I can't speak from first-hand experience, but in general at least the more trustworthy exchanges shouldn't cause you any problems when withdrawing larger sums of fiat money. Assuming you passed their verification process -- eg. Kraken has a multi-tiered verification system, where you are subject to different withdrawal limits depending on how much personal information and documents you provide them to proof your identity and residency. It is always a good idea to take care of verification first, lest you get money stuck in an exchange due to issues with the verification process.
Also note that local regulations may require you to pre-announce larger incoming international bank transfers to your bank and / or local authorities.
Topic: exchanges and fiat withdrawals (Read 124 times)
Hi,
I just have a general question. I am not looking for exchange names or exchange bashing. since I am relatively new to all this I starting wondering how successful people have been with actually getting their fiat money out after cashing out coins. Especially recently since small investments have turned in large sums of money. So if someone for instance submits a request to wire 50k or more from an exchange to their bank, it there a good chance it gets there? I am not interested in small amounts getting wired. I am not looking to avoid taxes or anything like that, I mean legit wires that get to your bank account. Since none of this is really regulated it would seem that it would be very hard to track your money down if it is not sent. I hope Im being overly paranoid and have read to many reddit posts. If its too good to be true it probably is right? 2 months ago a 10k investment in some of these coins could be a huge number and I am wondering how easy/hard it is to get that money out.
Thanks
I just have a general question. I am not looking for exchange names or exchange bashing. since I am relatively new to all this I starting wondering how successful people have been with actually getting their fiat money out after cashing out coins. Especially recently since small investments have turned in large sums of money. So if someone for instance submits a request to wire 50k or more from an exchange to their bank, it there a good chance it gets there? I am not interested in small amounts getting wired. I am not looking to avoid taxes or anything like that, I mean legit wires that get to your bank account. Since none of this is really regulated it would seem that it would be very hard to track your money down if it is not sent. I hope Im being overly paranoid and have read to many reddit posts. If its too good to be true it probably is right? 2 months ago a 10k investment in some of these coins could be a huge number and I am wondering how easy/hard it is to get that money out.
Thanks
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