Topic: CASHING OUT YOUR CRYPTO-CURRENCY PROFITS - page 5. (Read 1480 times)
If you want to put your bitcoin in banks, are you sure that your country does not prohibits bitcoin? You need to be sure that they accepting bitcoin, because if not, it can cause you a trouble. If you will deposit a huge amount of money Im sure they will ask you manh questions as well as your salarh statement if you have a job. You may split your bitcoin in several bank, do not put in one bank only.
Before making a huge withdrawal I have asked a bank consultant which documents they will need as confirmation of legality of my assets. And told them that I earned it from bitcoin price increasing. They told me that I should prepare any legal documents which are confirming my words e.g. invoice from bitcoin buying and invoice from bitcoin selling. I had those documents since I have used Swiss bitcoin brokerage instead of exchange. So after big amount was loaded to my account I had closed those 2 invoices to my bank account documents and no any problems happened. So I have confirmed that my profits are from investments. I am using Austrian bank and Swiss bitcoin brokerage.
This is a good step but I think not all banks are the same. Because when you are talking about crypto they most probably not allowed on that kind of service. Well on my own point of view as long as they won't ask me about my private tansactions then I would never tell them and I think there is bank secrecy so they can't force you to say where are your deposits came from. If they insist then you can transfer to another bank. That's it. 
Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
In my case, my bank never asked me about sudden increase in receipts. In 2017-18, I made some big profits from cryptocurrencies and withdrew about 6x of my previous bank balance. But I received no follow-back from my bank. Rather I received call from my bank representative offering me zero-fees credit card and some other privileges.
However, I had to disclose my source of income while paying income tax. In that, I showed all my profits as capital gains and never received any inquiry from Income Tax Department about the exact source of income.
It depends entirely on the size of the amounts.
The rules are designed to catch money-launders who deal in vast amounts of money. They don't move a few thousand here and there. So as long as the amounts stay small, they ignore it.
Before making a huge withdrawal I have asked a bank consultant which documents they will need as confirmation of legality of my assets. And told them that I earned it from bitcoin price increasing. They told me that I should prepare any legal documents which are confirming my words e.g. invoice from bitcoin buying and invoice from bitcoin selling. I had those documents since I have used Swiss bitcoin brokerage instead of exchange. So after big amount was loaded to my account I had closed those 2 invoices to my bank account documents and no any problems happened. So I have confirmed that my profits are from investments. I am using Austrian bank and Swiss bitcoin brokerage.
Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
In my case, my bank never asked me about sudden increase in receipts. In 2017-18, I made some big profits from cryptocurrencies and withdrew about 6x of my previous bank balance. But I received no follow-back from my bank. Rather I received call from my bank representative offering me zero-fees credit card and some other privileges.
However, I had to disclose my source of income while paying income tax. In that, I showed all my profits as capital gains and never received any inquiry from Income Tax Department about the exact source of income.
Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
In my case, my bank never asked me about sudden increase in receipts. In 2017-18, I made some big profits from cryptocurrencies and withdrew about 6x of my previous bank balance. But I received no follow-back from my bank. Rather I received call from my bank representative offering me zero-fees credit card and some other privileges.
However, I had to disclose my source of income while paying income tax. In that, I showed all my profits as capital gains and never received any inquiry from Income Tax Department about the exact source of income.
I have talked with one of my accountant friend, there is a legal way and there is a illegal way, most certainly this applies to everyone all around the world. The illegal way is to make smaller increments, as small as you can get and cash out to as many different peoples bank accounts as possible. Just to give an example, if you are married and have father/mother alive then you have 4 people right there, you/wife/mother/father, cash out to all of their accounts and that is less risky to get caught.
If the amount is higher than usual then you can find closer people, friends, family, brothers/sisters and whatever and take that number as higher as possible. Which means you will not get caught. Legal one is quite easy, just cash the money to your bank account, tell your accountant to just declare it as a profit and he will know what to do with it.
If the amount is higher than usual then you can find closer people, friends, family, brothers/sisters and whatever and take that number as higher as possible. Which means you will not get caught. Legal one is quite easy, just cash the money to your bank account, tell your accountant to just declare it as a profit and he will know what to do with it.
