CASHING OUT YOUR CRYPTO-CURRENCY PROFITS - page 9.

styca

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

I have been concerned about crypto profits. When I started looking into in after my first year in crypto, the advice I got was that it's not just crypto-to-fiat that is taxable, and crypto-to-crypto trade is also taxable. Of course everyone is free to go with their own judgement as the law isn't particularly clear, but I went safety first and paid tax. Needless to say I've been doing a lot less trading since then.

I don't think you'd make yourself a target unless you are cashing out a huge amount. For me the sums aren't that big.

Dread Pirate Roberts

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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?

Why not just telling the truth? I have been asked where you get your money and for who you work ? and im just telling them I'm starting a 'Bitcoin' crypto business and they look so confused and im telling them im miner and do trading bitcoin also and they have no idea what im talking about. what I think is maybe they consider me to be trading the stock market.

gantez

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I think the bank can get a written note on that. The person can communicate that to that bank even before the money goes to the account to ensure that, there is approval for the transaction. I think that is one way to do such before the account will be labelled and under suspect.

OnceTwiceThird

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Cashing out your cryptocurrency become cash money is not good ideas because better hold and save your money become bitcoin or altcoin assets than you have keep holding using money.

coolcoinz

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Quote from: harizen on September 20, 2019, 04:44:13 AM

My approach will be different. As much as possible, if there's another way to cash out those huge profits, I will try my best not to be involved in banks. Although our country is crypto-friendly, huge money transferred to any bank accounts even not acquired via crypto, is alarming to those banks and will subject automatically into questioning. So much hassle if you will tell then anything your crypto activity to the point that every transaction should be detailed including the private transaction.

I support this and have been avoiding banks for over 2 years. They usually put your account under review when they find out you're involved in crypto trading. If the money is small they won't bother to check your incoming deposits, but there are 2 easy ways to get flagged. One is to have a lot of money coming in, and the other is to tell them yourself. I had a bank email me about my activity and tell me that they don't want anything to do with cryptocurrency.

You can use a direct ATM withdrawal, set up an account in a crypto friendly country, like Germany, Belarus, Estonia, Malta (I'm actually trading this way), or you can convert into different vouchers like amazon gift cards, charge your phone, use revolut...

davis196

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I would never tell my bank that I trade cryptocurrencies.I'm not that stupid. Grin

I advise anyone to be aware and don't do such stupid mistake.In my country,the banks are still kinda neutral towards crypto,but that doesn't mean that they won't become anti-crypto really fast.
If you don't want your bank account to get frozen in one sunny day,just don't do this.

Juliedarwin

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Quote from: marcbitcoins on September 20, 2019, 12:15:58 AM

You did not mention if Crypto is legal or not in your country but if you have already a bank account therefore the bank will not ask where did you get your money anymore because during the opening of your account you will need to provide the details of source of your fund before approval but if they have information policies regarding over the limit of withdrawals and deposits then you will just tell them the truth.

Yeah your right mate...coz' if you are creating and opening an account and save your funds at the bank, there is no any questions that where your money came from. They're all know what their rules and policies.. Just to protect your privacy.

qiwoman2

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Although I have diddly squat right now I did go into see my local bank manager back in the day when things were booming. All she said to me was that in Cyprus they class crypto and trading as securities, so no tax on them right now so as long as I made back to back bank transfer or SEPA it would be o.k to bring in large amounts of cash and no one would bat an eyelid. I could not though say try to send Bitcoin directly to the bank, that wouldn't be allowed. It's nice to know my country is not against crypto but the central bank has some regulations in place, so you would still have to use banks as intermediaries to bring the money over. I think because my country is small they are laxer but also because we are in the EUROZONE, KYC AND AML are getting more and more strict now so I support this might change in the near future. One could also open a corporation here and then pay 10% net corporation tax on profits.

erikalui

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Quote from: Upgrade00 on September 20, 2019, 06:26:32 AM

Quote from: erikalui on September 20, 2019, 06:05:52 AM

If you use exchanges that have ties with the bank, you wouldn't even need to bother as they know the source is crypto.

But cryptocurrency is not a source of income it is a currency which can be exchanged for fiat. So if you were to make a very huge transaction on an account that has not gotten such an amount before (in cryptocurrency or otherwise), your bank would definitely be interested in knowing the exact source of that income.

Not exactly as crypto sometimes is also considered as income from other sources. Banks may not be interested in asking such questions unless they have a negative attitude towards crypto or you are using a trusted exchanges. Big amounts would come under their radar but many times customers were not asked questions when they were active traders. When it comes to cashing out profit, you must be even depositing fiat so the source is known. Also, if you pay taxes, you don't even need to answer the bank.

