BitWala

Back2Matters said:

To do WHAT specifically?

Convert cryptocurrencies to Fíat and use the card for payments. With Bitwala you can then transfer from exchange, but Advcash must be transfer from an account in your name, you can only send cryptocurrencies, with Bitwala cryptocurrencies and fiat from exchange

@Martin Everson What do you think about Advcash and Bitwala for crypto ? Or you know a better solution for a European resident ?

Thank you

Nasters said:

@Martin Everson What do you think about Advcash and Bitwala for crypto ? Or you know a better solution for a European resident ?

Thank you

Never used either. You can use the multitude of crypto card companies that are around if your an EU resident..i.e wirexapp etc. There is thread on the whole EMI crypto subject if you search forum.

Nasters said:

Convert cryptocurrencies to Fíat and use the card for payments. With Bitwala you can then transfer from exchange, but Advcash must be transfer from an account in your name, you can only send cryptocurrencies, with Bitwala cryptocurrencies and fiat from exchange

I guess Crypto.com will be your cup of tea: personal IBAN, integrate buy/sell/swap without markups, card, much more.

Back2Matters said:

I guess Crypto.com will be your cup of tea: personal IBAN, integrate buy/sell/swap without markups, card, much more.

Not bad, looks actually better then Xapo in the past when they had the Visa card. Worth to give a try.

I started a BitWala account. They had a long process of KYC with IDnow (photo of my passport again and again, even with flash).
Now they're asking my personal tax number, and I haven't even started using them.

Am I the only one that I'm sensing trouble if I try to convert crypto to Fiat from there (I was planning to use their card for some expenses in Europe / small ATM withdrawals)

Use AdvCash if it is small amounts and you need a Visa card for your crypto. They are very easy to apply for and reliable.

Admin said:

Use AdvCash if it is small amounts and you need a Visa card for your crypto. They are very easy to apply for and reliable.

Yeah, I've started crypto.com, will try AdvCash too!

another solution would be to have a settlement account that can receive from crypto exchanges and a spending account separately

So what do you do when you trade the bitcoins back to fiat to your domestic bank account? Just report those as income to the tax office? That's a huge loss right there. I don't know. I personally want to invest in real estate. It also seems like a hassle to prove where the funds came from, especially if you have many sources of bitcoin income. Banks are a pain in the a*s. f*****s force you to loan their fiat money and take a fee for it, while you have to explain every god damn cent you earned with hard work.

I have been a client of Bitwala for a few years. The service works fine.

correct, you will be shut down if you use that bank account for 3rd party payments

Even if they shut you down in couple of months you can open a new one ;)

KJK said:

Well I got my money from them and then closed the account. So I cannot say they are a scam... but definitely very bad experience.

I must mention that this was the "old" version of Bitwala some time ago, then they had some weird transition phase with two versions and two logins, and now they probably have just one version.

I still expect them to be more aggressive and annoying (in terms of KYC/AML) than both an average bank or a crypto exchange.

Did you close the Bitwala account yourself or did they close it?

All reviews I have read on crypto forums are bad. Painful and unnecessary KYCs and high fees.

They closed my account, I had zero balance there anyways and didn't plan using them.

Basically very very bad experience, perhaps they started with good intention and then turned into some sort of KYC/AML/FATCA/GATCA/CRS/4AMLD/5AMLD bulls**t. I see zero sense in using something like Bitwala, it only adds an extra annoying step and no benefits.

Bitwala was meant to be an exchange for crypto and for crypto to fiat is that correct?

clemens said:

Bitwala was meant to be an exchange for crypto and for crypto to fiat is that correct?

I believe that is true and how it is. Anyway, when I look closer through the website they seem to offer the exact same thing as Transferwise, AdvCash, Mister Tango and so forth.

What's your thoughts about Bitwala? I have opened a test account with them to see how it may work out. Just don't want to lose any money.

operating on solaris bank platform so money should be safe but they can shut down any acc without even a right to appeal