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12 Best Crypto-Friendly Banks Worldwide for 2024

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kind of financial institution: crypto-friendly banks.

These financial institutions have become critical nodes. As digital assets attract crypto enthusiasts, traditional banks are integrating with blockchain technology.

This guide compares the top crypto-friendly banks, considering factors, such as fees, safety, features, supported markets, and more.

The 12 most crypto-friendly banks

Quick Look:
  • Royal Bank of Scotland
  • Ally Bank
  • Monzo
  • Bank of America
  • Quontic
  • BankProv
  • Barclays
  • JPMorgan Chase
  • Citi
  • AMINA Bank
  • Santander
  • Bank Frick

Bank office

The best crypto-friendly banks in detail

If you’re seeking the finest location to create a bank account that takes cryptocurrencies, you’ve come to the right place.

This list features the best crypto-friendly banks that provide services from traditional banking to crypto exchanges.

Royal Bank of Scotland

#1 Royal Bank of Scotland (RBS)

The Royal Bank of Scotland (RBS) is a significant retail and commercial bank in Scotland. It belongs to the NatWest Group, alongside NatWest and Ulster Bank. Founded in Edinburgh in 1727, RBS is the world’s oldest surviving bank.

Like many banks, The Royal Bank of Scotland has a relatively conservative approach to cryptocurrency. The bank allows customers to use their online banking accounts or services to buy, sell, and trade digital assets. Yet, they can do it only through regulated exchanges.

Key features:

  • Three distinct business checking options
  • Investment advice and financial planning guidance
  • Compliance with a wide range of regulations
  • Online and mobile banking platform
  • Current and savings accounts, mortgages, loans, credit cards, and investment products
  • A loyalty rewards program

Pros:

  • The banking platform allows you to connect to cryptocurrency exchanges
  • There are no specific policies or restrictions on cryptocurrency transactions
  • A strong track record of providing excellent customer service

Cons:

  • No credit and charge cards for crypto purchases
  • No direct cryptocurrency trading through its online platform
  • Limits on 30-day debit card transactions at £1,000 and £5,000
  • Blocks using credit and charge cards for crypto purchases across all customer categories

Ally Bank

#2 Ally Bank

Ally Bank is an online financial institution offering various financial services. It does not provide crypto services directly. 

However, Ally Bank allows customers to use their accounts with external cryptocurrency exchanges.

Key features:

  • Online-only user-friendly platform
  • Various features like bill payment, account transfers, and mobile check deposits
  • 24/7 customer support

Pros:

  • No monthly maintenance and overdraft fees
  • Competitive interest rates, including a 0.50% APY on its high-yield savings account
  • Attractive rates, like a 2.99% APR on its 5/36 Equal Payments Auto Loan
  • No monthly fees, no minimum deposit requirements, and no overdraft fees

Cons:

  • There are no physical branches
  • Only for legal permanent residents of the US

Monzo - a European online bank

#3 Monzo

Monzo, a digital bank, offers various banking services for individuals and businesses. It is one of the top challenger banks in the UK, known for its innovative features and easy-to-use mobile app.

Unfortunately, Monzo Bank doesn’t directly provide cryptocurrency investment options through its banking interface.

Yet, it empowers account holders to access the crypto market. It does it by permitting the transfer of GBP to regulated cryptocurrency exchanges. Monzo allows customers to buy cryptocurrencies, like BTC and ETH, through these exchanges.

Key features:

  • Savings and Investment Pots.
  • The Salary Sorter helps users distribute their salary to spending, saving, and bills.
  • Ability to set spending budgets for different categories.
  • The bank offers automated savings features like round-ups and scheduled savings pots.

Pros:

  • Fee-free spending abroad
  • Various budgeting features
  • Simple to set up and use

Cons:

  • £1 fee for each cash deposit
  • Customers can only deposit £1,000 every six months
  • 3% charge on cash withdrawals

Bank of America

#4 Bank of America

Bank of America is a multinational global bank with a strong presence in the US and internationally. It offers various banking and financial services for individuals and businesses.