Strongkored

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I'm prefer not to tell them until Bank Staff asking about that.
I don't know they will understand my explaination or not.
There is a limit for customer should report to Finance Authority.
Currently I'm still under the limit, only the transaction frequency rose, not the amount, maybe they looking about this but not asking me because under the limit.

hahay

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I personally will not go to a local bank branch just to let them know if I am a cryptocurrency investor or even tell them if I earn income from cryptocurrency, because I am sure there will be a time when cryptocurrency users will be known and recorded at the local bank, because our identity has been registered at a local exchange where our identity might have been known by the bank if we were a cryptocurrency user. So that way, why would we tell a local bank if we are still using small money to invest, and even though you are a big investor I'm not sure it should be done.

tadpole_bitfrog

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Keep silent until they have to ask you. You don't need to inform them because when creating a bank card, they don't know what your current job is, so it's normal for you to have a good business year. They will not notice the large amount of money you send to the bank, they are only happier when you deposit more and more money into the bank for them.

jhenfelipe

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Do you have such a huge amount to withdraw daily or weekly from crypto? Wow! Just be ready if you will deposit them consistently on your bank account because they will probably ask you some questions regarding the funds.

Answering your question how, personally, I'd only tell them when they ask me and will tell the truth. There will be no problem as long as you got the funds legally.

In regards to attracting attention, remember that it's not only you who uses the bank and there are definitely other people who deposit lower, same, higher amount of funds in their account.

traderethereum

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Vave.com - Crypto Casino

Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

We should not withdraw bitcoin in cash in a massive amount because that will give the alarm to the banks, and they will investigate our account. They will ask about where we get huge money.
But if they ask me, I will tell them that I do an online business which buying and selling many things and then I can send the money to my bank account.
You can withdraw some money to cover your daily needs and send more money again in the middle of the month, and if they ask you about the money, you can tell them like what I told you.
I think that will make one of them suspicious and will search more about that and they will ask you to explain more details.
That happens to one of my friends.
Bank officers came to my friend's house, asked about the money transferring from his account to another account which is not have correlated at all.
But my friend can explain to details, and the bank officers believe that my friend doesn't use his account for any illegal things.

imstillthebest

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why the heck will you be afraid to their staff when that is their jobs to ask about this matter ? they are professional and they are only doing thier job . if they have criminal records then they shouldnt be working thier in the first place because they will be blacklisted by the time they apply . there are also banks right now that are crypto friendly . they support crypto deposits and any other income sources related to crypto , you should check them out compare to regular banks that doesnt support crypto if you are still doubting about your current bank .

Alert31

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

I don't think bank will believe you that your money got from crypto and also in my country bank doesn't allow any investment from crypto,they will make an invistagation regarding your money because of anti money laundering law.

1982dre

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For the Dutch users I will advise bitonic. Used that a lot and it's easy to directly to your bank account.

Lanatsa

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

If you do already have a bank account before into those crypto profits being credited on then suddenly the amounts goes higher as usual then it really trigger up some alarm to the bank.Sooner or later you would really be asked on where those funds came from and you should really be ready on what would be your reason specially if your country does have negative insights towards crypto.If not then you can simply give them the reason and I don't believe that you would really be prone to some thieves internally but who knows-its better to be safe that sorry.

On my case,im still using up my bank just fine even the amounts deposited is bloated up.So far, I haven't been contacted by them which means I'm doing pretty good this time specially they are opposing crypto earnings.Just be wise not to sent or cash out by bulks to make yourself less obvious.

GREEDYJOHN

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Quote from: carter34 on September 20, 2019, 12:14:02 PM

Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

I understand this because it might look suspicious that the holder of the account is into in bad business like fraud, rubbery etc but the solution is to start to transfer money to the account gradually and with time bigger amount can be transferred to the account. With this way, it won't be an issue but if large some enters at once, questions will be asked.

I understand your point, which is very practical, but sometimes it may not be feasible to transfer small amounts slowly.
This is because the crypto market is very volatile, crypto-exchanges might have sudden cash flow issues that prevent withdrawals over a period of time.

I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

carter34

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

I understand this because it might look suspicious that the holder of the account is into in bad business like fraud, rubbery etc but the solution is to start to transfer money to the account gradually and with time bigger amount can be transferred to the account. With this way, it won't be an issue but if large some enters at once, questions will be asked.

Topic: CASHING OUT YOUR CRYPTO-CURRENCY PROFITS - page 9. (Read 1514 times)