It can be a struggle for crypto-friendly businesses to find a business bank account, as many traditional banks won’t allow cryptocurrency businesses to open an account. The banks on this list offer varying levels of support for your crypto-related businesses. Some will let you trade and hold crypto directly with them, while others allow you to purchase and hold only through Financial Industry Regulatory Authority (FINRA) authorized exchanges.
After reviewing more than 100 business banking providers, here are the five best crypto-friendly business bank accounts, with links directly to the provider websites:
- MercuryProvider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust: Best overall for crypto startups and Web3 companies
- ChaseMember FDIC: Best traditional bank with its own bank-led blockchain platform
- U.S. BankMember FDIC: Best traditional bank with internal cryptocurrency custody service
- BankProvMember FDIC: Best fintech with dedicated crypto business banking
- RevolutAs of Oct. 3, 2023, U.S.-based businesses can no longer buy, sell, or hold crypto with Revolut. This product is still available to businesses outside the United States. Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Sutton Bank and Metropolitan Commercial Bank.: Best for international-based crypto companies doing business overseas
Cryptocurrency can be highly volatile and may be a risky investment for your business. Consult your financial advisor before investing in any digital currency. Funds held outside of the US or in cryptocurrencies may not necessarily be insured against loss. See the provider’s website for more information.
Best Crypto-friendly Business Bank Accounts At a Glance
Account Name | Monthly Fee | Free Monthly Transactions | Free Cash Deposit Limit | |
|---|---|---|---|---|
| Business Checking | None | No limit | Cash deposits not accepted |
| Business Complete Banking | $15; waivable | 20 | $5,000 per month |
| Silver Business Checking | None | 125 | $2,500 per month |
| Classic Business | None | 50 | Fees not stated |
| Free Business Checking | None | No limit | Cash deposits not accepted |
Mercury: Best Overall for Crypto Startups and Web3 Companies
What We Like
- No monthly maintenance fees
- No wire transfer fees
- Treasury product offers outstanding yield on balances over $500,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- No APY for checking accounts
- Limited lending options and no cash deposits
Read our Mercury business checking review
Features
- Earn interest with Mercury Treasury product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checkbooks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
Read our Mercury business checking review
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Choose Mercury
For businesses that use or are Web3 companies, Mercury is a great choice for a business banking solution. As defined by the Harvard Business Review, Web3 is “a blockchain-based web” and “an extension of cryptocurrency.” Mercury’s business checking is built to streamline the operations of those types of companies.
There are no restrictions on buying crypto through your Mercury account. Wires sent through the account will include your business name, which the provider notes will help crypto exchanges, such as Gemini and Coinbase, process and credit the wire. However, you cannot hold crypto in your Mercury account at this time.
Mercury’s Vault product uses partner banks and a sweep network to insure business funds of up to $5 million. Mercury Treasury, available once you have at least $250,000 in your account, earns an interest yield. Currently, that yield is up to 5.47% but it changes weekly.
You can also get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury also offers a prepaid card with 1.5% cash back and unlimited virtual cards. You can learn more about it through our Mercury IO Mastercard review.
According to Mercury, the main requirement is that companies only use their Mercury account for operational purposes, such as payroll and rent, for example. The only reasons they would reject a new crypto-based business are:
- The business will take ownership of their customer’s funds in their Mercury account
- The business offers crypto for cash exchange services or Bitcoin ATM services
- The business is a crypto-mining operation
If none of those reasons apply, a crypto-based business should have the same onboarding experience as any other business type, according to Mercury.
Note: Deposits in Mercury checking and savings accounts are held by our partner banks, Choice Financial Group and Evolve Bank & Trust, Members FDIC. Through sweep networks, these funds become eligible for up to $5M in FDIC Insurance. Visit Mercury’s website for more information.
Chase: Best Traditional Bank With Its Own Bank-led Blockchain Platform
What We Like
- $300 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
Drawbacks
- Limited number of free transactions
- Does not earn interest
- Fee for cash deposits of more than $5,000 per statement period
Read our Chase Business Complete Banking review
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
Read our Chase Business Complete Banking review
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments; 15 cents for succeeding payments and a $2.50 return fee 1% of transaction value for same-day ACH or real-time payments |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
When To Choose Chase
In 2020, J.P. Morgan Chase developed Onyx, the first bank-led blockchain platform in the world. This tool and Chase’s outstanding business checking products make it a good choice for crypto-friendly companies.
Onyx uses Liink, the first bank-led, peer-to-peer (P2P) network for secure information exchange. The company’s coin system, JPM Coin, allows for the support of domestic and cross-border payment. JPM Coin enables 24/7 transfers using blockchain technology.
Onyx Digital Assets allows you to represent a financial asset as a programmable token on a blockchain. The company claims this helps increase the utility and mobility of financial assets.
