Wire transfer denied for involving crypto currency

[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

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[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.