Bitcoin Forum

Hi All, Living in Malaysia and the Gov. freezing bank accounts of Bitcoin exchange. How to cash out bitcoin? Is it easy to open an account in another country?

Maybe you can sell them by cash to people who wants to buy Bitcoin with cash in Malaysia. Some banks in Turkey allows you to open bank accounts easily, buy you should visit Turkey to open the account.

i think you should search for some people live in Malaysia to exchange it or you can use skrill and the withdraw (the usd not btc ) to your bank
or try localbitcoins.com

You can consult LocalBitcoins service to find people willing to exchange Bitcoin for cash in your local community. Also you might find them using this very forum.

https://coinatmradar.com/country/129/bitcoin-atm-malaysia/ suggests there is only one ATM in Kuala Lumpur, but if you live there you might want to consider using it too.

well the main purpose of bitcoin is peer to peer transaction , maybe you have a friend thier whome you can sell or some of your facebook friends who live there, and you can try xapo too, it is a bitcoin wallet which offers atm card and you can withdraw in any countries, I  think bitpay too offers the same and paycent. you can just search in google too.

yes the best way is to sell it to someone to cash. But you have to be careful, a lot of instances people who do transactions in person have been into risk, and I mean physical risk. So you need to consider doing it in public where it's too busy to do unlawful things.

1.The fastest way is to find online sellers from localbitcoin. met them and pay face2face.
2. Use this site  Currency exchange (https://bitcointalk.org/index.php?board=53.0) and cash out using Paypal "Not recommended way" or any other payment way.always use escrow
3. use local board section Malaysia (https://bitcointalk.org/index.php?topic=85430.0) or any near local board "India, Indonesian,...etc "
4. open a bank account in "India, Indonesian,...etc " that accept bitcoin and exchange it from that bank to your bank

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Try not to circumvent the government's decisions and follow legal methods

I think converting into your local money will be a great idea , just like the other country who were currently facing this kind of struggle. So sad for the countries who domt see the potentials that they may acquire if they allow their people to have an access to this platform, and be profitable even they were just in their house cause as an individual ,it may help me to be a better contributor in my own society.

The best option is using LocalBitcoin. That's your safest bet.
Meet them face-to-face and you'll be safe and sounds.
But I'm not sure that it will be very safe when you are talking about a lot of BTC transaction. Or maybe you can cash it out in a batches.

Yes, person to person bitcoin exchanges can be risky in two ways :

1. The Buyer might be a scammer or a thief, trying to rob you. I would advice you to do this in a very public place.

2. The Buyer might be local law-enforcement setting a trap. {You might need a money-transmitter license, depending on

    your local laws.}

Your best bet might be to keep those bitcoins and to pay for goods and services, where Bitcoin is accepted and to keep your

Fiat for everything else.  ???

to create a bitcoin account in my country may, in accordance with the conditions specified.

If you want to cashout your bitcoin the alternative is maybe bitcoin debit card but it will costs you much especially for withdrawal through the ATM. Another option is using local bitcoin as people mentioned above. Wow I'm surprised that your government finally shut down the exchanger industry, however your neighbor country Singapore, Thailand, Philippines or even Indonesian are very welcome to the bitcoin.

Yes, every country has their own regulation regarding an opening account, especially for the foreigner.

Are there no places in your country that accept Bitcoin as payment? That's horrible that they freeze bank accounts. There must be a way to hide it. I think it's morally wrong to do that to people. It still doesn't stop people using and accepting bitcoin as payment. Your country sounds like a police state.

In my own observation about on what is the best way to cash out in your bitcoin are selling it to the buyers who are buying and selling bitcoin. He pays you a real money to your bitcoin and the place where you are doing the exchanging transaction are in a public place, and you must face to face to the buyer.

I think you need to migrate to other country to sell your bitcoins or other idea is to sell it to who are looking for bitcoins in Malaysia. But I suggest the best option you have now is just to hold your bitcoins for now. I hope this may help.

I think now Bitcoin debit card is not working in all countries I heard only in the European countries this card is working not sure. recently it stops working in Singapore this is for sure.

How about Paypal money? you can sell your bitcoins to PayPal money this is also good option.

The best way is to use the social media to find friends in Malaysia who want to buy bitcoins so you exchange with them. Again you can open accounts with a bank that accept bitcoins; and exchange it there

You can check for some payment systems (like Skrill or Okpay) that have an option of funding your account via bitpay, if they don't have any restrictions in your country then it will be realy fast to fund your acc with a single transaction and only 1% bitpay fee. The 2nd fastest option is localbitcoins, which was already mentioned, but even if it is popular in your country I havent seen any major sellers buying with lower then 5% fee.

