Topic: Banks are Blocking funds? From Exchangers (Read 294 times)
It depends on the bank you should read their terms and condition first before using it to withdraw your funds from exchanges. One of my local banks(UnionBank) is open into cryptocurrency, In fact, they have bitcoin atm here. It is really scary if the bank will block or freeze your funds it feels like they are stealing your hard-earned money. If you withdraw big amounts it is better to withdraw on banks fewer transaction fees but risky sometimes.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
Well, banks are centralized institution, meaning you need to obey them for you to manage staying and keeping your account on their custody. Banks has their terms and condition which you need to abide, some banks includes restrictions that involves using bitcoin, and as for your question regarding banks blocking your funds because of exchangers, you might have missed reading the policy of the bank that restricts cryptocurrency causing your funds to be blocked. This is really true guys? Or its a just rumour?
That depends on policy of the bank. Some banks do that because of the government regulation is enforced especially to countries that just banned cryptocurrency. So they don't have choice but to block users from using their service for cryptocurrency. So should be aware of your region whether it is allowed to use cryptocurrency or not, the banks policy or terms and conditions before using their service.
Remitano had always advised its users in my country never to mention anything cryptocurrency in their means of transferring fund from seller to buyer or the other way. Exchanges should devise another means to divert the attention of banks as transaction takes place, I believe they cant always monitor all these transactions except there are stronger laws.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
No they can ask some proofs of the origin of the funds if the transaction is big, or they can close your account later but that's relatively rare in western countries. The more frequent cases are in the opposite way : they refuse to execute the bank transfer to the exchange. This is really true guys? Or its a just rumour?
Here's a tip. Stick to OTC and DEXs. There is no way banks can get a hold of you or your crypto-to-fiat transactions in what so ever ways. If you don't want to use Localbitcoins, then use any one of its hundred alternatives. As long as there are built in escrows and you are not retarded, you can do just fine by limiting your financial transactions to these OTC platforms.
Wich otc platforms?
Here's a tip. Stick to OTC and DEXs. There is no way banks can get a hold of you or your crypto-to-fiat transactions in what so ever ways. If you don't want to use Localbitcoins, then use any one of its hundred alternatives. As long as there are built in escrows and you are not retarded, you can do just fine by limiting your financial transactions to these OTC platforms.
Banks are afraid of cryptocurrencies, they are afraid that cryptocurrencies will affect the value of banks. They are state protected, they can ban you if you violate their rules. However, we still have many measures to trade cryptocurrencies, which are not directly from banks, which are OTC platforms, bought from sellers.
Of course they can, but not a stock account, but your bank account. These are banks, they have their own rules, they are centralized.
You must know exactly what legal relations your bank has with cryptocurrency before making transfers of this kind.
In addition, a transfer to a bank account takes much longer than a transfer to another wallet or card.
You must know exactly what legal relations your bank has with cryptocurrency before making transfers of this kind.
In addition, a transfer to a bank account takes much longer than a transfer to another wallet or card.
unfortunately it is nit rumours!
banks can do it and they do it! but! it depends on the country you live, money amount as well and exchange office also is important.
some of them do not have licenses and then you may have a problem, you will have to prove where you got the money
maybe - you'll have to pay taxes. usually after some time and after submitting required documents - banks deblock transfer
banks can do it and they do it! but! it depends on the country you live, money amount as well and exchange office also is important.
some of them do not have licenses and then you may have a problem, you will have to prove where you got the money
maybe - you'll have to pay taxes. usually after some time and after submitting required documents - banks deblock transfer
Am do my withdrawaIs on Banks and never encounter any issue similar like that but maybe they do that on those people who have had huge transactions with no proper documentation on where the money came from. And we should seek another option if they really do that so we will not compromised our money.
And one of the solution we brought is do the withdrawals via remmitance and currently it runs smooth with no issue occuring.
And one of the solution we brought is do the withdrawals via remmitance and currently it runs smooth with no issue occuring.
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I ‘ve just gone over a thread on a Spanish forum on the topic (to read the pulse on a specific European country), and there are a few cases that seem to have had their transfers blocked or rolled back when trying to transfer to an Exchange (the movement is in the opposite direction to the one mentioned in the OP, but just goes to show). The cases I’ve read about there are mostly related to Conbase/Coinbase Pro, and a sparse case to Bitstamp. One guy mentioned that they had actually gone and blocked his account after performing a TX from Banco Santander to Coinbase, allegedly because they thought the account had been hacked.
