khalid.naveed@zebra.email (OP)
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January 01, 2018, 05:33:21 PM |
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Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
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reflector
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January 01, 2018, 05:53:34 PM |
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Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
I am not sure what are all the banks will support digital currencies trading. You will get the more details by surfing about that in google search in your country. If citi or axis banks gives support in your country go direct to the bank manager in your city and asking for digital currency current account. You may get the proper guidance from these banks.
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khalid.naveed@zebra.email (OP)
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January 01, 2018, 06:16:33 PM |
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Yes, so the banks here are very old fashioned and strict. I'm looking to create a company bank account in a different country that is more positively posed towards cryptocurrencies. For example, I've heard that Switzerland and Gibraltar are good for this. But I'd rather hear it from someone with experience, that has gone through the process already, and knows where it's recommended to open a business account. Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
I am not sure what are all the banks will support digital currencies trading. You will get the more details by surfing about that in google search in your country. If citi or axis banks gives support in your country go direct to the bank manager in your city and asking for digital currency current account. You may get the proper guidance from these banks.
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avikz
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January 01, 2018, 07:20:42 PM |
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Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.
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khalid.naveed@zebra.email (OP)
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January 01, 2018, 08:13:35 PM |
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Well, I guess that there is always a risk that the bank will freeze your account. We won't keep large sums of money in that account for long periods to minimize that risk. The upside is that it's a pretty efficient way to convert into crypto and back. What other options do you have? Here is an interesting article: https://www.bitcoinsuisse.ch/assets/pdf/BTCS_Falcon_Media_Release_Ether_Litecoin_Bitcoin_Cash_ENG.pdfBanks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.
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posi
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January 01, 2018, 09:36:47 PM |
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Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
Israel is part of the country that support crypto currency due to news of their country wanted to issue their own coin. I suggest to get information from banks that support the SEPA but Graft Network features is good for your business though.
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khalid.naveed@zebra.email (OP)
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January 01, 2018, 10:49:37 PM |
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OMG ICO SPAM Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
Israel is part of the country that support crypto currency due to news of their country wanted to issue their own coin. I suggest to get information from banks that support the SEPA but Graft Network features is good for your business though.
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Westingcote
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January 01, 2018, 11:14:41 PM |
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Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.
Examples please? I've spoken to multiple people about opening a bank dealing in crypto and they were more than willing too. At the end of the day if they are receiving fiat in your account then they can use that just like anyone else. Cryptos aren't killing banks due to a lot of people cashing out crypto to get their money into fiat. So please give me some names because every single top banker around me is willing to accept customers that are dealing in crypto but depositing fiat into their account.
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Qartersa
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January 01, 2018, 11:57:59 PM |
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Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
Not sure with your country, but in a lot of others banks has been very hostile with bitcoin businesses all over the world. I think banks see cryptocurrencies as some form of threat. I would say that they should not see it as a threat but more of an opportunity to move into it as well. However, problem is banks think in a linear way and does just want to keep the status quo, which I think is anti-progress. Every business should think forward and integrate and embrace technological advancements especially in their line of business which is finance.
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khalid.naveed@zebra.email (OP)
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January 02, 2018, 04:06:32 PM |
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Hey @Westingcote! What country are you from? Banks are already on an open war against bitcoin and cryptos. So no bank will allow you to open an account if your company is related to crypto business. It is better to start a shell company in some other name and some other business and transfer the money in to that account. If you declare openly that your company is into crypto business, banks may first open your account but can later freeze it with your money. Otherwise prefer paying out salaries in cash or pay order. Banks hate crypto currency so they won't help you in any way.
Examples please? I've spoken to multiple people about opening a bank dealing in crypto and they were more than willing too. At the end of the day if they are receiving fiat in your account then they can use that just like anyone else. Cryptos aren't killing banks due to a lot of people cashing out crypto to get their money into fiat. So please give me some names because every single top banker around me is willing to accept customers that are dealing in crypto but depositing fiat into their account.
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BTCeminjas
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January 02, 2018, 06:38:10 PM |
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Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
Actually there's no bank who really tie up with cryptocurrencies because they think that cryptocurrency is one of their competitor when it comes of money. In our place lately all bank account related with cryptocurrency was totally banned there are some bitcoin users has a suspicious account, and now our bank here were declared banning for those account who involved in bitcoin transaction, so it is impossible that you have create bank account and used bitcoin to convert fiat. Here our place there some remittances who accept bitcoin then convert to our local fiat.