Answer to you question is Singapore. Because I think Singapore is the most bitcoin/crypto friendly country on earth.

You are very near to Singapore and I guess you're Malaysian so you don't need visa to visit Singapore you can travel by bus its just 90MYR.
Also you can open account there in any bank like CIMB or HSBC they have branches in Malaysia / Singapore too. It should be very easy for Malaysians. I remember when I was there in Malaysia people use to go to Singapore just to buy iPhone.

Any way once you have Bank account in Singapore use any can exchange (e.g. Coinbase does support Singapore) to withdraw to your SG Bank and later bring the cash to Malaysia or do online transfer to your local account.

Instead of cashing out your Bitcoin holdings you might consider purchasing goods and services with Bitcoin. After all, isn't it the main purpuse behind why Bitcoin was created in the first place - as an electronic currency system? And with transaction fees being as low as they are currently, it is an option worth considering, I think.

Learn how you can easily cash out Bitcoin, to turn it into USD, EUR, or other fiat ... you have to withdraw your Bitcoin and what the best ways are to do it.

Of course you will need to look not at the national currency but on the dollar and there will be a good way for subsequent cashing then just transfer to your currency.

If you are holding high amount of Bitcoins then I would recommend you to contact your legal attorney and take the help. The best way is to sell Bitcoins on the exchange having KYC enabled in it and paying the taxes if there are any. In my country the maximum tax is 30% so it everyone in my country is recommended to pay 30% tax if there is any gain from it. You can check the taxation rate of your country and pay the same.

You can exchange your bitcoin to money and if you have a mastercard you can add your bitcoin to your card by exchange site you can visit bestchange.com and you can find many exchange sites choose an exchange site with low fee of transaction

So the government did not gave any chance to the investors to take out the money before freezing the accounts of that exchange ? If the exchange account was freeze because of fraud or some suspicious behavior, then it will take a lot of time. This matter will go in court. You may try appealing to government to speed up this process giving your personal financial situation.

I think it will be difficult for you to convert your bitcoin to fiat money. If you can find someone who would buy your bitcoin and send you fiat money as payment, then you can do so. However, if you will only sell small amounts, it would be difficult for you to sell it because some people buy big amount of bitcoin.

Try to visit our local board in the Philippines. See trusted members there, then visit Philippines if you have time. As suggestions by other members, peer to peer is the best way to sell your bitcoin. Its the fastest way to cash out.

Bitcoin has not only made us financially stable but it also made us more friends and acquaintances. Hence, this users that you have met would surely be able to help you when your country banns the withdrawal/conversion of cash from bitcoin. I think you must know someone really trusted to withdraw an amount from your account and remit it to you thru wire transfer and the likes. However it is a risk that you must weigh and think of.

The number one rule of dealing in crypto is NEVER keep your crypto on an exchange. No matter how many times people get burned, you still see people doing this. Keeping money on exchanges is the easiest way to lose your investment. Move your crypto to your own wallet, and store your private keys securely. There are several exchanges that allow buyers from all over the world. Selling crypto, on the other hand, is a little harder. There are some peer-to-peer sites that allow you to sell Bitcoin and transfer the funds to your PayPal account. Search online for this.

For me the best way to cash out if you are in a hurry is to sell to someone who buys token in bitcoin or the other side you can cash out the money through banks and it could paypal too. Their are many ways to exchange the money. Or you can refer to coin.ph their are ways there how to cash out.

I don't live in Malaysia but what's happening there? Can someone give a delight if this is for real that the gov't are freezing bank accounts of bitcoin exchanges? Gov't is responsible for giving a directive to the banks and the bank itself that shall give sanctions to these bitcoin exchange bank accounts. I have heard this type of news but with different country and IIRC that's in India and afterwards, FUD came out that bitcoin is ban in India.
There are citizens in my country that does have bank accounts offshore so I guess it will be easy for you if you have big money.

It's time to sell bitcoins and collect the money earned. In this situation, you can again use exchangers or withdraw money through the exchange.

What if you want to cash out your bitcoins? Find out the banks and remittance centers that let you withdraw your bitcoins to cash, plus the payout fees.

Once you complete a sale, you'll receive the money into your Cash Balance and be able to either withdraw into your bank account, PayPal account or Bitcoin wallet.

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Coins.ph Help Center  Managing your funds Cashing Out / Claiming Cash

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How do I cash out of my wallet?
 Avatar  Coins.ph
Updated 1 day ago
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Cashing out through Coins.ph lets you directly claim funds out of your wallet or send money to anyone in the Philippines via bank transfer, cash pickup, mobile money, or door-to-door delivery.