Here in Brazil there was a war between exchanges and banks, where the banks closed the accounts of the exchanges. Then they started doing this with customers who transferred money from their account to their exchange accounts.
The problem was only solved after much legal fight. Banks have lost, but now, every withdrawal and deposit, is issued an invoice of the transaction.
Usually the government is not prepared in technologies like cryptocurrencies. They are the problem here due to their slow action when utilizing this new technology. I am glad our country Philippines is not making us hard o this. There are exchanges operating and from the latest they approve more exchanges by giving them licenses to operate. Cashing out cryptocurrecies is not a problem, but i dont know when you have a big volume, thats another story.
Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
No, I wouldn't, banks don't like cryptocurrency and cryptocurrency don't like banks. I suggest that if you want to want to deposit your money that you're earning in cryptocurrency in banks, please don't deposit it in one go, if you're about to deposit $20,000, deposit only $3,000-$5,000, that is if you are their customer for a long time, if not, make it a little more little, so they won't suspect you doing anything illegal.
It also depends on how good is your profile in their database, if you have another business other than investing in bitcoin where you earn big as you earn in bitcoin, then there is no problem on depositing it all in one go.
Here in Brazil there was a war between exchanges and banks, where the banks closed the accounts of the exchanges. Then they started doing this with customers who transferred money from their account to their exchange accounts.
The problem was only solved after much legal fight. Banks have lost, but now, every withdrawal and deposit, is issued an invoice of the transaction.
That would be the right decision to make , cashing out the profits but I prefer to take the profit and reinvest it in another project or simply keep the profit in bitcoin which in time it will gain more value that simply convert into cash and spend it.
If you go to your local bank from your city and tell them you're a crypto investor you will have some problems regarding deposit and withdrawal as banks still don't like crypto investors and they will put you under investigation if you bring big amount of money but if you come with a regular amount if money you will have no problems.
Also you must take in consideration the fact that in some countries ( like mine ) they already did cryptocurrencies taxable so make sure you want to convert them to cash. The best solution would be to convert into cash the amount you need and rest keep them in bitcoin as you can already spend bitcoin on almost anything.
If you go to your local bank from your city and tell them you're a crypto investor you will have some problems regarding deposit and withdrawal as banks still don't like crypto investors and they will put you under investigation if you bring big amount of money but if you come with a regular amount if money you will have no problems.
Also you must take in consideration the fact that in some countries ( like mine ) they already did cryptocurrencies taxable so make sure you want to convert them to cash. The best solution would be to convert into cash the amount you need and rest keep them in bitcoin as you can already spend bitcoin on almost anything.
It really all depends on the country you live in and the regulations surrounding cryptocurrencies. Most countries have begun to crackdown on cryptocurrency taxes and if you have no problem paying the high taxation rate then there is surely no reason for the government to be suspicious. Of course you would need to show proof of your transactions and it would also be good to ensure that the person who is paying you is doing so with legitimate money to reduce your personal risk, however, this is almost impossible to do.
If you are unsure about whether you will be able to deposit money safely, the easiest thing to do would be opening multiple bank accounts in different banks and depositing a small amount into each of them to reduce the risk of suspicion.
If you are unsure about whether you will be able to deposit money safely, the easiest thing to do would be opening multiple bank accounts in different banks and depositing a small amount into each of them to reduce the risk of suspicion.
Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
No, I wouldn't, banks don't like cryptocurrency and cryptocurrency don't like banks. I suggest that if you want to want to deposit your money that you're earning in cryptocurrency in banks, please don't deposit it in one go, if you're about to deposit $20,000, deposit only $3,000-$5,000, that is if you are their customer for a long time, if not, make it a little more little, so they won't suspect you doing anything illegal.
It also depends on how good is your profile in their database, if you have another business other than investing in bitcoin where you earn big as you earn in bitcoin, then there is no problem on depositing it all in one go.
If in the UK there are too many strict laws about crypto and its business, I think you should not provide any information about it at all. You can withdraw money from crypto-fiat liquidity exchanges and then use the money to buy gold or stocks. Don't deposit at the bank too much because suddenly you have a lot of money again, the police will come in and investigate what you are doing and have a lot of money. If they detect you trading crypto, I'm afraid you will be subject to very high taxes.