The above cases add up to a pretty small amount there, and some may even be related to other types of flags being raised for other reasons (i.e. the amount being transferred itself, or the frequency of the TXs). Nevertheless, it’s triggers a mental note to be wary before performing TXs between banks and exchanges. If you're concerned, it may pay to check with the bank before performing a (substantial) TX.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
This is really true guys? Or its a just rumour?
Yes it's really happening and it's happens to us here in our country, so better read all the terms of the bank that you want to open an account, he honest and ask all their questions correctly on where is the source of your funds or you will regret it later.
When opening an account search for bank that accepts Cryptocurrency, specially if you are living in our country that is hostile in Cryptocurrency.
This is true depending on the country you are living, since I don't know where you live and I don't know the exact laws of your country it's best to ask this first in your local board since they are the ones who have first hand knowledge about bank transactions coming from your local exchanges. Some banks like the ones in India before blocks transactions coming from crypto exchanges like Zebpay making it impossible for their citizens to have the convenience of liquidating their crypto. Sometimes the banks decision on doing this is not just a independent act but there are also influences from their government that is why they are authorized to do it as they will.
In some countries banks and people who work there don't even know what bitcoin and crypto is... sadly.
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
That's true!
WHO want to be ignorant let them be!
In some countries banks and people who work there don't even know what bitcoin and crypto is... sadly.
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
Some banks do, some don't. As for my case, a local bank I've been using for 3 years has never questioned the funds coming in from an exchange platform that I'm using to transfer fiat. They are still sending me bank statements wherein they indicate the name of the exchange where my funds are primarily coming from and I have never received a call from them regarding AML/KYC documentation. So far here in the Philippines, I haven't seen anyone getting blocked by the banks just because they received funds from an exchange. In Canada and the US however, the story gets a little different as there are banks in there that are really against crypto trading, one fine example is JP Morgan and Chase.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
I don't have any issue with transferring my funds from crypto exchange to my bank account maybe because I only have small amount in value. This is really true guys? Or its a just rumour?
But like what everybody's concern possibilities can happened, when banks start to question the source of your funds mostly happen when the amount
is huge, it's questionable for money laundering.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
This is really true guys? Or its a just rumour?
It was like 4 years back! Nowadays, rare are the persons who will tell you their bank closed/suspended their account. (And when you see one, be sure to read the full story)
And no, legally a bank can't block your funds like that. They can decide to close your account but they are forced to release the remaining funds to the place of your choice..
If you're worried make a test with a few payments and see yourself. Nobody here has an account in the same banks as your.
Or call your banker, you're paying him for that.
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We experiences such threat sometime in the past as Nigeria's Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts. Any account that was suspected to be used in cryptocurrency related activities like trading or exchange of fiat to cryptocurrency and vice versa was threatened of been frozen or blocked. Although the rumors spreading around was some customers were affected but no official statement from the banks has been released that they have commence blocking of accounts as of then.
The bankers are in control since they control the fiat so If you feel there's such threat in your geographical area by the bankers, I advice you engage in peer2peer trading as that's what most enthusiast in my region are doing for precaution measures.
The bankers are in control since they control the fiat so If you feel there's such threat in your geographical area by the bankers, I advice you engage in peer2peer trading as that's what most enthusiast in my region are doing for precaution measures.
Somehow we want to cash out some days our crypto!
If you want to use your bank account to withdraw funds from crypto exchange, then it is best to go in a bank and ask what is their attitude towards cryptocurrency. You should do the same thing with crypto exchange, they also can close your account if for some reason don't want to do business with your bank. It's pretty slippery terrain, every move should be carefully planned.
If you have some local store in your country that accepts crypto, this can be good way to exchange crypto to fiat ( if such trade is extra tax-free). Also you can use crypto ATMs, or post in your local board that you sell crypto. Face to face is always risky trading, but Bitcoin for fiat without intermediaries is the best way to avoid high fees and possible taxes.
I wouldn't withdraw fiat from an exchange via a bank. So far I've only withdrawn Bitcoin to my own wallet. I have funded my Coinbase account using faster payment from my bank, and I am mildly concerned that that is on record.
What are you worried about?
Should i Open business account to cash out crypto from Exchangers?
That's a bad idea. Chase, Bank of America, and others are known to close business accounts that transact with exchanges. Do it from a personal account.
One problem with local bitcoins are high fees!!