Here are the steps:

1) Choose the cash-out option that is most convenient for you.

Note that if you cash out through a remittance outlet before 10 am on a regular business day, you will receive it on the same day. Outside of that, you will receive the cash in your chosen outlet on the next business day.

*For more urgent cashouts, we recommend using our coinsXpress option – Cardless ATM Instant Payout, Globe GCash or through Express Cash Pick-up (via Cebuana Lhuillier).

 



 

2) Within each option, you can select the specific payout method. If you choose 'Bank' for example, you can select any bank where you or your recipient can conveniently get the cash.



 

3) Enter the amount that you want to cash out. Transfers to your bank have zero fees, unless it's a branch outside Metro Manila.



 

4) Enter recipient details and the bank account number, then click 'Complete payment.' The funds will be transferred from your wallet to the chosen account once we have processed your cash out.



5) Lastly, choose which wallet you would use to fund your transaction and enter your verification code. Click pay to successfuly place your order.

Have you tried your local bitcoin exchange?
Well they might be doing that for every country and tou cannot stop it.
They have to get something from people and that means more tax.
Freedom is a lie so be ready for more account freezing because they will do it more if they see a lot of money that are being withdrawn.

Yeah. That's right. I think you just need to find someone that is interested to buy bitcoin. If you found someone then just make a deal and sell it. In this way you won't need to go to Turkey or another place just to cash-out. But remember, choose your client wisely.
Well It is the only way I can see to turn your bitcoins into money without going anywhere since cashing-out bitcoin is difficult in your country unlike here in the Philippines. There are lot of near banks and Money exchanges for cashing-out Money from bitcoin.

It is difficult to cash-out Money using coins.ph if you're in Malaysia(except if you're a Filipino OFW). Before you cash-out from coins.ph a verification ID of Government of the Philippines is required. How can someone from Malaysia can verify an Philippines Government ID?

I think you can do that using a vpn and exchange your bitcoin using paypal or bank transfer we have a section for this in this forum or a local forum in this forum, you can transact with your fellow malaysian be sure to only transact to a trusted member or exchange to avoid unnecessary hassle

It’s shocked me that Malaysia now is freezing bitcoin users bank account and haven’t hear any news regarding that policy. If you have Link with this, please share it to the community so it would be easy for them to understand your situation. Your bitcoin friends or group of people living in your country who also into crypto can help you with that matter.

I think you should find a people that wants to buy bitcoin through cash.  I hope you will find a person that willing to bought your bitcoin in cash.

I mostly use Exchange process to make money. You can use local bitcoins only if you have a bank  account. I don't have any bank account nor my parents allows me to open, so i use exchange method to sell my all coins.

You should find someone in which you can trust just send your bitcoin to them and exchange
with your country's fiat.

I also thought that it's very difficult to get the crypto currency out on the bank card, but it turned out quite easily, it happens that the rate is understated for sale or, on the contrary, it is overstated for purchase, this is manifested in those moments when there is a peak

The best way to cash out that garbage fiat currency you have is to buy bitcoin with it! You worked hard for your money. Why let the government steal it through inflation?

Every government uses inflation as a way to tax people who hold fiat. Bitcoin is an asset like gold that will rise with inflation (more obviously when the current volatility and speculation period is over).

Oh you meant how to get fiat? Good luck. You had better pay your taxes!  ;D

Are there any Bitcoin ATMs offered in your country, these would be my best bet if there are. If not, you can buy/sell BTC in person, via LocalBitcoins, provided that there are active users near your area. You could also try creating an online bank account I guess, ViaBuy for instance offers free reloadable Prepaid cards along with an IBAN.

Actually i don't know which countries is the best for  easy way cash out system.But i live in Bangladesh that's why i will share about my experience.In my country there are no legal cash out system way in Crypto because BTC and other ALT is illegal.

in my country I as well face difficulties on cashing out but here there is a cafe where they do buy and sell btc with commission and if you can find such a place from internet would be a good way to cash out as it solves a lot of problems .

 ;) ;) I do not know if other country's accounts are easy. But you can try it. You need your cooperation.  ;) ;)

I think you can exchange it in other online money like paypal or amazon gift card, you could ask for it in the marketplace, I already exchange my bitcoins for paypal before and its not that much fee i payed.

Also the main purpose of bitcoin is peer to you, you can just search in google.

It will be create problem to cash in which countries banned crypto currency. but no worries at all. we should search for cash on Internet websiteservices to solve this problem.

