Bank stops all my payments to exchanges. Now what?

[WeThePe0ple]

Change the bank? I don't even know which one is fine for this.
I'm located in Belgium. I tried joining crypto groups on facebook. It seems that others had no problems a while ago. But they go for DCA or small amounts. Trying to stay under the radar while I want to be open about it. Buying BTC is not illegal in Europe. But banks treat you like it is.
My bank instantly blocked payments (6k) to Binance and Bitvavo.

Now I'm gonna miss out on the opportunity. I wish I could hold them accountable.

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[noorman0]

Which do you want to keep, Bank or Binance? You will have to switch to another local bank or another exchange. Alternatively you can keep both if you use the P2P marketplace which you can find at kycnot.me, but that requires additional costs for service fees and sending your coins.

[hatshepsut93]

Did they deny your payments or freeze them and your account? If you can still move your money, you can send them to other bank that is more crypto-friendly. Ask some people from your country who have experience which banks they use and if they moved larger amounts. You can even try to open account in a bank of another country, but it would come with higher fees. Or use PayPal which also has larger fees. There's also p2p trading where you will make a bank transfer to another person, but that can be quite risky because banks treat such transactions as suspicious when large transactions happen.

[WeThePe0ple]

Did they deny your payments or freeze them and your account? If you can still move your money, you can send them to other bank that is more crypto-friendly. Ask some people from your country who have experience which banks they use and if they moved larger amounts. You can even try to open account in a bank of another country, but it would come with higher fees. Or use PayPal which also has larger fees. There's also p2p trading where you will make a bank transfer to another person, but that can be quite risky because banks treat such transactions as suspicious when large transactions happen.

Just denied.

All other transactions are fine. I just realized that PayPal is also a payment option for the Bitvavo exchange (not on Binance). The 2% fee on a 6k transfer costs me 120.

There may be some merit though. Typically PayPal takes the money out of the bank account. If the money isn't there, I have to pay a fee.
The advantage is that the money is transfered from my bank to PayPal, and not to the exchange. This means that my bank does not know that the 6k is a crypto investment, and so they can't flag it to the IRS. Or am I wrong about that? I don't know if PayPal has to disclose what the 6k was for.
It could be for furniture..

I'll reconsider tomorrow. I hope that BTC doesn't make more crazy pumps like it did last night. I freaked out when it jumped 8k in a heartbeat, just to get right back. I still don't know what happened there

[mk4]

Do you have a sort of "more-legally accepted" exchange for Belgium? Binance tends to stay in the gray area in terms of legality so things like this aren't really that surprising.

Also, since you already have a Binance account, have you tried their P2P exchange?

[Poker Player]

This is not uncommon for certain amounts, but the best thing to do would have been to talk to your bank and tell them to allow you to make the payment. They cannot block a payment of your money to buy a legal asset.

The moral of the story is that they are blocking money that is yours, which means that the money we have in the bank is less ours than we think.
 
The paypal option is not bad, but in any case if PayPal discloses what the money is for, they will send it to the tax authorities in your country, not to the bank.

[Taskford]

Change the bank? I don't even know which one is fine for this.
I'm located in Belgium. I tried joining crypto groups on facebook. It seems that others had no problems a while ago. But they go for DCA or small amounts. Trying to stay under the radar while I want to be open about it. Buying BTC is not illegal in Europe. But banks treat you like it is.
My bank instantly blocked payments (6k) to Binance and Bitvavo.

Now I'm gonna miss out on the opportunity. I wish I could hold them accountable.

Bank actually don't want their depositor to engage on any crypto currency activities that's why you need to be more careful dealing with it using your card. Much better if you find another merchant accepting fiat and exchange it to BTC or any crypto you want to be out on trouble.

Also to make all clear as stated by people here go to your bank and ask about that situation since they are the one who can make you understand about certain things that you want to know. Also much better if you avoid doing transaction using your bank account to any crypto platform since this might be illegal or unacceptable to them.

This is why I don't actually like to use bank because we can't decide for our own since they always have the full control of our money.

[m2017]

Change the bank? I don't even know which one is fine for this.
I'm located in Belgium. I tried joining crypto groups on facebook. It seems that others had no problems a while ago. But they go for DCA or small amounts. Trying to stay under the radar while I want to be open about it. Buying BTC is not illegal in Europe. But banks treat you like it is.
My bank instantly blocked payments (6k) to Binance and Bitvavo.

Now I'm gonna miss out on the opportunity. I wish I could hold them accountable.

Cases like this are a great reminder on whether or not you should keep your money in banks. Look, you can't even use/spend your money the way you want and the bank doesn't allow you to manage your assets the way you want. Who is the actual owner of this money? You or the bank?

The bank doesn't allow you to make transactions directly on Binance and Bitvavo. Ok. How to bypass this problem? What if you buy BTC, for example, through the exchanger's aggregator  Bestchange and transfer BTC to your account in Binance and Bitvavo? Won't this solve your problem?

[kentrolla]

Just want to clear one thing have they blocked the transaction or transfer only to these two exchanges you have mentioned? Better reaching out to bank to have a check why these transactions were blocked since bitcoin or crypto is not illegal in Belgium there should be a valid reason and if it's to do only with Binance and Bitvavo then go for other exchanges else if they say iits some rules they have implemented to safeguard their bank users as they use terms like safeguarding etc, then go for some other banks which don't have these restrictions post checking with crypto community based on Belgium.

[o_e_l_e_o]

This means that my bank does not know that the 6k is a crypto investment, and so they can't flag it to the IRS.

