Author: Olesya Novik
Community

Crypto Sore Point: Bitcoin vs Bank Transfers

How to overcome the struggle of cashing out bitcoin via bank transfer? If you are on a list of people who would like to buy a large amount of Bitcoins or Ethereum, you will look for purchasing it with secure and comprehensible, customer-oriented banking account.

Do you remember that story about British student Charles Bartlett?

Barclays made a commercial decision to close his account after he had started buying and selling Bitcoin through online exchanges.

Barclays explained:

“We cannot provide any further information on this occasion regarding the reasons for closure. The decision to close an account is never taken lightly. This decision was carefully considered and subject to our strict internal review process.”

Remember having on the brain Wells Fargo vs. Bitfinex and Tether, Britcoin cases?

We do proceed with the phrase: Bitcoin’s banking struggle is evident.

(Source: https://www.reddit.com/r/Bitcoin/comments/3x2gxf/cant_cash_out_to_uk_bank_account/)

(Source: https://davidgerard.co.uk/blockchain/2017/12/23/why-you-cant-cash-out-pt-2-bitcoin-and-know-your-customer-anti-money-laundering-laws-kyc-aml/)

 Are we going out of our minds? Banks like blockchain but dislike Bitcoin.

While collecting our funds, we seek to open a traditional bank account. Down the road we reveal the fact that the majority of banks have disallowed crypto users to make transactions, more importantly, JP Morgan CEO Jamie Dimon even declared Bitcoin to be a “fraud”.

(For more information read: https://www.coindesk.com/jamie-dimon-bitcoin-fraud/)

It does not stop us, and we start looking for another bank halfway around the world. We find the best one for our crypto needs and demands. However we come face-to-face acquainted with all nine circles of paperwork filing and legal deliberations hell.

Thus, instead of growing into HODLers, we quickly turn into haunted by FUDs.

(Source: https://www.reddit.com/r/Bitcoin/comments/2dp4vh/what_is_fud/)

As a result of bank’s anger, more and more emerging cryptocurrency startups, ICO, and BTC/ETH users suffer from banking restrictions and account closures, making cashing out cryptocurrency into a fiat currency something beyond the reality.

Some of us have already tried to deal with such frustrating option as cashing out cryptocurrency via exchange, cause at least some banks have “whitelisted” number of exchanges.

Opening an account at an exchange sounds like Pink Floyd’s:

“All in all you’re just another brick in the wall”.

By that, we do mean the process of an exchange account creation to be just a brick wall smashing in.

Firstly, we need to find an exchange which fits our needs (has in usage preferred currency and operates in the local jurisdiction). Before that, we need to already have an account in a bank where “fitting-our-needs” exchange is “whitelisted”.

In such wise, we become clients (it occurs after the long-long verification period) and get relatively high fees and the risk of hacked exchange. It looks like catch 22, doesn’t it?

Here comes the question:

How to overcome the struggle of cashing out bitcoin via bank transfer?

If you are on a list of people who would like to buy a large amount of Bitcoins or Ethereum, you will look for purchasing it with secure and comprehensible, customer-oriented banking account.

We consider TRASTRA to become a solution which will help crypto users to overcome suffering from bank’s strict regulations, exchange’s risks and high fees while cashing out BTC and ETH. To that end, we provide our customers with TRASTRA IBAN (International Banking Account Number).

What is TRASTRA IBAN?

IBAN stands for International Bank Account Number, which consists of maximum 34 alphanumeric characters: the ISO country code + 2 digits of a control key+up to 30 characters for the bank account number (e.g., for Germany: DE44 5111 0517 5707 8449 37). An IBAN is different from a SWIFT code (Society for Worldwide Interbank Financial Telecommunication) as it identifies an individual account involved in the cross-border payment. And a SWIFT code helps overseas banks to indicate which specific bank to send money to.

What are the benefits of TRASTRA IBAN account?

  • Fixed fees for receiving and sending payments from 34 European countries (regardless of the amount).
  • Superior security and accelerate the transfer of funds with automated payment processing. If for some reason the funds do not reach the recipient, they will be returned to the sender’s account right away.
  • Making transfers within Europe your name as the Sender/Receiver will be on the beneficiary’s bank statement.
  • Skrill, Ebay, PayPal and many other similar services accept SEPA transfers. Thereby, you can transfer money from/to PayPal.

What does make TRASTRA IBAN account a unique solution?

The verification process of your TRASTRA banking account is like greased lightning, it takes up to 7 business days.

After cashing out your Bitcoin and Ethereum funds to TRASTRA IBAN you will be able to send money to any bank account you like.

Read more about TRASTRA IBAN accounts here: https://trastra.com/faq/trastra-iban/what-is-trastra-iban-account/

Here at TRASTRA we aim to meet our customers’ needs and demands just in two shakes, and we strive to make our products beneficial in the long run.

Join TRASTRA community and stay up-to-date with our latest news!

Please NOTE, Payment account with IBAN is temporarily unavailable.

Share this article to your friends!

More News All Around the World

Community
The Last Bitcoin is mined. No. But when?
Author: Olesya Novik

April 19, 2018 - 16,9 million Bitcoins are currently in supply. It means that only 19% are left unmined. When will the last bitcoin be mined? What will happen when the last bitcoin is mined?

Blockchain News
Blockchain and Crypto Events: January 2019
Author: Olesya Novik

New Year and January are right on the way with a lot of new opportunities for blockchainers and crypto enthusiasts. These opportunities can be found on the biggest crypto and blockchain events. Here they are for you:

Community
Bitcoin and Graffiti
Author: Olesya Novik

Bitcoin has nothing to do with art. Somebody definitely thinks so. Nevertheless, we do not.