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Want to know which banks are the most friendly towards funding your CoinJar account? We have the scoop, so read on.
Finding a bank that works well with exchanges is not that difficult in Ireland because they are generally crypto-friendly.
While some banks are friendly towards crypto transactions, others maintain restrictive policies. We've contacted the major Irish banks directly to bring you accurate, up-to-date information about their crypto policies.
This is info we have worked hard to collect, there are no affiliate links here, this is all solid research and some spending time on hold!
Here's what you need to know about the main Irish banks' approaches to cryptocurrency.
(Please note that cryptocurrency investments can be very volatile and experience extreme price volatility within short periods.)
Permanent TSB takes an open approach to cryptocurrency transactions. Customers can transfer money from their PTSB accounts to crypto exchanges. There are no blanket restrictions on crypto-related transfers.
Key points about TSB:
-Allows transfers to crypto exchanges
-No specific bans on crypto transactions
-Standard fraud protection measures apply
-May contact customers about suspicious transactions
-Subject to standard daily transfer limits
The for online transfers to non-PTSB accounts is €10,000.
Bank of Ireland allows cryptocurrency transactions. Their fincrime team might intervene if they think it might be a suspicious transaction, and require a conversation to proceed.
Key points:
-Permits transfers to crypto exchanges using SEPA via IBAN for current account holders
-Enhanced monitoring of crypto-related transactions
-May contact customers to verify suspicious transactions
-Standard €20,000 daily transfer limit applies
-Additional verification may be required for crypto payments.
For a new payee, within the first 48 hours, you can only transfer €1000 per day. After that it goes to .
AIB maintains the strictest stance on cryptocurrency among major Irish banks, effectively blocking direct transfers to crypto exchanges.
Key points:
-Does not allow direct transfers to crypto exchanges
-Customers must use intermediary services and one suggested by AIB was Revolut.
-These are still subject to monetary limits, usually around [€10,000] ()
-Additional steps required to move funds to crypto platforms
-Most restrictive policy among major Irish banks
All three banks maintain a standard daily transfer limit of between €10,000 to €20,000 for electronic transfers, including those to crypto exchanges. Customers may be able to arrange higher limits through direct consultation with their bank.
For Irish customers looking to trade cryptocurrency, Permanent TSB and Bank of Ireland offer the most straightforward options for funding your CoinJar account. While both banks maintain standard security measures, they allow direct transfers to crypto exchanges without requiring intermediary services.
If you're an AIB customer, you'll need to take additional steps such as using services like Revolut to fund your crypto accounts.
Remember that all banks maintain security measures to protect customers, and you may be contacted to verify suspicious transactions regardless of which bank you use.
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