Not only do some banks avoid these digital assets but also ban the use of it in their accounts. This is done due to several reasons, and few of them are pretty good ones, such as:
- They anticipate a threat to the fiat currency
- It also affects their operation on the whole and
- They believe that there could be a high percentage of fraud and money laundering.
However, in spite of all these glaring concerns, there are a few banks in the world that have opened up and are now accepting cryptocurrencies from their customers as an alternative asset.
This is done with an aim to help those numerous merchants who accept Bitcoin or other cryptocurrencies as an alternative and viable payment option.
The demand of cryptocurrencies has been rising ever since its launch which is one of the most significant reasons for the banks integrating it in their payment processing services.
They help in handling different types of transactions and settlements between consumers and businesses.
You should select one that offers specific services for crypto transactions and even offers consultative services of sorts to help you in choosing the right services and products that will serve all of your purposes.
Here is the list of some of the most popular and reliable crypto-friendly banks of the world for you to make your selection process simple.
- 10 Best Crypto Friendly Banks in the World 2021
- 1. Chime Bank – A Large Number of ATM Locations
- 2. Ally Bank – An Online Only Bank
- 3. Barclays – One of the Early Adopters of Blockchain Technology
- 4. Simple Bank – An FDIC Insured New Bank
- 5. National Bank of Canada – One of the Largest Crypto Banks in North America
- 6. Fidor Bank – Advanced Security Features
- 7. Change Bank – Easy Account Opening Process
- 8. Solaris Bank – A Wide Range of APIs
- 9. Bitwala – Simplified Banking and Trading
- 10. The United Services Automobile Association – A Fortune 500 Company
- How to Open a Crypto Bank Account?
10 Best Crypto Friendly Banks in the World 2021
These are some of the best crypto-friendly banks in the world but this is not an exhaustive list.
There are also quite a few other banks and more will be added to the list as cryptocurrency becomes mainstream and is integrated with several institutions.
1. Chime Bank – A Large Number of ATM Locations
Located in San Francisco, California, this bank was founded by Chris Britt and Ryan King, two entrepreneurs in 2013.
This bank has more than 38000 ATM locations. There are no monthly fees, no minimum balance fees, or any overdraft fees charged by this bank.
The good thing about Chime Bank is that you will get the direct deposit payments when these are processed.
You can use its mobile app for making transactions as well. This app has an easy-to-use interface. It allows finding the ATMs easily as well as mailing out checks.
However, their VISA debit card will not allow Bitcoin purchases but you can use platforms like Paxful and their escrow system to transfer money to your friends and others directly using their username, email or phone number.
2. Ally Bank – An Online Only Bank
This is an ‘Online Only’ bank which means that you will not have any brick and mortar location like other crypto-friendly banks.
However, you need not worry about their service and availability because they have a very strong support staff working diligently around the clock.
They also offer an online chat feature which is good to clarify all your doubts. The good thing about it is that the wait time is very short, typically ranging between 2 to 5 minutes.
The bank offers some of the best and most attractive plans to their customers from time to time for banking with them.
Formerly known as GMAC or General Motors Acceptance Corporation, this bank also allows purchasing crypto coins and paying for it through wire transfer which makes the process even more seamless and simpler.
3. Barclays – One of the Early Adopters of Blockchain Technology
They offer their banking services in collusion with Coinbase and allow their customers to buy and sell cryptocurrencies through them.
It is known for its security and continuous endeavor to secure all crypto transactions making the best use of the blockchain technology.
Being an investment giant of the globe, you can transact through them all over the world through their safe environment. You can use the credit and debit cards issued by them to buy cryptocurrencies as well, though there are a few simple conditions to follow for that.
4. Simple Bank – An FDIC Insured New Bank
Starting its journey in 2009 from Portland, this is a relatively new crypto-friendly bank. As of now this bank only accepts US citizens as their customers. This FDIC insured bank is a partner of BBVA USA and The Bancorp.
The most unique thing about it is that you will be able to track your expenses and budget. This is an extremely useful feature for businesses and also for personal use. However, you will need to have a checking account with them to avail this benefit.