Bitcoin cash out, should not be a problem, the most important thing is it in your wallet, and probably you're into trading, or a long time investment, which has been made a lot of profit, the simple assurance is changed location and open account in near by country.

you can search in social media who knows who is looking for bitcoin then you will be able to sell to it other than that you can also open an account with a bank that will accept bitcoin then you can sell it

There are some local exchange which can be used to cash out and more safer with less fee. Here in my country, we used mostly coins.ph for us not to ask the borrow account to other people. Maybe even on your country have an exchange to be used to cash out your money. Search if there is available application on your country that can be used to exchange bitcoin to fiat.

It may be very difficult because you can not withdraw from your wallet to your bank. Its one-on-one path by finding buyers who want to buy bitcoin in your own country.

First if you really don't know search and get information through google and ask some people who know how to cash out and need to migrate other country to sell your bitcoins and use social media and find friend to malaysia who wants to buy your bitcoin.

Buy another asset that you will be able to trade in for cash at equal value.  For instance buy gold or silver with your bitcoin.  Then sell the gold or silver for your local fiat.  You can also find local people to deal with if possible. 

You can sell the person who wants to buy Bitcoin. If you sell it to him, you will get cash easily. You can search for trade. Trader buys Bitcoin and Etherium in exchange for cash. You can withdraw money from ATMs. However ATM is located in Kuala Lumpur, you have to go there.These are convenient from opening accounts in other countries.

you can go to a different country nearby and turn it into money. It may be easier if there is Bitcoin ATM in this country.

Hey that's very sad, however worry not there're many ways you can do it let's begin with simple one local bitcoins for your country and do a deal there. If not then look at currency exchange here do a deal here, if you want another option sell it to a person outside your country and ask someone else to collect payment or visit this forum to buy some goods or service.

Just join to group that buy and sell bitcoin or even altcoin with money cash, im sure there's group like that in Telegram, Facebook or Crypto Community .
its better that just cash out Bitcoin with FIAT money, but the hardest part is find the trusted buyer/seller. Recently i didn't sure any exchange that supports most of FIAT money

Same thing happened in india also so only option is to exchange your btc to cash, you have to utilize peer to peer marketplace like localbitcoins their you can exchange your btc for cash or anything as per your wish because localbitcoins have more payments options to exchange.

Don't worry, cash out BTC is easy.
You can try this service bestchange.com
If you want I can help you but my fees are 5%.

Well in my country it is really easy to cashout bitcoin because we have a wallet called Coins.ph.With this wallet you can be able to cashout out instantly anytime,anywhere,All you need to do is an internet then you can easily cashout and get your money in any remittances.

Actually in Malaysia there are few Bitcoin ATM points where you can withdraw local currency in exchange of your bitcoins. You can get ATM address in https://coinatmradar.com/ (https://coinatmradar.com/).

Here in the Philippines, we have so called coins.ph where we can easily transfer and receive money and makes cashouts than using a banks. It supports the exchange into fiat and I do not have any problem using it because it is being updated so not only bitcoin to fiat or vise versa can have on it but you can buy other coin. I can say that it is the safe way to keep my money in.

This is really a problem that where to cash bitcoin, because it is not available in open market the only way out is joining a money transfer group which give fiat currency,again there is a problem of reliable group lets hope for some reliable agency etc., in some countries such services is available, lucky persons.

There was an app in my country that can easily cash out bitcoin. It is very efficient for me and those who are doing crypto currencies.  It convert bitcoin into cash and directly forward it into bank accounts.  I think that app is very useful

I am not just seeing bitcoin as a currency but I am seeing bitcoin as a means of uniting the world. Make sure you have a trusted friend in the cryptocommunity that can be of help to you incase there's a strict regulations against bitcoin in your country.

there are two ways to cash out. use exchanges & local bitcoins. i think use exchanges better than local bitcoins. local bitcoins are risky.

There are many possible solutions for you :

1) Making a deal from someone online and get paid in PayPal. Deal with trusted person.

2) Another option is buy a earning site with that money. Like a website making money with Adsense.

So far, escrow is good enough i think, Im also sure, if you have a community in your country regional, you will find anyone who create services as escrow of BTC-FIAT money, and of course look for those who already have a reputation for things like this. usually you will find them as sellers of Paypal balances and other online balances like Games account or Cellphone credits

Why cash out?Just hold it for longer time.Soon Bitcoin will get better acceptance in the whole world and possibly also in your country.But if you must cash out....be carefull

you are right, sell directly and face to face.

but is it easy to find buyers in countries that have frozen bitcoin exchanges?

I withdraw all my funds through the bestchange withdraw funds can be in fifteen minutes with a minimum commission and it is completely safe and also anonymously. I recommend to everyone the conclusion thereon on different payment systems.