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khalid.naveed@zebra.email (OP)
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January 03, 2018, 11:27:12 AM |
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Well, check the comment above. He says that the bankers in his area have no issues with working with bitcoin. Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
Actually there's no bank who really tie up with cryptocurrencies because they think that cryptocurrency is one of their competitor when it comes of money. In our place lately all bank account related with cryptocurrency was totally banned there are some bitcoin users has a suspicious account, and now our bank here were declared banning for those account who involved in bitcoin transaction, so it is impossible that you have create bank account and used bitcoin to convert fiat. Here our place there some remittances who accept bitcoin then convert to our local fiat.
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ImSuparmin
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send and receive money instantly, with no hidden c
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January 03, 2018, 12:37:29 PM |
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Hi,
We are a small business, registered in Israel that does Crypto trading on exchanges. We need to start moving some of the revenue back into FIAT in order to pay salaries etc. From your experience, where should we create a bank account for this?
Thanks, Michael
I am not sure what are all the banks will support digital currencies trading. You will get the more details by surfing about that in google search in your country. If citi or axis banks gives support in your country go direct to the bank manager in your city and asking for digital currency current account. You may get the proper guidance from these banks. I agree with you, we must first seek accurate information in our country, because not all banks accept digital currency, we can search the information by searching on google or can find information directly to the existing bank in your country
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zmkriel
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January 03, 2018, 12:49:24 PM |
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I don't think that there is a bank for crypto-currencies or maybe just in my country. What others do here if they don't plans to invest in bitcoin is to convert their earnings into fiat and deposited it directly to their banks from their wallets after converted. For further answers, just try to search it online or just google it.
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qiwoman2
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January 03, 2018, 02:36:48 PM |
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It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.
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khalid.naveed@zebra.email (OP)
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January 04, 2018, 12:43:04 PM |
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I already have a business bank account. Thing is the banks here won't allow crypo related activity. Just like that. I found this interesting page: http://www.healyconsultants.com/international-banking/bitcoin-business-bank-account/In this link, there is a list of countries where operate crypto friendly banks. Only thing left is to figure which banks.. 7950$ sounds a bit too much, considering that they do the same thing for half the price if it's not bitcoin related: It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor.
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budz0425
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January 04, 2018, 02:46:30 PM |
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It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor. Every country has different saying and perception when it comes to cryptocurrency, and just like here in our jurisdiction they are not really in favor yet and they are not tolerating or suggesting to invest on it but they are not closing the door but with that we cannot open a saving account and we will state that our source of income is crypto.
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BeerMan81
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January 30, 2018, 02:25:55 AM |
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It all depends on your country of Jurisdiction. I live not far from you in Cyprus and the tax laws are quite healthy here and our thoughts are the same to open a limited company here. Check out what the capital gains tax or corporation tax is in your country and what banks facilitate a business bank account, then once you open a business bank account and get your accounts audited, you should have no problems with the rest. Good luck in your endeavor. Every country has different saying and perception when it comes to cryptocurrency, and just like here in our jurisdiction they are not really in favor yet and they are not tolerating or suggesting to invest on it but they are not closing the door but with that we cannot open a saving account and we will state that our source of income is crypto. I made 5 different trips to 4 different banks today. 2 problems, Bank of America, Wells Fargo don't allow crypto. I was nearly done at BoA and they shot me down after the word cryptocurrency was thrown around. Second problem was my business partner is out of town, and some banks (Chase, Wells Fargo) require both parties to be present. Finally had success at the nearby Credit Union, after having to make a trip home to correct some stupid documentation. Q: What is the nature of my business? A: Cloud Computational Computing. I own computers and servers, and i rent out their horsepower. It is quite technical... Banks don't like crypto...my adivce use that approach and go to a local Credit Union. Plus there are no fees! should have started here.
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Pilasu
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April 03, 2018, 07:40:24 PM |
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Yes it's simple but you have to give them webservice address...
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Nic
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whatluke
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April 03, 2018, 08:34:32 PM |
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There is only one or two banks I know in Switzerland that are open to crypto, I can make an intro for the right project.
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