Any centralized exchange you used will be passing your details to your relevant tax agency, even if your bank aren't. If you use a centralized exchange your privacy will always be zero.

If your bank has blocked your purchases via centralized exchanges, then the best option for you would be to choose a decentralized or peer to peer exchange such as Bisq or AgoraDesk.

[Jegileman]

You’ve not missed out on the opportunity just yet. You can change the bank to the one that accepts cryptocurrency and allows you to transact crypto easily with them. The issue should be from your bank because all exchanges accepts payment from banks but not all banks allow purchase of cryptocurrency through their platform. Change the bank, transfer your money out and try buying through the new bank. This time it should work unless the bank is not crypto friendly too.

[Z390]

I am confused, how are you making payment to binance account? There shouldn't be any link that says you are buying crypto on binance, if I want to use Fiat to buy Bitcoin on binance I always use their peer to peer and I always send the Fiat to someone's account, it's just like sending a friend some money, there is no binance account involved, unless you proceed and write something about crypto in the transaction description.

Bitcoin was once ban in my country and they are freezing customers account that's involved with crypto transactions but mine was never freezed because I don't pay to any crypto platform account, not for once before, I think the best option is to find a P2P platform to make your purchases from now on, for example Bisq and few others.

You can also create a new bank account, there are many online banks available around the world today and use yout account to fund the new bank account then use it to buy crypto, remember, dont always add any words partaining crypto at all in your description.

[WeThePe0ple]

This is not uncommon for certain amounts, but the best thing to do would have been to talk to your bank and tell them to allow you to make the payment. They cannot block a payment of your money to buy a legal asset.

The moral of the story is that they are blocking money that is yours, which means that the money we have in the bank is less ours than we think.
 
The paypal option is not bad, but in any case if PayPal discloses what the money is for, they will send it to the tax authorities in your country, not to the bank.

I know that banks and governments will fight back with taxes and criminal sentences. This is why I will transfer the Satoshis (with the current price range I can only go for 1/4 BTC) to my mother in law who lives overseas. This is a present. Sending this to her and making her the lawful owner is legal and it bypasses all taxes they try to impose on us here.

[WeThePe0ple]

You’ve not missed out on the opportunity just yet. You can change the bank to the one that accepts cryptocurrency and allows you to transact crypto easily with them. The issue should be from your bank because all exchanges accepts payment from banks but not all banks allow purchase of cryptocurrency through their platform. Change the bank, transfer your money out and try buying through the new bank. This time it should work unless the bank is not crypto friendly too.

Agreed. But this way I have to know which bank I should transfer to.
I'm in a few facebook groups but none of these people are professional and the advice they gave me doesn't seem to work out. They said that there have never been problems but they only transfer amounts that are insignificant. I want to transfer 15-20k and 2 or 3 deposits.
I know a few people who are into this more professionally, but they are very secretive and don't help.

[WeThePe0ple]

Also to make all clear as stated by people here go to your bank and ask about that situation since they are the one who can make you understand about certain things that you want to know. Also much better if you avoid doing transaction using your bank account to any crypto platform since this might be illegal or unacceptable to them.

I know for a fact that at the moment, this is not illegal.
I was writing an email to them yesterday night, but I was very hesitant to click send and I ended up not sending.
It says in the disclaimer that they can use emails in legal battles. Every word I type can and will be used against me.
Most likely my email will be forwarded straight to the IRS. I'll officially be exposed as a crypto investor and I feel bad about that. It is an open invitation to a tax agent who will treat me like a criminal. They will come over to check all my tax declarations, also for my normal job. And they always find something to make people pay.

I considered typing in the email that this crypto currency will be gifted to my family overseas. I can literally prove this too and I do not have to pay taxes on it. Case closed on my part then, but I do have to handle the tax authorities when they come over.
In the facebook groups I'm in, there are cases of tax agents who demand to see crypto transactions of users.

[Findingnemo]

First of all, it is within the rights of banks to deny payments for particular services especially if their central bank is not interested in adopting cryptocurrency in any way. What you can do is buy via p2p platforms but in smaller amounts, at first and everywhere you need to submit KYC so that process is the same with exchanges and p2p.

I would say try Paxful and click the offers from trusted verified vendors only which means only accounts with huge trading volume will be visible and they are good to go as far as I know.

[LoyceMobile]

Have you tried the Dutch site Bitonic? Your bank may be less "afraid" if you keep it within Benelux.

[Porfirii]

I'm very sorry OP, your case was very common in Spain a few years ago when my interest in Bitcoin started, so the first thing I did was to ask my bank if there would be any problem with that.

In your case, I agree that your best option is to change your bank, and about the money, I guess that you'll have to wait a little bit to recover it but that it will be solved soon, so don't desperate.

[Franctoshi]

Even though in your country crypto is not illegal, Most banks seems they are at war with crypto and are not friendly with any crypto transactions.
Since you already got account with Binance, I will suggest you totally avoid using cards to buy Bitcoin and use the P2P platform instead, Using Bank cards puts your account in a radar and too Binance is a well known platform so any transaction linking to Binance will be on scrutiny by the Bank and that's why your transaction was blocked.

[cryptoaddictchie]

I'll reconsider tomorrow. I hope that BTC doesn't make more crazy pumps like it did last night. I freaked out when it jumped 8k in a heartbeat, just to get right back. I still don't know what happened there

Well its better to be prepared always. We dont know when the potential or heavier pump bitcoin will do so we must have bought now or earlier not like when its already been pumping. How about dex? Or p2p would you consider that if its banking not working for you.