In an era when cryptocurrencies have emerged as a popular investment choice, it’s essential to know which banks are Crypto-Friendly Banks in the UK. While most traditional banks have imposed restrictions on interactions with crypto exchanges, a select group of forward-thinking institutions is paving the way, helping customers easily and safely invest in digital assets.
Some of the most popular crypto-friendly banks include Monzo and Revolut. While neither of these banks offer built-in cryptocurrency services, they prioritize the security of their customers and allow them to easily connect with outside crypto exchanges. Monzo, for example, allows its users to link their accounts with Coinbase and Binance so that they can purchase cryptocurrencies using their debit cards. It also allows you to deposit and withdraw from exchanges seamlessly.
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Revolut is another one of the most crypto-friendly UK banks, offering its customers a full range of banking services and a simple app that makes it easy to manage your investments. In addition, Revolut offers an extremely generous fee schedule for crypto-related transactions, making it an excellent option if you’re buying and selling in large quantities.
TSB, on the other hand, is known to be hostile towards crypto investors, often flatly refusing to process deposits or withdrawals from exchanges. Fortunately, other major banks are more friendly to crypto-related transactions. For example, Barclays has recently stopped blocking credit and debit card purchases from and to cryptocurrency exchanges (although there have been reports of issues with Coinbase SEPA deposits), while NatWest continues to allow these transactions.