Looking for crypto friendly business bank account

[psy]

Hello everyone

I have recently registered a proprietary trading in crypto commodities license with DMCC in the UAE. The biggest pain has been trying to organise a bank account. We opened up with EQIBank but their service has been poor (still waiting for them to send us banking details to make transfer to our own account) let alone their super high fees. Have started looking into Migom Bank but read some of the threads here and they do not seem like a great option either. Reaching out and hoping anyone can suggest a friendly, safe and easy to use bank. I have residence in Russia and South Africa if that helps.

Thank you in advance

 

[clemens]

you want to see this
https://www.offshorecorptalk.com/threads/swissquote-users-only-crypto-cashout.37256/

 

[Michael Fernando]

Hello everyone

I have recently registered a proprietary trading in crypto commodities license with DMCC in the UAE. The biggest pain has been trying to organise a bank account. We opened up with EQIBank but their service has been poor (still waiting for them to send us banking details to make transfer to our own account) let alone their super high fees. Have started looking into Migom Bank but read some of the threads here and they do not seem like a great option either. Reaching out and hoping anyone can suggest a friendly, safe and easy to use bank. I have residence in Russia and South Africa if that helps.

Thank you in advance

You can check out Seba Bank (a swiss bank). Issue is that they require a minimum deposit (300k USD), and yearly maintenance cost is relatively high. Not sure if you find this suitable, but if you find another possible bank, please share.

 

[Fred]

Hello everyone

I have recently registered a proprietary trading in crypto commodities license with DMCC in the UAE. The biggest pain has been trying to organise a bank account. We opened up with EQIBank but their service has been poor (still waiting for them to send us banking details to make transfer to our own account) let alone their super high fees. Have started looking into Migom Bank but read some of the threads here and they do not seem like a great option either. Reaching out and hoping anyone can suggest a friendly, safe and easy to use bank. I have residence in Russia and South Africa if that helps.

Thank you in advance

The mistake in this setup is that you went with a Crypto License - otherwise you would have been able to utilise the local UAE Banks.

Residence in Russia helps for sure not.

As you have already figuered out - your starting point is at the bottom of the barrel with Banks in Dominica who know and abuse your desperate situation - charging you 1000s of $ only for opening and then even don't let you run transfers.

Forget about Sygnum / Seba Bank - they wanna run your Crypto Custody and charge you 5000CHF/year maintenance fee with having no risk appetite at all.

Swissquote only considers Holding Companies / Investment Vehicles with no active day per day trading business.

So what's left? Only EMI's with SEPA only limitation in Lithuania or UK. You can find plenty of ones here in the forum however they will all charge you 1000s of $ again and % for the transfer. Search here around the forum there is one user having 20k+$ banking fees with Bank of Asia BVI who even doesn't consider Crypto.

Deltec Bank and Trust Limited in the Bahamas might consider your Business when you put with them enough money under management - they consider case by case high risk business and general speaking can very good categorize your risk category and depending on this offering you the possible currencies - they use EUROCLEAR Bank SA in Belgium for EURO Swift as correspondence Bank which looks super solid but then again for more exotic currencies some EMI's. All in all they might be your best bet but fasten your seatbelt for the compliance.

Or

Considering the fees mentioned above - re-considering the whole structure and going with other non-crypto License.