What to look for when selecting the best Crypto friendly bank accounts for business:
Security must be a top priority when entrusting your company’s money to any bank. This is even more important for cryptocurrencies, since the degree of control and oversight is lower and the ability to track and reverse transactions does not match the conventional hard currency paths that are more entrenched in corporate banking. We always advise choosing a bank that has a solid history in the cryptocurrency world, without any major hacking incidents.
Ease of use comes high on the list of required features. Full digital access on desktop and mobile devices, with user-friendly interfaces will make it easier to monitor and track crypto transactions.
Right now, Bitcoin is the most popular and widely traded cryptocurrency, but it should not be the only one your bank can handle. When you decide to open an account with any crypto-friendly bank, look at the range of cryptocurrencies they support along with which fiat currencies are accepted. To be able to handle business from across the modern business world, you need to have maximum flexibility in handling both.
Although you should take care to be charged fair and reasonable fees for the services, it’s not always a good idea to choose your crypto bank on this basis alone. We advise our customers to pay equal attention to all aspects of the bank’s services.
Which is the best bank to cash out crypto?
Choosing the best bank to use when you are looking to cash out your holdings of cryptocurrency assets depends on many specific details that relate to your own circumstances. When you are dealing with older and more established banks, you will probably be faced with difficulties or even flat refusal to handle any form of cryptocurrency transactions.
At the other extreme, there are several services that will allow and encourage you to purchase cryptocurrencies, but you may then find that you cannot easily sell the assets and convert the proceeds into fiat currency that can be transferred back into your normal bank account.
The best path in choosing the platform for cryptocurrency trading is to deal with an established financial institution that operates in a well crypto regulated environment such as the EU. There are now many established Electronic Money Institutions and Fintech service providers that work with both cryptocurrency and fiat currency, and that can provide the mechanism for movements of your funds between them.
Learn how to cash out crypto to a business bank account.
There are several different scenarios that depend on where the cryptocurrency is stored.
For example, cryptos stored either on a crypto-to-crypto exchange or in a private wallet will first have to be transferred into an account on a licensed bank or EMI where you have set up a business account. From there, the cryptocurrency can be sold for cash and the funds are automatically credited into the account.
If the assets are held in an eWallet, like the Coinbase or Ledger wallet, you can sell the crypto assets directly from the wallet. The proceeds of the sale can then be transferred directly into your linked business bank account.
These exchanges charge transaction fees if there is a need to convert the currency from the sale into your bank’s own currency, you may not be getting the best exchange rate.
Peer-to-peer (P2P) crypto exchanges provide a way for two crypto owners to swap assets at an agreed price. You can swap cryptocurrency for cash with another buyer in a bidding transaction. The transaction can take place in any nominated currency, and the proceeds are credited to an existing eWallet. From there, they can be transferred to your business account.
In other cases, crypto coins or tokens that are already held in a business account on a crypto friendly bank institution can be sold directly on your behalf and the proceeds are credited directly into the account. For more information on these crypto-friendly business banks, see our table above.