I am not scared of paying high taxes. I just want to cash out honestly, without being worried of the unpredictable and punitive behavior of the Authorities, who always criticize or attempt to accuse somebody on "suspicion" of wrongdoing.I want to pay the correct tax, and get over and done with this issue. I do not want the Authorities chasing me around for unpaid taxes later in life.
You have to convert cryptocurrency into fiat money through either use peer-to-peer exchanges (P2P) or third-party exchanges, right?
And then, the exchanger will send fiat money to your bank account, so, the bank already knows that your funds come from an exchanger account, no need to worry.
If local tax regulations stated that you need to call the bank before cashing out a large amount in one transaction then do it.
But if you want to cash out without having to call the bank, just withdraw a sufficient amount probably below £2500 a day as you may withdraw up to £2,500 without giving any notice in advance.
Yes, this question often arises against employees of the Bank. I think they've got a lot of information to know that the huge transfer value comes from Crypto trading. Before this question was asked to me they already knew from a lot of information circulating that Bitcoin in my country is very popular.
I personally do not fear the taxes to be applied. It's just no tax yet and this may be my advantage. That should be able to generate many advantages and immediately to melt those results.
I personally do not fear the taxes to be applied. It's just no tax yet and this may be my advantage. That should be able to generate many advantages and immediately to melt those results.
IF in your country The public system works well, ok.
Here in Brazil, health care, safety, education are not good.
So the tax doesn't work well, since the government doesn't use this money as it should.
To top it off, the current government is slashing funds for universities, but no tax cuts.
Yes, this question often arises against employees of the Bank. I think they've got a lot of information to know that the huge transfer value comes from Crypto trading. Before this question was asked to me they already knew from a lot of information circulating that Bitcoin in my country is very popular.
I personally do not fear the taxes to be applied. It's just no tax yet and this may be my advantage. That should be able to generate many advantages and immediately to melt those results.
I personally do not fear the taxes to be applied. It's just no tax yet and this may be my advantage. That should be able to generate many advantages and immediately to melt those results.
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Great question! Personally, i'd cash it out in small quantities over an extended period of time, as this seems to be the SAFEST route to take. It will depend on your total crypto portfolio but i believe mine could be split in such a way that i can do 10% on a weekly basis. If ever it raises any flags i can always see its the result of some freelance gigs i am working on (these sort of things dont usually have, or are required, official receipts).
And I agree with other answers, don't tell your banks your into crypto. Better to avoid complications!
It's good to do split cash out for some spending that does not in rush, I mean in some accidents or operations that needs to be paid instantly since some cashing out Centers have their own limit of how much to cash out per day and still depends on base to base scenario in different areas and mobile wallets we have. We must try different ways to cash out or know different info of different cashing out ways so that it will be comfortable for us. And I agree with other answers, don't tell your banks your into crypto. Better to avoid complications!
My local exchange market have support and working each other with local bank and we can cash out our bitcoin become cash money in our local exchange market, I like this way how easy to cash out.
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I do not always make cash withdrawals from profit results usually prefer to hold and use it for more trading so I can have a lot of trading capital, if there is nothing important to be needed I choose to use the results of profits for capital trading again .
That was a smart idea because you can get another chance to increase your funds and I am sure that your profit will bigger too. I am trying to do the same things as, but I always withdraw my profits at the end of the month unless I have an urgent thing that needed money. That will help us trade with a bigger amount so we can also expect to make a bigger profit. With the current market situations, I am sure that we can take the profit over and over because almost all coin can go up and down many times.
Great question! Personally, i'd cash it out in small quantities over an extended period of time, as this seems to be the SAFEST route to take. It will depend on your total crypto portfolio but i believe mine could be split in such a way that i can do 10% on a weekly basis. If ever it raises any flags i can always see its the result of some freelance gigs i am working on (these sort of things dont usually have, or are required, official receipts).
And I agree with other answers, don't tell your banks your into crypto. Better to avoid complications!
And I agree with other answers, don't tell your banks your into crypto. Better to avoid complications!
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