If you’re looking for UK crypto-friendly banks, you’re in the right place…
In this article, we’re going to share how to navigate the account opening options, the challenges you need to prepare for, and a few alternatives as well.
We’ll also discuss EU-based banking and how to open a European bank account in the UK for non-residents, including options that might support your crypto activities.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Crypto Banking in the UK 101
- How to Find Crypto-Friendly Banks?
- Alternative “Crypto Friendly” Options
- Do You Want Help Opening Bank Accounts?
Crypto Banking in the UK 101
Domestic banking in the UK is risk averse and can be difficult to access for both non-resident individuals and businesses. UK banking can also be challenging to access for residents if they are engaged in activities that banks consider high-risk.
Not surprisingly, cryptocurrency trading, crypto related income activities, and crypto sourced wealth are all considered high-risk. As a result, finding a bank that will accept you as a client can be a challenge.
That said, in the following two sections, we’ll explain:
- Where prospective clients with crypto related profiles can bank
- How bank’s can become crypto friendly very quickly
- Alternative crypto friendly options most people can access
Alternatively, if you’re interested in UK banking services and want to know if the advantages of telephone banking are still relevant when online services have become the norm, you can access our free guide linked here for more information.
Non-residents who are looking to move to the UK and want to know more about Coop bank mortgages can get started by accessing our article here.
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How to Find Crypto Friendly Banks?
The common narrative is that banks are not “crypto friendly.” While it may feel like that, it’s not entirely true.
In fact, our team helps individuals and business with crypto sourced wealth and crypto activities open bank accounts in some of the most sought after jurisdictions on a regular basis. This even includes opening accounts in places like Liechtenstein, Luxembourg, Switzerland, Portugal, and the United States.
But, there’s a secret to opening accounts…
Banks need to think you’re worth the time, effort, and money to conduct the necessary compliance to onboard you (or your business) as a client.
Unfortunately, most clients are not worth the bank’s time, effort, or money. As a result, they’re immediately denied for account opening.
On the other hand, very few banks will open accounts for individuals or businesses with ties to crypto. Those that do, tend to be forward thinking and may participate in crypto directly with their own funds or client investments.
Banks that do not open accounts related to crypto tend to have clear policies against digital currencies, crypto related activities, and crypto sourced wealth. As a result, if a banker is aware of such activities in a client profile and decides to open an account anyway, they would be in direct violation of their employers policies, which wouldn’t be great for their career.
Alternative “Crypto Friendly” Options
We don’t want you to go away from this article thinking that UK crypto friendly banks don’t exist, they do. But, they might not look like the traditional bank account that you were looking for.
The UK is one of the leading nations when it comes to digital banking, EMIs, and other fintech platforms, so it shouldn’t be a surprise that these platforms are leading the way when it comes to crypto banking.
With this in mind, several UK banking alternatives offer transfers to and from crypto exchanges for retail clients. In fact, several platforms even allow you to buy and hold crypto directly through their digital wallets.
So, if you are looking for the best UK crypto friendly banks and you’re not able to meet the requirements at traditional banks, you may want to explore these alternative platforms instead.
Of course, if you would like to uncover which traditional banking options you can access, we’d be happy to help.
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.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
