Topic: BTC to FIAT (Read 330 times)
This is a very interesting issue. Is there any data available about the size of the wire transfer which have caused the freezing of the accounts? Are there reports of similar events also in other countries?
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
It depends of course. I've noticed that most of the people saying that their account was frozen upon withdrawing didn't state where or what is the source of that certain amount(So as the bank's "Security Features" they are going to investigate your account). Unlike those who've stated or has documents where are the funds came from has no issues.
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
The banks have algorithms that get triggered when unusual amounts go through a person's account.
Withdraw your money in small amounts (under £500 a time), vary the amounts, and withdraw to several different banks.
And pay tax on your money.
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
I heard that to one of my friend on facebook someone post that her bank account froze because she tell to that bank of her source is bitcoin. Now its hard also to cash out big amount to local wallet because they put a limit of incoming transactions a monthly limit of 400k php or equivalent to 4000$. Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
The banks have algorithms that get triggered when unusual amounts go through a person's account.
Withdraw your money in small amounts (under £500 a time), vary the amounts, and withdraw to several different banks.
And pay tax on your money.
How the government can differentiate me from drug dealer, illegal weapon dealer etc?
It cannot, but it also can't prove that you're one of them. You're innocent until proven otherwise, right?
We've been using cash for centuries and how did the government know where this cash is coming from? You could be a drug or arms dealer or a hitman. Yet billions of people were dealing in cash every day and many of us have made large cash payments. I remember when I was like 18 my parents gave me money in cash and told me to set up my own savings account. It was like €5000, a huge sum for a teenager to be carrying around. I went to the bank, placed it on the counter and nobody asked me where it came from.
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They don't know what is the cryptocurrency, well they know but the law doesn't know. A prostitute will not buy 5 houses and 2 Bugatti's or Lambos. Prostitute will not have the same problem. Let's say I want to cash in a large amount of money, millions.
Are you sure? Do you know how much expensive prostitutes in Dubai are making?
Well 5000€ won't be suspicious even for a kid. How much did you cash in?
My friends withdrawing money through the bank in smaller amounts, 500€, 1000€, 2000€. One of them pulled out about 100k in one year and still nothing happened, but he is waiting for them, Well he got lot of money so he's not worried.
I'm avoiding banks like most of the people. We send coins to local dealer and he gives us the money. Most of my trades are in smaller amounts like thousands or tens of the thousands of dollars. With dealers it is possible to switch much larger amounts, millions, direct trade. When trading many coins with million or two of dollars you can't simply go for a drink and do the exchange, but you meet with the person through third person who organized the meeting.
Many smaller amounts through the bank whats the point? I'm not interested in that and the guy explained above in the comment that in US is not possible. In my country I spoke with one of the bank manager and he said that big eyes follow everything. Any suspicious activity is monitored. You can't send thousand transaction with 100$ and don't bring attention to yourself, you will need to explain some things or they will froze your account, at least in my country.
Example one way for a small dealer to bring the money is to go to the in the neighboring country with 4 other dealers. They can bring 10000$ across the border without the explanation. Doing that many times banks in that country banned some of the accounts because they were withdrawing many times 10k from their own accounts. They were pulling out the money constantly from that bank.
So imagine large amounts of cash flowing from the bank from one country to another country every day. Bank blocked those accounts like Ben Wallace from Detroit Pistons in his prime (search the google if you don't know who is he). They switch to another bank, but hey how many times they can do that?!
Oh and prostitutes in Dubai. I know how much they earn, but don't ask me how I know, please. But the thing is, same those prostitutes know most of the politicians on important positions so they will not have the tax problem believe me Smiley
So my problem remains. Smaller amounts are good for everyday life,but I'm not interested, because I have the guy (dealer) for smaller amounts. I can't withdraw large amount of money through the bank, I can withdraw the larger sums through the dealer, but I want to legalize larger sums or if you like my 12 houses and 5 Bugatti's. I want to pay my tax for my crypto but I don't have that option.
I can launder my money through the company, but the calculation is like this. 10% goes to the company with which you are washing your money (mostly 10% in some cases may be different), 20% legally for paying tax for selling your goods (tax refund is possible in some cases, but no one messes with this because is risky) and 20% you pay for the taxes for your yearly income that is greater than 20 or 40k. This is ok option for starters, but is expensive.
Yes I have spoken to my financial adviser, but any help is much welcomed.
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Well, this doesn't really surprise me that much anymore since i have already heard a lot of stories regarding this topic.
Clearly, anyone with common sense would know that not all banks and governments approve the use of crypti crypto currencies.
But this entirely depends on where you are in the world. But if you are iunder a government that approves cryptos, yiu probably have this problem still since getting very big amounts going inside your bank account while having not a very good paying day job or business, this will really cause alarms in theinds of the bank people. And this will only make them suspicious. So better not rush it. Do a converting style of little by little. Or if you have a friend who is interested in btc, then you can seel it to him.
