To quite a number of users, crypto indicates a rational decision as well as a more democratic financial setup that will power the metaverse and promote financial freedom.
Meanwhile, banks that are ‘Crypto friendly’ represent a vital intermediary between the old and this new financial system for users.
Although very many of the UK banks are unwilling to take risks as regards cryptocurrency thereby forbidding its engagement.
Which bank allows Cryptocurrency in UK?
Orounda
This bank is suitable for you if your business accept crypto payments. The Edinburgh-based bank features a User-Friendly Online banking, SWIFT and SEPA wire transfer, EU and IBAN Accounts and other related features that firmly support businesses that operate in cryptocurrencies.
Revolut
This bank enables trading involving exchanges for all account levels, ranging from credit and debit cards to wire transfers.
It features in-app crypto trading and staking opportunities, over 90 tokens with over 30 currencies, SWIFT and SEPA Transfers, Credit and Debit Purchases and so on.
It’s also a bridge to send money to crypto-exchanges with ease, enables purchases and bill payment through the “spend from crypto” feature and assist in storing crypto assets with a custodian where the customer is the beneficial owner.
While many exchanges do charge for deposit or withdrawal for transferring money on and off the platform, this bank doesn’t.
However, Revolut charges 1.5% fee per trade plus the inability to move your tokens outside of the platform.
Xace
This bank is suitable for you if you’re a real crypto company in need of a bank account from which you can run your business or you have a high-risk business with the motive to invest in crypto.
This bank features Direct Debits and virtual debit cards, SEPA transfer (but not SWIFT), allows trading among Crypto-Exchanges.
It’s FCA regulated, can transfer money to European-based crypto exchanges and charge users on the basis of account type and your level of risk.
Cashaa
This bank is suitable if accept Bitcoin as payment as it allows you convert your Bitcoin to fiat currency.
It features 70+ Currencies, SEPA, SWIFT Payments transfers, allows trading among Crypto-Exchanges and charges users a flat fee of 1% per transaction.
Monzo
You may want to consider this bank because it’s security-oriented, being also user and crypto friendly, and featuring a currency conversion fee of 1%.
Monzo can assist you to get started with crypto and enables crypto transactions to and from most crypto exchanges.
The bank features an internal risk algorithm system that can at times initiate blockage of a small number of transactions based on risk.
Royal Bank of Scotland
RBS is considered a suitable and safe option for you to trade in cryptocurrencies and at the same time running a traditional banking system.
It features a user-friendly and detailed support/help centre, enables credit and debit purchases, allows transactions to and from crypto exchanges and a 3% cash advance fee.
Other considerable bank options include; NatWest, Barclays, Nationwide and so on.
Tools:
- Crypto Tax Calculator For Canada
- Cryptocurrency Tax Calculator Australia
- India Cryptocurrency Tax Calculator
- NFT Tax Calculator
- US Cryptocurrency Tax Calculator
Conclusion
The idea of a bank being “crypto-friendly” can be related to various elements that range from enabling crypto transactions to brisk investment in blockchain and its development.
Hence, it’s concluded that a crypto-friendly bank should not just be reliable but also consistent.