DId anyone get investigated when they cashed out a lot of bitcoin?

Fatoshi

sr. member

Activity: 672

Merit: 251

Really enjoyed reading back on the replies. Some resembled more like bank robberies gone wrong though and scenes of suitcases of cash spilling out of suitcases. Grin

I plan to pay tax and keep money in the bank etc im just wondering how much scrutiny in this age of terrorist money laundering etc i might get. I dont see anyway I can give a paper trail though. Some exchanges shutdown...ico investments ended up scams you know the deal...hundreds of trades. But I guess the way is to simply say you mined bitcoin back in the day?

hypersonic1

full member

Activity: 338

Merit: 110

Endless Horizons!

There is no reason to worry about the law as you will be paying taxes on it in some way or form eventually. As the others have said, it's just good business to notify your bank for sudden large transactions that defy your norm. For example: you make $700 every two weeks then suddenly dump 10,000 int your account. Tell them ahead of time.

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Quote from: Pasnik on October 03, 2017, 11:03:08 PM

Quote from: no0dlepunk on October 03, 2017, 10:15:46 PM

Fortunately, there is a limit to cash-outs here in the Republic of the Philippines. At the moment, the maximum cash-out per day is 50,000 Philippine Peso (which is not surprising for a single transaction, and won't put you on the watch-list, at all). I know someone my age has cashed out nearly 500,000 Pesos worth of bitcoins, and so far nobody from the government has questioned him.

In a certain bank here in our country Philippines they already reduced the cash out into 25,000 a day. They had a limit in their depositors that can cashout for 25,000 a day using atm. So when you have a cashout a huge amount direct in a bank definitely a bank will investigate where the money came from. You know they are keen to this case because I know someone has put in a watch list.

These Authorities are getting paranoid on the previous incident of money laundering in the Philippines involving bank personnel/Manager, I've heard they are also targeting other online payments to limit cash outs and might involve our bitcoin exchanges.

Pasnik

sr. member

Activity: 649

Merit: 250

Quote from: no0dlepunk on October 03, 2017, 10:15:46 PM

Fortunately, there is a limit to cash-outs here in the Republic of the Philippines. At the moment, the maximum cash-out per day is 50,000 Philippine Peso (which is not surprising for a single transaction, and won't put you on the watch-list, at all). I know someone my age has cashed out nearly 500,000 Pesos worth of bitcoins, and so far nobody from the government has questioned him.

In a certain bank here in our country Philippines they already reduced the cash out into 25,000 a day. They had a limit in their depositors that can cashout for 25,000 a day using atm. So when you have a cashout a huge amount direct in a bank definitely a bank will investigate where the money came from. You know they are keen to this case because I know someone has put in a watch list.

no0dlepunk

sr. member

Activity: 490

Merit: 258

Fortunately, there is a limit to cash-outs here in the Republic of the Philippines. At the moment, the maximum cash-out per day is 50,000 Philippine Peso (which is not surprising for a single transaction, and won't put you on the watch-list, at all). I know someone my age has cashed out nearly 500,000 Pesos worth of bitcoins, and so far nobody from the government has questioned him.

mistanama

sr. member

Activity: 327

Merit: 250

In my opinion. Can investigate the bank if the money you are entering is overwhelming that they can look at your life style to see where you could take a large amount of money it. Because all the people in the country really need to pay taxes, And if you do not pay, you'll definitely be charged. Especially if the Bitcoins are not legally in your country

hitlab

member

Activity: 88

Merit: 10

If you have a record of where the money comes from you will be fine. Make sure you understand the tax implications of cashing out bitcoin, best talk to an accountant beforehand.

Singwala

sr. member

Activity: 462

Merit: 260

The bank can investigate how much money you enter into your accounts. they can look at your living state. So I'm going to have a lot of money. What I'm going to do is take a few bucks to get rid of banks and find out what I'm doing. Because really I may be charged with money laundering to know because I'm not paying taxes

lighpulsar07

sr. member

Activity: 518

Merit: 271

Quote from: Fatoshi on October 03, 2017, 02:36:07 PM

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

Well they will investigate you since that you've receive a high sum of money in your bank account from exchange which is unknown to banks and they just want to confirm if your money came from legit business or from fraud. just tell them where they came from and show some evidences so, next time if they received a huge sum of money then they will not call you anymore.

franco123

full member

Activity: 252

Merit: 100

Probably yeah because we all know how the givernment wants to benefit from big transactions such as this. But also, this is a big amount of money that can be suspected to be a money from a dirty business. Bitcoin is sometimes used in money laundering and what makes the government think that someone might have laundered money is the big transactions like this.

