My attempted use: transfer around £1000 from the UK to equivalent value ₪ NIS in Israel completely in compliance with all tax regs and not trying to hide anything.
Coinbase: went through the verification process, transferred £2 from my UK Bank Account. Got a cryptic email saying I can't be verified because despite having a UK Bank, I'm not resident there.
Moved to Bitstamp. Went through the verification process there which wasn't too tricky. Got to the end and realised they can't accept a direct UKP£ transfer from a UK Bank, they want a Euro deposit. I'm trying to AVOID international currency entanglements!
Back to Kraken. Their email loop REFUSES to send email to my mail server. They never make a connection. OK, give up, give my old Gmail account. Bang, verification email in seconds.
Upload my identity documents but I do have a gotcha: it's almost impossible to get proof of address and residence in Israel in English. And they want something less than 3 months old! All I've got is my Tax statement for this year but it's in Hebrew.
I send them that, a google translate screenshot showing how the Hebrew symbols of my name and address look in English. I send them a FedEX package cover I got last week.
I know this is all about Know Your Customer KYC regs, I do, I did on-boarding training for a major international Accounting firm's consultancy arm back before 2000, I know where this comes from, but this whole thing is what makes Crypto so unusable especially compared to the massive power of Visa/Mastercard and the derivative businesses like PayPal and Stripe.
This is just a sample of back and forth with Kraken support. You've got to be dedicated to get through a process like this.
Ask your Israeli bank for a letter stating your address in English.
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I’ve set up accounts with 3 Crypto exchanges in 2 countries and never had issues like this.
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Update: Coinbase rejected my initial incoming deposit because my UK bank account is a joint account with my wife so when the transfer was made it must have abbreviated my first name.
Nowhere in their sign up process did they ask or give room for me to tell them it was a joint account or the specific text that would come through on a bank transfer.
Oh well... looks like I'm in the final stages of having Kraken open my account.
I guess Crypto is such a fast growing industry that nobody cares about losing customers to competition.
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