Bank of America allows clients to buy cryptocurrencies like Bitcoin, Ethereum, and Solana. The bank collaborates with regulated and recognised cryptocurrency exchanges in the USA, strictly adhering to FinCEN’s regulatory standards.

Key features:

  • Credit cards with cashback, travel rewards, and balance transfer options
  • Various checking and savings accounts (a free student checking account and a high-yield savings account)
  • A mobile app and a desktop version
  • Online investing and trading services and access to research and insights

Pros:

  • Large branch network
  • Versatile payment cards
  • Top-rated mobile app with the capability to manage most banking activities online

Cons:

  • High overdraft fees – up to $102 per day
  • Limited customer service
  • Low interest rates

Quontic

#5 Quontic

Quontic originated in 2009 as a community bank in New York City and later transitioned to an online-only presence. It is FDIC-insured and contributes to a fee-free ATM network with 90,000 ATMs nationwide.

Quontic provides various checking accounts, savings accounts, and mortgage products. It is a popular platform for trading cryptocurrencies. Their tools and services make it easy to start trading crypto quickly and gain valuable insights into the market.

Key features:

  • It is a Certified Community Development Financial Institution
  • The first bank to offer a Bitcoin rewards debit card
  • The bank has a broad fee-free ATM network
  • A digital-only bank

Pros:

  • High-interest rates on its checking, savings, and money market accounts
  • No monthly fees or overdraft fees for checking accounts

Cons:

  • Basic mobile app
  • Limited CD term options
  • No physical branches

BankProv

#6 BankProv

BankProv is a leading regional commercial bank with a strong presence in the Northeastern United States. It offers various financial products and services for individuals and businesses.

BankProv partners with Rocketplace and uses traditional banking payment methods to support a crypto trading platform.

Key Features of BankProv:

  • Checking and savings accounts, credit cards, loans, mortgages, and investment products
  • User-friendly platforms offer features like bill payment, account transfers, and mobile check deposits
  • Has a strong reputation for caring about customers

Pros of BankProv:

  • Wide range of products and services
  • Strong online and mobile banking
  • Socially responsible banking option

Cons:

  • Restricted to the Northeastern United States
  • Has higher fees
  • Sometimes slow help from customer service
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Barclays

#7 Barclays

Barclays consistently supports blockchain and cryptocurrency. Despite concluding their previous partnership with Coinbase, Barclays remains receptive to crypto-related activities.

The bank facilitates payments between crypto exchanges and allows credit and debit card purchases for cryptocurrencies. It also prioritises transaction safety. It adjusts regulations according to exchange security levels.

Despite the limitations, many customers find it easy to manage crypto funds with Barclays. The bank’s ongoing involvement in crypto suggests a promising future for crypto transactions.

Key features:

  • One of the largest banks in the world, with a strong track record of stability and security
  • A wide range of financial products and services
  • Competitive rates on various products

Pros:

  • A global network of branches and ATMs
  • Secure purchase of cryptocurrencies like Bitcoin and Ethereum
  • Offers reliable banking services to invest in digital currencies

Cons:

  • A complex fee structure
  • Doesn’t process crypto transactions directly
  • The banking platform is not as user-friendly as some of its competitors

JPMorgan Chase

#8 JPMorgan Chase

JPMorgan Chase is the largest bank in the US and the world’s largest bank by market capitalisation, which has embraced cryptocurrencies.

Today, this bank allows customers to hold Bitcoin in their accounts. Moreover, JPMorgan Chase has developed JPM Coin. It is a digital dollar created on a private version of the Ethereum blockchain.

Key features:

  • A highly rated mobile app
  • Subject to extensive regulations
  • One of the largest investment banks in the world
  • Large branch network
  • Launched a new digital asset unit called Onyx

Pros:

  • Wide range of products and services
  • A branch network for convenient in-person banking
  • Strong reputation for stability and security
  • Competitive rates on loans, mortgages, and savings accounts

Cons:

  • Fees can be high for some products and services
  • Customer service can be slow at times
  • Not all products and services are available nationwide

Citi bank

#9 Citi

Citi is the leading US banking subsidiary of Citigroup. It ranks as one of the largest banks globally, serving over 200 million customers and maintaining a presence in over 160 countries.

