Finding crypto-friendly banks in Europe can be an essential step in profiting from your crypto investments.
In this article, we’re going to explore what this looks like for individuals trading crypto on European exchanges.
Of course, if you’re looking for traditional European banking options you can also get started with any of our free European banking resources, such as banks in Serbia and many other European countries.
That said, in this article, we’re going to be exclusively focused on banking related to crypto transactions. So, read on to learn how you can start the process of finding and opening accounts.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Crypto-Friendly Banks in Europe 101
- Why Open a European Cryptocurrency Bank Account
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Crypto-Friendly Banks in Europe 101
Europe is significantly more open to crypto-related banking than many other jurisdictions. That said, finding and opening accounts with crypto-friendly banks in Europe can still be a challenge. This is especially true if you are a foreign non-resident.
Plus, the fact that many banks and online platforms have specific restrictions when it comes to crypto-related banking further complicates the situation.
With this in mind, we wanted to share some insights on how to find crypto-friendly banks in Europe and what client profiles they generally cater to.
But first, if you’re a foreign business owner seeking information on where to open a company bank account, you might consider opening a business bank account in the Netherlands. However, in most cases, business account opening here typically requires a local presence.
How to Know Which Banks in Europe Are Compatible With Crypto
In most cases, European banks that cater to crypto-related activities tend to be those that offer private banking (or premier banking) services. In other words, crypto-friendly banks in Europe tend to require large opening deposits.
One of the main reasons that private banks are suitable for crypto-related wealth is that the compliance teams at these banks are more familiar with complex sources of wealth and income. In other words, they can navigate the complexities of crypto-related trading in order to make a clear determination about the source of wealth from a compliance perspective.
That said, even if a bank makes a clear determination about the source of wealth, they still require the individual to make a large deposit. The reasons for this include offsetting the compliance costs to open an account offsetting the ongoing compliance costs of maintaining the account, and ensuring that the client will be profitable instead of simply opening an account in order to offramp into fiat currencies and not actually use any bank services.
Of course, the majority of individuals looking to open accounts with crypto-friendly banks in Europe will be looking for standard retail banks. Unfortunately, standard retail banks can be extremely difficult to find and open accounts with.
Individuals who are looking for online financial platforms, including the best online banks for expats in Europe can use this link to guide them in the right direction.
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Why Open a European Cryptocurrency Bank Account?
Opening a European cryptocurrency bank account doesn’t make sense for everyone. But, if you are using European-regulated crypto exchanges, a bank account in Europe may be one of the best options to transition your crypto wealth off exchanges and into fiat accounts.
Additionally, it’s important to note that European banks tend to be more lenient than banks in other countries when it comes to cryptocurrencies. That said, there are still restrictions in place, and not all banks will allow transfers to or from exchanges.
Very few banks, in fact, openly state that they accept crypto-related transfers. So, it can be difficult to find a bank that is willing to state that they support crypto transactions for their customers. As a result, many people send transfers without any confirmation that they will be successful, which can be a risky proposition.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open accounts with crypto-friendly banks in Europe. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Banks Are the Most Crypto-Friendly?
When it comes to determining which banks are the most crypto-friendly there are a few important variables to consider, including which banks explicitly state that they accept crypto and which banks allow crypto-related transactions.
With this in mind, the banks that explicitly state that they allow crypto are typically those banks that require large deposits and have the compliance teams in place to accept complex sources of income. One of the main reasons for this is that crypto-related transactions typically require extra auditing in order to verify the source of wealth and the original income that led to the crypto transactions.
Which Crypto Platform Is Best in Europe?
When it comes to choosing a crypto platform in Europe, it’s important that individuals consider opening accounts with regulated crypto exchanges. The reason for this is that unregulated crypto exchanges are usually not accepted when attempting to complete bank transfers. Instead, sending or receiving money to unregulated exchanges can often result in accounts being closed or frozen.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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