Bank blocked payment asking additional information on the beneficiary


#1

Hi everyone,

I’m writing here because I have not found similar topics in the forum and the arbitrator is not answering yet.
Today my bank phoned me saying that they have blocked my european SEPA payment due to new “embargo laws” that requires additional information on payments to foreign countries. The point is that I have already made a successful payment this month for a bisq trade, but this time they have recognized my payment as “suspect”. What they are asking me exactly are: the passport or the identity card of the seller, the good beign traded and, if the good it is a fisical good, the bill reporting the purchase. The problem is that banks are not usually bitcoin friendly, so maybe saying that I’m buying bicoin could worsen the situation… What should I do? I don’t have much time because I must go today in my bank’s office… any advice is appreciated, Thank you.


#2

Assume your trade partner is on a black list (for whatever reason) or they fear that the account is used for money laundering. So they have to filter all bank transfers against their list and patterns (e.g. your trade partner has in the purpose field always something like “XZ4SFDF” and not “Invoice no. 4711, customer no. 234”).
I see only two options:

  1. Tell the bank you buy Bitcoin (assume they again will insist you get the id card)
  2. Cancel the trade (assume you loose your deposit unless you can convince the arbitrator that it’s not your fault …) .

#3

I would NOT recommend to tell the bank that you deal with Bitcoin as some banks are very hostile and closes accounts if they see that a client is using Bitcoin.
You can open a dispute and I expect the arbitrator will not take your deposit as it is not your fault.


#4

Yes, just open a dispute with cmd+o and tell the arbitrator about your situation and that you will not be able to make a payment. He will understand.


#5

Thank you for all the replies, It seems that the partner is on a kind of black list and that is the reason of the issue. I did not say anything about bitcoin because I agree @ManfredKarrer and also the arbitrator agreed. Finally everything went good, the arbitrator agreed to cancel the trade and return our deposits.
Now the only problem is that my bank is suspicious, so I think that is not recommended to use their service for other bitcoin purchase on bisq… Any idea of a workaround for this? Like bitcoin friendly banks that are trustworthy for a potential buyer?
I also noted that there is a lack of reliability on the other partner side in the design of this application, how can we ensure that the partner we are trading with isn’t beign investigated or blacklisted? There isn’t a score related to the number of good trade you’ve done in the past. (But I know, this feature could disadvantage new users that obviously can’t have any kind of score).


#6

Arbitrator can decide to take away other trader’s security deposit and award it to you if he believes he should punish the other trader for this and that you should be compensated.

There is no other easy way to ensure reliability of traders and this will hopefully be enough.


#7

If you are in Europe http://mistertango.com is a good SEPA online bank and Bitcoin friendly.


#8

May I ask how much you tried to send. You don’t need to be specific, more than 1000 or less?

Also, consider Fidor as possible bank for Bitcoin transactions.


#9

1- visit your bank branch and tell them that you are really disappointed with the service and about to close the account. 2- tell the bank that you will give them another chance, but if they continue this attitude and ask questions about your personal life, you sue them! It is nobody’s business why you want to send your money and what is this purchase, gift, payback to your friend, etc… they job simply to do transfer funds no more no less.
As well, I will open account in some bank to use only for crypto and not use regular account for this purpose.
And of course NEWER say bank that you deal with crypto! :slight_smile: