In this article, we’ll explore crypto-friendly banks UK style.
This will include a discussion about opening requirements, important considerations, and why crypto is (still) in the grey when it comes to opening accounts.
That said, if you just want to skip ahead and start opening accounts, we’d suggest considering one of the leading institutions or best international banks for expats – we share the entire account opening process and key countries to consider here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Crypto-Friendly Banks in the UK
- How to Open a Crypto-Friendly Bank Account
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Crypto-Friendly Banks in the UK
Crypto-friendly banks in the UK include both traditional brick-and-mortar banks and digital banks. That said, the specific treatment of crypto transactions depends on the type of transactions, source of transactions, and profile of the client. In certain cases, like with Revolut, customers can purchase and hold crypto directly through the bank’s interface.
In the following sections, we will share the most crypto-friendly banks in the UK along with account opening considerations. We will also answer a few of the most common questions we receive and share how you can start opening accounts today.
Alternatively, if you’re looking for an international credit card, such as a virtual credit card in Australia, you can access our free guide linked here to get started.
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How to Open a Crypto-Friendly Bank Account
The first step in opening a crypto-friendly bank account is knowing which bank you want to apply to. As we’ll share below, only a handful of UK banks are considered crypto-friendly. So, this step is critical.
Crypto-Friendly Banks (UK)
- Revolut
- Starling
- Monzo
Other UK banks are generally considered “friendly” towards crypto as well. However, in our assessment, these banks do not have clear policies that allow customers to interact directly with crypto via crypto exchanges.
As a result, it’s difficult to generally assess which other banks may be suitable for your client profile without a detailed review of your profile and goals.
That said, if you are a foreign non-resident with limited ties to the UK, you will want to look elsewhere. Each of these banks will require you to be a resident of the UK and be able to prove your residency, in order to open accounts.
Alternatively, if you’re looking for information on international transfers, specifically how to send money to Madagascar from the US, you can use this link to get started.
Cryptocurrency Banking Requirements in the UK
When opening a bank account in the UK, applicants must provide standard documentation that includes proof of address, a UK phone number, completed onboarding documents, and government-issued identification.
However, even after the account is opened, there are cryptocurrency-related banking requirements that account holders must observe. The most important of these requirements is to only interact with exchanges that the bank deems reputable. In most cases, this means an exchange that is from the European Union, United Kingdom, or United States.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking for crypto-friendly banks in the UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Bank Is Most Crypto-Friendly?
The bank that is the most crypto-friendly in the UK is likely Revolut. However, Starling and Monzo are also supportive banking platforms that can facilitate crypto-related transactions. That said, not everyone is eligible to open and maintain an account with these platforms. So, prospective clients need to consider all of the account opening options before choosing a specific bank that may (or may not) open accounts for them.
Which UK Banks Don’t Allow Crypto?
Half of UK banks don’t allow crypto transactions. This includes large consumer banks like HSBC, TSB, Metro, Halifax, and more. In short, these banks do not allow their clients to interact with crypto or make transactions to or from crypto exchanges. However, there are instances where people have reported being able to complete transactions to crypto exchanges using these banks, though doing so is against bank policy and risks account closure.
Do You Want Help Opening Bank Accounts?
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