Localbitcoins is great platform for crypto fiat based transactions but the only problem is the fees which they charge currently at 1% while many such P2P platform charge 0.5% so they need to check on their fees. As per as savings account is concerned it would advice sbi accounts for cashout but as the above user pointed out take a look at the income tax which will incur when the washout is made mostly capital gains.
Edit: The fees are for advertisers or maker/taker and not buyers or seller.
Hope it helps!
Topic: Planning to sell btc, saving account good for it? (Read 89 times)
I am planning to sell my BTC which is going to be worth 5 figures (INR).
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
5 figure transactions are quite normal so no issue is there. However, I would strongly request you not to use zebpay, WazirX or any other Indian exchanges to cash out your bitcoins. Use Localbitcoins, paxful or Bisq as these are p2p exchanges. Localbitcoins is preferred because they are the first ever p2p crypto exchange and quite good.
For a 5 figure transaction, I would suggest to give it one shot. There is no need to do multiple transactions. Hope this helps!
It's pretty simple! These are Indian exchanges and they have a strict kyc policy. So they will ask you to complete your kyc verification before you can transact with them. Now these exchanges are bound to share their client's transaction data if any regulatory body asks them to provide.
As of now, India don't have a formal legal structure around cryptocurrencies but once India will come up with something formal or even with a blanket ban, please be assured that IT department is going to ask all data from these Indian exchanges. By law, IT department can ask old data of upto 7 years.
So not using an Indian exchange can save you from a lot of future hassles. Localbitcoins is a Finland based company and they are not bound to provide anything to Indian government. Hope this helps!
I am planning to sell my BTC which is going to be worth 5 figures (INR).
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
5 figure transactions are quite normal so no issue is there. However, I would strongly request you not to use zebpay, WazirX or any other Indian exchanges to cash out your bitcoins. Use Localbitcoins, paxful or Bisq as these are p2p exchanges. Localbitcoins is preferred because they are the first ever p2p crypto exchange and quite good.
For a 5 figure transaction, I would suggest to give it one shot. There is no need to do multiple transactions. Hope this helps!
I am planning to sell my BTC which is going to be worth 5 figures (INR).
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
5 figure transactions are quite normal so no issue is there. However, I would strongly request you not to use zebpay, WazirX or any other Indian exchanges to cash out your bitcoins. Use Localbitcoins, paxful or Bisq as these are p2p exchanges. Localbitcoins is preferred because they are the first ever p2p crypto exchange and quite good.
For a 5 figure transaction, I would suggest to give it one shot. There is no need to do multiple transactions. Hope this helps!
I am planning to sell my BTC which is going to be worth 5 figures (INR).
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
I also had the same question. Are people who are based in India, withdrawing funds in Indian Bank accounts like ICICI Bank, SBI, HDFC and other prominent banks after selling their crypto holdings on Indian exchanges like WazirX, Zebpay etc.? Are you facing any problems in doing the same like receiving any notice from the bank?
Any insights from your personal experience from last 1-1.5 months would be very useful. Thanks.
In some countries some banks block funds that come from exchanges (such as Coinbase or Kraken) - here is an example[1], here's another[2] and here's another one[3]. Of course take in consideration that this is an evaluation made from banks all around the world and your bank in specific may not have this unfunded "grudge" against crypto exchanges.
If it was me I would call to my bank account manager (prior to the withdrawal) just to let them know that in X days my account would receive Y money from Z exchange. From that moment you'll be able to know if they are going to take any measures against your withdrawal (If they do take I would highly considered move to another bank - if they don't trust the clients (and if you can proof the origin of the money) then they shouldn't have your money at all).
Be advised, however, that it seems that India is planning on taxing capital gains of crypto[4] - however I believe they haven't actually implemented measures for now.
[1https://www.reddit.com/r/CoinBase/comments/7lf6pn/bank_refused_withdrawal_eth_gone/
[2]https://www.reddit.com/r/binance/comments/m1xoaq/bank_refused_the_sepa_withdrawal_from_binance/
[3]https://www.reddit.com/r/CoinBase/comments/kwmpe8/withdraw_canceled_by_bank_money_not_received_at/
[4]https://economictimes.indiatimes.com/markets/cryptocurrency/hold-crypto-assets-heres-how-you-are-going-to-pay-income-tax-on-it/articleshow/83277122.cms
If it was me I would call to my bank account manager (prior to the withdrawal) just to let them know that in X days my account would receive Y money from Z exchange. From that moment you'll be able to know if they are going to take any measures against your withdrawal (If they do take I would highly considered move to another bank - if they don't trust the clients (and if you can proof the origin of the money) then they shouldn't have your money at all).
Be advised, however, that it seems that India is planning on taxing capital gains of crypto[4] - however I believe they haven't actually implemented measures for now.
[1https://www.reddit.com/r/CoinBase/comments/7lf6pn/bank_refused_withdrawal_eth_gone/
[2]https://www.reddit.com/r/binance/comments/m1xoaq/bank_refused_the_sepa_withdrawal_from_binance/
[3]https://www.reddit.com/r/CoinBase/comments/kwmpe8/withdraw_canceled_by_bank_money_not_received_at/
[4]https://economictimes.indiatimes.com/markets/cryptocurrency/hold-crypto-assets-heres-how-you-are-going-to-pay-income-tax-on-it/articleshow/83277122.cms
I am planning to sell my BTC which is going to be worth 5 figures (INR).
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.
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