How to find a crypto-friendly bank?
Like it or not, some banks are still more conservative than others. That’s why, with one bank you may encounter a lot of resistance as for crypto payments, while others will be more willing to accept them.
Respect your local regulations
First of all, make sure crypto is allowed in your country. Then, check what specific regulations your local banks might have for crypto transactions. If you do something that’s against their policies, it’s no surprise that your transfer will be rejected.
Use the same bank account(s) for crypto
If you regularly buy crypto with the same bank account, it doesn’t look suspicious. Hence, payments will be processed faster.
Choose a bank that has a crypto-friendly reputation
Crypto-friendly banks are the best option to choose for depositing and withdrawing cryptocurrencies.
For example, some banks already work on RippleNet – Santander, Banco Rendimiento, Cambridge Global Payments, Canadian Imperial Bank of Commerce (CIBC), and more. Since these banks work on a platform that has their own cryptocurrency, crypto transactions won’t look like the ultimate evil to them.
Use the same bank as your crypto exchange
You can also check where your crypto exchange is banking and open an account in the same bank or with the same payment service provider. This saves you time on KYC checks because your bank/PSP already knows you and the exchange where you want to buy crypto. As a result, transfers will be internal which makes them settle in the shortest timeframe.
Knowing the essential details on how bank transfers work will spare you a good deal of worry, help choose a crypto-friendly bank and take advantage of this financial instrument system.
If you’ve got a question that we didn’t answer in this guide, feel free to reach out on our Telegram group: https://t.me/CEX_IO.