Our valued sponsor

Bank account that won’t freeze for origin of funds

Yrybak08

Active Member
Feb 16, 2024
93
50
18
38
Morocco
Visit site
I invest in crypto and I’m looking to open an account (open to doing so through an entity), that won’t constantly freeze the account and ask for origin of funds. This never happened to me but I’ve seen this happen to a lot of people where they open an account, make their deposits, then eventually wake up to a nightmare where the account is frozen and the bank asks for a bunch or documents to proof origin of funds or else keep account frozen. I don’t want to deal with this stress. I want to park crypto gains as well as Income from work. My income is mostly cash as in my country people still deal with cash a lot. Transfers into this account would come from my own bank account or from crypto exchanges. The goal is to park my money in a stable and safe jurisdiction but I don’t want to end up with a frozen account.
 
  • Like
Reactions: sebastian
I invest in crypto and I’m looking to open an account (open to doing so through an entity), that won’t constantly freeze the account and ask for origin of funds. This never happened to me but I’ve seen this happen to a lot of people where they open an account, make their deposits, then eventually wake up to a nightmare where the account is frozen and the bank asks for a bunch or documents to proof origin of funds or else keep account frozen. I don’t want to deal with this stress. I want to park crypto gains as well as Income from work. My income is mostly cash as in my country people still deal with cash a lot. Transfers into this account would come from my own bank account or from crypto exchanges. The goal is to park my money in a stable and safe jurisdiction but I don’t want to end up with a frozen account.
recently saw a bunch of related posts like yours.
Is it already this time again where people are making cash left and right from crypto?
 
I invest in crypto and I’m looking to open an account (open to doing so through an entity), that won’t constantly freeze the account and ask for origin of funds. This never happened to me but I’ve seen this happen to a lot of people where they open an account, make their deposits, then eventually wake up to a nightmare where the account is frozen and the bank asks for a bunch or documents to proof origin of funds or else keep account frozen. I don’t want to deal with this stress.
The best way to avoid that stress is to have all your documents in order.

Pick a crypto-friendly EMI/bank and when the day comes that they ask for documents (because it will come, no mater where you bank), simply send all the relevant documents from your carefully maintained folder called "KYC and SOF Docs".

Updating your documentation on a monthly or so basis is a small effort. Smooth sailing.
 
The key is picking the right banking partner. Stay away from banks that are hostile to crypto. Don't be afraid to ask a bank if transactions to/from crypto exchanges are permitted. It's better to be declined right away than end up in a situation where you have a bunch of money stuck in a bank that doesn't understand or want it.

Once you have one or two banks that work for you, just maintain a fresh set of documents, and whenever you hit some threshold or trigger some alert, just send over documents. It's a little tedious but, IMO, way better than the alternatives.
 
great advice thanks. Problem is there aren’t many banks willing to work with me. I have an account with Swissquote currently but would love something with less fees and a more traditional bank with actual branches regardless where it’s located
It's the same story here. Dukascopy (CH bank) works, they are fine with crypto. You can open an account online with zero maintenance fee. Zen, Bankera (LT EMIs) works as well. Bunq (NL bank) doesn't mind crypto either, you can open the account online. Be careful with Revolut though, my account is still frozen, and have no idea why. I had received crypto income there months ago, but lately, they began harassing their customers with crypto deals.
 
Great advice as well. Thanks!
You mentioned your account being frozen… did they hold onto the assets in the account or did they release your money?
They have been holding my money hostage with no explanation and they are unwilling to share any details yet they've got no questions for me either. I have voluntarily supplied them with documents about my crypto transactions which went into my account. They weren't interested. Their Reddit thread is full of people complaining on a daily basis, that their accounts get frozen for various crypto deals and income. They said they have no time limit within they have to answer me or solve the problem. I am going to write a formal complaint, that puts a maximum 35 business days limit on the situation. Should they not resolve the matter, then file with the authorities. Once I had to do this when Monese, a British EMI arbitrarily locked me out of my account for wanting to update my ID card for the new one. They ignored my complaint, went to the British authorities, within days I was back into my account and got a few Euros gift and an apology.
 
The key is picking the right banking partner. Stay away from banks that are hostile to crypto. Don't be afraid to ask a bank if transactions to/from crypto exchanges are permitted. It's better to be declined right away than end up in a situation where you have a bunch of money stuck in a bank that doesn't understand or want it.

Once you have one or two banks that work for you, just maintain a fresh set of documents, and whenever you hit some threshold or trigger some alert, just send over documents. It's a little tedious but, IMO, way better than the alternatives.

I totally agree with @Sols

And it's some of the best advice you can give someone when it comes to working with banks. It is better to be completely honest with a bank before even opening a bank account than to have headaches later.

You will save time.
 
  • Like
Reactions: PinkCat and jafo
The best way to avoid that stress is to have all your documents in order.

Pick a crypto-friendly EMI/bank and when the day comes that they ask for documents (because it will come, no mater where you bank), simply send all the relevant documents from your carefully maintained folder called "KYC and SOF Docs".

Updating your documentation on a monthly or so basis is a small effort. Smooth sailing.
I totally agree with you. Having disarray in things, especially financial matters, is very unwise these days.
 

Latest Threads