Crypto Friendly Offshore personal account

[TRAPPIST1]

Transferwise is not crypto friendly

That's unfortunate there customer service is that bad. I would recommend to transfer a lot smaller fiat in the start and do more smaller tests.

(Bank > Transferwise > Revolut > Exchange) Thats true but if you did it this way you can avoid that problem.
(Bank > Transferwise > Paysera > Revolut > Exchange) If you do it this way it will be a lot faster, don't know about the fee yet though.

 

[Fox7]

That's unfortunate there customer service is that bad. I would recommend to transfer a lot smaller fiat in the start and do more smaller tests.

(Bank > Transferwise > Revolut > Exchange) Thats true but if you did it this way you can avoid that problem.
(Bank > Transferwise > Paysera > Revolut > Exchange) If you do it this way it will be a lot faster, don't know about the fee yet though.

That is the plan

Quick update:

No word from Mistertango. To me, that automatically eliminates it as suitable solution since it's been almost a week with no word back from support! How am I supposed to trust them with my momey.

Naturally started looking into alternatives:

contacted B2BPay - they were quick to state that they do not support Crypto transactions.

Contacted ICARD.com and I, for once, received a clear answer about their crypto policy

In addition, please be informed that in accordance with our Client acceptance policy, dealing with cryptocurrencies would be acceptable where clients are merely using their e-money wallet to invest in Bitcoins/cryptocurrencies for themselves personally.
However, iCard will not accept clients, or will terminate relationships with existing clients, where the potential client/our client is offering Bitcoins/cryptocurrencies trading Services, or acts as Intermediaries of such.

I am opening an account with them a getting the card (for 10 EUR). Their issue is that they have a monthly limit for 30,000 EUR for outgoing payments.

I want to test Advcash next

anyone has any experience with Change bank - Change — your blockchain-based digital banking app ?

 

[mrau]

That is the plan

Quick update:

No word from Mistertango. To me, that automatically eliminates it as suitable solution since it's been almost a week with no word back from support! How am I supposed to trust them with my momey.

Naturally started looking into alternatives:

contacted B2BPay - they were quick to state that they do not support Crypto transactions.

Contacted ICARD.com and I, for once, received a clear answer about their crypto policy



I am opening an account with them a getting the card (for 10 EUR). Their issue is that they have a monthly limit for 30,000 EUR for outgoing payments.

I want to test Advcash next

anyone has any experience with Change bank - Change — your blockchain-based digital banking app ?

Hi, thanks for posting your progress on this issue. My comments are below:
I doubt EMIs can provide a prompt and timely support. Most of them (if not all) are small startups and I've read that their are totally overwhelmed with thousands of new sign ups which highly exceed their response capacity. It doesn't necessarily mean they are fishy but that their target/business model is probably SMALL payments of utilities or P2P which do not require a specific engagment/correspondence with every user. Anything more complex probably falls out their very core business and thus takes a much longer approach.
As for ICARD, what they replied it's interesting news because I've read their are a sister company of LeuPay which we know bans and rejects ANYTHING related with Cryto Currencies.
Regarding AdvCash, beware as they do not provide a dedicated/unique IBAN, nor a card (there are only for EU residents) and are quite restrictive with the income funds (almost only from an account in your name)

 

[asd]

Interesting update, thanks @Fox7

 

[Fox7]

Hi, thanks for posting your progress on this issue. My comments are below:
I doubt EMIs can provide a prompt and timely support. Most of them (if not all) are small startups and I've read that their are totally overwhelmed with thousands of new sign ups which highly exceed their response capacity. It doesn't necessarily mean they are fishy but that their target/business model is probably SMALL payments of utilities or P2P which do not require a specific engagment/correspondence with every user. Anything more complex probably falls out their very core business and thus takes a much longer approach.
As for ICARD, what they replied it's interesting news because I've read their are a sister company of LeuPay which we know bans and rejects ANYTHING related with Cryto Currencies.
Regarding AdvCash, beware as they do not provide a dedicated/unique IBAN, nor a card (there are only for EU residents) and are quite restrictive with the income funds (almost only from an account in your name)

Hi, thanks for posting your progress on this issue. My comments are below:
I doubt EMIs can provide a prompt and timely support. Most of them (if not all) are small startups and I've read that their are totally overwhelmed with thousands of new sign ups which highly exceed their response capacity. It doesn't necessarily mean they are fishy but that their target/business model is probably SMALL payments of utilities or P2P which do not require a specific engagment/correspondence with every user. Anything more complex probably falls out their very core business and thus takes a much longer approach.
As for ICARD, what they replied it's interesting news because I've read their are a sister company of LeuPay which we know bans and rejects ANYTHING related with Cryto Currencies.
Regarding AdvCash, beware as they do not provide a dedicated/unique IBAN, nor a card (there are only for EU residents) and are quite restrictive with the income funds (almost only from an account in your name)

Very interesting. I had no idea that ICARD is Leupay's sister company.

