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nomad999

Entrepreneur
it took page 3 to get some names , i trying get as many info as possible , so i not use introducer services
thanks
something important to understand i think, all bank use the swift and/or sepa system, therefore they are all bound by the same kyc/aml/ctf bullshit, there is no crypto friendly banks per say, only some banks that might be less strict in applying the rules aka they will lean more toward doing minimum efforts than maximum efforts when screening people and businesses.
at the end it all comes down to your bank relationship and your history with them.
this will be the case until crypto are widely regulated, might take a while given its a direct threat to those bullshit laws and the whole financial systems.

if you have all the paperworks and you can provision your bank account in the high 6 digits or low 7 digits, you will find plenty of banks very easily, be ready to get fucked hard with fees though ...
if you are a tiny little fish you are out of luck and have to deal with shady EMIs.

the reason you don't get any names in the open is because there is very few way to achieve that without shady practices or blatlantly illegal stuff.
 
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VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
something important to understand i think, all bank use the swift and/or sepa system, therefore they are all bound by the same kyc/aml/ctf bullshit, there is no crypto friendly banks per say, only some banks that might be less strict in applying the rules aka they will lean more toward doing minimum efforts than maximum efforts when screening people and businesses.
at the end it all comes down to your bank relationship and your history with them.
this will be the case until crypto are widely regulated, might take a while given its a direct threat to those bullshit laws and the whole financial systems.

if you have all the paperworks and you can provision your bank account in the high 6 digits or low 7 digits, you will find plenty of banks very easily, be ready to get fucked hard with fees though ...
if you are a tiny little fish you are out of luck and have to deal with shady EMIs.

the reason you don't get any names in the open is because there is very few way to achieve that without shady practices or blatlantly illegal stuff.
@nomad999 Well summed up....Getting a bank can be done, as you rightly stated high fees involved, a cordial relationship involved that enables less stringent measures when executing....

Rightly said Bank Names can never be given in the open,entities and individuals get involved only for the big fish...others can make do with The EMIs and get frozen...cof%¤#
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
something important to understand i think, all bank use the swift and/or sepa system, therefore they are all bound by the same kyc/aml/ctf bullshit, there is no crypto friendly banks per say, only some banks that might be less strict in applying the rules aka they will lean more toward doing minimum efforts than maximum efforts when screening people and businesses.
at the end it all comes down to your bank relationship and your history with them.
this will be the case until crypto are widely regulated, might take a while given its a direct threat to those bullshit laws and the whole financial systems.

if you have all the paperworks and you can provision your bank account in the high 6 digits or low 7 digits, you will find plenty of banks very easily, be ready to get fucked hard with fees though ...
if you are a tiny little fish you are out of luck and have to deal with shady EMIs.

the reason you don't get any names in the open is because there is very few way to achieve that without shady practices or blatlantly illegal stuff.
Well said.

It's annoying to argue with people that mention all the time Bank Frick in Liechtenstein or Seba Bank in Switzerland as crypto friendly but don't have any clue.

Beside of the fact that the above Banks are charging amounts to cash out 7 or even 6 figure in crypto that are enough to setup 3 Dubai Companies with residence visa - the KYC is simply a joke.

Had personal conversation with both banks.

When I see our inquiries from people that are not comfortable paying 20€ for a SWIFT transfer with a UAE retail bank - well have fun with private banks in Switzerland and Liechtenstein that claim to be crypto friendly.

I agree with the mentioned from you regarding shady EMI's but this money never can be really used to gain wealth as no reputable private bank like UBS or Barclays will ever touch this funds. Even with the so called crypto friendly private bank Bank Frick many banks take a closer look and want to see if the money is coming from crypto. It's the same like back in the days when Mistertango obviously had no AML - banks started to simply consider Mistertango as a Crypto Exchange. Same is nowadays with Bank Frick they will be simply considered like another Kraken from Banks outside so it doesn't make a difference if the money comes from Kraken or Bank Frick.

Simply setup a Dubai Company with residence visa to setup local UAE retail bank accounts. Use some workaround that cover the cashout as business earnings and pay you a monthly salary. From this point on every bank is happy to inboard you as the source of funds is salary and the business earnings can be proofed easy if you know how it's working. Most of them are even located in the DIFC here in Dubai.

I mention Dubai because it perfectly fits for significant money to cashout. In a country with 0% tax and no accounting nobody will ask stupid questions if you pay 1m$ salary a month.

Make the same in Georgia and watch how your account get blocked.

Like mentioned here
Post in thread 'Best non CRS bank to cash out crypto THIS YEAR' Best non CRS bank to cash out crypto THIS YEAR

Again I mention what I experienced in the praxis. If you have a good feeling with overpaying private banks in Liechtenstein and Switzerland of course go for it and let us know if you get through the KYC of them during the current bull market - most likely we are in the next bear market till they onboard you.

