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Best Bank/EMI for multicurrency account & exchange

M

Maexel

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Mar 1, 2018
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#1
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Hey there,

i am wondering which bank or emi is most suitable for sending/receiving payments in multiple currencys and which has as an optimum an integrated foreign currency exchange.
Main currencys i want be able to handle are EUR, USD, GPB and YEN.
If more currencys are supported that would be definitely a big plus!
Rate / Fee for exchanging should be at interbankrate if possible, i would more favor a account management fee.
Okay if the exchanged amount exceeds 6000€ / month they charge 0.5%, if someone nows a better option please let me know.
I already did some research and first thought that revolut could be suitable because they offer currency exchange at interbankrate in alot of currencys and also support sending and receiving payments worldwide.
But i read the terms & conditions to check how crypto friendly they are and well their cryptocurrency exchange is a farce lol.
You dont own the coins you can only buy them in the dashboard and send them to other revolut users through the app and sell them, nothing more...

Also i found the following part in their terms & conditions on 19.1:

It is not permitted to:
..Z. use the Revolut Services to trade FX for speculative purposes or for FX arbitrage;

Has anyone here made experience with them how far they are interpreting this?
Because it is a real "general" term.. does it depend how they like the customer & his business and how legit it seems?

I am asking because my source of income is mainly from trading cryptocurrencys. Thats why for example a multicurrency account is nice depending on the kind of trade and exchange i am operating.
Or to be more specific, to keep my business running effective i need it!

For me it sounds like that i shouldn't use them, if i am wrong please let me know!
But does anybody here know some good alternative banks / emis who offer similiar services, i want to do real currency exchange and transfer, not leveraged FX currency trading, so all this 08/15 brokers dont suit for my needs.

The country doesn't matter, i am flexible, what is important i listed above ;)
Greets!
 
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#2
I don't think there are any crypto friendly multi currency EMI's and definitely there are no crypto friendly, foreigner friendly banks. You are looking at two different solutions - getting a multicurrency account first - registering that account with the exchanges you trade on for fiat withdrawals.
 
#3
Yes that is exactly where i want to have a multicurrency account for.
But Revolut for example seems to make problems if the only or main money flow is from exchanges.
Can you recommend me a multicurrency account where it is worth to take a look into it please?
 
#4
Well, it's hard for them to know that it comes from a crypto currency exchange. I use bitfinex for withdrawals and they use a different bank account every so often and it never says "Bitfinex". I withdraw to my corporate account in Dubai, and provide my bank agreements and invoices for digital services to support these transactions.

You can also look into crypto-fiat providers like b2broker, coinpayments, coingate, swype.
 
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#5
You want to look into Mister Tango or Kraken, the first one I don't have the best experience with as you may see from another thread, however, they are an option.
 
#6
Okay, yeah i read that revolut wants proof of income after the top up limit is reached and if i send them then only transaction lists from crypto exchanges they know i use it for trading or am i understanding it wrong?
 
#7
You can just show a contract for digital services, marketing, etc. As if you are providing the service and the account that sent you money is the customer.
 
#8
Okay, so you mean i use a intermediary bank account where i transfer the funds from the multicurrency account so there is no direct relationship to the exchange bank accounts?
Because the bank does know if it is from an exchange where i send and receive money to that this is not a customer?
I think i understand you wrong can it be?
I know that for example mistertango just needs a scan of a contract, but revolut seems to be more strict and honestly i dont trust mistertango with my funds.
They are more a legalized laundry than anything else.
 
#9
Maexel said:
Okay, so you mean i use a intermediary bank account where i transfer the funds from the multicurrency account so there is no direct relationship to the exchange bank accounts?
Click to expand...
Many are using Transferwise for this purpose to avoid the current bank to know what it is about.
 
#14
Don't trust Revolut when it comes to deal with crypto, they simple don't accept it. I tired once with kraken and they told me that they don't accept any crypto exchanger.
 
#16
Dmitrii said:
As far as I know Lavr.info is good decision for now. Am I right?
Click to expand...
Do you own this site or have any information about them? An exchange on a .info domain is not something I feel very well with. It's also in Russian only!! How shall we use it?
 
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