As for EMI Startup capacity, I understand where you're coming from, but with scale comes more revenue, which they can easily re-invest in customer service.

 

[Fox7]

As promised, I'm going to keep this thread alive with my updates:

MisterTango: Good news - They received my deposit promptly after I sent it. I found a way to send via SEPA and not SWIFT although I don't live in Europe. The Better news - The transfer made to the crypto exchange was received and credited in less than a day and it did not incur any fees from the exchange's end since it is a SEPA deposit! Bad news? 1 week and two tickets later and still no word from their support! That makes me nervous and hesitant to send any serious amounts.

ICARD: Excellent support. Quick responses in less than 24 hours. They indicated that it will be possible to increase the account limits once verified. Unfortunately they asked me to upload more proof of residence since for some reason a driver's license and a passport were not enough.

Next: I want to test more EMIs or preferably banks. I came across a bank in Croatia after a lot of digging that I want to try out.

 

[Milky Moon]

*
cim banque say the offer online openings but your documents need a notary verification, so the whole process takes some time.

also, as mentioned here before, their fees are very high, and their support cannot answer questions "to the point", so avoid this bank.

*
transferwise is anti crypto, they will close your account.

*
mistertango.com is crypto friendly. all inbound payments over 10K need an invoice/proof, if proper funds will be released next day.
for eu residents, sepa payments are free, they have an app and webinterface. support is sometimes slow, however you get more than you pay for it

 

[mrau]

As promised, I'm going to keep this thread alive with my updates:

MisterTango: Good news - They received my deposit promptly after I sent it. I found a way to send via SEPA and not SWIFT although I don't live in Europe. The Better news - The transfer made to the crypto exchange was received and credited in less than a day and it did not incur any fees from the exchange's end since it is a SEPA deposit! Bad news? 1 week and two tickets later and still no word from their support! That makes me nervous and hesitant to send any serious amounts.

ICARD: Excellent support. Quick responses in less than 24 hours. They indicated that it will be possible to increase the account limits once verified. Unfortunately they asked me to upload more proof of residence since for some reason a driver's license and a passport were not enough.

Next: I want to test more EMIs or preferably banks. I came across a bank in Croatia after a lot of digging that I want to try out.

Thanks for this update @Fox7
As far as I know, ICARD do not offer dedicated IBAN so you have to send the transfers to their own account and include a reference in the payment description. Am I correct? Are you OK with that system? (I thought you needed an account in your name)
If the bank you found in Croatia with remote opening is Primorska, note that they belong to Swiss' CIM Banque. @Milky Moon just mentioned some info about them in the post above and there's plenty details about them in the forum.

 

[Fox7]

Thanks for this update @Fox7
As far as I know, ICARD do not offer dedicated IBAN so you have to send the transfers to their own account and include a reference in the payment description. Am I correct? Are you OK with that system? (I thought you needed an account in your name)
If the bank you found in Croatia with remote opening is Primorska, note that they belong to Swiss' CIM Banque. @Milky Moon just mentioned some info about them in the post above and there's plenty details about them in the forum.

ICARD provides you with a dedicated IBAN when you verify your account.

I have contacted Promorska and they sent me the forms to fill out. They have avoided the crypto question twice. Their fees are quite high though

 

[mrau]

ICARD provides you with a dedicated IBAN when you verify your account.

I have contacted Promorska and they sent me the forms to fill out. They have avoided the crypto question twice. Their fees are quite high though

Thanks @Fox7 . In ICARD website they mention the need of a mandatory reference code for every transfer so that's why I assumed they didn't provide a dedicated IBAN. Good to know they do if the account is verified. Is is a Bulgarian or Maltese IBAN?
As for Primorska, if I remember well, their parent/controlling company CIM Banque are not crypto friendly so you have to be careful on this regard with Primorska (besides that their fees are almost as high as CIM Banque and even more for non-residents because they charge an annual compliance fee or something like that)

 

[jayminho]

As promised, I'm going to keep this thread alive with my updates:

MisterTango: Good news - They received my deposit promptly after I sent it. I found a way to send via SEPA and not SWIFT although I don't live in Europe. The Better news - The transfer made to the crypto exchange was received and credited in less than a day and it did not incur any fees from the exchange's end since it is a SEPA deposit! Bad news? 1 week and two tickets later and still no word from their support! That makes me nervous and hesitant to send any serious amounts.

ICARD: Excellent support. Quick responses in less than 24 hours. They indicated that it will be possible to increase the account limits once verified. Unfortunately they asked me to upload more proof of residence since for some reason a driver's license and a passport were not enough.

