Crypto Friendly Bank Accounts
March 18, 2022
Buying Bitcoin (BTC), and other other coins, from an exchange has proven difficult, from the early days of crypto. Even today it continues to be a thorn in any crypto investors side.
Recently, the behemoth that is Barclays sent a communication out to all its UK customers, in July 2021, announcing that they’re no longer allowing payments to be made to the world’s largest cryptocurrency exchange, Binance. This was followed by the mainstream bank, HSBC, later making a similar announcement, in August 2021. Showing that it is a genuine issue investors face.
Although a number of mainstream banks aren’t as vocal about being anti-crypto as Barclays and HSBC, this is a consistent trend seen throughout the banking space. Users are continually having their card payments, and or bank transfers rejected. With the banks are then unable to even give a substantial reason behind their actions, when a customer questions the transaction that was rejected.
This is recurring issue across the globe, whether it be the US, the UK, and Western Europe that are effected.
There is, however, light at the end of the tunnel, and the fin-tech space is much more open to allowing their customers to use their hard-earned money to buy the cryptocurrency, directly from their account. After all, when did it become okay for someone else to tell you where you can and can’t spend your hard-earned money?
For your convenience, a list of these crypto-friendly fin-tech banks have been listed below, who take some of the hassle out of buying cryptocurrency.
Nuri
UK, EU, and Switzerland
Nuri is a crypto friendly app that allows users to manage, save and grow their money. The app allows users to invest in cryptocurrencies, create savings plans & earn up to 5% interest per year on bitcoin. All through a fully protected German bank account.
Revolut
US, UK, EU, Australia, Switzerland, Singapore, and Japan
Revolut Is a one stop shop that allows its customers everything from your everyday spending, to planning for your future with savings and investments. They currently has over 18 million users worldwide.
Revolut are currently operating in the UK an e-money institution, and as a bank in 10 European markets, thanks to their specialised Lithuanian banking license.
As well as allowing users to freely send funds to crypto exchanges, they also allow users to buy a number of crypto coins directly in-app.
Monzo
UK Only
Monzo allows users to spend, save and manage their money, all in one place, by offering a service that gives a full UK bank account from your phone, for free.
Monzo is known for allowing users to transfer funds to a CEX without any issue, and even asks users if they’re going to mainly be using their account for ‘cryptocurrency’ at the point of signup.
Xace
UK and the EU
Xace provides payment accounts to markets that are under served by existing providers. Their accounts enable individuals to break through traditional compliance barriers, giving users the option for GBP and EUR payment accounts. Although the primary focus of its accounts is around the gaming industry, users are able to freely send and receive funds from CEXs.
Fidor
Germany Only
Fidor is an online bank operating in Germany. Fidor advertises itself as allowing its users to set up a mobile-friendly current account in just 10 minutes. This gives them access to a digital Debit Mastercard®, it allows them to keep track of their finances with push messages, and Fidor Cash allows its users to withdraw and deposit money at over 12,000 stores Germany-wide.
Not only does Fidor allow transactions to be made to CEXs, but it also allows its users to integrate crypto wallets directly within the Fidor account via a connection to an API. This allows a user’s crypto-wallet status to be viewed via a dashboard.
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