Citibank provides diverse banking services such as credit cards, checking and savings accounts, and mortgages.

Using the platform, customers can transfer funds to a licensed crypto exchange and actively invest in crypto.

Key features:

  • Investment services, including the ability to invest in stocks and ETFs
  • Citibank customers can buy Bitcoin and other cryptocurrencies using their bank accounts
  • High-yield savings accounts
  • Various features, such as 256-bit encryption, biometrics, and one-time-use passcodes

Pros:

  • Wide range of products and services
  • Online and mobile banking platforms are among the best in the industry
  • Excellent customer service

Cons:

  • High fees and complicated fee structure
  • Not all products and services are available in all countries
  • Lengthy application process for some services
  • Low interest rates

AMINA Bank

#10 AMINA Bank (SEBA Bank)

SEBA Bank is now known as AMINA Bank. It is a Swiss-regulated institution providing various banking services to individuals and businesses. It offers a wide range of products and services related to digital assets.

Key features:

  • One of the first FINMA-regulated institutions to provide crypto banking services.
  • A global reach
  • Try to ensure the sustainability of the cryptocurrency economy

Pros:

  • A wide range of products and services related to digital assets
  • Strong regulatory compliance
  • The latest security measures

Cons:

  • Products and services can be complex
  • Not available in all countries

Santander

#11 Santander

Santander is a significant global bank with a strong presence in Europe and the Americas. It provides various financial products and services. These include:

  • Checking and savings accounts
  • Credit cards
  • Loans
  • Mortgages
  • Investments
  • Wealth management services for individuals and businesses.

Santander supports a balanced approach to cryptocurrency investments. It lets clients transfer funds between debit cards, bank accounts and crypto platforms.

Key features:

  • Easy-to-use online and mobile banking platforms
  • 24/7 customer support via phone, chat, and email
  • Supports various organisations and events
  • Develops new products and services to meet changing customer needs

Pros:

  • The potential to earn a high APY for CDs of 15-month terms
  • Access to over 443 branches and 2,000 ATMs on the East Coast
  • Overdraft protection
  • Easy to waive monthly fees

Cons:

  • Low interest rates
  • It’s a brick-and-mortar bank that sometimes can be rigid

Bank Frick

#12 Bank Frick

Bank Frick operates as a privately held universal bank. It is regulated by Liechtenstein’s Financial Market Authority (FMA) since 1998. It is known for its innovative and personalised banking solutions.

In 2018, Bank Frick made history as the first European bank to introduce blockchain banking. The bank empowers professional market participants. It grants them regulated access to crypto assets like cryptocurrencies or tokenised assets.

Bank Frick actively provides extensive banking services tailored for established and emerging companies in the blockchain and cryptocurrency sectors.

Key features:

  • High level of expertise in regulated blockchain banking
  • supports initial coin offerings (ICOs), tokenisation of assets
  • Custody of crypto assets
  • Web API documentation and integration

Pros:

  • Staking services allow clients to earn rewards on their cryptocurrency holdings
  • Payment processing services for digital assets
  • Secure and regulated custody services

Cons:

  • A limited amount of publicly available information about services
  • Integration complexity
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Best crypto-friendly bank alternatives

Swissmoney financial solution provider logo

#1 swissmoney

swissmoney is a Swiss fintech providing financial services. It seamlessly integrates traditional financial services with advanced crypto solutions. It offers a comprehensive suite of services to empower anyone’s financial journey.

The platform offers prepaid cards for convenient online and in-store transactions. Also, they have an easy-to-use mobile app. This all-in-one solution allows keeping your money in multiple currencies. You can buy, sell and spend crypto using your crypto wallets and a prepaid card.

Users can quickly and easily convert currencies. The platform offers instant payments through SEPA and access to up-to-the-minute data on currency rates.

