Oftentimes, traditional banks are wary of cryptocurrency businesses because of the high risks and volatility brought about by cryptocurrencies. As such, crypto businesses may find offshore bank account opening with traditional banks challenging due to strict regulations. Therefore, finding crypto-friendly banks for corporate bank account opening will be the best alternative for your cryptocurrency business. In this article, we will explore what is the best offshore bank for cryptocurrency.
Considerations when choosing the best offshore bank for cryptocurrency
While many large banks are still sceptical about digital currencies and technology, there are increasingly more banks that are receptive to cryptocurrencies. Crypto-friendly banks aim to provide their customers with lower transaction fees for moving from crypto to fiat currencies, and vice versa. Some of the key features your cryptocurrency business should look for in a corporate bank account include:
- Ease of use
- Moving to and from fiat currencies
- Supported cryptocurrencies
Therefore, your company must choose the right bank whereby your cryptocurrency payments are processed by a stable corporate bank.
Best offshore bank for cryptocurrency
The absence of regulations on cryptocurrencies’ legal uses has significantly affected the number of financial institutions which allow involvement in crypto-related activities. This may be worrisome for businesses looking for a business account for foreigners. While there are still numerous countries lacking such regulations, there have been more offshore banks that are integrating traditional bank operations and cryptocurrencies within the same interface. Here are the best banks for business bank account opening:
- Goldman Sachs
- Simple Bank
- The National Bank of Canada
#1 Goldman Sachs
- Formed in 1869, Goldman Sachs is one of the oldest multinational investment banking services. They do not offer to check account services, but it provides savings, investment and account services. Among other leading traditional and investment banks which have stayed away from cryptocurrencies, Goldman Sachs has established its reputation as one of the most crypto-friendly banks. As Goldman Sachs is highly supportive of cryptocurrency, this makes it popular among crypto investors and traders.
- Similar to Goldman Sachs, Barclays holds a strong presence in the investment banking industry. Barclays is one of the biggest banks in the United Kingdom and it is renowned for its strong support for cryptocurrencies and blockchain technology. Additionally, Barclays has partnered with a crypto exchange CoinBase which allows their customers to buy or sell cryptocurrencies.
- Revolut is a European bank, and it is situated in the United Kingdom. Started as a UK-registered company with no license, it is now operating as a full-fledged bank with over 2 million customers. Businesses and individuals are allowed to use their bank account to purchase crypto. Moreover, Revolut customers can also use their checking accounts to purchase crypto. Revolut offers three types of accounts (Standard, Premium, and metal), whereby all three account types support crypto transactions.
#4 Simple Bank
- Simple Bank started as a Fintech startup in 2009 and it has become one of the best banking options for people in the United States. At the moment, Simple Bank only accepts customers living in the US. As funds of Simple Bank are insured by the Federal Deposit Insurance Corporation (FDIC), you can be assured that your funds are protected. Simple Bank works with numerous cryptocurrency exchanges and allows its customers to purchase cryptocurrencies.
- Based in London, Wirex is a crypto-friendly banking service and a cryptocurrency wallet. It allows customers to buy and sell cryptocurrencies. Wirex customers are also provided with a debit card linked to their account. One benefit of the debit card is that customers are awarded 0.5% of cashback in the form of Bitcoin whenever they make a purchase in-store. Moreover, the cryptocurrency wallet allows customers to buy, store and manage different cryptocurrencies, which include Bitcoin, Ethereum, Ripple, and Litecoin.
#6 The National Bank of Canada
- Headquartered in Montreal, The National Bank of Canada is one of the largest crypto-friendly banks in North America. Partnering with numerous cryptocurrency exchanges, allows customers to securely buy and sell cryptocurrencies. However, since the bank is heavily regulated, it scrunitizes its cryptocurrency transactions carefully.
- Based in Lithuania, Bankera can successfully bridge traditional banking and blockchain technology. The European Bank has achieved this by developing SpectroCoin, which is a popular crypto wallet and exchange. With its ability to integrate blockchain technology with traditional banking services, Bankera is a great platform for customers to manage their cryptocurrencies.
Trouble choosing the best offshore bank for cryptocurrency?
In conclusion, it is crucial to conduct extensive research so that you can select a suitable bank that can meet your business goals. Some banks such as JPMorgan Chase and Bank of America have voiced their dissatisfaction with cryptocurrency. While numerous traditional banks are still against cryptocurrencies, there are some influential financial players such as Goldman Sachs that have embraced innovation in blockchain technology. Alternatively, businesses may also seek digital banking services which are more crypto-friendly.
Tetra Consultants assists our international clients with opening an offshore bank account best suited to their needs. We have secured partnerships with various reputable banks around the world which have access to well-developed facilities and will leverage this banking network. Therefore, our team of experts understands the different requirements of each of these banks and will recommend one that is appropriate for you.