Bank to use for transfers from crypto exchanges

Banks, Insurances & Third Pillar
1

My current bank is not happy that I transfer to my account fiat from crypto exchanges even if I show all the document verifying the source of this income etc. They don’t understand what is DEX, they feel scary of my non-EU passport.
Now the question, what could be the bank that is friendly to such a transfers? We are talking about significant and regular transfers since I earn in stable coins.
I had in mind Frick Bank (Liechtenstein) or maybe Swissquote as a bank. It is important that I want to use it as a bank and not for exchanging stable coins to CHF (because I don’t want their fees). Primarily use is to pay taxes.

2

I have sent crypto to Swissquote from several exchanges/wallets without any problem, you can sell to CHF or even spend with the Swissquote debit card.

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3

Did you compare the exchange rate of swissquote vs, lets say, kraken? I recall that even fiat currencies exchange rates on swissquote are ~1%. So I think it is probably cheaper to exchange on kraken and later withdraw chf to swissquote.

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4

Kraken is cheaper, but then you have the problem you are reporting in the first place.

5

I never had an issue for the way Kraken with BTCCHF → PostFinance and neon. Up until now ca. 120k CHF. It costs 1CHF per SIC transaction.

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6

No problems with Bank Cler.

But with Raiffeisen for example they call you and totally freak out and say things like “I hope you are not investing in Crypto, this is very dangerous”. In reality banks are just worried that they are loosing business against crypto and don’t want you to move your money out, they would wish you invest in their overpriced products…

7

I got my personal account at UBS closed because of crypto. It took them long to react tough (A few years of cashing out my main salary through Kraken). I’m now using PostFinance, no issues yet but I will probably get a call sooner or later.
Bank Frick wants a transaction volume of 5m+ CHF per year on which they probably add fees (not sure how much).

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8

I’m thinking to use several banks – revolute, swissquote and maybe open neon just for this purpose.
I wonder if calling a bank to describe in advance that I want to make a deposit from Kraken is a good idea or not. I have a fear that if I do without calling, they might freeze for unknown period of time.

9

So your strategy is to use the bank until they close the account. What happens when they decide to close it? Do you lose for some time control over your money or they just tell you move it elsewhere asap?

10

So far they don’t, but make my life more stressful. I’m really optimizing 1-1.5% of commission that some swiss exchange platforms would ask me for USDC/CHF exchange. My understanding is that moving from swissquote to ubs is not a problem indeed.

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And another question – am I right that I can freely use Swissquote as a bank to pay swiss taxes etc?

12

With UBS I had 1 months to empty my account. You also have those crypto banks like Sygnum or Amina. Unfortunately, they won’t let you transfer funds from Kraken, you have to use their own brokerage services costing around 1%. These would be my last resort solution.

Imo, the best is to have a couple regular bank accounts, use one with Kraken. You don’t need to give them a heads up for transfers. If they want more info on your source of funds they will call you. Just make sure you are not breaking their T&C, it could mention crypto.

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13

Thanks for the information. I’m thinking about using revolut, neon, swissquote all together.
Part of the story is that I receive some tokens, swap them on DEX to stablecoins, than swap stablecoins to CHF on Kraken. I did calculation that this scheme is cheapest possible. But now I’m thinking if this might be a problem if a bank would need to track the source of money (not sure if the procedure is up to date with all these innovations).

14

I use Swissquote to pay from time to time bills, no problem so far.

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