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Account type

January 25, 2020January 29, 2020 XINGSHUN WEN
Discuss › Category: Cashaa Account › Account type
0 Vote Up Vote Down
XINGSHUN WEN asked 2 months ago

Hi, I am an individual crypto trader on Huobi OTC (A third party person to person crypto trading platform). I am selling BTC and USDT to clients around the world, includes the UK and Europe. And my clients prefer to send payment to me in local currency by local transfer. Like, send GBP via FPS. Send EUR by SEPA instant/credit transfer. (I only trade with clients legally by strict KYC and AML policy)
So I need local GBP and EUR crypto-friendly bank account to receive local currency from clients. Below are several questions:

  1. Can personal Cashaa UK current account receive GBP from the third-party payer (like my individual clients or friends)?
  2. Can business Cashaa UK/EUR’s current account receive GBP/EUR from the third-party payer (like my individual and corporate clients)?
  3. I am really confused about the difference between Cashaa’s personal UK current account, Business UK/EUR current account, and the Broker’s business account. I only need a GBP/EUR account to receive GBP/EUR and most of the time I don’t need to I don’t’ need to convert GBP/EUR to crypto on Cashaa. Instead, I need to wire transfer GBP/EUR out to my Hong Kong bank account.  So based on my requirement, which type of Cashaa account is the best solution for me?

    Thanks.

1 Answers
0 Vote Up Vote Down
Official Support answered 2 months ago

1. No, at the moment banking services are only allowed in Business accounts. A personal account can only receive and send funds from their own Bank account to buy and sell Bitcoin.

2. Yes, Cashaa UK and Euro current account are like your local bank account with a dedicated account number which you can access through internet banking. Please note currently we do not allow SWIFT OUT ( only SWIFT IN) from UK current account, you need to have a local FX provider to send money from UK current account.

3. Cashaa’s Personal account is for personal use. No trading or brokering activity.
Cashaa’s Business account is for business activity. A business account can be divided into 3 types of accounts.
1. Cashaa Wallet ( for buying and selling crypto for company activity) No 3rd party payment allowed.
2. Broker account- It’s for the Brokers who will receive 3rd party payment (GBP and Euro) in compliance with new FCA rules( UK) and AMLD5 and convert them into Bitcoin.
3. Advance account (for Banking services)
Based on your requirement you can apply for:
1.EU Current account https://cashaa.com/euro-current-account
2. UK current account https://cashaa.com/UK-current-account

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