Best bank account for cryptocurrency
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.
Personal / Individual Banking UK Account | USA Account | More
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.
Business Banking | Corporate Bank Account
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.
How long to open a crypto bank account?
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.