Last Update March 14th, 2020. Finding a reliable bitcoin-friendly bank is important so that you can prevent cancellations, account closures, and any general issues when purchasing bitcoin.
We will highlight the best bitcoin-friendly banks in this guide.
Many banking institutions particularly the big four of Chase, Wells Fargo, Bank of America and Citigroup specifically prohibit the purchase of bitcoin by debit card, credit card or bank account.
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The Complete Guide To The Best Bitcoin-Friendly Banks Worldwide (Updated 2020)
If you are serious about investing in or buying bitcoin, it is recommended that you single out and use banks that are specifically bitcoin-friendly.
Why Should I Look For A Bitcoin-Friendly Bank?
Having knowledge of the best bitcoin-friendly banks will help you make the most effective purchase decision. You will be able to call your bank and speak about general bitcoin purchases without any issues at all.
A bitcoin-friendly bank supports the purchase of bitcoin using money from your own bank account.
Banks That Allow The Purchase Of Bitcoin
Wirex offers the first-ever FCA-licenced, crypto-friendly business account that is secured with multi-signature cold-storage. Wirex makes it easy to own both cryptocurrency and fiat dollars under one smart and simplified account.
Within the Wirex app, you can seamlessly buy, store and exchange digital and traditional currencies anytime.
Customers can fund their accounts using a debit or credit card, bank transfer or crypto. Wirex can also be linked to a third-party service such as Curve, Revolut, or Paypal. Customers can exchange between currencies at any time.
Open a crypto & fiat currency account with Wirex here.
Founded in 1919, Ally Bank was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010, when they formally rebranded the company.
Ally Bank gives customers a completely seamless online banking experience between both their website and mobile app. Their savings account offers one of the highest yields in the industry and has no monthly maintenance fees.
The company offers 24-hour customer service and can be reached at any time via the mobile banking app or through phone support.
Customers who want to purchase bitcoin using their Ally Bank issued debit card can do so without any problems. Those who want to make purchases with bank transfer or bank wire will be able to do so efficiently and effectively as well.
Sign up for Ally Bank here.
Founded in 1922, the United Services Automobile Association is a San Antonio based bank originally founded by a group of 25 U.S.
Army officers as a mechanism for mutual self-insurance because of the perception that they, as military officers, were a high-risk group. USAA proudly serves members of the military and their dependents and gives loyal members access to banking, insurance, and investment services.
USAA has a very high Moody’s and Standard & Poor’s score which means it has demonstrated a history of accountability, growth, and stability to its customer base. USAA offers restricted membership for civilians although anyone can sign up.
Members who want to make purchases of bitcoin using their USAA issued debit card are allowed to do so. Bank transfers and bank wire payments for the purchase of bitcoin are allowed as well.
Sign up for USAA here.
Founded in 2009, Simple is an American direct bank based in Portland, Oregon.
The company provides an FDIC-insured checking account to any US Citizen through a partnership with The Bancorp and BBVA USA.
The Simple Bank checking account is made for those who want to track their expenses and budget at the same time in one simple place. You also have access to a personal online banking system that is only accessible through the website or mobile app.
With a Simple issued Visa debit card, you can make bitcoin purchases at any time.
Sign up for Simple here.
Founded in 1869, Goldman Sachs is a multinational investment banking and financial services firm headquartered in New York, New York.
Although they do not offer a checking account, customers get access to a high-yield online savings account backed by the financial expertise of Goldman Sachs.
Learn more about opening a high-yield Online Savings account with Goldman Sachs here.
Founded in 2013 by entrepreneurs Chris Britt and Ryan King, Chime Bank is headquartered in San Francisco, California.
The company offers no monthly fees, no overdraft fees, no minimum balance fees, and over 38,000+ ATM locations including CVS, Walgreens, and 7-Eleven stores. With Chime Bank, you receive your direct deposit payments as soon as they are processed. The mobile app is easy to use, so finding an ATM is painless and they also have a feature for mailing out checks on your behalf right from the interface itself.
The official statement from Chime is that bitcoin purchases are not allowed with their VISA debit card, however, you can utilize a platform such as Paxful and use their escrow system to move money to pay friends directly with their username, phone number or email.
Note: Although it is a rare occurrence, Chime can penalize you for buying or selling bitcoin by closing down your account.
Open an overdraft fee-free Chime account here.
Banks That Explicitly Ban Or Limit Bitcoin Purchases
- Bank Of America
- Wells Fargo
- Capital One
- TD Bank
- PNC Bank