You can purchase crypto with Chase accounts by using authorized exchanges. Chase’s entry-level business checking account, Business Complete Banking, is a solid choice for an account for a crypto-friendly business. It gives you up to 20 free transactions and $5,000 in free cash deposits monthly. You can also get a $300 bonus by opening a new account and completing qualifying actions.
Chase doesn’t directly handle cryptocurrency transactions, and you won’t be able to hold crypto directly in your Chase account. However, paired with an authorized exchange like Kraken, you can use your business funds to invest.
U.S. Bank: Best Traditional Bank With Internal Cryptocurrency Custody Service
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transaction
Read our U.S. Bank Business Checking review
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
Read our U.S. Bank Business Checking review
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $14 Outgoing: $40; $35 for voice wire |
International Wire Fees | Incoming: $16 Outgoing: $75 |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | $2,500 in cash deposits or 25 free cash deposits per cycle, whichever comes first |
APY | N/A |
When To Choose U.S. Bank
With an internal cryptocurrency custody offering and outstanding business checking accounts, U.S. Bank is a great option for crypto-friendly businesses. It is also our choice as the best small business checking account.
The bank announced its cryptocurrency custody services in 2021. It was intended for investment managers with private funds in the US or Cayman Islands who wanted a safekeeping solution for Bitcoin.
These custody services allow you to hold cryptocurrency in the same account as traditional securities, cash, and other assets. Read U.S. Bank’s frequently asked questions (FAQs) section to learn more about crypto-related concerns and questions.
You can purchase crypto through regulated platforms with U.S. Bank but cannot purchase or hold crypto directly in your U.S. Bank account.
U.S. Bank’s entry-level business checking, Silver Business Checking, gives you 125 free business transactions and $2,500 in free cash deposits monthly. The bank also offers two higher-tier accounts. There are waivable monthly fees for the Gold and Platinum Business Checking accounts but both allow more free transactions and other perks.
Additionally, you can earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online (promo code: Q2AFL24) and complete qualifying activities, subject to certain terms and limitations. The offer is valid through August 30, 2024. Member FDIC. See our article on the best bank account promos and offers for details on how to qualify.
BankProv: Best Fintech With Dedicated Crypto Business Banking
What We Like
- Dedicated banking product for crypto businesses
- Multiple tiers of checking to fit the needs of larger businesses
- Deposits 100% Insured
Drawbacks
- Some of the tiers require very high balances to waive monthly fees
- No free ATM transactions
- Lengthy list of fees that businesses should review before opening an account.
Features
- Five separate business checking products
- Deposits 100% insured as a member of the FDIC and the Depositors Insurance Fund (DIF).
- Company’s ProvXchange Network allows for real-time transfers 24/7 between BankProv accounts.
- Lending products include commercial, renewable energy, search fund, and small business and warehouse lending.
- Offers Banking as a Service (BaaS) partnerships.
- Cash management tools include ACHs, wire transfers, transaction monitoring, and bill pay services.
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 50 free each month, then 16 cents each |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $10 |
International Wire Transfer Fees | Incoming: $10 |
ATM Fees | $2 each for inquiries, transfers, or withdrawals, even at in-network (SUM network) ATMs |
Cash Deposited | Fees not stated; cash deposits are likely accepted at branch locations and some ATMs. ATM deposits will likely have a fee. |
APY | N/A |
When To Choose BankProv
As one of the few companies to offer full-service US dollar (USD) banking products for crypto-native and related businesses, BankProv is a great option. It touts that it has become a full-service commercial blockchain bank.
It has partnerships with companies, such as Fortress, Etana Custody, and Synctera to help support crypto and Web3 businesses. It supports crypto exchanges, investors, software developers, and bitcoin ATM companies.
One major perk is BankProv’s membership in the FDIC and the DIF. The company guarantees deposits will be insured 100%. Be aware that currency held in crypto exchanges may fall outside of this insurance guarantee, so consult your financial professional before investing.
BankProv offers five business checking accounts. The basic Classic Business account has no monthly fees and up to 50 free transactions each month. Monthly fees are charged for the other four accounts, with increasing thresholds for waiving those fees. The top account, ProvX+, has a $1,000 monthly fee and requires a $5 million balance to waive that fee.
Each higher-tier account comes with more features and more free transactions. Companies should review BankProv’s lengthy schedule of fees for complete details.
While this will be an online-only bank for most customers, BankProv has seven branch locations in Massachusetts and New Hampshire. It’s also not a fly-by-night operation, as the bank was founded in 1828 and is the 10th oldest bank in the nation.
Revolut: Best for International-Based Crypto Companies Doing Business Overseas
What We Like
- Foreign Accounts Hold and exchange more than 120 tokens
- Spend in up to 150 local currencies
- Multiple tiers to fit your business needs
Drawbacks
- Cannot purchase or trade cryptocurrency from US-based accounts
- Some features only in paid plans
- Funds held outside of US-based account or in crypto may be uninsured
Features
- Up to three physical and 200 virtual cards; first plastic card ships free; delivery fees for each additional card apply
- Four different company accounts and three freelancer accounts.
