Wire transfer denied for involving crypto currency

[A.Delaney]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

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[bitfools]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

Shit U think U have trouble, 3 months ago my bank kicked back my antminer order from bitmain, I had finally got orders for s-9, l-3, d-3 all approved, bank sent email that money sent, then 3 days later bank sent email that transaction closed, called bank and they said you can't use your money to buy mining equipment in hong-kong, wait what? I said fuck it, ...I could buy btc and sell it to bitmain for HW, but I prefer to get rid of my fucking USA/USD fiat that has no future, ... but wait they have something else in mind,

It's already here folks, ... and its hard to exit

Long ago, this used to be our money, and a wire was a wire, now days, u do a foreign wire and some jackass at DHS has 1-3 days to find a 'money laundering vector' in your transaction, I guess U could have your own HK account, but wait, can't do that anymore as FATCA (USA) doesn't allow us to have offshore accounts, but wait I can't send MY MONEY to a foreign account either, ... hmmm

It's for the best the antminer shit is nice, but GPU's are much easier to obtain, just pay cash and be done

***

Oh, and one last thing I told the bank I was buying a very special PC ( personal computer ) from HK, but they knew exactly what I was buying, they had already been told that chinese account in HK, was linked to bitcoin asic-hw firms in CHINA, so the next question is do I have to get a fuciing permit from homeland security to buy this bitch? Where is the approval process? NADA, last thing I want is to get permission from IRS to be a bitcoin miner.

[stompix]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

What company are you talking about?
If it was a wire transfer it is a transfer between banks as per definition.

So your bank sent the money to the bank that deals with Coinbase.
Since it's fairly obvious that the other bank bank deals with crytpto related funds it's obvious the culprit is your bank.
Change your bank.

I've been receiving funds and sending funds to exchnges for years and never experienced a single problem.

[bitfools]

new rules things are rapidly changing all over the world, new rules new regulations, random enforcement

selective laws, depending on the whim

new software, foreign versus domestic transfer

cozy relationship of your bank and the IRS

I know in recent year its been the credit unions getting the pinch, they used to be immune from the DHS bullshit, now they got the heat on them,

Note all this shit is designed to eliminate exit points of bitcoin that don't play along with the IRS tax collectors random demands, this is why COINBASE handed over all data to IRS so they could MINE ( deep learning )  all coinbase customers, if u haven't gotten an IRS letter or visit yet, don't worry u will,

[jseverson]

Was it a large amount? Banks also have to comply with anti money laundering laws, and they may have been afraid to get caught up in that. I have heard of some banks in the US tagging crypto transactions as scams of sorts, but I've personally never encountered this problem. The US government, obviously allows it, but banks can have different internal policies.

Either way, you should let your money do the talking. Take your business elsewhere. Let them know that that kind of behavior will not be tolerated as you close your account. It may make them reconsider in the future if enough people do it.

[Newboybb]

Because cryptocurrency transactions may involve money laundering, many foreign exchange companies refuse to encrypt currencies to avoid trouble and policy.

[A.Delaney]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

What company are you talking about?
If it was a wire transfer it is a transfer between banks as per definition.

So your bank sent the money to the bank that deals with Coinbase.
Since it's fairly obvious that the other bank bank deals with crytpto related funds it's obvious the culprit is your bank.
Change your bank.

I've been receiving funds and sending funds to exchnges for years and never experienced a single problem.

When she called me she rattled off some name. Not a persons name. An organization. It’s actually a credit union I use not a bank. I’m just use to calling it the bank. The anount was 3400.00. I don’t know if that is considered a lot.

[Walrus1]

I only have a problem is it's over a few thousand. I now leave a couple grand in my usd wallet in coinbase which does make me nervous but I leave it to jump on any dips. I don't beleive anything will remain unhackable especially at the exchange point. Bitcoin will remain relevant as long as people have confidence of it.

[LeGaulois]

It's a good example showing us again that we don't own the money deposited in the bank (we lend it to the bank with a promise to get it back whenever we want)  and we have not a full control on our own money.

That's why cryptocurrencies have been invented: be your own bank, nobody will tell you nah you can't buy this, nah you already spend $250 this week, nah the bank don't like this company so no money can be sent to it.

[A.Delaney]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

Shit U think U have trouble, 3 months ago my bank kicked back my antminer order from bitmain, I had finally got orders for s-9, l-3, d-3 all approved, bank sent email that money sent, then 3 days later bank sent email that transaction closed, called bank and they said you can't use your money to buy mining equipment in hong-kong, wait what? I said fuck it, ...I could buy btc and sell it to bitmain for HW, but I prefer to get rid of my fucking USA/USD fiat that has no future, ... but wait they have something else in mind,

It's already here folks, ... and its hard to exit

Long ago, this used to be our money, and a wire was a wire, now days, u do a foreign wire and some jackass at DHS has 1-3 days to find a 'money laundering vector' in your transaction, I guess U could have your own HK account, but wait, can't do that anymore as FATCA (USA) doesn't allow us to have offshore accounts, but wait I can't send MY MONEY to a foreign account either, ... hmmm

It's for the best the antminer shit is nice, but GPU's are much easier to obtain, just pay cash and be done

***

Oh, and one last thing I told the bank I was buying a very special PC ( personal computer ) from HK, but they knew exactly what I was buying, they had already been told that chinese account in HK, was linked to bitcoin asic-hw firms in CHINA, so the next question is do I have to get a fuciing permit from homeland security to buy this bitch? Where is the approval process? NADA, last thing I want is to get permission from IRS to be a bitcoin miner.

I thought Bitmain only took payment in crypto?

[avikz]

Banks are seeing crypto currency as a threat to their business and also pushing the government to ban it permanently. So they are now unofficially calling a war against it by unreasonable means. The problem is not going to a better stage anytime soon until the government provides a proper framework for using the cryptos. Once a framework is given by the government, then such problems can be tackled. But if the government bans it, you are fucked.

[Jet Cash]

I've kept crypto transactions away from my bank accounts. When I closed my dollar account, I transferred all the money into my domain registrar account, and I'm selling domain names for Bitcoin. It's a very slow process, but in the end you make more money.

[HabBear]

Because cryptocurrency transactions may involve money laundering, many foreign exchange companies refuse to encrypt currencies to avoid trouble and policy.

This isn't a reason for a bank to deny a transaction. There were no facts indicating intent to do harm.

You need to take your business elsewhere, there are other banks that would allow this transaction to go through just fine. Don't tolerate the poor service any longer. The banks can either compete with Bitcoin and cryptocurrency or die.

[HabBear]

I've kept crypto transactions away from my bank accounts. When I closed my dollar account, I transferred all the money into my domain registrar account, and I'm selling domain names for Bitcoin. It's a very slow process, but in the end you make more money.

You sell crypto-related domain names for fiat USD!?! You're a hack!

[A.Delaney]

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

[RealJoshuar]

Cause crypto is mostly used for illegal transactions, like drugs. There's literally no other use for crypto currencies(btc) seeing that it's slow with extremely high fees.

This and I've given up on the idea of cryptos as currencies of the future, due to quantum computing. If your coins are stolen because the blockchain is broken into(a extremely real and soonish event), you can't do anything about it and they're lost forever. With a bank or physical commodities(gold, platinum for ex), at least you have insurance and/or a physical item(that can't be hacked), and can get your money back

[audaciousbeing]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

Gradually they are tightening every avenue that seems to make transaction with crypto frustrating with new rules happening at every moment. I guess they felt the KYCs is really not deterring people from patronising the crypto world and the next thing is to frustrate every activities. If they cannot buy using fiat or convert to their fiat, we can then be sure they will be discouraged because that will mean whetever coin they hold would be useless since they cannot even use it to buy the basic thing they want to use. This is sure the thinking of the formulators of policies and the regulators implementing such.

Unfortunately, all the rules and policies can only slow things down and not eradicate because I would then start thinking of alternatives of getting my activities done either through the bank in another way or even boycotting the entire banking system and still get things done. A door closes opens opportunities for more to open.

[allthebitandbobs]

yeah seems like the claping down  in a big on the old crypto .I think you can use western union to transfer to banks account  if your really stuck .I thinks the fees are not to bad if your sending to a bank account

[bitart]

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

There's no use asking them about the crypto transactions. They will say they allow it, because they need to have new accounts opened every month, so they will promise everything to get you open a new account. And after a while you will try to send a crypto related transaction, the chance is still 50%-50% if it will go thru. Why don't you ask the community, which bank is OK in your country for crypto transactions? I  can periodically see questions on this forum from various members to ask for a crypto friendly bank in their country. Give it a try, ask on the forum.