Next: I want to test more EMIs or preferably banks. I came across a bank in Croatia after a lot of digging that I want to try out.

hi fox.

you used mistertango to send money to an exchange or to receive money from an exchange ?
and to what exchange did you send/receive money to/from ? (i am asking because you said it was fast, and i need speed too)

thanks

 

[jayminho]

*
cim banque say the offer online openings but your documents need a notary verification, so the whole process takes some time.

also, as mentioned here before, their fees are very high, and their support cannot answer questions "to the point", so avoid this bank.

*
transferwise is anti crypto, they will close your account.

*
mistertango.com is crypto friendly. all inbound payments over 10K need an invoice/proof, if proper funds will be released next day.
for eu residents, sepa payments are free, they have an app and webinterface. support is sometimes slow, however you get more than you pay for it

really ? do i need invoice on mistertango ?
lets say i send 100k to mistertango and from mistertango i want to send 99k to an exchange . do i need to provide anything ?

thanks

 

[Milky Moon]

really ? do i need invoice on mistertango ?
lets say i send 100k to mistertango and from mistertango i want to send 99k to an exchange . do i need to provide anything ?

thanks

If you get 10K+ from a third party you need to give them a copy of the invoice (sent it beforehand to their support). If you wire it from your own account, I have had no probs with multiple 25K wires.

They allow SEPA transfers to Crypto's and also allow corporate transfers to crypto's.

(They have AML/KYC regulations to abide by so expect a resonable amount of questions before they accept. They are not gray but fully legit, and their compliance aims to avoid a next WaveCrest. If this level of compliance is to strict for you, you might reconsider the markets you are in )

 

[jayminho]

If you get 10K+ from a third party you need to give them a copy of the invoice (sent it beforehand to their support). If you wire it from your own account, I have had no probs with multiple 25K wires.

They allow SEPA transfers to Crypto's and also allow corporate transfers to crypto's.

(They have AML/KYC regulations to abide by so expect a resonable amount of questions before they accept. They are not gray but fully legit, and their compliance aims to avoid a next WaveCrest. If this level of compliance is to strict for you, you might reconsider the markets you are in )

Hey milky, thanks a lot for the clarification.

I plan to transfer more than 10k. But the wires always come from accounts that belong to me and my name on them. . Plus, I never withdraw back to mistertango, my idea is to use mistertango to receive my wires and from there send to kraken and so on...

However I was looking at the mistertango fees yesterday and boy they are expensive right? 1% to buy, 1% to withdraw..

OH boy.

 

[Milky Moon]

Hey milky, thanks a lot for the clarification.

I plan to transfer more than 10k. But the wires always come from accounts that belong to me and my name on them. . Plus, I never withdraw back to mistertango, my idea is to use mistertango to receive my wires and from there send to kraken and so on...

However I was looking at the mistertango fees yesterday and boy they are expensive right? 1% to buy, 1% to withdraw..

OH boy.

You can use SEPA to pay into Kraken, thats free.

 

[extremedox101]

*
cim banque say the offer online openings but your documents need a notary verification, so the whole process takes some time.

also, as mentioned here before, their fees are very high, and their support cannot answer questions "to the point", so avoid this bank.

*
transferwise is anti crypto, they will close your account.

*
mistertango.com is crypto friendly. all inbound payments over 10K need an invoice/proof, if proper funds will be released next day.
for eu residents, sepa payments are free, they have an app and webinterface. support is sometimes slow, however you get more than you pay for it

i read on a leading crypto forum about a pissed customer who sent 100,000 usd they force him to refund the money as it could be money laundry .... they refund him minus 500 usd .


i suggest everyone to not send big payments to any emi/exchange but better to break them into smaller one .

 

[Martin Everson]

i suggest everyone to not send big payments to any emi/exchange but better to break them into smaller one .

btw that's called structuring and that's also an AML offence. So be careful and I would not advise doing this either.

 

[jayminho]

btw that's called structuring and that's also an AML offence. So be careful and I would not advise doing this either.

so limits below 100k are acceptable ?

 

[Milky Moon]

btw that's called structuring and that's also an AML offence. So be careful and I would not advise doing this either.

It's only smurfing if you willingly try to stay below a reporting limit (10k-15k depending on jurisdiction). Otherwise it is a sensible business practise to ensure your money is not trapped by EMI's/Banks that have a fear of Crypto's.

 

[Martin Everson]

It's only smurfing if you willingly try to stay below a reporting limit (10k-15k depending on jurisdiction). Otherwise it is a sensible business practise to ensure your money is not trapped by EMI's/Banks that have a fear of Crypto's.

There is no economic purpose for breaking down a large transfer into small amounts and hence it is structuring whether amounts are below or above a jurisdictions reporting limits. Structuring itself leads to investigation by banks/EMI's and is a clear indicator of illegal activity which can get your account frozen.

You have to ignore what EMI's tell you about banking. Once the correspondence banks queries EMI for why Mr Jones sends 4 transfers of 25k and asks for the economic purpose its game over for EMI banking relationship. However if you have paperwork for all transactions then no issue.