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Emilio

New member
I need to deposit an equivalent of 60K USD in a Bank account and hold it there for a few months. The requirements are:
1)It must be a bank with a a banking license (not an EMI) because its to prove solvency.
2)I should be able to create the bank account remotely.

The BTC amount will become from a crypto exchange and its legit and low-risk. I'd prefer to work with a bank where I can prove the origin of the funds quickly and smoothly, I know some banks are a pain and take weeks to do this. I can either deposit directly to the bank or to transfer it from the exchange to Advcash and then from Advcash to the bank.

The only real bank I could get so far is Dukascopy. I'm trying to get Schwab and Xapo.

Which bank would you use?

Is Swissquote an option here? I'm not sure if its a licenced bank or an EMI.
 
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JohnnyDoe

Mentor Group Gold
I need to deposit an equivalent of 60K USD in a Bank account and hold it there for a few months. The requirements are:
1)It must be a bank with a a banking license (not an EMI) because its to prove solvency.
2)I should be able to create the bank account remotely.

The BTC amount will become from a crypto exchange and its legit and low-risk. I'd prefer to work with a bank where I can prove the origin of the funds quickly and smoothly, I know some banks are a pain and take weeks to do this. I can either deposit directly to the bank or to transfer it from the exchange to Advcash and then from Advcash to the bank.

The only real bank I could get so far is Dukascopy. I'm trying to get Schwab and Xapo.

Which bank would you use?

Is Swissquote an option here? I'm not sure if its a licenced bank or an EMI.
Too many requirements for too little money.
You have no real reason for not choosing an EMI.
But you could consider Nuri
 

Forester

Silver Member
The only real bank I could get so far is Dukascopy.
Dukascopy sets for you the limit of 10 000 (or maybe 15 000, I do not recall) CHF after onboarding and it is not so quick & easy to increase it nowadays.
'm trying to get Schwab
Schwab International (I understand you are not US resident) is crypto-friendly? I doubt but I am not sure; anyway IMO it is a bank focused on investments, not on holding the assets.
and Xapo.
It might work, if they onboard you... (frankly, I know nothing about their onboarding policy).
Is Swissquote an option here? I'm not sure if its a licenced bank or an EMI.
Swissquote has a (Swiss) banking licence.
 

Emilio

New member
Thank you for your help!
Too many requirements for too little money.
You have no real reason for not choosing an EMI.
But you could consider Nuri

Even if it's little money for some institutions. Some other banks may ask a lot of questions.

I need a bank certificate and they're strict that's why prefer a bank.
I considered Nuri, but is available for residents of the European Economic Area. Even if they open the account with your passport, it'd be against the TOS if I don't live there: New Reality Banking
Dukascopy sets for you the limit of 10 000 (or maybe 15 000, I do not recall) CHF after onboarding and it is not so quick & easy to increase it nowadays.

Schwab International (I understand you are not US resident) is crypto-friendly? I doubt but I am not sure; anyway IMO it is a bank focused on investments, not on holding the assets.

It might work, if they onboard you... (frankly, I know nothing about their onboarding policy).

Swissquote has a (Swiss) banking licence.

You're very right. You've been of great help. Swissquote seems the way to go,
less pain than Dukascopy. And it seems like 60K is not big deal for them (as it is for dukascopy).
After reading your message, I realized that Schwab offers a brokerage account, it isnt a checking or savings account, and Xapo has a permanent waiting list.
I would open 3 different local bank accounts and deposit 20k in each.
I'll consider this strategy too.
 

Forester

Silver Member

Emilio

New member
Swissquote onboarding process is a bit slow and you will be asked for extra documents, make sure you have everything ready. That includes your first ever transfer to a crypto exchange and trades for the last 6 months to 1 year.

I will! Thank you for the tip. For any specific amounts?
Somebody in the forum mentioned that he never had a problem with 50K or 60K amounts, and all his deposits eventually added up 1MM without problem. That's why it looked better than Dukascopy for me.
 

diatessaron

Silver Member
I will! Thank you for the tip. For any specific amounts?
Somebody in the forum mentioned that he never had a problem with 50K or 60K amounts, and all his deposits eventually added up 1MM without problem. That's why it looked better than Dukascopy for me.
I still haven't made any transfer with them because their daily volume was too low for Bitcoin last time I checked, I think it was like 15k. AFAIK it's Bitstamp that provides liquidity for Swissquote but the website shows very low volume, which means a slippage so big your 60k would crash their market and cause some massive losses.

Contact them first, let them know what you're planning on doing and make sure the volume is right before you enter a trade.
 

tyrexoid

Active Member
Thank you for your help!


Even if it's little money for some institutions. Some other banks may ask a lot of questions.

I need a bank certificate and they're strict that's why prefer a bank.
I considered Nuri, but is available for residents of the European Economic Area. Even if they open the account with your passport, it'd be against the TOS if I don't live there: New Reality Banking


You're very right. You've been of great help. Swissquote seems the way to go,
less pain than Dukascopy. And it seems like 60K is not big deal for them (as it is for dukascopy).
After reading your message, I realized that Schwab offers a brokerage account, it isnt a checking or savings account, and Xapo has a permanent waiting list.

I'll consider this strategy too.
Schwab automatically creates checking account alongside the investment one because that's what you use in order to move money back and forth into and out of the investment. I use it, their ATM card is also very good, they refund any ATM fees you incur abroad, so this card is what I use for any ATM when travelling. Also their "alerting" system is less annoying than Bank of America (which rejects transactions abroad a lot) Schwab only sends you notification that the card was used abroad, but doesn't reject the transactions. Worth a try, if you have the option to make this account and get their card.
 

Forester

Silver Member
Schwab automatically creates checking account alongside the investment one because that's what you use in order to move money back and forth into and out of the investment. I use it, their ATM card is also very good, they refund any ATM fees you incur abroad, so this card is what I use for any ATM when travelling. Also their "alerting" system is less annoying than Bank of America (which rejects transactions abroad a lot) Schwab only sends you notification that the card was used abroad, but doesn't reject the transactions.
Good to know, thanks for sharing.
A minor question: I presume that you are using Schwab for doing your investments – otherwise they probably would not be long-time happy with your account(s), correct?
 

Emilio

New member
Schwab automatically creates checking account alongside the investment one because that's what you use in order to move money back and forth into and out of the investment. I use it, their ATM card is also very good, they refund any ATM fees you incur abroad, so this card is what I use for any ATM when travelling. Also their "alerting" system is less annoying than Bank of America (which rejects transactions abroad a lot) Schwab only sends you notification that the card was used abroad, but doesn't reject the transactions. Worth a try, if you have the option to make this account and get their card.
Thank you for sharing.
I think US account holders get the checking account. International clients only get a brokerage account.
 

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