Second If you Deal with Strange person there is problems like fraud and so.
The fees are too high
Second If you Deal with Strange person there is problems like fraud and so.
The fees are too high
I think that strangest and biggest problems for people are banks as they can do whatever they want.
I would try also with Bitcoin ATMs or p2p trading or find some crypto friendly bank or card connected with crypto.
CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.
U think buying goods online is good way to witraw crypto profit? Since its a tax free
Why not try over the counter transaction(OTC)? I'm sure that there is much user that want to enter in crypto. You can try localbitcoin website. There is a lot of buyer and seller there that willing to do meetups for the transaction. In this way, you can avoid a bank transfer by just directly selling your BTC possession to other wannabe crypto owners. But just always used escrow when you are doing the transaction there, Don't worry about escrow fee, it's cheaper than paying so you are still good.
One problem with local bitcoins are high fees!!
Second If you Deal with Strange person there is problems like fraud and so.
The fees are too high
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CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.
U think buying goods online is good way to witraw crypto profit? Since its a tax free
Why not try over the counter transaction(OTC)? I'm sure that there is much user that want to enter in crypto. You can try localbitcoin website. There is a lot of buyer and seller there that willing to do meetups for the transaction. In this way, you can avoid a bank transfer by just directly selling your BTC possession to other wannabe crypto owners. But just always used escrow when you are doing the transaction there, Don't worry about escrow fee, it's cheaper than paying so you are still good.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or it's a just rumor?
Rumor or not, On cryptocurrency banned country, Bank will review your account from a cryptocurrency exchange.This is really true guys? Or it's a just rumor?
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Quote
In such states, banks, and other financial service providers are prohibited from dealing with cryptocurrency exchanges and companies, and in more extreme cases the countries have even banned
Let's find your country on the list of banned. On my country, Bitcoin is Ilegal as payment but legal for digital asset investment
U think buying goods online is good way to witraw crypto profit? Since its a tax free
That completely depends on where you live. In the UK and US spending crypto attracts the exact same tax as selling it. The difference between what you paid for it and the value at which you spent it at is the taxable bit if the amount is high enough.
Bank sensitivity seems to vary wildly from country to country. Lots of Brits have had problems as have Americans. The bank's relationship with you is purely at their discretion. They can end it for any reason.
I'm not sure I've ever heard of anyone being deprived of funds. They're told to withdraw and go away.
CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.
U think buying goods online is good way to witraw crypto profit? Since its a tax free
CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.
I wouldn't withdraw fiat from an exchange via a bank. So far I've only withdrawn Bitcoin to my own wallet. I have funded my Coinbase account using faster payment from my bank, and I am mildly concerned that that is on record.
So you say that coinbase is good way?
What you think about buying gift cards or ordering goods from online shops like overstock?
Somehow we want to cash out some days our crypto!
Should i Open business account to cash out crypto from Exchangers? To cash out directly from Exchangers is best coz you dont have to pay much Higher fee!
For example kraken you might wait for few days money to arrive on your bank account but you dont have to pay high fees.
I personally never cashed from Exchangers to my bank, That's why im asking whats anyone experince with this action?
I wouldn't withdraw fiat from an exchange via a bank. So far I've only withdrawn Bitcoin to my own wallet. I have funded my Coinbase account using faster payment from my bank, and I am mildly concerned that that is on record.
Banks can do whatever they want. It's their services, and their terms that you sign up for. A few banks in the past have supposedly closed down accounts which have been trading in Bitcoin. However, I'd always advise to take this with a pinch of salt as the user may have infringed their terms, and policies another way.
Although, I have to say these concerns just gives more of a reason to ditch the banks, and become your own manager of your money.
Although, I have to say these concerns just gives more of a reason to ditch the banks, and become your own manager of your money.
So Banks dont like funds Coming from C Cryptocurrency Exchangers?
Some Exchangers can send Directly to your bank account funds so the bank will block likely?
Banks can do whatever they want. It's their services, and their terms that you sign up for. A few banks in the past have supposedly closed down accounts which have been trading in Bitcoin. However, I'd always advise to take this with a pinch of salt as the user may have infringed their terms, and policies another way.
Although, I have to say these concerns just gives more of a reason to ditch the banks, and become your own manager of your money.
Although, I have to say these concerns just gives more of a reason to ditch the banks, and become your own manager of your money.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
This is really true guys? Or its a just rumour?
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