6 BEST CRYPTO BUSINESS ACCOUNT IN THE UK
Many UK investors experienced bank account closures and cash freezes in the early days of cryptocurrencies simply because they utilized their accounts to send or receive money to or from a cryptocurrency exchange.
Thankfully, in recent years, the interaction between banks and the bitcoin market has improved. However, it is still wise to be aware of which banks cryptocurrency investors and traders can use without worrying about the police coming up at their door.
What Are Crypto-Friendly Banks?
As the name implies, the term “crypto-friendly banks” refers to banks and financial institutions that allow consumers to freely withdraw and deposit money from their accounts to platforms associated with cryptocurrencies.
A crypto-friendly bank should let you:
- Use credit and debit cards that they issue to freely buy and sell crypto.
- Complete wire transfers to cryptocurrency exchanges and similar entities.
- Cash-out funds from your cryptocurrency investments.
The Best Crypto-Friendly Banks in the UK
Customers that interact with RBS generally say they have no problems when dealing with bitcoin transactions.
Their credit or debit cards work with exchangers, and you can freely withdraw money from them or deposit it there. However, we cannot guarantee that they would allow you to use any exchange. But there shouldn’t be any issues if you stick with well-known ones like Coinbase and CEX.io.
Customers claim that Standard Chartered Bank (SCB) now prohibits the use of debit and credit cards on websites associated with cryptocurrencies, which makes the bank’s position on this list difficult to understand.
But the bank has emphasized that “crypto-assets” are here to stay time and time again. The cryptocurrency custody and trading desk were recently launched by Standard Chartered Ventures (SCV), the bank’s investment division.
The other good thing is that there are no complaints about customers’ bank accounts being frozen for withdrawing funds from crypto exchanges or making wire transfers.
Nationwide accepts debit card payments and permits consumers to easily deposit or withdraw funds to platforms for cryptocurrency trading. So, assuming there is no restriction on credit card transactions, we can classify them as crypto-friendly.
Additionally, there is a recognized problem with Coinbase SEPA deposits that has been since 2018, although you won’t encounter it with other exchanges.
4. TSB Bank
Crypto purchases with credit and debit cards are reportedly permitted by TSB Bank. No problems have been reported with deposits or withdrawals to bitcoin exchanges. But keep in mind that banks frequently flag large transactions, so you might need to split transfer amounts or get in touch with TSB in such circumstances.
One of the largest investment banks in the UK, Barclays, has a keen interest in cryptocurrencies and blockchain technology.
Brits can still typically buy bitcoins with their debit and credit cards even if Barclays ended its cooperation with Coinbase in August 2019.
We’ve heard reports of Barclays rejecting deposits and withdrawals to and from specific cryptocurrency exchanges, as well as occasionally canceling and/or suspending accounts.
Based on user input, RBS-owned NatWest now permits credit and debit card purchases of cryptocurrencies. Customers can easily deposit money into cryptocurrency exchanges and withdraw money from them.
A few complaints regarding a denied transaction have been made, and a NatWest customer service agent is alleged to have said that the bank has a new policy. Despite these, the majority of users report being able to utilize their accounts for transactions using cryptocurrencies.
Challenger Banks That are Crypto-Friendly
Small, recently established retail banks known as “challenger banks” battle head-on with the nation’s more established “big four” banks, sometimes by specializing in markets like bitcoin and blockchain that they don’t already offer.
They give cryptocurrency investors a way to boycott unfriendly crypto banks.
For instance, while Lloyds Bank isn’t crypto-friendly, you can freely transfer funds from Lloyds to Revolut, convert them to EUR or GBP, and then deposit them on any cryptocurrency exchange.
Xace was developed as a cryptocurrency bank, a bank that accepts bitcoin, and a bank that welcomes gamers.
The company offers named business and personal accounts for GBP with UK Faster payments and EUR accounts for SEPA payments through IBANs. In addition to supporting CHAPs and BACS payments, Xace has emerged as one of the top options for people interested in gaming, cryptocurrencies, or both.
Xace registered with the FCA as a small payment institution under the Payment Services Regulations 2017 (FRN: 911400) providing payment accounts.
- Corporate or individual named IBANs.
- European IBAN and UK accounts.
- Direct Debits and virtual debit cards
- Multiple accounts in GBP/EUR
- Push notifications and spending alerts.
Ideal for: Businesses, traders, freelancers, and other self-employed persons.
Launched in 2015, Orounda is based in Edinburgh and provides corporate firms within and outside the European Union with international bank account numbers (IBAN).
Orounda offers both SEPA and SWIFT wire solutions, and brands its service as being “crypto-friendly.” It could be an ideal payment service for those who operate a crypto business in the UK and want to accept or process customer deposits seamlessly.