Top 5 Best Crypto-Friendly Banks In Europe

US citizens have one of the easiest places for citizens to purchase and sell Bitcoin and other cryptocurrencies. It not only has a long history of technological innovation, but it is also the home base for many crypto entrepreneurs, educators, and companies.

Many banks in the United States understand cryptocurrency and allow you to transfer money to and from exchanges, and there are a few crypto-friendly banks in Europe existing.

Crypto-Friendly Banks In Europe

So, what should you do if your bank is currently permissive towards Bitcoin?

One option is to buy Bitcoin through a site like LocalBitcoins, avoiding cryptocurrency exchanges entirely. However, if you require a reliable and traditional banking solution, things become a little more complicated.

I looked into the current situation and discovered that there are several European banks that are built from the ground up to handle the needs of clients who want to buy and sell cryptocurrencies. Several of them provide their own crypto services, while others function as traditional banks but do not block transactions to exchanges.


List of Crypto-Friendly Banks in Europe

Here are some banking solutions that I’ve discovered to be viable options in Europe:

Solarisbank

Solarisbank is a bank in Europe that has been accepting cryptocurrencies since 2016. It was founded in Germany, but it has now expanded to the UK and other countries.

The bank offers services such as savings accounts, credit cards, and loan products, but it also provides cryptocurrency services such as a wallet and a digital exchange. In addition, Solarisbank offers support for more than 50 different cryptocurrencies so that customers can manage their finances more efficiently.

Solarisbank is committed to providing its customers with the best service possible. It aims to do this by using technology in innovative ways and by being open-minded about new ideas.

SEBA Bank

SEBA Bank in Switzerland is the first bank in Europe to accept cryptocurrency. The bank recently announced that it will be accepting Bitcoin, Ethereum, and Litecoin as of November 2019. The bank has been working on this change since 2018, and it’s already up and running in some countries around the world.

The goal of SEBA Bank is to make its customers’ lives simpler by providing them with more options for how they manage their money. By accepting cryptocurrencies, SEBA Bank is able to offer its customers a way to access their funds more easily—without having to wait for a swift transfer or make an international payment.

In order to accept Bitcoin and other cryptocurrency payments, SEBA Bank uses a third-party provider called Coinbase—which is one of the most popular crypto exchanges in the world. This partnership allows SEBA Bank customers who want to pay with a type of cryptocurrency an easy way to do so.

Orounda

Orounda is a financial institution in Edinburgh that accepts Cryptocurrencies as a form of payment.

Orounda is the first bank in Scotland to accept Cryptocurrencies as a form of payment, and it’s currently accepting Bitcoins, Ethereum, Ripple, Litecoin, and Bitcoin Cash.

The way it works is that you can now pay bills or shop online with your favorite cryptocurrencies and Orounda will convert them into British pounds at the current exchange rate.

You can also use your bitcoin wallet to send money to other members of the Orounda community.

Ramp

Ramp Bank is one of the UK’s first banks to offer a dedicated cryptocurrency gateway. They are a full-service bank that offers fiat money deposits and investments, as well as crypto-to-fiat conversions and withdrawals.

Ramp Bank is currently in the process of applying for a license from the Financial Conduct Authority (FCA) to offer financial services. Once approved, Ramp Bank will operate as a fully licensed bank in the United Kingdom and be able to offer deposits, loans, investments, and any other financial services you’d expect from a traditional bank.

Ramp Bank will allow users to deposit their crypto assets with no minimum deposit amount required. You can also withdraw your crypto assets at any time without any fees or charges imposed by Ramp Bank on your crypto assets. You’ll also be able to withdraw fiat currency through ATM machines or via wire transfers at no additional cost above what it would cost to withdraw from other banks in the UK.

Simplex

Simplex Bank is an EU-licensed financial institution and a Level 1 Service Provider, empowering the crypto industry with full fiat infrastructure.

They process crypto-to-credit card transactions with a 100% guarantee – in the event of a chargeback, Simplex reimburses the merchant.

