Few questions about selling bitcoin via bank transfer in the UK

murraypaul

sr. member

Activity: 476

Merit: 250

Quote from: jamrammer on October 16, 2014, 12:19:23 AM

Got a question regarding the selling of coin in the UK via bank transfer, say someone I know has done it a few times in the last couple of months in quite big denominations, £50 to £400 at a time, averaging about £150 a time, would there be any repercussions from this? would the bank start asking questions? say each month there has been about 3k going in from these transactions what would happen, if anything?

Ultimately only your bank know for sure, but if you are regularly receiving 3k a month from various bank transfers in small chunks, it is very likely that the bank will flag your account and either close it or require you to open a business account instead.

Bitcoin Magnet

member

Activity: 113

Merit: 10

Quote from: jamrammer on October 16, 2014, 12:19:23 AM

Hello all

Been lingering about this forum for a while but never registered until now.

Got a question regarding the selling of coin in the UK via bank transfer, say someone I know has done it a few times in the last couple of months in quite big denominations, £50 to £400 at a time, averaging about £150 a time, would there be any repercussions from this? would the bank start asking questions? say each month there has been about 3k going in from these transactions what would happen, if anything?

Also I know the law regarding bitcoin in the uk but not 100% completely aware of it, as it's such a misunderstood subject in the world.

Thanks in advance.

If you're still looking to sell coins, try us: www.bitcoinmagnet.co.uk
Probably the easiest way to sell Bitcoins in the world Wink

feendog

newbie

Activity: 36

Merit: 0

i also wondered the same, seen in another post that it has happened to a few people in the usa man.

runam0k

legendary

Activity: 1092

Merit: 1001

Touchdown

These amounts are pretty small, you should be fine. Ultimately, you're just buying and selling property. It could be anything. There's a VAT threshold at £81k(?)/year where they might think you are a business that needs a business accout.

jamrammer

newbie

Activity: 1

Merit: 0

Hello all

Been lingering about this forum for a while but never registered until now.

Got a question regarding the selling of coin in the UK via bank transfer, say someone I know has done it a few times in the last couple of months in quite big denominations, £50 to £400 at a time, averaging about £150 a time, would there be any repercussions from this? would the bank start asking questions? say each month there has been about 3k going in from these transactions what would happen, if anything?

Also I know the law regarding bitcoin in the uk but not 100% completely aware of it, as it's such a misunderstood subject in the world.

Thanks in advance.

Topic: Few questions about selling bitcoin via bank transfer in the UK (Read 2705 times)