Best Overall Crypto-Friendly Bank: Mercury
Mercury stands out as the top choice for crypto startups and Web3 companies. This fintech company understands the needs of businesses in the blockchain space. It offers a user-friendly experience with features like automated accounting and customizable user access. Business owners benefit from a fee-free checking account with unlimited transactions and no monthly fees. While you can’t hold crypto directly in your Mercury account, buying it is easy, and sending wire transfers to major exchanges like Gemini and Coinbase is straightforward.
Monthly Fees:
- Mercury Business Checking: $0
- Mercury Plus: $35
- Mercury Pro: $350
Best Bank for Institutional Investors Seeking a Cryptocurrency Custodian: U.S. Bank
U.S. Bank offers comprehensive cryptocurrency custody services tailored for institutional investors. They provide multiple business checking options and an array of cash management and lending services. A standout feature is the ability to manage traditional securities and crypto assets all in one place, making it easier for investors to oversee their portfolios.
Monthly Fees:
- Silver Business Checking: $0
- Gold Business Checking: $20 (waivable)
- Platinum Business Checking: $30 (waivable)
Best Traditional Bank with a Blockchain Platform: Chase
Chase brings innovative features to the traditional banking scene with its blockchain platform, Onyx. Though it doesn’t allow direct crypto trading, you can buy digital assets through authorized exchanges. Chase provides various business banking products tailored for companies involved in regular domestic and cross-border payments.
Monthly Fees:
- Chase Business Complete Banking: $15 (waivable)
- Chase Performance Business Checking: $30 (waivable)
- Chase Platinum Business Checking: $95 (waivable)
Best for International-Based Firms with Frequent Transfers: Revolut
Revolut caters to non-U.S. businesses, allowing easy trading of over 120 tokens. With low trading fees and multi-currency accounts, it makes global transactions hassle-free. While U.S. companies can’t trade crypto with Revolut, they can still enjoy fee-free local and international transfers.
Monthly Fees for UK Business Accounts:
- Basic: £0
- Grow: £19
- Scale: £79
Best for UK-Based Companies: Monzo
Monzo is a top digital bank in the UK, fully regulated and known for its user-friendly app. While it doesn’t support direct crypto trading, you can transfer funds to authorized exchanges effortlessly. Monzo offers various accounts with features like integrated accounting and expense tracking.
Monthly Fees:
- Lite: £0
- Pro: £9 (first month free)
- Team: £25
Best for Startups and Venture Capital Investors: Silicon Valley Bank
After its acquisition by First Citizens Bank, Silicon Valley Bank continues to support startups and venture capital investors. It offers tailored financial products and facilitates transfers to licensed cryptocurrency exchanges.
Monthly Fees:
- SVB ScaleUp: $50 (waivable under specific conditions)
Quick Comparison of Best Crypto-Friendly Banks
Mercury, U.S. Bank, Chase, Revolut, Monzo, and Silicon Valley Bank offer various features catering to the growing demand for cryptocurrency services in business banking. They provide essential tools for managing finances, making transactions, and supporting emerging digital asset needs.
Factors for Choosing a Crypto-Friendly Bank
When evaluating the best banks, consider cryptocurrency support, transaction fees, available business products, monthly charges, ATM fees, cash deposit options, and customer support.
Frequently Asked Questions
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Is Bank of America crypto-friendly? Yes, it collaborates with exchanges like Coinbase and Gemini for fund transfers.
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Does Capital One allow crypto purchases? No, but you can link your Capital One checking account to a registered exchange.
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Is Citibank crypto-friendly? Yes, it offers custody solutions for digital assets but doesn’t allow crypto purchases via credit cards.
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Does Wells Fargo do cryptocurrency? Yes, it allows fund transfers for crypto purchases but restricts credit card transactions.
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Is JP Morgan crypto-friendly? Yes, with its blockchain platform, Onyx, and digital asset, JPM Coin.
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What’s the easiest way to withdraw crypto to a bank? Sell your crypto on an exchange, convert it to cash, and withdraw to your bank.
- Which banks block crypto transactions? Many banks prohibit credit card purchases for crypto and restrict transactions due to risk factors.
