Banks and crypto purchase

As of April 1, E. Sun Bank no longer allows purchase of crypto on major exchanges with a credit or debit card. So it seems the bank is deciding what I can spend my money on. They say it is to protect people from fraud. Well there are a lot of websites out there that accept credit cards that are fraudulent. I don’t see the bank banning the use of cards on the internet. Ironically by banning the use of credit/debit cards, they force people to do P2P purchases, which usually require wire transfers and have no protection at all - not to mention it is the scammers that are usually on the P2P transactions. By banning the use of cards they are driving their customers to the scammers

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Just change bank.

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It isn’t just E.Sun. It is also Taishan.Probably more banks. Had the account for 17 years. Was a pain to get the credit card being a foreigner. Not worth the hassle. There are other ways I can get. Just have my brother in US purchase it then transfer it to my wallet. My main point wasn’t that I couldn’t get it, it was that the bank is deciding what I can spend my money on and how hypocritical they are and that they are not really protecting people from fraud.


Yes they are very good points.
I think there have been a few scandals involving crypto transfers in the news so it is virtue signalling stuff.

I wonder if they’ll move to also restrict transfers to local crypto exchanges similar to many US banks

Yes and all those involved wire transfers. So in essence you can say the banks themselves are to blame. You can’t send $30,000 US on a credit card. Just last month a friend of my wife’s got taken in a scam. Guy said he was a pilot for China Air. He convinced her to invest in crypto.Good thing her daughter found out a week after and told me . It was a scam site that looked like a legit one. I looked at it and saw they were giving 30 percent interest for 2 weeks of staking.Of course they start out with a low investment, 5000NT. Then when they show how much you made they have you put larger amounts in.She put in 5000NT via wire transfer. If we hadn’t caught it, she would have transferred 10,000US. She wouldn’t have been able to do that with a credit card. When we tried to withdraw the 5000, it said it was withdrawn and sent but I checked the Blockchain and it was never sent

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Just did some checking. Turns out all banks ban purchase with credit cards. Turns out once again it was the government that issued a letter to the banks telling them to stop allowing purchase with cards. Once again, Taiwan government shoots itself in the foot. When China banned all crypto in 2001, Taiwan was poised to become the crypto hub of Asia. Money would have started flowing in. Now it is all going to the UAE ( the fact they don’t tax crypto helps a lot)

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Transfer from Taiwan bank to max exchange is instant. TWD to usdt is not bad if you wait someone selling a lot.

Think I will try BitoPro. You can place the order for purchase in the app and then pay cash at Family Mart or 7-11.