Bison Bank stands as a fully licensed entity established in Portugal in 2001. Operating under the supervision of the European Central Bank, it holds the distinction of being the first and only bank in Europe approved to offer integrated cryptocurrency services. Additionally, it is recognized as one of the RMB clearing banks approved by the People's Bank of China.
This article explores the services, features, and processes involved in engaging with this innovative financial institution.
Core Services Offered
Bison Bank provides a comprehensive suite of banking solutions tailored for both traditional and modern digital finance.
Traditional Banking Services
The bank offers a full range of conventional financial products. These include deposit and loan services, international wire transfers, and foreign exchange transactions. They also provide investment banking services such as IPOs, bond issuance, financing, and mergers and acquisitions support.
Digital Asset and Cryptocurrency Services
A key differentiator for Bison Bank is its seamless integration of digital currency services with traditional banking.
- Dual Currency Accounts: It is the first global bank to offer a unified account supporting both fiat currency and various cryptocurrencies.
- Exchange Services: Clients can easily convert between cryptocurrencies and fiat currencies through a streamlined process.
- Clearing and Settlement: The bank provides efficient clearing and settlement services for transactions involving both single and multiple addresses for crypto and fiat.
- Asset Custody: It offers bank-level, multi-encryption custody services to safeguard digital assets for both individuals and corporations.
For those looking to manage these assets actively, you can explore advanced digital asset management tools to complement the bank’s offerings.
Unique Features and Benefits
Bison Bank has pioneered several unique products that bridge the gap between traditional finance and the digital economy.
The Dual Attribute Card
The bank issues a groundbreaking VISA dual attribute card, the first of its kind to receive approval from EU regulators and card associations. This card allows for real-time conversion and instant payment directly from the account. Future plans include launching similar cards with other major networks like Mastercard, AMEX, and JCB, customizable by region, usage scenario, and currency.
Global Automated Services
The bank’s advanced global online system allows for automated account opening and supports virtual accounts for automated batch transaction processing. This is complemented by a strong private banking division.
Worldwide Professional Network
To serve a global clientele, Bison Bank maintains representative offices and associated institutions in key financial hubs around the world, including:
- Beijing and Tianjin, China
- Lisbon, Portugal
- Tokyo, Japan
- Hong Kong, China
- Singapore
Account Opening Process and Requirements
Opening an account with Bison Bank involves a clear set of steps and documentation.
Required Documentation
Prospective clients must prepare the following materials:
- Passport: For mainland Chinese clients, the passport must be notarized by a local notary office and authenticated by the Portuguese embassy. For clients in Hong Kong, Taiwan, or Macau, local notarization is sufficient.
- Employment/Income Declaration Form: An English-language document stating job function, start date, and annual income.
- Portuguese Tax Identification Number: If unavailable, the bank can assist with the application process.
- Tax Number or National ID Card.
- Proof of Address: A document issued within the last six months, such as a bank statement, utility bill, or credit card statement. It must be in English or accompanied by a certified translation.
Financial Requirements
A minimum initial deposit of €50,000 is required to open an account.
Associated Fees
- Account Opening Fee: Includes due diligence and service charges.
- Account Management Fee: There is no monthly or annual management fee.
Please note that fee structures are subject to change based on individual circumstances and regulatory updates.
Frequently Asked Questions
What makes Bison Bank different from a traditional bank?
Bison Bank is a fully licensed traditional bank that also offers integrated cryptocurrency services. This unique dual approach allows clients to manage fiat and digital assets within a single, regulated institution under European Central Bank supervision.
How long does the account opening process typically take?
The timeline can vary based on the completeness of the submitted documentation and the required verification checks. Using the bank's automated online system can streamline the process, but clients should anticipate a standard period for standard due diligence procedures.
Is my cryptocurrency held at Bison Bank insured?
While the bank provides bank-level, multi-encryption custody services, clients should inquire directly about the specific details of their asset protection policies and any applicable insurance coverage for digital assets.
Can I use the dual attribute card anywhere in the world?
Yes, the VISA dual attribute card is accepted globally wherever VISA is accepted. Its functionality allows for seamless transactions using either the fiat or cryptocurrency balance in the account.
What support is available for non-English speaking clients?
With its global presence in major financial centers, Bison Bank likely offers support in multiple languages. It's best to contact their service teams directly to confirm the availability of support in your preferred language.
Are there any restrictions on which cryptocurrencies are supported?
The bank supports major cryptocurrencies for its exchange, custody, and dual account services. For a definitive and updated list of supported digital assets, prospective clients should consult the bank's official materials or contact them directly.
Conclusion
Bison Bank represents a significant innovation in the financial sector, successfully merging rigorous regulatory compliance with the flexibility of digital currency services. Its comprehensive suite of products, from dual accounts to specialized cards, positions it as a forward-thinking choice for individuals and businesses operating in both traditional and digital economies. As with any financial decision, potential clients should conduct thorough research to ensure the bank’s services align with their specific needs and risk profile.