We all know that it’s not that easy to sell your Cryptocurrency (being Monero – XMR, Bitcoin – BTC, Ethereum – ETH, Litecoin – LTC, Tether, DASH, Tether) and get FIAT (being USD – EUR – CHF) into your Bank account.
Exchanger and bank Compliance, very annoying verification tasks by the exchangers, bank’s employer that ask for source of funds… It can be a pain to sell your 500 bitcoins and get a bank wire to your bank account.
First of all: the banks! Which bank account should you use?
We need to clarify that this article can’t help with USA citizens and with USA Banks.
We will not cover USA banks here!
It’s important to check which bank are not bitcoin and cripto friendly.
Crypto unfriendly banks: Clydesdale Bank, Euro Pacific Bank, Cim Banque, Barclays, HSBC, CIBC, Lloyds, Chase Bank, Santader, Natwest Bank, National Australian Bank, ANZ, Commonwealth Bank of Australia, ANZ, Westpac, Julius Baer, Hinduja Bank, Banca Stato del Canton Ticino, Caye Bank, N26, BNP Paribas, Pekao bank, PNC Bank, Bendigo Bank, Bank of Melbourne, St. George Bank, Revolut, BMO, Royal Bank of Canada, BBVA, ASB Bank, Credit Andorrà, Global Bank of Commerce, Butterfield, Keytrade Bank, Choice Bank, VP Bank, Bank of Cyprus, Hang Seng, Nedbank, Neue Bank, Bank of Valletta, Afrasiabank, Bank One, Valartis, Banif Bank, MMG Bank, Bank of St. Lucia International, Bank of Singapore, Indian Overseas Bank, Credit Suisse, Pacific Private Bank, Bank of Scotland, Halifax, Citigroup.
Of course this list cannot include all the very small and local banks, but we think it’s helpful enough. Some banks in the list above are so sensibile about bitcoin & crypto trading that will close your bank account for a single attempt to buy or especially sell your crypto assets!
Half solution that works for all the banks: cover the source of your bank wire by hiding behind a P2P (peer to peer) exchanger like Locabitcoins. In that way, your bank’s clerk cannot tell if your wire is originated by a bitcoin & crypto transaction, because he will see in the beneficiary field of your received wire, the name of a private person and not a well know crypto-company like Coinbase, Kraken, Bitstamp…
It’s not illegal, of course, to use localbitcoins and other peer to peer exchangers.
What is illegal is to lie to your bank compliance concerning the source of your income (“Why you got this bank wire?” Your bank will ask you!) and to obfuscate your crypto activity by using private traders that help you to hide your crypto acrivity by, for example, lying in the memo field of your bank wire by using fake trading of goods, fake consultations, and so on.
We do not suggest this way because it’s illegal and you can get prosecuted for money laundering. It’s better to be sincere with your bank and use a bank that accept your activity.
Finally, after talking about the banks you should avoid for getting wires from exchangers, we are going to list the best banks to get wires from bitcoin and crypto exchangers (like Coinbase, Bistamp, Kraken, Exmo).
This list is updated on May 2019. Things are changing very fast in the crypto and banking world, so it’s possible that some infos are going to be outdated in the next months.
1) Falcon Private Bank
Falcon Private Bank is a Swiss private bank based in Zurich. They are very bitcoin friendly, they can also offer you derivates of bitcoin and crypto assets. They will ask you a deposit of 500000 CHF or equivalent to invest. So they are not so easy to access. But if you are a bitcoin millionaire, it’s a top choice. Their compliance is very tight! So, people from darknet markets, you are out of luck with Falcon Private Bank. You need to prove the origin of your wealth and they will check if your coins are tainted with black markets activities.
Unicredit is the bank that Bitstamp always used. It’s one of the biggest banks in the world, Italian’s origin. Also their sub-products like Fineco are bitcoin friendly. We suggest to get a Private Bank account because the retail one couldn’t be always crypto friendly.
With Vontobel you bank the proper Swiss way. It’s a private bank in Switzerland: to become a customer you need to deposit at least 500000 CHF or equivalent in major currencies. Many crypto millionaires are using this bank.
4) Byblos Bank
Byblos Bank is based in Lebanon and you need to go there to open a bank account with them. You need to deposit at least 500000 USD to get a private bank account. They support SWIFT and all the major currencies. Bank wires from exchangers like Coinbase, Bitstamp, Kraken, Exmo are more than welcome.
5) FirstCaribbean International
FirstCaribbean International was a bank very famous between online poker gamblers. They are a very open bank and they accept bitcoin and crypto transaction. Nowadays you need to have some ties to the Caribbean islands before open an account with them. If you got a tax free residence in the Bahamas, they are a top notch choice.
6) Cayman National Bank
We all remember Gordon Gekko’s lawyer that hand out a paper with bank accounts details in Cayman Islands to Buddy. Cayman National Bank is accepting bitcoin related transaction. Account opening could be cumbersome though.
7) Abu Dhabi Commercial Bank (ADCB)
This bank has improved a lot and is now one of the best banks in the Middle Eastern region. You can call your account manager in the middle of the night local time and he would be happy to answer you call! Accepting bitcoin related transaction in any kind of amounts!
8) Toronto-Dominion Bank (TDB)
They are positive about bitcoin transactions: they have a decent compliance. Of course you should not abuse their patience.
9) Gorenjska banka d.d.
This Slovenian bank is interesting if you want to open a bitcoin related business (for example an exchanger): moreover they accept traders. Usually you don’t need a Slovenian residence to open an account here.
10) Banque de Luxembourg (BDL)
Excellent bank based in Luxembourg: you cannot open the bank account online but you need to visit their branch. You need to deposit at least 100000€ or equivalent in the major currencies. They are impressive, one of the best banks in Europe.
Banks to avoid even if they are somewhat bitcoin friendly:
Fidor Bank AG: Rude, incompetent bank, their client support is disgusting and way unhelpful, account opening app is full of bugs that are not fixed even after your feedback. They can lock your account at any day and keep it locked for months without explanation. Avoid this silly bank at all cost!