So better yet be ready for investigations but you have nothing to worry about if there is nothing to hide from the gain of Bitcoins.

ruskytailz02

full member

Activity: 289

Merit: 103

then provide them the transactions you have about BITCOIN
you had it free and not make it with crime or something like that
yess they will put you in monitoring list but the thing is that you are not doing wrong and your good to go
BITCOIN is legal as long as you do good for it
just provide them the transaction list you have

Mysterious01

full member

Activity: 266

Merit: 100

Quote from: Fatoshi on October 03, 2017, 02:36:07 PM

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

I am also worried in this kind of transaction because in my country its kinda full of regulations in terms of money.
I wonder also what are the bank rules in my country but as of now I am dividing my withdrawals to avoid problems.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Fatoshi on October 03, 2017, 02:36:07 PM

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

I think the bank may raise an alarm seeing a huge amount has been credited to you. I once one invited by banks before because a lot of cash has been pouring on my account. It comes from my online job before (fiat) and to my offline business. I have to explain to them and document everything the source of my income. They even contacted my manager then just to be sure. And everything turns out to be what I'm telling them. And they even allowed me to increase the daily amount that I can withdraw everyday. And I have the privilege not to fall in line every time I have to withdraw and deposit from that bank. Grin

. And even gave me a new credit card. If you can show they proof where is the source then I think you are all good to go. Explain to them what bitcoin is and they probably understand your situation.

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: MissionPhailed on October 03, 2017, 03:09:02 PM

Quote from: Fatoshi on October 03, 2017, 02:36:07 PM

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

Saw a similar story from someone I know from another crypto-related forum; cashed out roughly 20K euros and subsequently got an invitation from his bank for a personal conversation. Apparently banks tend to get a bit edgy when discovering significants sums of money from an unknown origin. This specific case was in The Netherlands btw.

I remember that thread, cashed out 20K Euro in one shot is a bad decision, there's financial regulations about money transfer through banks in order to prevent money laundering or something like illegal transactions. Well, it will be different in some countries as govs have their own regulations, yes, you will get investigated, but authority or law enforcement will not arrest or torture you only because your huge transaction as long as you can explain about the source and fill all the documents about it.

Wowcoin

hero member

Activity: 910

Merit: 507

Quote from: Fatoshi on October 03, 2017, 02:36:07 PM

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

In local wallet here in our country they disabled my account because they see my bitcoin amount is big and they want to investigate where that money came from.
They scheduled me on Skype for the interview.

muncuss

full member

Activity: 747

Merit: 102

Quote from: countryfree on October 03, 2017, 06:39:03 PM

It depends of the bank, and it depends on the holder.
If you have an account at a private Swiss bank, where they ask for a minimal deposit of $250,000 before considering you as a client, you're safe.
If you have a monthly $50,000 income, you shall not worry much about making large BTC transactions.

If you're a Romanian making $300 a month, suddenly cashing out 10 BTC, that is suspicious.

yeah this also happen to paypal. as new account, suddenly transfering hundreds bucks is suspicious. must divide withdraw or cash out from several banks (of course in small amount), then you won't get problem

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Tell your bank and show them a paper trail. They're considerably less anti BTC than terrified of being shut down themselves because of the US government turning up and shooting them all in the face.

Once it's all pre cleared and they're happy then cash yourself out silly. Only a fool would be throwing vast amounts out of nowhere into their account.

Quote from: Youghoor on October 03, 2017, 03:12:21 PM

I know about a friend who had the same situation a few months ago, he is more introduced in bitcoin than me, because he has experience in a lot of things that i have never done, but he told me that i should start cashing-out my bitcoins in cash using localbitcoin guys that buys bitcoins with fiat. This is a good way to cashout them, because the bank is not going to ask you anything because that money is not going to be in the bank.

What the fuck is anyone going to do with a room filled with cash? You can buy your groceries and fuel. For anything bigger it has to go into a bank account.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

It depends of the bank, and it depends on the holder.
If you have an account at a private Swiss bank, where they ask for a minimal deposit of $250,000 before considering you as a client, you're safe.
If you have a monthly $50,000 income, you shall not worry much about making large BTC transactions.

If you're a Romanian making $300 a month, suddenly cashing out 10 BTC, that is suspicious.

BittBurger

hero member

Activity: 924

Merit: 1001

I spoke to a couple branch managers of major banks about this.

As long as you are cashing out less than $100,000 nothing will be triggered on the bank side. In other words, as long as they aren't seeing a deposit coming in from outside the bank that exceeds $100,000, nothing is triggered in their system to look into it.

This has been confirmed by a few friends so far. No questions were asked.

There was some good advice given though - that it wouldn't hurt to call your bank ahead of time and speak to a manager. Especially if you plan to exceed $100,000.

Let them know you've been investing in "international currencies" and will be cashing some out. Being forward about it and transparent ahead of time often diffuses any knee-jerk reactions that otherwise might have happened on the bank side.

NOTE: This is in the USA only.

-B-

tiptopgemdotcom

legendary

Activity: 1736

Merit: 1000

Truly decentralized stable asset

Quote from: Fatoshi on October 03, 2017, 02:36:07 PM

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

For transferring such huge amount to bank account you need good plan. First you need to use multiple exchanges and cash out services for this purpose.Later divide your amount and withdraw.

Topic: DId anyone get investigated when they cashed out a lot of bitcoin? (Read 568 times)