Bank introduction fees for ICO Project

[Bmw850]

Hi guys,
I work actually on an ICO project.
I am checking the bank side, the quotes i receive from CSP's to open a bank account for my company and ICO are very high priced in front of what i am usual for a normal business bank account.
Could someone give me some inlights on the bank introduction's cost?

 

[Sols]

Most ICOs are scams and few banks have invested time and effort into training their risk and compliance teams to spot scam ICOs. The result is that there are very few banks that touch ICOs, and those who do know they can charge a lot for it. And corporate service providers know they can charge a lot for introductions to ICO friendly banks.

You can try speaking with someone like Bank Frick directly but they will most likely turn you down. If you are then presented via a CSP, that initial decline might lower your chance of success unfortunately.

 

[Bmw850]

Most ICOs are scams and few banks have invested time and effort into training their risk and compliance teams to spot scam ICOs. The result is that there are very few banks that touch ICOs, and those who do know they can charge a lot for it. And corporate service providers know they can charge a lot for introductions to ICO friendly banks.

You can try speaking with someone like Bank Frick directly but they will most likely turn you down. If you are then presented via a CSP, that initial decline might lower your chance of success unfortunately.

Thanks for the answer , you also right about how ICO sounds. I have contacted them but their fees are not workable for me and my business plan. Few csp's are offering bank introduction but i still would like to know about the right fees for this service

 

[Martin Everson]

Could someone give me some inlights on the bank introduction's cost?

What sort of account are you looking for in relation to ICO. i.e a custody account to receive funds from the public directly or a general one to deposit an aggregated amount from an ICO where you collected the money via another source?

P.S Chances are less than zero of course but an EMI maybe willing I guess to work with you. However they will scalp you really badly as you know.

 

[Bmw850]

@Martin Everson
It will be mostly the first solution

 

[Martin Everson]

@Martin Everson
It will be mostly the first solution

Ok the then less than zero chance. Banks are not readily offering custody accounts to hold thirdparty funds in general unless you are heavily regulated. From the banks point of view you could so easily run of with the money and they are left being sued for facilitating. Plus new EU rules around crypto make it even more difficult for banks to work with ICO's.

https://www.offshorecorptalk.com/th...money-laundering-directive-10-jan-2020.26879/
However I would be interested if people know of such a bank aside from Bank Frick that works with normal people not Mark Zuckerberg and Libra size clients.

 

[Sols]

Thanks for the answer , you also right about how ICO sounds. I have contacted them but their fees are not workable for me and my business plan. Few csp's are offering bank introduction but i still would like to know about the right fees for this service

You are probably paying someone to introduce you to either Bank Frick or some dodgy EMI like MisterTango or Wirex. Maybe Fidor or LHV, but even they tend to stay away from ICOs and only accept exchanges.

It's probably going to be somewhere in the range of a few thousand euro for the introduction. Lots of pockets to line along the way.

Banks are not readily offering custody accounts to hold thirdparty funds in general unless you are heavily regulated.

And, just to further rain on this parade, it's still very difficult to get a Client Funds (custody account) even if you show up with a Payment Institution or EMI license.