Wire transfer denied for involving crypto currency

shesheboy

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Activity: 714

Merit: 114

Quote from: Quickfant on January 03, 2018, 05:13:33 PM

That's annoying. Maybe banks truly are threatened by the existence of Bitcoin. I didn't think they actively did anything about purchasing crypto though.

i think not all banks because on our country most banks here are actually supports and accepts bitcoin already. not only on our country but also in some major countries had now legalized the used of bitcoin because bitcoin is indeed a good alternative payment method next to fiats and credit cards or any other payment gateway out there. though there were some that threatened because they think that bitcoin can affect their progress and succes due to the fact that many people now had used bitcoin as a part of their investment rather than banks.

GoldMen

newbie

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Well, we can not expect all businesses to understand this overnight, we have to be patient so that little by little they leave the taboo aside and accept this method of payment that is also valid

mahibul49

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its really sad.u can buy bitcoin from your local seller but definately risk involve and bank will realize soon the mistake.

p i e c e

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Merit: 100

Quote from: A.Delaney on January 03, 2018, 01:26:33 AM

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

I don’t even know that some banks connected with Coinbase in such a level to be possible make transfers from/to it. As I have thought this is prerogative of Ripple only. Their experience spread quickly.

tententen

newbie

Activity: 109

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Quote from: A.Delaney on January 03, 2018, 01:26:33 AM

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

We're going to crush the banks, dont expect them to play nice while we try to uproot them using their own platforms.

A.Delaney

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Activity: 266

Merit: 13

Quote from: darkangel11 on January 03, 2018, 05:38:53 PM

Quote from: stompix on January 03, 2018, 02:14:35 AM

I've been receiving funds and sending funds to exchnges for years and never experienced a single problem.

Same here. I've been sending money to Coinbase from Germany and never had anything rejected or blocked. It may depend on the size of the transfer though.

Quote from: A.Delaney on January 03, 2018, 02:37:09 PM

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

On one hand it can help you, on the other it may tell the bank to keep an eye on you because you could be one of those money laundering libertarian terrorists who want independent money.
I haven't seen the name of this company that denied you services. Let us know so that we know who to avoid.

My local credit union is only local here in my town. That could possibly have something to do with it. Smaller town in the middle of nowhere.

A.Delaney

member

Activity: 266

Merit: 13

Quote from: baradfo on January 03, 2018, 05:17:17 PM

Quote from: A.Delaney on January 03, 2018, 02:37:09 PM

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

If you use Coinbase, just look at the sell feature where it says add new account. There is list of banks that are friendly to Coinbase. You should be able to choose which bank you want to go to, call them up to confirm, and then switch accounts.

That’s right. I forgot about that. I’ll check that out.

darkangel11

legendary

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Don't let others control your BTC -> self custody

Quote from: stompix on January 03, 2018, 02:14:35 AM

I've been receiving funds and sending funds to exchnges for years and never experienced a single problem.

Same here. I've been sending money to Coinbase from Germany and never had anything rejected or blocked. It may depend on the size of the transfer though.

Quote from: A.Delaney on January 03, 2018, 02:37:09 PM

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

On one hand it can help you, on the other it may tell the bank to keep an eye on you because you could be one of those money laundering libertarian terrorists who want independent money.
I haven't seen the name of this company that denied you services. Let us know so that we know who to avoid.

baradfo

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Activity: 232

Merit: 105

Quote from: A.Delaney on January 03, 2018, 02:37:09 PM

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

If you use Coinbase, just look at the sell feature where it says add new account. There is list of banks that are friendly to Coinbase. You should be able to choose which bank you want to go to, call them up to confirm, and then switch accounts.