In order to make your crypto transactions safe, fast, and simple, Simple Bank has a tie-up with several crypto exchanges.
5. National Bank of Canada – One of the Largest Crypto Banks in North America
They come up with a lot of crypto friendly plans as well from time to time which is a good reason for their popularity among the crypto users. Being a customer of this bank, you can buy crypto coins by using their credit cards.
However, they are very concerned about taking unnecessary risks while dealing with cryptocurrencies.
It is for this reason The National Bank of Canada ensures that the crypto transactions are very much regulated.
However, they make sure that it does not cause any hindrance in the transactional activities performed by their customers through them.
6. Fidor Bank – Advanced Security Features
Fidor Bank is known for their extensive knowledge about the transaction and regulation of cryptocurrency.
They are also one of the most reliable banks that come with more advanced security features.
This is because they focus primarily on merchant accounts that accept crypto coins.
They make sure that the business is well protected along with their customers while making any purchases, trades or exchanges.
They also partner with multiple crypto exchanges which ensures seamless transactions.
7. Change Bank – Easy Account Opening Process
The account opening process of Change Bank is pretty simple and they do not ask for a large investment from their customers.
You can handle your account and transactions either online or use their intuitive mobile app.
They are extremely cooperative to their customers and assist them fully while making any cryptocurrency dealings, specifically with Bitcoin.
They allow their customers to know the best prevailing rates in the market when they want to buy, sell or trade Bitcoin.
You can make all these transactions by using their credit card.
8. Solaris Bank – A Wide Range of APIs
This is a crypto-friendly bank located in Berlin, Germany. The best part of this bank is that you will get a diverse range of APIs that will help you immensely in digital banking and making crypto transactions.
Their fiat to crypto trading system is unrivalled and allows the customers to make quick settlements with the best trading solutions provided.
This is ensured by their partnership with Bitstamp, a crypto trading exchange based in Luxembourg.
Their unique services not only allow faster crypto to fiat conversions but also ensure that the chances of fraud during the process are minimized.
All these features help this bank to offer a smoother and better crypto trading experience to their customers
9. Bitwala – Simplified Banking and Trading
Bitwala, now known as Nuri, has simplified the process of banking and trading cryptocurrencies.
It offers the customers a simple bank account which they can use both for trading and storing crypto coins as well as for managing their everyday banking, all from a single account.
They offer much better banking solutions to support crypto so that the customers do not find any difficulty while dealing with their crypto.
They are one of the most experienced banks in this specific space being there since 2013.
They are also quite reliable and safe for this matter since they are registered as ‘Bank’ according to the German Banking Act.
This means that any German citizen can avail crypto-friendly banking in quick time and easily by using their service.
10. The United Services Automobile Association – A Fortune 500 Company
Commonly known as USAA, this Texas-based financial service company also allows US military citizens as well as civilians to create bank accounts with them to buy, sell and trade crypto along with availing several other financial services.
This is a Fortune 500 company that has invested nearly $150 million in Coinbase. This allows the bank account holders to check their trades in the Bitcoin account of this crypto trading exchange.
You can keep a complete track of the Bitcoin wallet and at the same time connect your USAA account with it to know the balance as well as view all the transactions that you have made.
You need not worry about the safety aspect because USAA is FDIC insured.
How to Open a Crypto Bank Account?
Opening a crypto bank account is quite easy and is much similar to opening a traditional bank account.
After researching and finding the one of the best banks that suits you, you will need to register yourself.
You will get the registration form on the website of the bank. In the registration form you must furnish all the relevant and required details such as:
- Your name
- Address and
- Phone number.
Along with that you will also need to provide other details related to you and/or your business when you fill up the KYC. It includes your DOB, photo ID and more.
There may also be a few additional requirements depending on the particular bank you have chosen.
All these can be completed literally in minutes and most of these banks allow you to apply, fund, and operate your account online. This makes the whole process simpler and easier.
It is crucial to select a crypto-friendly bank if you intend to invest in Bitcoin or any other form of cryptocurrencies.
All these banks in the list above are good enough to look at. There are also others but research thoroughly before choosing them.