Key features:

  • Fiat to Cryptocurrency exchange
  • Buying, receiving, sending, and selling crypto assets
  • Support for over-the-counter trading and liquidity API
  • Compatibility with two networks and five cryptocurrencies: TRX, BTC, ETH, USDT, and USDC
  • Access to EUR, USD, GBP, and CHF, with more currencies to be introduced over time
  • Detailed transaction history
  • swissmoney prepaid card allows one to spend crypto
  • White-label banking solutions

Pros:

  • All-in-one solution
  • Easy-to-use app and online platform
  • Fast onboarding
  • You can add a card to Apple Pay or Google Pay for additional convenience

Cons:

  • Quite a small number of currencies
  • Lack of physical branches

Wirex

#2 Wirex

Wirex is a crypto neobank. Wirex offers a wide range of crypto services. It serves as a comprehensive trading platform for over 37 digital currencies. Also, it includes a cross-chain bridge for seamless token transfers between blockchains.

Further, the account provides staking services and supports a crypto wallet compatible with NFTs. It allows interaction with DeFi dApps.

Powered by Mastercard, The Wirex crypto bank offers spending in 21 currencies.

Key Features:

  • Manage crypto (BTC, LTC, XRP) and traditional money (GBP, USD, EUR)
  • Add funds via credit card, debit card, or bank transfer
  • Crypto exchange at live rates
  • Wirex crypto debit card

Pros:

  • Support of twenty-one currency
  • An interest-bearing X-Account that allows users to earn interest on their cryptocurrency holdings
  • 24/7 customer support through email, phone, and live chat

Cons:

  • Low ATM withdrawal limit: 200 EUR monthly
  • 2% fee after exceeding the ATM withdrawal limit
  • Card delivery is fee-free only in the US

Juno

#3 Juno

Juno is a fintech company. It operates as a functional fiat currency bank account and easily integrates with crypto wallets through the app. Users can efficiently convert their crypto assets to an FDIC-insured account. it ensures convenience and security.

The app accommodates various crypto assets, including popular stablecoins like USDC. Users have the flexibility to fund their checking account with USDC across blockchains.

A standout feature of Juno is its ability to convert incoming paychecks into crypto automatically.

Further, the Juno crypto debit card empowers customers to use digital assets for payments and ATM cash withdrawals.

Key Features:

  • Buy, sell, and store crypto starting from $1.
  • International transfers.
  • Strong customer support.
  • Direct deposit for receiving paychecks in crypto.

Pros:

  • No foreign transaction fees or minimum balance
  • The FDIC insures cash deposits up to $250,000 through their partner bank, Evolve Bank and Trust
  • Two-layer security architecture

Cons:

  • Transferring more than $100 via debit card is fee-free. Otherwise, there is a 2% fee for each transfer
  • There is an inactivity fee every six months
  • Does not have an ATM network
  • Juno’s debit card is not a widely accepted form of payment

Nationwide

#4 Nationwide

Nationwide Building Society, established in 1884, is a British mutual crypto-friendly financial institution. It allows trading crypto on FCA-licensed third-party exchanges.

Nationwide facilitates payments to and from crypto exchanges. Moreover, they approve credit and debit card transactions for cryptocurrencies.

For adult or student accounts, the daily limit is £5,000. Additionally, for FlexOne accounts, it’s £100. Nationwide emphasises safety by endorsing regulated digital asset exchanges.

Key features:

  • Crypto-friendly approach
  • Adhere to regulations, especially the ones set by the Financial Conduct Authority (FCA)
  • Transfers to and from licensed exchanges

Pros:

  • Customer support for crypto-related activities

Cons:

  • No longer accepts card payments for crypto
  • Temporarily suspended cryptocurrency transactions with the Binance crypto exchange

Bitstamp

#5 Bitstamp

Bitstamp is one of the oldest and most reputable cryptocurrency exchanges in Europe. It allows trading between various fiat currencies and cryptocurrencies.

The platform operates as an exchange with a user-friendly interface and reasonable trading fees. It offers different order types and supports various payment methods.

