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BOI Blocked Coinbase

  • 19-06-2020 6:35pm
    #1
    Waternotsoda
    Registered Users Posts: 229 ✭✭


    I have been using coinbase as my wallet. However this week Bank of Ireland Blocked me from transferring money to coinbase by debit card. I have successfully being using BOI transfers to Coinbase up until now.

    Has any one else had this experience with BOI or any other Irish Bank.

    What other ways are there of depositing money to coinbase?


Comments

  • #2
    Arrival
    Closed Accounts Posts: 779 ✭✭✭Arrival


    That is ridiculous, they must be the first Irish bank doing that. Have you contacted them about it? To be honest I'd be closing the account with them after that. But anyway, you could transfer whatever money you want to Revolut or N26 first and then from there to CoinBase

    Could be worth trying Kraken as well, it's actually better and cheaper than CoinBase in my opinion. Used CoinBase for the past couple of years but recently started using Kraken because I was cost averaging money in and CoinBases fees aren't very good for that


  • #3
    tuff1
    Registered Users Posts: 98 ✭✭tuff1


    Revolut have blocked Coinbase on me as well. It was working up until a month or two ago, and then one day the transactions don't go through. When I asked them about it they just said the merchant had been wrongly categorised and they couldn't do anything for me, it looked like support didn't really understand the issue to be honest.


  • #4
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    Coinbase has an emoney licence, it can't be blocked by any of the banks under Irish law, why do you think they are headquartered here..


  • #5
    CutWeldDrive
    Registered Users Posts: 92 ✭✭CutWeldDrive


    I've BOI, revolut and N26. None of these currently blocked and all worked as should, for monies in and out of exchanges.

    Best to contact your bank.


  • #6
    ronivek
    Registered Users Posts: 1,916 ✭✭✭ronivek


    I suspect more often than not these transactions are flagged as potential fraud; happened me several times albeit with a different bank.

    Have you contacted your debit card support line?


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  • #7
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    I have Coinbase setup as an international payment. It's in Estonia, hence the international payment. As long as I transfer before 3pm, it's in my Coinbase account around 7am the next business day.
    If I want money in a hurry, I buy using my N26 card. I am with UB. They don't allow you to buy digital currency using their credit cards. Haven't tried with their debit card.


  • #8
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    Waternotsoda wrote: »
    I have been using coinbase as my wallet. However this week Bank of Ireland Blocked me from transferring money to coinbase by debit card. I have successfully being using BOI transfers to Coinbase up until now.

    Has any one else had this experience with BOI or any other Irish Bank.

    What other ways are there of depositing money to coinbase?

    I've had bank accounts closed (overseas) for no other reason than crypto. BOI are telling you a few things.
    1. Don't bank with them - move bank today.
    2. BYOB - start making more efforts to Be Your Own Bank. Of course none of us can go 'all in' on crypto and that will remain the case for some time to come. However, I'd recommend always having a Lightning Network wallet like Breeze or Phoenix so that you always have some Bitcoin walk-around money - and spend it when you do get the opportunity to pay with BTC.

    That's the only way we're going to get to a point where these ba$tárds can no longer dictate what you do with your own wealth.
    Arrival wrote: »
    That is ridiculous, they must be the first Irish bank doing that.
    They've all done it at one time or another. The one irish crypto exchange that was knocking around had accounts with every irish high street bank - and one by one, they all pulled the rug out from under them. Eventually they had to go overseas for banking facilities.


  • #9
    ChuckieEgg
    Banned (with Prison Access) Posts: 79 ✭✭ChuckieEgg


    The on/off ramps to Crypto such as Coinbase, Kraken and Binance are points at which Governments and traditional banking can attack. The reality is if they wanted to push Cryptos underground then all they really need to do is ban transactions to and from these on/off ramps.
    Can't see it happening yet, but with the likes of Visa and facebook about to enter the market then it would suit them for that to happen.


  • #10
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    ChuckieEgg wrote: »
    The on/off ramps to Crypto such as Coinbase, Kraken and Binance are points at which Governments and traditional banking can attack. The reality is if they wanted to push Cryptos underground then all they really need to do is ban transactions to and from these on/off ramps.
    Can't see it happening yet, but with the likes of Visa and facebook about to enter the market then it would suit them for that to happen.

    Would it be a better Idea to have accounts with the likes of N26 or Revolut to better deal with these on/off ramps?


  • #11
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    derekeire wrote: »
    I have Coinbase setup as an international payment. It's in Estonia, hence the international payment. As long as I transfer before 3pm, it's in my Coinbase account around 7am the next business day.
    If I want money in a hurry, I buy using my N26 card. I am with UB. They don't allow you to buy digital currency using their credit cards. Haven't tried with their debit card.

    I haven't put any money into Coinbase since 2018, but AIB didn't seem to have a problem with SEPA transfers at the time, have they changed their policy since then? Or maybe it's just using CC for buying thats prohibited maybe.. I don't know tbh


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  • #12
    SkySter
    Registered Users Posts: 828 ✭✭✭SkySter


    ZeroThreat wrote: »
    Would it be a better Idea to have accounts with the likes of N26 or Revolut to better deal with these on/off ramps?

    Revolut isn't really a viable on ramp in my opinion. You can't transfer in or out of your own crypto wallets and the spread is far too wide compared to exchanges or even coinbase.


  • #13
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    SkySter wrote: »
    Revolut isn't really a viable on ramp in my opinion. You can't transfer in or out of your own crypto wallets and the spread is far too wide compared to exchanges or even coinbase.

    Well tbh I was more referring to just getting fiat onto and off the exchanges without directly using the large high street Irish banks.

    Being able to transfer crypto from any source and spend it on, say a revolut or other card would probably lead to widespread tax evasion issues.


  • #14
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    Akesh wrote: »
    I would move away from CoinBase anyway. They have serious questions to answer. Any serious movement and the exchange goes down.

    Even for coinbase pro (formerly Gdax) you don't get the once low trading fees anymore until you're trading crazy high amounts like above $50k now afaik..


  • #15
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    ChuckieEgg wrote: »
    The reality is if they wanted to push Cryptos underground then all they really need to do is ban transactions to and from these on/off ramps.
    Indeed they can. This is always a risk. However, you could also ask the question as to why they have not done it up until now? Maybe they know that in the longer game, it will get them no-where. There's a ban of sorts in place in China - yet there's understood to be a lot of Chinese money in crypto.

    Check out this short video clip from a US Congressman around the time of the Facebook/Libra hearings in Washington last year. He's effectively saying that it's impossible to kill Bitcoin.

    Right now, they have some control over it. If they drive it underground, then they will have no control. They may also drive innovation in that space out of the country if they take a measure like that.

    From a speculators point of view, it would be a very bad day at the office. However, it would be akin to the war on drugs. Yes, they would suppress it to an extent. However, it seems to me that they can never win out with that.

    They would also need to all get together (all countries) and enforce a worldwide ban - without exception. Governments being governments, I don't think they're competent enough to be able to do that.

    With the ongoing development of a whole host of decentralized financial products - including stablecoins, my view is that I'm becoming increasingly happy with the notion of leaving $ within that system. When asked the question about how you get your money out, I'm thinking why do I want to?

    For sure, there are going to be lots of regulatory twists and turns with this over the course of the next few years.


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