Quickfant

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Merit: 27

That's annoying. Maybe banks truly are threatened by the existence of Bitcoin. I didn't think they actively did anything about purchasing crypto though.

franky1

legendary

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Merit: 4766

the real cause of this is much more simpler then people think. and surprisingly its not actually bitcoin related

many banks do not care about bitcoin.
here is the thing, FIAT does not get burned/vanish when a transfer occurs. it just moves from one persons account to another persons account. bitcoin does NOT destroy fiat, so banks dont care about the conomic impact of bitcoin. its irrelevant to them

what they do care about is if the recipient of the funds has had flag warnings related to chargebacks.

yes thats right, scammers who send money to coinbase, get their bitcoins and withdraw bitcoins, then call up their banks and claim "theft" to try getting a chargeback (wire reversal)

and its the amount of wire reversal claims that these banks then flag coinbase and others as high risk.
this has happened alot. even individual coin sellers on localbitcoins have been victim to this even without ever touching coinbase or informing their bank the use of the funds. the banks flag them as high risk due to chargeback scammers claiming the 'service' scammed them. when infact is the claimer thats doing the scammer, and thus it then effects others who know the recipient is innocent but the banks treat the recipient as a high risk

Murloc

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Such issies mostly depend on the policy of your bank. Many payment systems like Okpay or Skrill offer bank cards and have an option of funding an account via bitcoin but the bank that issued a cards is blocking all crypto related transactions. You've got almost the same kind of problem. My advice is that you can try to "launder" your crypto money thru some other payment methods or just exchange it in localbitcoins for fiat from other users.

bitart

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Vires in Numeris

Quote from: A.Delaney on January 03, 2018, 02:37:09 PM

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

There's no use asking them about the crypto transactions. They will say they allow it, because they need to have new accounts opened every month, so they will promise everything to get you open a new account. And after a while you will try to send a crypto related transaction, the chance is still 50%-50% if it will go thru. Why don't you ask the community, which bank is OK in your country for crypto transactions? I can periodically see questions on this forum from various members to ask for a crypto friendly bank in their country. Give it a try, ask on the forum.

allthebitandbobs

sr. member

Activity: 1162

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yeah seems like the claping down in a big on the old crypto .I think you can use western union to transfer to banks account if your really stuck .I thinks the fees are not to bad if your sending to a bank account

audaciousbeing

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Activity: 1330

Merit: 569

Quote from: A.Delaney on January 03, 2018, 01:26:33 AM

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

Gradually they are tightening every avenue that seems to make transaction with crypto frustrating with new rules happening at every moment. I guess they felt the KYCs is really not deterring people from patronising the crypto world and the next thing is to frustrate every activities. If they cannot buy using fiat or convert to their fiat, we can then be sure they will be discouraged because that will mean whetever coin they hold would be useless since they cannot even use it to buy the basic thing they want to use. This is sure the thinking of the formulators of policies and the regulators implementing such.

Unfortunately, all the rules and policies can only slow things down and not eradicate because I would then start thinking of alternatives of getting my activities done either through the bank in another way or even boycotting the entire banking system and still get things done. A door closes opens opportunities for more to open.

RealJoshuar

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Cause crypto is mostly used for illegal transactions, like drugs. There's literally no other use for crypto currencies(btc) seeing that it's slow with extremely high fees.

This and I've given up on the idea of cryptos as currencies of the future, due to quantum computing. If your coins are stolen because the blockchain is broken into(a extremely real and soonish event), you can't do anything about it and they're lost forever. With a bank or physical commodities(gold, platinum for ex), at least you have insurance and/or a physical item(that can't be hacked), and can get your money back

A.Delaney

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Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

HabBear

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Merit: 638

Quote from: Jet Cash on January 03, 2018, 02:10:12 PM

I've kept crypto transactions away from my bank accounts. When I closed my dollar account, I transferred all the money into my domain registrar account, and I'm selling domain names for Bitcoin. It's a very slow process, but in the end you make more money.

You sell crypto-related domain names for fiat USD!?! You're a hack!

HabBear

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Merit: 638

Quote from: Newboybb on January 03, 2018, 08:44:12 AM

Because cryptocurrency transactions may involve money laundering, many foreign exchange companies refuse to encrypt currencies to avoid trouble and policy.

This isn't a reason for a bank to deny a transaction. There were no facts indicating intent to do harm.

You need to take your business elsewhere, there are other banks that would allow this transaction to go through just fine. Don't tolerate the poor service any longer. The banks can either compete with Bitcoin and cryptocurrency or die.

Jet Cash

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https://JetCash.com

I've kept crypto transactions away from my bank accounts. When I closed my dollar account, I transferred all the money into my domain registrar account, and I'm selling domain names for Bitcoin. It's a very slow process, but in the end you make more money.

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