Today, there are crypto friendly banks that allow Bitcoin cryptocurrency business.
I know some of you might be perplexed by first line of sentence, thinking… wasn’t crypto invented to bypass banks and make a new system.
Well, nothing have changed from the major aim. Bitcoin was born to create a reliable and trust-less alternative to traditional banking system.
But let’s be honest, without the existing banking structure, Bitcoin couldn’t have quickly reached the heights it is today.
Access to the debit cards and credit cards gave opportunity to millions of investors, but that’s where their approach also went wrong.
Bitcoin isn’t just an investment vehicle that you buy low or sell high, it is much more, and many of us don’t realize this.
Banks have realized that Bitcoin, as well as other cryptocurrencies (Altcoins) are existential threat to them, and that’s why many banks stopped catering to crypto businesses.
Several UK, Australia, United States banks some countries have also banned using credit/debit cards to purchase Bitcoin and all other cryptocurrencies.
Now, this is why cryptocurrency users need crypto or Bitcoin-friendly banks, more than ever for their fiat off and on-ramps.
Good news: Certain pioneers have started building the new infrastructure while in some places old small banks are trying to become more open-minded about this technology.
What are crypto friendly banks?
Crypto friendly banks are those financial institutions that allow users to open accounts enabling direct transfer of their crypto related funds, including both business and current accounts.
As a cryptocurrency business owner, the lack of access to banking system is always the biggest hurdle on your way to successful investor.
You might have come across banks who agreed to bank your crypto business initially, but soon after, your account was closed without proper explanation.
Don’t worry, I have compiled a list of banks that accept Bitcoin transactions from millions of individuals worldwide, while offering their clients various crypto services.
What banks support cryptocurrency?
Below are some of the popular cryptocurrency-friendly banks you can use for doing your regular business… In fact, these are also the banks investing in crypto assets.
Wirex is a cryptocurrency wallet provider and a crypto-friendly banking service for buying/selling cryptocurrencies based out of the UK, London.
The first Wirex currency account available will be based in the UK – available to dozens of countries around the world – with a British account number and sort-code, 100% secure and fully registered with the UK Financial Conduct Authority.
They also provide you with their real debit card linked to your account, and with this card, you can make in-store retail purchases that will get 0.5% cashback in Bitcoin (known as crypto-back).
And here are some more USPs of using this crypto-friendly UK based banking service:
- Buy, store and manage your crypto (BTC, LTC, XRP, ETH) and traditional money (GBP, USD, EUR)
- Add funds using a credit card, debit card or bank transfer
- Instantly exchange between crypto and traditional currencies at live rates
- Link to your Wirex Visa payment card to convert and spend your crypto in-store and online
- Quickly and easily send 18 traditional and digital currencies around the world
- Transfer funds in and out of your account with SEPA/SWIFT/Faster Payments*
- Enjoy unrestricted access to the world of borderless payments.
Revolut started as a non-licensed financial institution in UK, but now operates as a full-fledged bank with over 2 million customers.
The services are only available to people in the United Kingdom and Europe. Revolut is famous for allowing individuals and businesses deal with cryptocurrencies using their bank accounts.
In addition to that, customers can purchase cryptocurrencies using their bank accounts. The three operational account types are;
- Standard account
- Premium account
- Metal account
All of these Revolut bank accounts support cryptocurrency transactions.
Bitwala offers the world’s first cryptocurrency simple bank account from where you can manage your everyday banking, trade crypto assets and store Bitcoin in one account.
Bitwala understands your pain points because of their own bank account was closed for dealing in cryptos. Thus they have come back with banking solutions that support crypto.
The company is working in this space since 2013 and is registered as Bank under the German Banking Act. So any German resident can easily use their service to get crypto-friendly banking in minutes.
Ally bank and Bitcoin
Ally bank is an excellent option for cryptocurrency enthusiasts in the United States. As an online bank, Ally operates at all times of the day, allowing people to purchase and sell cryptocurrencies via Coinbase.
The bank has been around since 2010, and assures its users they would not experience difficulties with cryptocurrency transactions.
People can even use their credit cards to purchase Bitcoin and other cryptocurrencies from exchanges.
This is one of the best options for people living in United States. The funds are insured by the Federal Deposit Insurance Corporation (DIC), which assures most of its customers.
The bank works with cryptocurrency exchanges, allowing its clients to purchase cryptocurrencies. However, Simple Banks is exclusively for people living in the USA at the moment.
USAA (United Services Automobile Association)
USAA is another Coinbase-partnered bank that supports crypto transactions. Their partnership with Coinbase enables customers to buy, sell, and invest in cryptocurrencies with ease.
Being an among the American banks that accept Bitcoin businesses. It even support direct Coinbase integration for easy access to BTC purchases.
National bank of Canada
This is a large North American financial institution that maintain a relationship with the cryptocurrency sector.
The National Bank of Canada allow customers to purchase crypto-coins using their credit cards. But, still regulates and monitor crypto transactions due to intense scrutiny from regulatory agencies.
Barclays is an investment banking giant present in several countries across the globe. It is also one of the biggest banks in the UK.
The bank is using blockchain technology to aid transactions between customers, and is known for its support for cryptocurrencies.
Although it dismissed reports of creating its own crypto-coin, Barclays partnered with Coinbase to enable easy access to purchase of crypto assets.
Banks against cryptocurrencies
It is no secret that banks hate cryptocurrencies, as few of them have come out publicly, to make negative comments about Bitcoin and Altcoins.
Some of these banks that doesn’t support crypto business have also banned their customers from purchasing crypto-coins using their credit/debit card.
Here are some banks that you should avoid for cryptocurrency transactions;
- JPMorgan Chase
- Bank of America
- Nordea Bank
- Danske Bank
- Capital One
- TD Bank
- Wells Fargo
- Royal Bank of Canada
- Bank of Montreal
- Lloyds Bank etc.
Even though traditional banks have always been against cryptocurrencies, some of them have embraced the innovation and allow their users to purchase, sell, and invest in cryptos using their credit and debit cards.
Aside banks, some digital institutions support crypto-related transactions on their platforms.
However, Wells Fargo and Bank of America are some of the major traditional banks you should avoid when trying to deal with buying cryptocurrencies.