Bank account suspended for buying bitcoins?

[ibrahim11]

Hi, my bank account was suspended for sending a large sum over £500 to a person. i called my bank and said i was sending it to my friend but then i was asked where i got the money from and i said from my brother (because i was buying bitcoins for my brother). Now I have to go into my bank and show them my brothers bank statement saying that he send xxx amount of money to my paypal and from my paypal it went into my bank account. (btw my brother sent it from his paypal to my paypal because he doesn't have online banking and the banks were closed at the time for a cash deposit to my account). Has this happened to anyone else? thanks

[Mr.burns]

  Since when bank will suspending bank account for selling bitcoins thats hard 

[abercrombie]

Same in the United States.  The Big Four banks are not happy seeing large ACH withdrawls to Coinbase.

· JPMorgan Chase
· Bank of America
· Citigroup
· Wells Fargo

[shorena]

In Germany its "Postbank" that suspends (or has been) accounts if you deposit to big exchanges. Its allways best to exchange bitcoin with cash.

[btcguys]

Same in the United States.  The Big Four banks are not happy seeing large ACH withdrawls to Coinbase.

· JPMorgan Chase
· Bank of America
· Citigroup
· Wells Fargo

Do you know which banks are good in the US to use for bitcoins? TD bank and HSBC should be good? Any suggestions?

[abercrombie]

Same in the United States.  The Big Four banks are not happy seeing large ACH withdrawls to Coinbase.

· JPMorgan Chase
· Bank of America
· Citigroup
· Wells Fargo

Do you know which banks are good in the US to use for bitcoins? TD bank and HSBC should be good? Any suggestions?

Credit Unions are mentioned in this reddit thread.   I use a credit union for my ACH withdrawals to Coinbase, so far so good for the past 4 months.

[DavidHume]

Same in the United States.  The Big Four banks are not happy seeing large ACH withdrawls to Coinbase.

· JPMorgan Chase
· Bank of America
· Citigroup
· Wells Fargo

What about regular ACH deposit? Are they going to suspend and close the account?

[everblue]

Maybe you should just use mainly a FIAT exchange like plus500 or other, like where It is Online Forex exchange platform which accepts Bitcoins also. So the banks would have no idea what you are trading.

[ilovecoinZ]

What UK bank was this ?

[zedicus]

Same in the United States.  The Big Four banks are not happy seeing large ACH withdrawls to Coinbase.

· JPMorgan Chase
· Bank of America
· Citigroup
· Wells Fargo

It is not so much that they don't want to see large withdrawals to coinbase it is that they do not like to see a lot of withdrawals to coinbase and then a large deposit from coinbase. This makes it look like you are conducting business out of your personal account (which you are) and it looks like you are potentially check kiting via ACH transfers.

[gmx95]

Maybe you should just use mainly a FIAT exchange like plus500 or other, like where It is Online Forex exchange platform which accepts Bitcoins also. So the banks would have no idea what you are trading.

Generally I think European banks are easier and will probably would not worry much if you are sending funds to a bitcoin exchange. To use a forex broker is also a good idea. You can usually use other payment methods besides bank transfers and effectively buy/sell bitcoins the same way you would do at any exchange.

[namedomain]

Same in the United States.  The Big Four banks are not happy seeing large ACH withdrawls to Coinbase.

· JPMorgan Chase
· Bank of America
· Citigroup
· Wells Fargo

It is not so much that they don't want to see large withdrawals to coinbase it is that they do not like to see a lot of withdrawals to coinbase and then a large deposit from coinbase. This makes it look like you are conducting business out of your personal account (which you are) and it looks like you are potentially check kiting via ACH transfers.

This is probably right. Having a lot of money move in and out of your bank account will look very suspicious to a compliance officer regardless why you are doing it.

[SunBin]

Maybe you should just use mainly a FIAT exchange like plus500 or other, like where It is Online Forex exchange platform which accepts Bitcoins also. So the banks would have no idea what you are trading.

Generally I think European banks are easier and will probably would not worry much if you are sending funds to a bitcoin exchange. To use a forex broker is also a good idea. You can usually use other payment methods besides bank transfers and effectively buy/sell bitcoins the same way you would do at any exchange.

Which European bank is friendly to bitcoin? Can a foreigner set up an account with them?

[roparker2014]

I don't know if they are exactly "friendly" but they have not been openly hostile so far - I live in the UK and use HSBC and Santander, have bought and sold BTC using both accounts and not had problems so far.

[dudexer]

This is why we love bitcoin there is no suspension there.

[haploid23]

I don't know if this is the trend in UK, but in the US, majority of the banks are rather hostile towards bitcoin. If they do close your account, they're not obligated to give a reason, other than "it's best that we end business relations with you (something along those lines). I had my bank account closed with Chase when they found out it was bitcoin-related transactions. Not only did they close my account, they will not allow me to ever open one with them again. This happened sometimes last year, when these incidents were not as common yet. Now, it's pretty well known that banks (generally speaking) does not like you using them for btc transactions.

Credit unions are less stringent on this, however I have confirmed that a few credit unions will in fact close accounts if bitcoin was ever mentioned.

[oceans]

It is harsh to see that bank accounts are making suspensions to accounts when sending large amounts for bitcoins. Usually bank accounts will suspend accounts if they feel something fishy is going on with the account especially if large amounts of money are being sent out. I would explain to your bank account exactly what you are sending the money for and hopefully they will understand. I hope you get this sorted soon

[Wafel16]

Hi, my bank account was suspended for sending a large sum over £500 to a person. i called my bank and said i was sending it to my friend but then i was asked where i got the money from and i said from my brother (because i was buying bitcoins for my brother). Now I have to go into my bank and show them my brothers bank statement saying that he send xxx amount of money to my paypal and from my paypal it went into my bank account. (btw my brother sent it from his paypal to my paypal because he doesn't have online banking and the banks were closed at the time for a cash deposit to my account). Has this happened to anyone else? thanks

That is why we are onto bitcoin and encouraging the use of cryptos,these so called financial monsters doesn't like us moving our own money freely and the way it want it.

[FYX]

It's just a shame how banks are handling transactions where just the silly word 'Bitcoin' is given as reference.

My old bank account got suspended just because of that shit...

[Swordsoffreedom]

I try to avoid bitcoin transfers as much as possible into bank accounts
Especially if there are other ways to move it say debit cards or credit cards.
When they do occur maybe a safe way is to make sure they are not too large and done over a slow period of time.
Aka consistently as a monthly payment or something.