Kraken withdraw Euro Swift with ETANA

fuorissimo

Active Member
Hello, i'm EU Citizen and Kraken user.
I see that Euro can only transfer via SEPA, not via Swift.

But i need Swift because i transfer to my off-shore bank. So, Kraken OTC service has suggest me to connect my Kraken account to their partner ETANA.

Someone know It and have more info?
 

OTR365

Building Trust
Entrepreneur
Etana Custody will not allow you to withdraw to an offshore bank. (Or, at least they did not allow me).

In addition, their KYC is very strict. It is a bit frustrating to go through that, only to be denied a withdrawal.
 

anatrala

New Member
what is the use of etana ? it is charging 35 euros +0.125% per transactions, seems high
do people use it because their bank didn't allow transactions from companies where whole business is crypto related (platforms)?
 

blueweb

Corporate Services
Business Angel
Mentor Group
do people use it because their bank didn't allow transactions from companies where whole business is crypto related (platforms)?
Yeah it may be the reason. I had a local bank who asked me where the funds came from that I received from Kraken, they knew them. I told them it's an old wallet I had and they were fine. Other banks simply shut down the account or tell you to stop what you are doing.

It comes handy if you transfer your kraken money to TW or AdvCash or even ePayments and from there to your local bank account if it's what you want to do.
 

KJK

Building Trust
Entrepreneur
If you're fine with using euros/SEPA, you can avoid Etana. If you want to withdraw or deposit dollars or do international transfers, you have to use this "custody". I checked their introductionary questionnaire, it is ridiculous. They want to know information not even my mom knows.

Also don't expect Etana to function as a workaround if your bank doesn't like Kraken. They will figure out pretty fast what Etana means and if they block Kraken for whatever reason, they'll block Etana sooner or later. It is a depressing world.
 

John Dee

Member
Etana Custody will not allow you to withdraw to an offshore bank. (Or, at least they did not allow me).

In addition, their KYC is very strict. It is a bit frustrating to go through that, only to be denied a withdrawal.
Etana Custody will allow you to withdraw FIAT (also EUR) to any offshore jurisdiction if you can pass theirs as you correctly pointed out strict KYC. I am speaking from my personal experience. I was one of the first test users to be enabled ETANA withdrawals to one of my offshore structure before official public rollout when minimal limit was 50k. I was also cooperating with them to setup their api with kraken in proper way.

But watchdogs are closely monitoring them, that's true, so be prepared sometime to get random compliance check from their bank partners for your transactions and wait as long as 1 month for release of your funds.

But that's part of the business.

Cheers,
John Dee
 

OTR365

Building Trust
Entrepreneur
Etana Custody will allow you to withdraw FIAT (also EUR) to any offshore jurisdiction if you can pass theirs as you correctly pointed out strict KYC.
I am also speaking from my personal experience. I passed their KYC, tried to withdraw to my approved account (to a country where I am not a resident). The withdrawal was declined. Here is a lightly edited quote from their correspondence:

This withdraw is rejected due to an update of our company KYC Policies. We will need from you to register your <country name> bank account and withdraw the funds to your country or residence.
This happened in spring 2019.
 

John Dee

Member
Sorry if this is very stupid, forgive me. But why don't you withdraw your money from kraken to transferwise and transfer the money to wherever you want?
Some offshore jurisdicions are not supported by transferwise. If you want to make it right and pass financial audits, that's the only way, how to do it.
 

OTR365

Building Trust
Entrepreneur
But kraken to Transfer Wise work fine, I have done a few transactions which went through without troubles.
In another thread somebody told it worked fine until TW closed his account. Like always, "it depends" and banks make decisions on case by case-basis.
 

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