I even had a conversation with Falcon Private Bank in Dubai that mentioned to be crypto friendly and once I proceeded with the application they simply stopped there operations and were sold.
 
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timonka

New member
this will be the case until crypto are widely regulated, might take a while given its a direct threat to those bullshit laws and the whole financial systems.
How can it be regulated if it's decentralized?
China has failed to ban it, for instance.
 

nomad999

Entrepreneur
How can it be regulated if it's decentralized?
China has failed to ban it, for instance.
good questions, what is certain is crypto is not going away as it is decentralized so from there the only outcome long term is acceptance from governments and therefore regulations. will be fun to see how this manifest in the end.
 

Nasters

New member
Well said.

It's annoying to argue with people that mention all the time Bank Frick in Liechtenstein or Seba Bank in Switzerland as crypto friendly but don't have any clue.

Beside of the fact that the above Banks are charging amounts to cash out 7 or even 6 figure in crypto that are enough to setup 3 Dubai Companies with residence visa - the KYC is simply a joke.

Had personal conversation with both banks.

When I see our inquiries from people that are not comfortable paying 20€ for a SWIFT transfer with a UAE retail bank - well have fun with private banks in Switzerland and Liechtenstein that claim to be crypto friendly.

I agree with the mentioned from you regarding shady EMI's but this money never can be really used to gain wealth as no reputable private bank like UBS or Barclays will ever touch this funds. Even with the so called crypto friendly private bank Bank Frick many banks take a closer look and want to see if the money is coming from crypto. It's the same like back in the days when Mistertango obviously had no AML - banks started to simply consider Mistertango as a Crypto Exchange. Same is nowadays with Bank Frick they will be simply considered like another Kraken from Banks outside so it doesn't make a difference if the money comes from Kraken or Bank Frick.

Simply setup a Dubai Company with residence visa to setup local UAE retail bank accounts. Use some workaround that cover the cashout as business earnings and pay you a monthly salary. From this point on every bank is happy to inboard you as the source of funds is salary and the business earnings can be proofed easy if you know how it's working. Most of them are even located in the DIFC here in Dubai.

I mention Dubai because it perfectly fits for significant money to cashout. In a country with 0% tax and no accounting nobody will ask stupid questions if you pay 1m$ salary a month.

Make the same in Georgia and watch how your account get blocked.

Like mentioned here
Post in thread 'Best non CRS bank to cash out crypto THIS YEAR' Best non CRS bank to cash out crypto THIS YEAR

Again I mention what I experienced in the praxis. If you have a good feeling with overpaying private banks in Liechtenstein and Switzerland of course go for it and let us know if you get through the KYC of them during the current bull market - most likely we are in the next bear market till they onboard you.

I even had a conversation with Falcon Private Bank in Dubai that mentioned to be crypto friendly and once I proceeded with the application they simply stopped there operations and were sold.

dubai banks are not cripto friedly, if they catch you operate in cripto they close the account at once , be carefull
Yes it is true, but is normal @Fred all time speaking about Dubait is his business, a little tired of always listening to the same song.
 
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BrettonWoods

New member
Like most people said, just try to avoid EMIs. Most EMIs are useless, they can freeze your account, block your transfers, put restrictions to your account overnight, etc. You will face more problems with a so called Crypto Friendly EMI than with a real bank that doesn't even talk about Crypto.

Check what Kraken says about this.

Crypto-friendly banks?​


Ironically, most of the issues we've seen with funding have been with online-only "cloud" banks. In contrast, traditional banks with physical branches have generally worked fine with our clients.

If your bank doesn't like transfers to/from cryptocurrency exchanges for whatever reason, you can try opening an account with one of the banks we work with.

In your Kraken account, on the deposit instructions page for each fiat funding method, you'll see the relevant funding provider's name as part of the instructions. For example, for EUR SEPA deposits, we work with Fidor bank.

Alternatively, if you have another bank in mind, our funding team can check its Bank Identifier Code (BIC) to see if we've had any recent issues with it.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
dubai banks are not cripto friedly, if they catch you operate in cripto they close the account at once , be carefull
Yes it is true, but is normal @Fred all time speaking about Dubait is his business, a little tired of always listening to the same song.

Guys it's annoying to discus things with you we do everyday in practice.

See attached the confirmation of Kraken itself.

Maybe this is even some information @Admin want to remark in the UAE banks list / info thread.
 

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Praetorian

New member
Use main street banks and don't bother with EMIs unless you want a) Get robbed or b) Get robbed legally under the guise of AML checks.

I never had issues with main street banks as long as i had a proper explanation for the funds i intended to deposit. UBS and Barclays don't give a shit past a certain point (10m + net worth, crypto is suddenly no longer suspicious there).

