Introduction
The world of cryptocurrency operates in a complex regulatory landscape, often facing challenges with traditional banking systems. Many financial institutions view crypto-related transactions as high-risk, making it difficult for investors to find reliable banking partners.
Enter Banco Best – Portugal’s innovative banking solution that bridges the gap between cryptocurrency and fiat currency services. As Europe’s only fully licensed bank authorized by the European Central Bank for cryptocurrency operations, Banco Best offers unique advantages for digital asset investors.
👉 Discover how Banco Best simplifies crypto banking
Understanding Banco Best
Founded in January 2001 with €200 million in capital, Banco Best operates under full European Union and Portuguese central bank supervision. The Lisbon-based bank has strategically positioned itself as a pioneer in crypto-friendly banking services:
- Obtained virtual asset license from Portuguese central bank (April 2022)
- Currently the only EU-regulated bank offering integrated crypto services
- Serves as a RMB clearing bank approved by China’s central bank
- Maintains global presence with offices in Beijing, Hong Kong, Singapore, and Tianjin
- Participates in China’s Cross-border Interbank Payment System (CIPS)
Key Advantages of Banco Best Accounts
- Dual Currency Management: Seamlessly handle both fiat and cryptocurrency in one banking relationship
- Competitive Exchange Rates: Enjoy low 0.3%-0.9% conversion fees between crypto and fiat
- Enhanced Security: Two-factor authentication using email or Google Authenticator
- Unrestricted Transfers: No foreign exchange controls or account limitations
- Industry Flexibility: Open accounts for gaming, jewelry, advertising, and trading businesses
- Physical Bank Status: Unlike virtual banks, operates as a full-service Portuguese financial institution
Account Features and Services
1. Dual Account System
- First bank offering simultaneous fiat and crypto accounts
- Unified dashboard for managing both asset types
2. Conversion Services
- Instant exchange between USDT and fiat currencies
- Competitive spreads on major cryptocurrency pairs
3. Clearing and Settlement
- Single/multi-address transaction capabilities
- Efficient cross-border payment solutions
4. Asset Custody
- Institutional-grade crypto storage solutions
- Bank-level security protocols for digital assets
Special Feature: Banco Best issues Europe’s first VISA dual-attribute card with real-time currency conversion capabilities.
👉 Explore crypto-friendly banking solutions
Required Documentation for Account Opening
Identity Verification
- Notarized passport copy (mainland China clients require additional Portuguese embassy authentication)
- Residents of Hong Kong, Macau, or Taiwan need local notarization only
Proof of Address
- Utility bill or bank statement (last 3 months)
- Documents must be translated to English if original isn’t in English/Portuguese
Tax Information
- Portuguese NIF number or equivalent from residence country
- Bank-assisted NIF application available
Financial Documentation
- Recent pay stubs or tax returns
- Employment declaration form (English version)
- Handheld passport photo
- Overseas bank statement (preferably from another account in your name)
Step-by-Step Account Opening Process
- Initial Application: Complete online forms on Banco Best’s official website
- Document Preparation: Gather and authenticate all required materials
- Submission: Send documents via secure upload or courier
- Verification: Bank conducts due diligence (1-2 weeks typically)
- Video Interview: Final verification via virtual meeting (if required)
- Account Activation: Receive login credentials and start banking
Fee Structure Overview
| Service | Cost |
|---|---|
| Due Diligence Fee | $500 ($1000 for offshore companies) |
| Monthly Maintenance | $20 (non-waivable) |
| Crypto-Fiat Conversion | 0.3%-0.9% |
| International Transfers | 0.1% |
| Minimum Deposit | $10,000 |
Supported Currencies: USD, EUR, and offshore RMB
Important Considerations
- Document Accuracy: Incomplete submissions cause processing delays
- Security Practices: Regularly update passwords and monitor transactions
- Fee Awareness: Understand all applicable charges before initiating transfers
- Customer Support: Leverage bank representatives for any questions
FAQ Section
Q: How long does account approval typically take?
A: The standard processing time ranges from 2-4 weeks, depending on document verification speed.
Q: Can I open a corporate account for crypto business?
A: Yes, Banco Best offers business accounts with additional compliance requirements.
Q: What cryptocurrencies are supported?
A: The bank primarily deals with major coins like USDT, with plans to expand offerings.
Q: Is there mobile banking access?
A: Banco Best provides full-featured mobile apps for both iOS and Android.
Q: How secure are crypto holdings?
A: Assets benefit from institutional-grade custody solutions with multiple security layers.
Q: Can I transfer funds to Chinese bank accounts?
A: Yes, the bank facilitates RMB transfers to mainland China through its CIPS participation.
Final Thoughts
Banco Best represents a groundbreaking solution for cryptocurrency investors seeking reliable fiat banking services. Its unique regulatory status within the EU makes it particularly valuable for international clients needing compliant crypto-fiat solutions.
While the account opening process requires thorough documentation, the benefits of integrated crypto banking justify the effort for serious investors. Always consult directly with the bank for the most current policies before beginning your application.