat in your account then they can use that just like anyone else. Cryptos aren't killing banks due to a lot of people cashing out crypto to get their money into fiat.

So please give me some names because every single top banker around me is willing to accept customers that are dealing in crypto but depositing fiat into their account.

Qartersa

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Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Not sure with your country, but in a lot of others banks has been very hostile with bitcoin businesses all over the world. I think banks see cryptocurrencies as some form of threat. I would say that they should not see it as a threat but more of an opportunity to move into it as well. However, problem is banks think in a linear way and does just want to keep the status quo, which I think is anti-progress. Every business should think forward and integrate and embrace technological advancements especially in their line of business which is finance.

Westingcote

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Quote from: avikz on January 01, 2018, 02:20:42 PM

Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.

Examples please? I've spoken to multiple people about opening a bank dealing in crypto and they were more than willing too. At the end of the day if they are receiving fiat in your account then they can use that just like anyone else. Cryptos aren't killing banks due to a lot of people cashing out crypto to get their money into fiat.

So please give me some names because every single top banker around me is willing to accept customers that are dealing in crypto but depositing fiat into their account.

[email protected]

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Quote from: posi on January 01, 2018, 04:36:47 PM

Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Israel is part of the country that support crypto currency due to news of their country wanted to issue their own coin. I suggest to get information from banks that support the SEPA but Graft Network features is good for your business though.

posi

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Vave.com - Crypto Casino

Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Israel is part of the country that support crypto currency due to news of their country wanted to issue their own coin. I suggest to get information from banks that support the SEPA but Graft Network features is good for your business though.

[email protected]

newbie

Activity: 7

Merit: 0

Well, I guess that there is always a risk that the bank will freeze your account.
We won't keep large sums of money in that account for long periods to minimize that risk.
The upside is that it's a pretty efficient way to convert into crypto and back. What other options do you have?

Here is an interesting article: https://www.bitcoinsuisse.ch/assets/pdf/BTCS_Falcon_Media_Release_Ether_Litecoin_Bitcoin_Cash_ENG.pdf

Quote from: avikz on January 01, 2018, 02:20:42 PM

Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.

avikz

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Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.

[email protected]

newbie

Activity: 7

Merit: 0

Yes, so the banks here are very old fashioned and strict.
I'm looking to create a company bank account in a different country that is more positively posed towards cryptocurrencies.
For example, I've heard that Switzerland and Gibraltar are good for this. But I'd rather hear it from someone with experience, that has gone through the process already, and knows where it's recommended to open a business account.

Quote from: reflector on January 01, 2018, 12:53:34 PM

Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

I am not sure what are all the banks will support digital currencies trading. You will get the more details by surfing about that in google search in your country. If citi or axis banks gives support in your country go direct to the bank manager in your city and asking for digital currency current account. You may get the proper guidance from these banks.

reflector

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Quote from: [email protected] on January 01, 2018, 12:33:21 PM

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

I am not sure what are all the banks will support digital currencies trading. You will get the more details by surfing about that in google search in your country. If citi or axis banks gives support in your country go direct to the bank manager in your city and asking for digital currency current account. You may get the proper guidance from these banks.

[email protected]

newbie

Activity: 7

Merit: 0

Hi,

We are a small business, registered in Israel that does Crypto trading on exchanges.
We need to start moving some of the revenue back into FIAT in order to pay salaries etc.
From your experience, where should we create a bank account for this?

Thanks,
Michael

Topic: Where to open a bank account for Crypto business (Read 658 times)