Key features:

  • Fiat-to-cryptocurrency transfers
  • Bank transfers, credit/debit card payments, and ACH transfers
  • Mobile wallet for both Apple and Android smartphones
  • Over-the-counter (OTC) trading
  • Compliance with Luxembourgish and EU regulations
  • Over 80 cryptocurrencies for trading

Pros:

  • 98% use of cold storage for safeguarding assets and an active crime insurance policy
  • User-friendly platform
  • Competitive trading fees

Cons:

  • Limited choice of fiat currencies: USD, EUR, and GBP
  • No advanced trading features

How to choose a crypto-friendly bank?

To select a crypto-friendly bank, you should evaluate a few aspects:

  • Location. Check if the bank can provide services in your country or territory.
  • Support of crypto and fiat currencies. Check how many currencies they offer. Moreover, you may want to manage all your digital assets in one place.
  • Cards for spending crypto. If you want to buy, sell AND spend crypto in the real world, you should look for financial institutions that offer this type of card.
  • Transaction fees and monthly charges. Evaluate the services they offer and the fees they charge. Other financial services providers may offer a better and clearer fee structure, even if they don’t offer as many features.
  • Security and compliance. Choose a bank that provides security and complies with core regulations.

Traditional and crypto bank

Pros and cons of crypto-friendly banks

Let’s briefly overview the benefits and drawbacks of the best crypto-friendly banks before going into our top picks.

Pros

Here’s a concise list of advantages and features offered by crypto-friendly banks:

  1. Simpler crypto access. Crypto-friendly banks bridge the gap between traditional banking and complex blockchain technology. It makes cryptocurrencies easily accessible through familiar banking systems.
  2. User-friendly onboarding. These banks provide a comfortable entry for newcomers in cryptocurrencies. It simplifies the process for self-custody enthusiasts and those preferring a traditional approach.
  3. Effortless off-ramping. Unlike traditional banks, crypto-friendly ones facilitate hassle-free fiat currency withdrawal from crypto exchanges. It aids efficient profit-making or loss-limiting.
  4. Support for crypto businesses. These banks comprehensively support blockchain and fintech startups. They ensure compliance with real-world regulations and provide services for insurance and operations.
  5. Mobile app accessibility. Most crypto-friendly banks offer intuitive mobile apps for Android and iOS. It allows users to monitor the dynamic crypto world in real time and complete transactions on the go.
  6. Integration with traditional finance. Despite cryptocurrencies being decentralised, these banks serve as a practical link for converting them to fiat currency and remain open to cryptocurrency transactions.
  7. Easier market entry. These banks simplify market entry. They meet the demands of clients looking for a smoother way to enter the crypto market.

Cons

Unfortunately, any crypto-friendly bank comes with certain drawbacks and limitations:

  1. Volatile asset exposure. These banks have a historical tendency to hold substantial amounts of volatile digital assets. Unfortunately, this exposure can strain their reserves. It may lead to potential bankruptcies or insolvencies, e.g. Silvergate and Signature Bank.
  2. High transaction fees: This premium service can make crypto-related transactions more expensive.
  3. Limited functionality: The services focus on cryptocurrency trading and holding (HODLing). They may lack the extensive use of the DeFi (Decentralised Finance) space, which offers diverse options like staking, yield farming, and lending.

Crypto-friendly banks might lack the full range of services found in traditional banks.

A bank centred on cryptocurrency infrastructure might not provide traditional services.

Therefore, users should know these potential limitations and evaluate their options.

FAQ

Which bank is crypto-friendly in Europe?