[Murloc]

Such issies mostly depend on the policy of your bank. Many payment systems like Okpay or Skrill offer bank cards and have an option of funding an account via bitcoin but the bank that issued a cards is blocking all crypto related transactions. You've got almost the same kind of problem. My advice is that you can try to "launder" your crypto money thru some other payment methods or just exchange it in localbitcoins for fiat from other users.

[franky1]

the real cause of this is much more simpler then people think. and surprisingly its not actually bitcoin related

many banks do not care about bitcoin.
here is the thing, FIAT does not get burned/vanish when a transfer occurs. it just moves from one persons account to another persons account. bitcoin does NOT destroy fiat, so banks dont care about the conomic impact of bitcoin. its irrelevant to them

what they do care about is if the recipient of the funds has had flag warnings related to chargebacks.

yes thats right, scammers who send money to coinbase, get their bitcoins and withdraw bitcoins, then call up their banks and claim "theft" to try getting a chargeback (wire reversal)

and its the amount of wire reversal claims that these banks then flag coinbase and others as high risk.
this has happened alot. even individual coin sellers on localbitcoins have been victim to this even without ever touching coinbase or informing their bank the use of the funds. the banks flag them as high risk due to chargeback scammers claiming the 'service' scammed them. when infact is the claimer thats doing the scammer, and thus it then effects others who know the recipient is innocent but the banks treat the recipient as a high risk

[Quickfant]

That's annoying. Maybe banks truly are threatened by the existence of Bitcoin. I didn't think they actively did anything about purchasing crypto though.

[baradfo]

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

If you use Coinbase, just look at the sell feature where it says add new account. There is list of banks that are friendly to Coinbase. You should be able to choose which bank you want to go to, call them up to confirm, and then switch accounts.

[darkangel11]

I've been receiving funds and sending funds to exchnges for years and never experienced a single problem.

Same here. I've been sending money to Coinbase from Germany and never had anything rejected or blocked. It may depend on the size of the transfer though.

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

On one hand it can help you, on the other it may tell the bank to keep an eye on you because you could be one of those money laundering libertarian terrorists who want independent money.
I haven't seen the name of this company that denied you services. Let us know so that we know who to avoid.

[A.Delaney]

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

If you use Coinbase, just look at the sell feature where it says add new account. There is list of banks that are friendly to Coinbase. You should be able to choose which bank you want to go to, call them up to confirm, and then switch accounts.

That’s right. I forgot about that. I’ll check that out.

[A.Delaney]

I've been receiving funds and sending funds to exchnges for years and never experienced a single problem.

Same here. I've been sending money to Coinbase from Germany and never had anything rejected or blocked. It may depend on the size of the transfer though.

Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.

On one hand it can help you, on the other it may tell the bank to keep an eye on you because you could be one of those money laundering libertarian terrorists who want independent money.
I haven't seen the name of this company that denied you services. Let us know so that we know who to avoid.

My local credit union is only local here in my town. That could possibly have something to do with it. Smaller town in the middle of nowhere.

[tententen]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

We're going to crush the banks, dont expect them to play nice while we try to uproot them using their own platforms.

[p i e c e]

I am disappointed. I tried to wire money to Coinbase today from my bank. They put the wire through and then a couple hours later called me to say it was denied. The company that does the transfers kicked it out because it was crypto currency related. I don’t see what it even matters to them. All they had to do was transfer the money in my account. I can only guess that they feel like it’s a gateway for illegal activity or something like that. It just shows we have a little ways to go yet before BTC is really accepted.

I don’t even know that some banks connected with Coinbase in such a level to be possible make transfers from/to it. As I have thought this is prerogative of Ripple only. Their experience spread quickly.

[mahibul49]

its really sad.u can buy bitcoin from your local seller but definately risk involve and bank will realize soon the mistake.

[GoldMen]

Well, we can not expect all businesses to understand this overnight, we have to be patient so that little by little they leave the taboo aside and accept this method of payment that is also valid

[shesheboy]

That's annoying. Maybe banks truly are threatened by the existence of Bitcoin. I didn't think they actively did anything about purchasing crypto though.

i think not all banks because on our country most banks here are actually supports and accepts bitcoin already. not only on our country but also in some major countries had now legalized the used of bitcoin because bitcoin is indeed a good alternative payment method next to fiats and credit cards or any other payment gateway out there. though there were some that threatened because they think that bitcoin can affect their progress and succes due to the fact that many people now had used bitcoin as a part of their investment rather than banks.