- Local accounts opened up in USD, euros (EUR), and British pound (GBP)
- Can create multiple accounts in more than 25 currencies to hold, exchange, and transfer money
- Savings vault available in some paid plans with solid APY
- Perks for paid plans include metal cards, better exchange rates, and cash back bonuses
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Transfer Fees |
|
Monthly Fees | None |
Domestic Wire Transfer Fees | Outgoing: $10 |
International Wire Transfer Fees |
|
ATM Fees | Up to 2% of the amount withdrawn, plus third-party ATM fees |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Note that Revolut is a business fintech platform backed by FDIC-insured Metropolitan Commercial Bank (account) and Sutton Bank (savings vault). Prices listed above are for US-based accounts. To trade or purchase crypto, you must have an account outside the US. See Revolut’s website for pricing details in other currencies. | |
When To Choose Revolut
Note: As of Oct. 3, 2023, US customers will no longer be allowed to buy, sell, or hold cryptocurrency with Revolut. However, overseas customers can continue to use Revolut for those purposes. In addition, Revolut still offers business accounts domestically, without the ability to buy, sell or hold crypto. See Revolut’s website for more information.
Thanks to the abilities to have accounts in three currencies and to exchange up to 28 currencies and spend more than 150 currencies, Revolut is a solid choice for internationally-based crypto companies doing business overseas. In addition, you can buy and sell more than 120 tokens with Revolut, including bitcoin, polkadot, cardano, ripple, ethereum, polygon, and solana.
The provider has seven checking options, including four business accounts and three freelancer accounts.
The free business account has no opening deposit or minimum balance requirements. However, some of the best exchange rates and perks are only available in the three paid business accounts—$30 a month for Grow, $119.99 a month for Scale, and custom-quoted for Enterprise.
Meanwhile, the freelance accounts include a free product, a Professional product for $7 a month, and an Ultimate product for $30 monthly.
While U.S.-based businesses are unable to buy, sell, and hold crypto with their Revolut account, international businesses will find the provider one of the best options for their crypto-based business. International businesses should visit Revolut’s website for product pricing information in their local currency.
Another major potential drawback of Revolut for domestic customers is that funds held overseas may not be insured if the local accounts fail. Since transfers between Revolut accounts are free, it’s best to keep funds in your U.S.-based account, which is backed by FDIC-insured banks.
How We Evaluated the Best Business Bank Accounts for Cryptocurrency
We considered hundreds of domestic bank and neobank products when compiling this buyer’s guide. When we evaluated the best business bank accounts for cryptocurrency, we considered:
- Whether you could purchase crypto with funds from the bank
- Whether you can hold crypto directly in the bank
- Multi-currency options
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
Other Considerations for Crypto-friendly Businesses
While your crypto-friendly business will need a checking account, there will be other products and services you will need for your company. Here are some other guides to consider when building or growing your business:
- Payment gateways: Before choosing a company to facilitate crypto transactions, check out our buyer’s guide to the best crypto payment gateways for small businesses.
- Payment acceptance: Want to allow customers to pay for products and services with crypto? Check out our guide on how to accept cryptocurrency payments as a business.
- Accounting software: You will need good accounting software to handle your crypto-friendly business. See our roundup of the leading cryptocurrency accounting software.
- International contractors: One of the ways you can pay workers overseas is with crypto. See our guide on how to pay international contractors for details on cryptocurrency payments and other solutions.
- Payment trends: Check out our guide to the payment trends shaping the future of retail and ecommerce for things to watch for with cryptocurrency payments.
- Payment fraud: It is critical to keep an eye out for payment fraud to protect your business. Crypto exchanges are seeing an increase in fraud. See our guide for more information.
What You Need to Open a Business Bank Account
Though each provider listed above may require different documents to open a business bank account, here is a general list of what you will need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Additional documentation may be required for cryptocurrency businesses looking to open an account in the US. For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
FAQs
Fintech companies are more likely to support crypto businesses than traditional banks. Fintechs that support Crypto businesses include BankProv and Mercury. Revolut supports crypto-based businesses located outside of the US. Traditional banks, such as Bank of America and Chase, may decline crypto-related transactions. However, Chase does have its own bank-led blockchain platform.
Yes, there are many banks that will allow you to open a business account that works with cryptocurrency. However, according to some Reddit users, some traditional banks and fintechs will deny your account if you list your business as a bitcoin mining or money services business (MSB). Be sure to research allowed business types before applying for an account.
Online-only fintech company BankProv is the most crypto-friendly company with services available in the US. Revolut is great for companies located outside of the US.
Bottom Line
Due to cryptocurrency’s volatility and relative newness, many banks don’t allow for any type of crypto-related transactions. The five banks listed here offer different levels of support for crypto-friendly businesses. Determine your banking needs, consult your financial professional, and choose the bank that best meets those needs.