Bank Frick and SEBA are private banks in wealthy countries, attracting very wealthy clients. They come with ease of mind and ease of moving funds but that comes with very high fees. They are not looking for deadbeats who won the lotto with crypto, they want real players and corporations to bank with them.

Dubai is also an option i often see and frankly one of the easiest/cheapest options. Move there for a year, cash everything out then relocate somewhere else if Dubai isn't your thing. You should check with Emirates NBD, i can't make promises as compliance there is always changing.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Use main street banks and don't bother with EMIs unless you want a) Get robbed or b) Get robbed legally under the guise of AML checks.

I never had issues with main street banks as long as i had a proper explanation for the funds i intended to deposit. UBS and Barclays don't give a shit past a certain point (10m + net worth, crypto is suddenly no longer suspicious there).

Bank Frick and SEBA are private banks in wealthy countries, attracting very wealthy clients. They come with ease of mind and ease of moving funds but that comes with very high fees. They are not looking for deadbeats who won the lotto with crypto, they want real players and corporations to bank with them.

Dubai is also an option i often see and frankly one of the easiest/cheapest options. Move there for a year, cash everything out then relocate somewhere else if Dubai isn't your thing. You should check with Emirates NBD, i can't make promises as compliance there is always changing.
This!

Thanks for bringing your practical experience into play that just confirms my personal experience.

Cheers
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
Move there for a year, cash everything out then relocate somewhere else if Dubai isn't your thing.

You clearly have no clue how tax systems work. Some countries require you to pay personal income tax for some years even if you relocate to another country.

Use main street banks and don't bother with EMIs unless you want a) Get robbed or b) Get robbed legally under the guise of AML checks.

That's why it is very important to know with whom you are dealing. EMI's are regulated institutions, so legit organizations can't rob anybody. It's the same as a normal bank - both are regulated and supervised by the same authorities.

On top of that, you forgot to mention that retail banks most likely won't open an account for you or your business if you do not reside in this country.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
On top of that, you forgot to mention that retail banks most likely won't open an account for you or your business if you do not reside in this country.
UAE - Company Setup grants you the residence Visa and.... you know it.

Nice new banners by the way going into the right direction - forget about the Palms - something from the past.
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
UAE - Company Setup grants you the residence Visa and.... you know it.

Nice new banners by the way going into the right direction - forget about the Palms - something from the past.

Yeh, I was just speaking in general, because UAE is only a small part of the whole offshore industry.

I wouldn't write off the exotic jurisdictions, it's doing the job. And I hope UAE won't get blacklisted at some point, because it would become the same as BVI or similar. :)
 

Praetorian

New member
You clearly have no clue how tax systems work. Some countries require you to pay personal income tax for some years even if you relocate to another country.



That's why it is very important to know with whom you are dealing. EMI's are regulated institutions, so legit organizations can't rob anybody. It's the same as a normal bank - both are regulated and supervised by the same authorities.

On top of that, you forgot to mention that retail banks most likely won't open an account for you or your business if you do not reside in this country.
I wasn't telling the guy how to reduce his tax bill if that's what you're referring to.

Taxes will have to be paid regardless, there's no way to "cheat your way out legally" unless you're a russian oligarch with deep pockets. Relocating might be convenient in many cases still if that means you have access to better banking. In many countries, cashing out crypto investments is just out of the question as the local banks will file SARs on you or straight up close your accounts even if the funds are legitimate.

The only way to dodge tax with crypto is doing it the illegal way which i frankly don't recommend.

And just about every EMI that fucked people over in the last 3 years were "regulated". Any bozo can get a license in Lithuania or some other dumpster with little oversight, start an EMI and take deposits from people with useless shell companies that got rejected everywhere else and with little to no AML involved. Those types of ventures never last long. Those other EMIs that are highly compliant still don't rival traditional banks in terms of costs and reliability.
 

rey skywalker

Entrepreneur
to get emi today require at lest 1 up to 2 m assets, and at least 3 years waiting list, do not think they will put at risk the licence to cover your ass
 

extremedox101

road walker
Entrepreneur
And just about every EMI that fucked people over in the last 3 years were "regulated". Any bozo can get a license in Lithuania or some other dumpster with little oversight, start an EMI and take deposits from people with useless shell companies that got rejected everywhere else and with little to no AML involved. Those types of ventures never last long. Those other EMIs that are highly compliant still don't rival traditional banks in terms of costs and reliability.
i have developed a sort of friendship with a moth , for that reason a moth is created equal to to regular butterfly. most definitely i will make general statements that approve moths like if they were butterflies . when i rationalize the importance of moths . it will support my objective for this closely related moth ,amen .
 
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