Fire Out, Fidor UK In: Fire Bans Transfers to and from Cryptocurrency Exchanges

Fire, previously one of the few "banks" that had no problem with cryptocurrency and transfers to and from exchanges, has changed its position. Transfers will no longer be processed.

The email that all Fire customers would have received.

Fire was not great anyway. Fees were relatively high as if you deposited in British pounds these would need converting to euros before being transferred to an exchange and would incur a fee of 1.25%. It was also quite slow.

Which accounts remain open to bitcoin and cryptocurrencies?

Fidor bank is an online only bank that was founded in 2009. It is headquartered in Germany but they also have a UK bank, Fidor UK. They describe themselves as a secure and innovative online bank account that you can open within a matter of minutes. Their free Fidor Smart Account offers attractive interest rates, low-cost SEPA fees, a UK debit Mastercard and market-fair Euro to GBP rates all easily, securely and digitally.

Opening an account with Fidor UK can be done entirely online. You will require a passport to open an account. For some reason driving licences are not accepted. The account cannot be used for direct debits and does not have faster payments. You will get a virtual debit card though and be able to make online payments. Sepa payments can also be made which allows you to transfer to cryptocurrency exchanges that do not accept deposits in British pounds. Coinbase and Binance JE cryptocurrency exchanges both accept deposits in British pounds.