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
I never seen any such cases before,why they have to freeze your account if you not doing anything illegal?sometimes this will happen if you are not paying any taxes for your income to the country.Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
So you need to file and audit all your income and need to pay taxes as per your country rules.
I've seen multiple people posting in this thread and over reddit forums saying to deposit smaller chunks of fiat into your bank account or across multiple bank accounts. This is not a very good idea if you are from the US. This is called "structuring" in the US and it is against the law. The bank will flag you and likely close out your account for doing this on a consistent basis. The reason being is because they have to report any deposit over $10,000 to the IRS and if someone is depositing $2,000 one day, $3,000 the next, and so on it looks like the person is trying to evade paying taxes on this money by structuring their deposits. Tread carefully if you plan to do something like this and are from the US. I do not know of any rules or regulations outside of the US so feel free so look at your own countries laws before deciding how to cash out crypto.
On a separate note, one of the bigger US banks, Capital One, just decided to no longer allow the purchase or withdraw of crypto from their bank accounts/cards. It will be interesting to see how other banks in the US end up responding to the recent surge in crypto purchases and withdraws.
On a separate note, one of the bigger US banks, Capital One, just decided to no longer allow the purchase or withdraw of crypto from their bank accounts/cards. It will be interesting to see how other banks in the US end up responding to the recent surge in crypto purchases and withdraws.
Slowly but surely the infrastructure for BTC to fiat conversions is being built, and over time new options will appear. In the meantime the suggestion of withdrawing in small amounts seems sound.
How the government can differentiate me from drug dealer, illegal weapon dealer etc?
It cannot, but it also can't prove that you're one of them. You're innocent until proven otherwise, right?
We've been using cash for centuries and how did the government know where this cash is coming from? You could be a drug or arms dealer or a hitman. Yet billions of people were dealing in cash every day and many of us have made large cash payments. I remember when I was like 18 my parents gave me money in cash and told me to set up my own savings account. It was like €5000, a huge sum for a teenager to be carrying around. I went to the bank, placed it on the counter and nobody asked me where it came from.
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They don't know what is the cryptocurrency, well they know but the law doesn't know. A prostitute will not buy 5 houses and 2 Bugatti's or Lambos. Prostitute will not have the same problem. Let's say I want to cash in a large amount of money, millions.
Are you sure? Do you know how much expensive prostitutes in Dubai are making?
The key in my experience is to keep transactions small and uninteresting. Don't do $50,000 a month in one transaction. Break it up into $100.24 to $527.43 type transactions daily across 5 or 6 bank accounts.
I think that would be the best idea to escape from such culprit banks.But in our country,till now i have not faced any such issues.But in future while transacting bigger amounts,i would be careful here after. 
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Different people have different experiences.
Like here in my country, some of my friends who uses bank account as mode of withdrawals faced some issues with their banks but others are fine. So the conclusion here is, the amount involved triggered the alarm that's why it was being frozen. Central Banks here imposed a strict regulations over our local bitcoin exchangers . But on the other hand, it will be settled right away after some short interview. It varies per banks, it's just that there are banks here that strict towards cryptocurrency transfers (the sender on the bank withdrawal transaction will be the name of the exchanger that's why it was easily determined by the banks as crypto exchange).
In my case, I never did some bank withdrawals to avoid such problem because it's really a hassle one. There are lots of available withdrawals method here so I tend to choose them instead over banks transfers.
The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.
And how did a prostitute earn it? How did a gambler earn it? There are situations where you simply can't register a business and get an accountant to keep the books.
In some cases you simply earn money from sources that the government doesn't want to recognize, but as long as you are not a criminal and pay taxes the bank has no right to hold your money without processing it. They can refuse to service you, but they can't take the money or claim it was obtained illegally.
I wouldn't worry too much since this is a free and open market. If one bank doesn't process it another one will, just make sure to let people know which bank is making difficulties so that people don't waste time with them.
How the government can differentiate me from drug dealer, illegal weapon dealer etc? They don't know what is the cryptocurrency, well they know but the law doesn't know. A prostitute will not buy 5 houses and 2 Bugatti's or Lambos. Prostitute will not have the same problem. Let's say I want to cash in a large amount of money, millions.
Example. What if I try to cash in my 100 million dollars worth of crypto. You think that I will not pay nothing for it, I don't think so. But paying a tax for my 100 mil is not a problem. The problem is where did I get it.
Ok I bring the big guns now. I did not want to do it, but here it is...
https://youtu.be/vT8OU5WtfkQ
Hehe lol
So yeah money laundering
For the guy in the question above @bitcoinmasterlord.
We have to pay taxes on the products alone.
