I am currently interning at a bank, Yes, probably they will ask you question or look into your record out of anti-money laundering, they are monitoring the big moving money.
Just make it normal or prove it's your legal assets, As long as it's your legal assets, you will be fine.
Topic: Will Bank ask questions if I withdraw too much Bitcoin? (Read 1166 times)
Just make it regular, coming from the same exchange. If you have a monthly bank wire of the same amount on the same day each month, they'll just think it's a salary.
So I opened a regular checking bank account and I have Bitcoins from 2012s.
Would bank ask questions if I were to withdraw about ~10-20k USD per month through exchanges?
Do banks do that?
Would bank ask questions if I were to withdraw about ~10-20k USD per month through exchanges?
Do banks do that?
extra $20,000 a month lol
if you think that will slip under the radar your nuts
its not illegal but i would get ready to answer some questions anyway
dont be too quick to tell lies because they will already know the account transferring you the money
belongs to a bitcoin exchange so telling them the money isnt bitcoin related is just silly advice .....
Maybe think about prepaid card, associated with one of the electronic payment services? That way you are bypassing banking system.
If your bills are only a few hundred every month, then all of a sudden you consistently withdraw $20k each time, this will raise red flags. It's relative to your current normal activities, withdraw size, and average account balance. Won't be too bad if your income is high, or if you have very high balance already in there. But if your balances are always low and the bitcoin withdraws are a few magnitudes higher, you can expect an account closure. Doesn't matter if it's legit or not, they'll deem you as "high risk" and will close.
This is why I try to minimize BTC transactions that has to pass through the bank. Diversify your payment methods, perhaps half through exchanges and half through a trustworthy buyer.
This is why I try to minimize BTC transactions that has to pass through the bank. Diversify your payment methods, perhaps half through exchanges and half through a trustworthy buyer.
Bank does ask questions when the amount is big just for verification. They do it to ensure the money is being used to legal purposes and if you have been withdrawing for a long time, I don't think that the process would take a long time.
I don't think they will mind too much. The thing is all your transactions are well recorded there so you will got to fess up to it (taxes) at some point.
I don't think they will ask if you withdraw but sometimes if they suspect you may ask.
I am sure they do , but not in all cases. If you have a lot of those transactions then they might ask you to provide the source of that income, and saying bitcoin wouldn't be the best option in that case.
I would rather suggest doing a cash transaction with a trusted trader multiple times maybe.
I would rather suggest doing a cash transaction with a trusted trader multiple times maybe.
So I opened a regular checking bank account and I have Bitcoins from 2012s.
Would bank ask questions if I were to withdraw about ~10-20k USD per month through exchanges?
Do banks do that?
Would bank ask questions if I were to withdraw about ~10-20k USD per month through exchanges?
Do banks do that?
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