Simplex is intended to enable merchants to accept cryptocurrencies as payment for goods and services on their mobile app or website. At checkout, the buyer pays in cryptocurrency, which Simplex converts into local currency and deposits into the merchant’s account within 5 minutes. Merchants can now accept credit cards and bank transfers, making it more convenient than ever.


How to open a bank account for cryptocurrency

The process of opening a bank account for cryptocurrency is not easy and it requires you to have some knowledge about the industry. This is because there are a lot of things that you need to consider when you want to open a bank account for your cryptocurrency. You can find out more about this by reading here.

Crypto-Friendly Banks In Europe - traditional banking

The first thing that you need to do is identify which banks in the UK accept cryptocurrencies as payment for their services. Once you have identified these banks, it is important that you take some time and research them before deciding which one is best suited for your needs.

When choosing which bank to open your account with, there are several factors that should be considered such as: banking regulations, country of residence, and source of funds.

  • Banking regulations – You must first decide which country you want to bank in, and then research the banking regulations in that country in terms of accepting crypto-related clients, crypto-related activities, and crypto-related banking.
  • Country of residence – Your country of residence or the location of your business (where you pay business taxes) may influence whether you are a high-risk or low-risk candidate.
  • Source of funds – Because of the nature of cryptocurrency technology, there is some level of anonymity. This may make demonstrating a source of funds via cryptocurrency difficult. Before you can open a cryptocurrency bank account, you must first identify and prove your cryptocurrency income.

When choosing a bank, it is important that you do some research on each one so that you can compare them properly and make an informed decision about which one will work best for you.

If possible, try talking with people in the crypto space who have used these banking services before so they can give recommendations on what they think might be the best option for someone who wants their money deposited into an account without any hassle whatsoever!


Can you buy crypto through banks?

The thing about banks is, that they’re not exactly known for being on the cutting edge of technology. But that doesn’t mean you can’t buy cryptocurrency through your bank.

Let’s be clear: this isn’t an easy process and it does require some legwork on your part. But if you know where to look, there are several banks in the UK that will help you purchase digital assets like Bitcoin or Ethereum. And if that doesn’t sound like your cup of tea? You can always use a service like Coinbase or Circle to make crypto purchases and avoid having to deal with any banks at all.

But let’s get into how your bank might be able to help you out with purchasing crypto.

Step 1: Create a wallet

It’s critical to create a wallet before you start shopping. You can keep your money in a cryptocurrency exchange, but it is not recommended that you do so for an extended period of time. You can protect your investment by creating a secure wallet.

Step 2: Register an Account with a Cryptocurrency Exchange

After doing your research, choose a digital currency exchange that accepts an ACH bank transfer (such as those listed above).

Step 3: Link Your Bank Account

Within the cryptocurrency exchange, link your bank account, which may necessitate entering your online bank username and password, as well as your bank name, routing number, account number, account type, or even a phone number.

Transfer Your Cryptocurrency to Your Wallet

To secure your cryptocurrency purchases, move them from the exchange to your wallet.


Is there any alternative to banks?

Stablecoins are an alternative to banking. If you’re trapped looking for a fiat offramp after selling a crypto asset, holding your Euros, Dollars, or GBP in a stablecoin might be the next best thing. The biggest stablecoins are denominated in USD and EUR, and you can basically store huge amounts of money on your own hardware wallet, thus invalidating the need for a bank.

Crypto-Friendly Banks In Europe - online banking

By using a stablecoin, you eliminate volatility risk and can thus securely store your fiat currency until you find a financial institution that accepts your business. Alternatively, you can simply spend the stablecoin at an online merchant that accepts cryptocurrency as payment.

Stablecoins can be purchased from any of Europe’s top exchanges, including Binance and Kraken.


Banks and cryptocurrencies

Banks that accept cryptocurrencies give you the opportunity to have joint accounts with your partner or some of your friends who are crypto enthusiasts. You can deposit any kind of cryptocurrency into it and it won’t affect the current value of your crypto holdings, as long as the cryptos are in the bank.

The banks will help you convert from one crypto to another if need be, but that might change soon. Proceed with caution when using this option, though. The regulations for this are still very new, so you might find that your current banks do not allow this kind of thing yet.

that your current banks do not allow this kind of thing yet.

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