hypothetical. is there a safe way to sell off 20btc's into a UK bank account

franky1

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Quote from: gentlemand on June 15, 2019, 10:48:33 AM

Banks don't care about taxes. They don't know if you're paying taxes.

they dont need to know, care or investigate 'taxes' they just have to report it.
remember even coinbase has recently been told to report stuff due to taxes.

then the FATF stuff is about reporting so that tax officials can get hold of info too.

gentlemand

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Quote from: kryptqnick on June 15, 2019, 08:28:28 AM

I just wanted to mention something that is also partially discussed in the BitcoinUK community on Reddit (the link was shared by gentlemand). I am talking about taxes. If your Bitcoins come as the result of trading or other profitable activity, and you are licensed and paying taxes for this activity - I don't think there can be a problem (here's a link with info on taxes, just in case: https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals). Probably KYC on the exchange, but nothing more. However, if we are talking about the money you got without really paying your taxes - I think that 20 BTC is too much even for the UK not to get noticed. This probably also depends on how much money is flowing through your account. If this sum is rather typical, then it should not raise suspicions. If you have like a thousand dollars on your account and want to transfer $170k - I think you'll need a very good explanation of this.

Banks don't care about taxes. They don't know if you're paying taxes. Billions pour into accounts every day with no indication of their tax status.

All they care about is themselves being fined for money laundering.

xWolfx

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Quote from: Lucius on June 15, 2019, 07:53:59 AM

People buy and sell much higher amounts then that, but it all depends on your bank. We're talking about almost $175 000, and your bank will probably ask you about the origin of that money. My advice is to check with your bank, ask them is there some special procedures performed by them in case of higher amounts of money deposited on account.

This is pretty much all your need. Asking them is always the right choice. Why? - Because every institution especially in the financial sector tend to have their own way of doing things besides the regular compliance requirements they might have.

Be careful to ask in a private place or you might be in risk of someone not so decent targeting you.

Daniel91

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Quote from: Batousai101 on June 15, 2019, 07:08:49 AM

is there a safe way to sell off 20btc's into a UK bank account without a chance the
bank account is frozen ? Huh

I think it depends really about your client history.
If you are new client sand didn't have so big transactons before, it could be considered a suspicious transaction and the bank could block it and ask for more information from you.
If you are a long time client and you've already had such great transactions before, the bank is unlikely to make any problems.
I suggest, talk to your bank official.

kryptqnick

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I just wanted to mention something that is also partially discussed in the BitcoinUK community on Reddit (the link was shared by gentlemand). I am talking about taxes. If your Bitcoins come as the result of trading or other profitable activity, and you are licensed and paying taxes for this activity - I don't think there can be a problem (here's a link with info on taxes, just in case: https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals). Probably KYC on the exchange, but nothing more. However, if we are talking about the money you got without really paying your taxes - I think that 20 BTC is too much even for the UK not to get noticed. This probably also depends on how much money is flowing through your account. If this sum is rather typical, then it should not raise suspicions. If you have like a thousand dollars on your account and want to transfer $170k - I think you'll need a very good explanation of this.

gentlemand

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Have a search here - https://www.reddit.com/r/BitcoinUK/

A few people on there seem to have done it without any trouble. It's the people caning Localbitcoins doing tons of deals who usually wind up getting shut down.

In general it seems Nationwide are the least uptight. Either way it's best to raise it with your bank first. If you don't have faith in your bank freaking out at the idea open a second account elsewhere, or ideally use a second one you already have.

Lucius

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People buy and sell much higher amounts then that, but it all depends on your bank. We're talking about almost $175 000, and your bank will probably ask you about the origin of that money. My advice is to check with your bank, ask them is there some special procedures performed by them in case of higher amounts of money deposited on account.

The problem is not just in the bank, it can also be on crypto exchange where you plan to sell those coins. It would not be problem if you buy or obtain those coins on same exchange, but it may be problem if you send 20 BTC to some exchange, KYC is in any case mandatory for all major crypto exchanges.

My strategy would be to thoroughly check all facts, and then to test how it works with some lower amount.

Batousai101

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is there a safe way to sell off 20btc's into a UK bank account without a chance the
bank account is frozen ? Huh

Topic: hypothetical. is there a safe way to sell off 20btc's into a UK bank account (Read 211 times)