Blocked transfer to exchange from my savings account

[DaxRen]

Hi team, I'm really annoyed right now. I wanted to take advantage of the dip to top up my BTC wallet a little, but my transfer from my German savings account was rejected outright by the bank. Honestly, I'm confused. I thought it was easy to move funds around, but apparently they only allow transfers to the reference account. Do any of you use high-interest savings accounts to finance your crypto purchases, or do you have to go through a traditional bank to avoid blockages? Thanks in advance.

[YellowSwap]

From your German account to where exactly?

1. Centralised exchange account?
2. Peer to Peer platform?

Make sure you don't write anything crypto related in your description when trying to make transfer from your bank account.

I also recommend peer to peer exchange because it will look like you are sending money to friend or relative, since you are moving from e.g Micheal's account to Ricky's account rather than Michael's account to FlownEx account.

Peer to peer saves you the exposure where your banks knows instantly that you want to buy crypto.

[YellowSwap]

Hi team, I'm really annoyed right now. I wanted to take advantage of the dip to top up my BTC wallet a little, but my transfer from my German savings account was rejected outright by the bank. Honestly, I'm confused. I thought it was easy to move funds around, but apparently they only allow transfers to the reference account. Do any of you use high-interest savings accounts to finance your crypto purchases, or do you have to go through a traditional bank to avoid blockages? Thanks in advance.

You have to contact bank for this. This might be because of some new regulation by your government which banks obviously have to follow.

He obviously let the bank knew that he is about to use money to purchase crypto., just imagine if crypto was ban in the country, it would put him in trouble already.

[Upgrade00]

I'm guessing you're withdrawing from your bank account to your exchange directly. From the little research I did, this is legal in Germany, banks can mediate between user and crypto exchange. You should contact your bank directly to know the reason the transaction was denied. Are there any terms that affects high interest savings accounts, or have you ever had such issues when nakeling a transaction from that account that doesn't involve crypto?

[logfiles]

That's the problem with banks. It's not their money, but they want to control how you spend it. I personally do not deal with my bank account so much when it comes to crypto. I make sure there is even no big link at all

Maybe if possible withdraw the money into another account or as cash and then buy crypto using a p2p exchange

[Yamane_Keto]

It's best to ask at your local board; you'll find more answers.

https://bitcointalk.org/index.php?board=16.0

He obviously let the bank knew that he is about to use money to purchase crypto., just imagine if crypto was ban in the country, it would put him in trouble already.

Bank policies change rapidly, so it's advisable to ask them generally about them policy regarding cryptocurrencies.

[rat03gopoh]

A sensible solution is to check the list of digital banks currently supported for fiat deposits to that exchange. In my country, local exchanges generally support a wide range of deposit types from various services, including fintech apps, and the process is very easy.

By the way, is the exchange you're targeting on your authority's banned list? Have other banks had similar experiences? I think you should consider this first before proceeding further; I imagine Germany is more stringent on censorship.

[sunsilk]

That sucks but the solution that I have might not work for you since I am from a different country and so, follow what yamaneketo said.

Your local board can help you on how they're able to solve that.

He obviously let the bank knew that he is about to use money to purchase crypto., just imagine if crypto was ban in the country, it would put him in trouble already.

It served as a red flag for his bank and I nearly experience that before but, I didn't outrightly said that I am about to transfer into an exchange.

so it's advisable to ask them generally about them policy regarding cryptocurrencies.

That can be a double edged inquiry for him.

[joniboini]

A sensible solution is to check the list of digital banks currently supported for fiat deposits to that exchange. In my country, local exchanges generally support a wide range of deposit types from various services, including fintech apps, and the process is very easy.

I can't remember if overseas exchanges show a list of accepted Bank accounts though. At the very least, they'll probably give you SEPA/SWIFT option to make a fiat transfer based on my experience. Have they changed a lot now? It doesn't seem like top exchanges that I know of have that, unless, of course, it doesn't show for countries that are not on their priority list.

[EarnOnVictor]

Do any of you use high-interest savings accounts to finance your crypto purchases, or do you have to go through a traditional bank to avoid blockages? Thanks in advance.

Whether it's a high or low-interest savings account, so long as you have a card linked to it, you have the right to spend the money therein. And yes, high-interest savings accounts are doing the work in my country, but countries differ, and so is the ToS of the bank involved. So, instead of asking random people for a straightforward question, why not ask your bank directly? You might be shocked that it wasn't because you wanted to buy crypto, it might just be the random transaction failure, which often happens, even without valid reasons.

This is why it's good to have alternative card(s). However, if you must, why not try other means? Especially P2P. Except you do not want to use any centralised system, tere are many crypto exchanges in Germany, and I'm sure they offer bank transfer option, at worst.