Safe Swiss banks to buy crypto with

Which Swiss banks are you buying crypto with ?

I’ve heard of account freezes, if you buy crypto from UBS, CS, ZKB etc

Freezes? What freezes?

I know of Swissquote.

PostFinance. No, seriously. I don’t know about buying, but for more than a year now I have been regularly selling BTC on Kraken and withdrawing EUR or CHF to PostFinance. Did they question me about it - sure, they asked me to explain the transactions. But after that, surprisingly, they left me alone and have not frozen my account yet.
IBKR also didn’t seem to care that as source of funds I declared a significant % coming from crypto investments. Too bad one can’t send from Kraken to them directly.

Thanks Spock, very helpful!

When you say that they asked you to explain the transaction, did they write, email or telephone you to explain why ?

They sent a form with a list of questions by post, asking about the purpose of the transactions, how I acquired the crypto, why I am making transfers to IBKR, and so on. I filled it in and sent it back, I think even enclosing screenshots from my Kraken account and some IBKR statement, to prove that it is my own accounts that I am transferring from/to. Didn’t get further questions, it has been several months already.

Those freezes is not because you buy crypto there - but those banks get pushed back from the US counterpart to do so. So if you have crypto with one of the usual crypto exchanges and you sell, it goes frist in many cases via a US bank. And at least in the current situation, crypto is not accepted. So they might pressure the end bank here in Switzerland in one way or other.

If you want to play save, you need to buy crypto within a bank e.g. Swissquote or others. You can’t transfer those BTC for example out of this bank to your crypto wallet. You can only buy and sell within your bank.

Without being too specific, I presume that your referring to 6 figure or more in transactions for them to question it ?

Great to hear that PF are crypto friendly.

You can withdraw crypto from Swissquote, I have done it in the past.

That being said Swissquote is quite expensive at IIRC 1% fee.

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Just googled it - you are right!

Overall it was a 7 digit amount in CHF, that I converted from BTC to fiat investments in IBKR going through Kraken - PF - IBKR.

I remember reading somewhere that they cannot refuse to open accounts to Swiss residents. Maybe it is not about being crypto friendly, but given that there was nothing illegal about the origin of my crypto, they can’t just close accounts without a reason.

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In swissquote I guess you don’t control a wallet (owning the private keys), right?

Anyway my suggestion would be using Lykke. they are Swiss, the founder Richard Olsen is the same of Oanda…

I know they are soon launching also a simplified app soon.

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