Custom accounts for European currencies, enabling the movement of funds between the two and to other accounts in the same currencies via UK Faster Payments and SEPA networks.
Harvex have direct access to the leading account provider of crypto and gaming businesses in Europe., contact us to arrange an application.
A crypto friendly bank account enables the movement and acceptance of payments from cryptocurrency sources. For example selling Bitcoin and moving the funds to a bank account without fear of it being rejected, returned or delayed.
A crypto friendly account is essential for businesses who require the movement of funds between digital asset and fiat currencies, prevalent for Exchanges, traders and merchants who accept Bitcoin or similar.
Banks must be sure that every customer is compliant and legal, where KYC and AML are more important that ever with decentralised finance becoming increasingly popular.
Defi does not mean annonymous and Harvex have complete understanding of bank grade compliance, handling the processes for hundreds of crypto companies across Europe.
Most importantly when it comes to banking, reputation matters. There is very little desire from anybody, or any business, to bank with a low rated bank. And you don’t need to. It is indeed possible to get a cryptocurrency friendly bank account, with a high rating in Europe and the USA.
With many (but not all) European and USA banks staying clear of onboarding cryptocurrency companies, lot of people are looking further afield for a suitable bank. Ideally, you can find a bank that wants you as a client, cryptocurrency and all. Or, you may find they want you to have a presence in the banks country via opening an entity there.
However, one thing should be considered when looking for your crypto-friendly bank and that is to consider offshore banking.
On an individual level, the bank may be very keen to have you as a client, but they need to be sure that all measures have been taken to prevent money-laundering. Here at Harvex, we’ve opened multiple personal crypto bank accounts and can handle the entire process.
If you are a corporation, it is advisable to talk directly to the bank – explain your project and business plus which type of funds you expect to go into the bank. If you intend to have most of your income from crypto sources, it’s advisable to gauge the banks risk profile of this.It always helps to have a direct contact, Harvex have these connections!
If a bank brands themselves as crypto friendly, this doesn’t necessarily mean they are ICO friendly, or crypto-trading friendly. There are enough crypto-friendly banking options, even today, to get an account for exactly what you need and not worry about a future closure.
It is worth remembering bank management may care how much money you have, compliance departments may not. Crypto banking is still at an infant stage. As such, compliance will need a lot of items and documents, sometimes originals, and will request far above a normal account opening.
Account opening times vary depending on the people and/or business. Generally account opening times run into months rather than weeks, however having Harvex handle the application can speed this up.
We can ensure your account is set up to allow crypto deposits as frequently as you require.
It always helps to know who isn’t crypto-friendly, to save time and money. We know the industry of who prevents crypto banking.
From our European hub, we can personally introduce you to the best banks for crypto across Europe.
It is useful to distinguish 2 types of bank account;
1) First, a ‘normal’ account, for a ‘normal’ business or profession, that occasionally accepts some liquidated cryptocurrency.
2) The second is a specific cryptocurrency bank account. This could be a trader, broker, exchange, OTC desk, on an individual or company level.
In the case of 1), a lot of people or businesses have received cryptocurrency into their bank accounts (probably accounts held for years) with major banks, with no problems.
These may not be full Bitcoin Friendly banks, but if you take a few payments a month in cryptocurrency, you may find your bank do not have an issue with you, especially if the values you receive are in line with regular income.
Additionally, for example, with a ‘normal’ bank account, some banks allow you to purchase Cryptocurrency, others do not. In some cases this is all that is required.
Do you need a truly cryptocurrency friendly bank account?
Harvex can introduce you to banks that can offer the full remit of crypto banking services. For example where you can receive liquidated cryptocurrency from an exchange in high volume, irrespective is the exchange is location in Estonia, Germany, Hong Kong or USA, for example.
One where you can send funds to OTC desks and back to exchanges. Plus all other cryptocurrency bank transactions.
Whether any profit or gain is taxable, or any loss is deductible the transactions will need to be looked at on an individual basis and will very much depends on a variety of specific facts. The relevant legislation will be considered and used to ensure the correct tax treatment is given.
Here at Harvex, we have the longstanding experience and knowledge to ensure your tax return is correct.
If you trade cryptocurrency, we have tried and tested banking solutions for you, wherever you are based internationally.
If you are accepting cryptocurrency as a means of payment, we can set up an account to allow you continue to do this, hassle free.
If you are liquidating crypto assets to fiat, speak to us to set up a bank account that accepts these fiat funds.
Take our tips and solutions to help you when searching for your crypto bank, which should make things more simple and prevent wasting time on the wrong options.
Harvex have worked on the creation and development of crypto bank accounts, so we know the exact requirements. Our FAQs bring some of thing expertise to you.
With hundreds of clients from crypto now banked and actively doing business, our knowledge of applications and compliance, when considering your specific needs, Harvex provides the advice you need when you need it most.
Since we began working in Blockchain and Crypto in 2016, Harvex have been the perfect partners for everything to do with our finances. We're able to accept any currency, handle our FX and brokerage and they secured our bank account. Along with handling all our accounts and tax, we couldn't cope without Harvex.