Can someone recommend me an bank account that will work with bitcoin exchanges?

[BR100]

I trade cryptos for a living, now I am going to start a Samoa LLC to trade using my company

I've tried calling up a few banks but many of them have a blanket 'no cryptocurrency transaction'

There is paper record of all my trades from the exchanges to prove I am not laundering money etc but still it is almost impossible to get a business bank account

Does anyone have any recommendations?

Can't use services such as worldcore etc because when receiving or sending money they are the beneficiary not my company and exchanges will not send out payment

Will send BTC tip to whoever can help me out

 

[JohnLocke]

Well, the banks don't like crypto currency at all. Even though some of the largest banks in the UK have bought bitcoins for million of £ they don't want to deal with it!

This apply also for the banks in Cyprus it is impossible to get this business placed it seems. Still there are companies like WorldCore, Xapo, Advance Cash that are doing it So what I would do is to signup with the providers that are into the same business and see what bank they work with, once you know you may contact these banks.

You may be prepared to make huge deposits to these banks or expect other tight requirements.

I think it is Neteller or Advance cash that is using WorldPay for receiving payments.

 

[negon]

Advance Cash is using a Czech Rebublic bank in Malta - Ceska Sporitelna, a.s. - http://www.csas.cz/banka/nav/personal-finance-d00012487

Neteller has their own BIC code for Paysafe Financial Services Limited but they are also a huge company today so they may easely deposit the 50 - 70M US$ required.

Xapo is using Bank Alpinum AG Bank Alpinum AG > Home in Liechtenstein and Neteller

 

[BR100]

Thanks a lot guys.... what you have listed is great and more than I have been able to find. However like you guys are saying there are probably huge deposits expected and not ones that I would make (under 100k)

The bank account is primarily needed when I sell bitcoins for fiat and need to transfer the fiat out. I see that my only real solution is to use something like Worldcore, deposit with bitcoin and pay their 3% fee then re-send my money out?

Xapo is just a debit card right? so I cannot wire the money back out to my personal accounts? I skimmed Advance cash and it seems like it's the same thing

Guys its so frustrating I'm making money legit trading and all these banks just shun

 

[negon]

Guys its so frustrating I'm making money legit trading and all these banks just shun

I know it is a frustrating job.. but you need to be persistent when you research your options. Another bank that I have seen is WireCard Bank they used to be only a payment processor but for years they also obtained a banking license.

 

[BR100]

Thanks auric.... really appreciate the help

Supposedly these guys offer services for a whopping 5-6k setup fee International corporate accounts for Bitcoin business

However I think their services are probably more for the 'money transmitter' that have tons of transactions coming in and out whereas I might only have a few transactions per year

 

[JohnLocke]

This looks indeed very good. But when you go through the list you find countries like Malta, Estonia, Poland and Brazil among others. I believe that you easely can contact banks in these regions yourself and come to an agreement with them.

However, if you have the money to pay them 6k I would ask them about your service and even get started with them asap.

 

[BR100]

Yeah I agree... and I'm not trying to pay 6k just for assistance to set up business account when I am not doing anything remotely shady or anything involving money transmitter... its just trading

 

[dirtyharry]

6K is alot of money for something you can get for free! As Admin already suggested take contact to the banks around I'm sure it is easy to find out where these banks are located that this agent is open accounts with and they are hungry for business!

 

[uplana]

If you find such a bank can you please post here? I'm searching for the same I have a exchange business in planning but struggle to find a bank that will accept incoming wire transfers to the business!

 

[BR100]

Gunter- yes I agree.... will attempt to do some digging

Uplana- Sure...if I find anything... but at this point I'm resigned to using something like worldcore and pay a few extra % for them to transfer the btc to fiat where I can wire back out. Since I'm not planning to do a lot of wires each year (just dividend payments to myself) if there is a stopgap solution for now then it works, but eventually yes I want to find a workable bank account that I can use

 

[negon]

but at this point I'm resigned to using something like worldcore and pay a few extra % for them to transfer the btc to fiat where I can wire back out.

Why that if I may ask?

 

[BR100]

Just because I spent a lot of time asking around and have 0 results for anything concrete at the moment.... sure I can call around banks at those countries and find out which bank can accept but tbh for my situation paying 3% on a few wires a year until the point where cryptos become mainstream accepted and I can get a business bank account at a normal bank seems reasonable

 

[negon]

Sure I understand this may get you started so you can grow your business and also get sufficient time to see how things will develop. Make sense

 

[BR100]

On the other hand, if someone wants to find out for me which banks can accept I'd be happy to send u some $ (not 5k though lol)

 

[negon]

You may also speak with these guys WaveCrest | Transforming Payment Solutions they are doing processing and payment solutions for many digital currency providers. Maybe they have a direct contact!