Here are the best crypto-friendly banks in Europe:

  • Revolut (UK). A digital banking platform offers user-friendly cryptocurrency trading and storage. It is a preferred choice for those seeking simplicity.
  • Wirex (UK). Specialising in cryptocurrency, Wirex provides a global prepaid debit card for convenient cryptocurrency spending. It is an excellent option for everyday purchases.
  • Ziglu (UK). It offers a straightforward way to buy, sell, and store cryptocurrency. It is ideal for newcomers to the digital asset world.
  • Mode Banking (UK). It is a digital platform for businesses. It provides cryptocurrency payments and treasury management services.
  • Bank of Valletta (Malta). It offers services like custody and trading for businesses.
  • FinecoBank (Italy). An innovative bank allows direct cryptocurrency trading for retail clients in Europe.
  • Januar (Denmark). It offers a user-friendly platform for buying, selling, and storing cryptocurrency. It is popular among young users new to digital assets.

Why are banks afraid of Bitcoin and cryptocurrencies?

Generally, banks have a cautious attitude toward digital currencies and decentralisation. This view leads to reluctance to accept Bitcoin and other cryptocurrencies. This hesitation stems from various factors:

Volatility

Cryptocurrency’s inherent volatility is a paramount concern for banks. They care about profit and seek to safeguard their investments and customers’ funds.

Slight fluctuations in the crypto market can swiftly devalue assets. It can make banks apprehensive about engaging with such uncertainty.

Regulations

In the future, the use of cryptocurrencies should increase. Moreover, regulations around the handling of digital money will be more stringent.

In many jurisdictions, there aren’t clear standards for how banks should handle crypto transactions. It sets a higher standard for those who wish to participate in this activity.

Due to economic risks, financial institutions are sceptical about Bitcoin and similar cryptocurrencies.

As a result, numerous traditional banks have begun to limit the use of bank accounts for Bitcoin transactions.

Which banks are not crypto-friendly?

Roughly 50% of banks do not offer any form of cryptocurrency support. Many regulated banks impose restrictions on transactions and exchanges.

Among the banks that are not crypto-friendly are:

  • Lloyds bank
  • Starling Bank
  • Halifax
  • HSBC
  • First Direct
  • Metro Bank
  • Virgin Money

What is a crypto-friendly bank?

A crypto-friendly bank supports crypto-related businesses by accepting cryptocurrencies and offering services like:

  • Crypto trading
  • Integration with crypto exchanges
  • Insurance for crypto corporations

Some progressive banks are making a name in the crypto space by offering insurance for these businesses. Others go beyond by providing credit and debit cards with BTC cashback.

Moreover, customers can move money between their bank accounts and cryptocurrency platforms. These are the main services that such banks offer:

  1. Use of issued credit and debit cards for buying and selling cryptocurrencies.
  2. Execution of wire transfers to cryptocurrency exchanges and similar entities.
  3. Facilitation of cash-outs from cryptocurrency investments.

What is the difference between traditional and crypto-friendly financial institutions?

Cryptocurrency-friendly banks offer integrated systems for cryptocurrencies and provide online banking services.

As a result, these banks are a fantastic option for beginners searching for a simple method of investing in cryptocurrencies. Compared to cryptocurrency wallet platforms, these banks add a layer of security to the holder’s funds.

It’s worth noting that they frequently deal with well-known cryptocurrencies. Choosing major cryptocurrency projects supported by Bitcoin-friendly banks may lead to better long-term choices.

Furthermore, these banks actively support the cryptocurrency ecosystem by offering various services:

  • Enable crypto trading
  • Integrate with cryptocurrency exchanges
  • Extend insurance coverage to crypto-related businesses

One of the key advantages of these banks is their seamless handling of funds between traditional accounts and cryptocurrency platforms.

Sometimes, they go beyond by introducing credit and debit cards that provide cashback in crypto.

The distinction between traditional banks and crypto-friendly banks is significant. Traditional banks often are cautious or sceptical about cryptocurrencies. Thus, they may not offer related services.

However, crypto-friendly banks are enthusiastic about cryptocurrencies. They provide services tailored to the cryptocurrency industry.

Živilė Šarkauskaitė

Živilė is a writer with a diverse background, having worked with tech start-ups and pioneering brands across various industries. Her profound interest in progress and innovation drives her to the field of Fintech, a realm that sparks her curiosity and inspires her to share insights with others.

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Disclaimer

Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.
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