TonyKutunio

New Member
Need help, all I want is to buy and sell bitcoin from public to public without having issues with my bank. They blocking account for security reasons and keep asking for additional details of transactions. I operate with GBP in UK with personal current account!! Around £30k per month. Yes I understand that this could look strange to a bank looking at my personal account with such a strange movements in it.
Do I have to open LTD with Business account or what?

Thanks
 

Admin

Forum Moderator
Staff member
You want to search this forum, the topic has been discussed here a few times already. However, to help you a little. Most of what people suggest to do in your situation is to setup an EMI like Transferwise, Revolut or similar to receive the payment from a crypto exchange like Kraken, AdvCash etc. From there you transfer the money to your bank account.

Most often this solution will not leave any questions open for the bank.
 

TonyKutunio

New Member
You want to search this forum, the topic has been discussed here a few times already. However, to help you a little. Most of what people suggest to do in your situation is to setup an EMI like Transferwise, Revolut or similar to receive the payment from a crypto exchange like Kraken, AdvCash etc. From there you transfer the money to your bank account.

Most often this solution will not leave any questions open for the bank.
Hi thanks for reply.
The situation is a bit different... As Im getting transfers from private persons from their personal current accounts as a faster payments... same as me.. Im sending payments to a private persons... Im trading on paxful.com

PS. Never faced problems about transfering £ to/from exchanges like coinbase etc with my personal current high street bank account.
 

GiGoGo

I make things happen
Business Angel
Hi thanks for reply.
The situation is a bit different... As Im getting transfers from private persons from their personal current accounts as a faster payments... same as me.. Im sending payments to a private persons... Im trading on paxful.com

PS. Never faced problems about transfering £ to/from exchanges like coinbase etc with my personal current high street bank account.
I would suggest to stay away from doing this way because you'll end having problems with Banks, Tax office and customers, and if any of them results to be a bad boy, you can have risks as well.

I have access to some OTCs in HK that they do Bitcoin transactions from trading companies that doesn't look like crypto
 

speedster

Building Trust
Entrepreneur
I would suggest to stay away from doing this way because you'll end having problems with Banks, Tax office and customers, and if any of them results to be a bad boy, you can have risks as well.

I have access to some OTCs in HK that they do Bitcoin transactions from trading companies that doesn't look like crypto
What are the fees for these OTCs?
 

GiGoGo

I make things happen
Business Angel
They use charge 0.5% - 2% over Bitstamp depending on the amount and the delivery time
 

TonyKutunio

New Member
I would suggest to stay away from doing this way because you'll end having problems with Banks, Tax office and customers, and if any of them results to be a bad boy, you can have risks as well.

I have access to some OTCs in HK that they do Bitcoin transactions from trading companies that doesn't look like crypto
Not affraid of Tax office really as ready to pay taxes... Could you drop the link to that OTC in HK please
 

blackeric

Building Trust
Entrepreneur
Transferwise, Revolut or similar to receive the payment from a crypto exchange like Kraken, AdvCash
Do these EMI, or others too in general, not mind to receive withdrawals from crypto exchanges? No problem at all?
 

GiGoGo

I make things happen
Business Angel
Do these EMI, or others too in general, not mind to receive withdrawals from crypto exchanges? No problem at all?
From what I read on this group, they are ok for receiving but not with sending money from the exchanges.

A friend of mine got his account freeze on Revolut just because he received 2000 Eur transfer from Coinbase
 

hkrlh1

New Member
From what I read on this group, they are ok for receiving but not with sending money from the exchanges.

A friend of mine got his account freeze on Revolut just because he received 2000 Eur transfer from Coinbase

Not sure about TW. They say they don't allow cryptocurrency businesses:
TransferWise doesn’t work for:
Businesses involved in bitcoin, tobacco, adult content, or other prohibited

Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.
- Including payments for the purpose of purchasing cryptocurrencies.
 

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