1.You buy a new iPhone, you pay around 20% tax for it (percentage differs from country to country)
2.If you have a company that makes a software or cars or bear or whatever and you sell those products you will pay tax on it.
3.For selling those products you have earned 100k or 1 million dollars in one year and now you must pay yearly tax income (Tax notice for the determination of annual tax). In my country if my income exceeds above 20k dollars I pay 10% tax, if my income exceeds above 40k dollars or above I pay 20% tax. If I don't give them my notice they maybe not react at all, but if they do they will give me such a fine and my head will hurt badly.
Average sallary in my country is 450$.
The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.
And how did a prostitute earn it? How did a gambler earn it? There are situations where you simply can't register a business and get an accountant to keep the books.
In some cases you simply earn money from sources that the government doesn't want to recognize, but as long as you are not a criminal and pay taxes the bank has no right to hold your money without processing it. They can refuse to service you, but they can't take the money or claim it was obtained illegally.
I wouldn't worry too much since this is a free and open market. If one bank doesn't process it another one will, just make sure to let people know which bank is making difficulties so that people don't waste time with them.
I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account, the bank has froze their money or notified them they will close their account.
Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
What you will have to deal with is the people in charge of the bank approving the money transfer. When they approve it, you have to make sure that you have enough money left over to pay for the tax...Other people say they had no issues and no one has said anything.
Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.
Then you would have to note that in your yearly tax claim.
That's about it.
The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.
Surely if you bought '12 Lambos' directly with BTC it's got nothing to do with anyone how you got them. Once you own it/them (which you would because they take BTC payment), it's yours and how you acquire such assets does not involve anyone but you and the dealer, someone could have given you it, either way i dont think you would need to declare it! That's just the way I see it though
That's the way you see it but there's also the law where you have taxes, so you have 300$ earnings monthly and can afford a lamborghini, ferrari, 3 flats adn you're paying taxes depending on that 300$, well that you might be avoiding tax... You even have to pay taxes when selling stuff on ebay or amazon, but not many people (don't know anyone who does this) actually pay taxes for that.
Yea I see what you mean. It's not income though because technically you haven't worked for it and been paid, you've bought the coins. So if you buy a product of any value directly with bitcoin, then the only tax you should be paying is Value Added Tax (VAT) which here in the UK is included in the price of products. So if i was to buy a Lambo now with Bitcoin, would I really be avoiding Tax? I'm just trying to understand it myself
Hopefully with the way Crypto is growing with awareness and popularity, sometime in the near future we should see banks recognising the issue and providing a service for cashing Coins into Fiat. Once one bank does it they all will, the tax man can't be running around after everyone every time someone converts a chunk of coins.
That entire depends on what bank and broker you use. If the broker you are using is blacklisted that any particular bank, will have your money freezed. Some instances from USA has been reported lately. However, it is not recommended to exchange a very large amount of bitcoins at any point of time. Because if that transaction is not matching with the previous trend of fund inflow of your account, it will raise an alarm and bank will try to investigate that. So it is always better to deal in cash for UK.
Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.
Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.
I don't think that it has something to do with the broker that you are using, I think that it all depends on your country state on bitcoin,and also if you paid taxes for your profits.
I always suggest people, before you even think about selling your bitcoins for fiat directly into your bank account, always take a lawyer and make sure that you understand all the rules that apply for your country.
Banks at some countries will instantly block you from future activities until you provide proves that you already dealt with the tax units at your country.
It saves a lot of troubles and headaches.
I do not understand how the bank will freeze your money, and why they will blacklist brokers account they need a huge amount transactions account member to increase there revenue. How you got money and who deposited, why they deposited all these questions will ask your IT department, not a bank.
In my country, they won't ask you anything if you pay your income tax to the government.
That entire depends on what bank and broker you use. If the broker you are using is blacklisted that any particular bank, will have your money freezed. Some instances from USA has been reported lately. However, it is not recommended to exchange a very large amount of bitcoins at any point of time. Because if that transaction is not matching with the previous trend of fund inflow of your account, it will raise an alarm and bank will try to investigate that. So it is always better to deal in cash for UK.
Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.
Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.
I don't think that it has something to do with the broker that you are using, I think that it all depends on your country state on bitcoin,and also if you paid taxes for your profits.
I always suggest people, before you even think about selling your bitcoins for fiat directly into your bank account, always take a lawyer and make sure that you understand all the rules that apply for your country.
Banks at some countries will instantly block you from future activities until you provide proves that you already dealt with the tax units at your country.
It saves a lot of troubles and headaches.
It all depends on policy that a bank has, but i think they mostly doubt where all the funds came from knowing that bitcoin could. I think they are freezing the bank account whenever you withdraw bigger than your stated salary and they do checking for it from transactions you did, and if they find something suspicious they will call you for interrogation i guess.
If you or your money is linked with any suspicious event, then your account can be frozen to investigate your account otherwise this is impossible.
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