|
Title: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: megabitcoins on October 19, 2014, 03:39:14 AM banks apparently treat anyone as a criminal, who suddenly begins depositing large amounts of money by wire.they informed me that even as small as $10,000. will be questioned by legal authorities automatically at the time of the bank wire.any amount above that ,it seems impossible to ever get the money released,off hold,nomatter where it came from,and with the recent stories of bitcoins being tied to drug sales and money laudering,how could I ever get my money into fiat,cash? I think the actual answer is,its truly impossible.ask any banker.
unless your a celebrity,such in music or sports star,these $10,000. deposit/withdrawal limitations make your bitcoin worthless.please inform me if im wrong at all. Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: marhjan on October 19, 2014, 03:53:57 AM You're wrong - but thanks for playing....
Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: BayAreaCoins on October 19, 2014, 07:48:03 AM Don't use Bitcoin to launder money or sell your drugs with and the chance are you'll make it :P
Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: Elwar on October 19, 2014, 08:26:12 AM I move over $10k around all the time. If you do it enough and your account history shows it they don't bother you.
The key is that you not withdraw a lot more than you put in. You have to pay taxes on your earnings so figure out your profit strategy to keep yourself out of the top bracket. Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: Window2Wall on October 19, 2014, 08:24:32 PM Any time you deposit or withdraw large amounts of money into your bank account, the bank will likely question it. The only "exception" to this is if you have a large income deposited into your bank every "x" period of time and it is clear the income is always from the same source.
The reason for these questions/checks is to ensure that money is not being laundered, so it is more difficult for terrorists (and other criminals) to fund their operations Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: wunkbone on October 19, 2014, 08:36:15 PM banks apparently treat anyone as a criminal, who suddenly begins depositing large amounts of money by wire.they informed me that even as small as $10,000. will be questioned by legal authorities automatically at the time of the bank wire.any amount above that ,it seems impossible to ever get the money released,off hold,nomatter where it came from,and with the recent stories of bitcoins being tied to drug sales and money laudering,how could I ever get my money into fiat,cash? I think the actual answer is,its truly impossible.ask any banker. unless your a celebrity,such in music or sports star,these $10,000. deposit/withdrawal limitations make your bitcoin worthless.please inform me if im wrong at all. I tried more then $10,000 and nothing happen, you just need to have good credit history.. Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: BayAreaCoins on October 19, 2014, 08:51:55 PM banks apparently treat anyone as a criminal, who suddenly begins depositing large amounts of money by wire.they informed me that even as small as $10,000. will be questioned by legal authorities automatically at the time of the bank wire.any amount above that ,it seems impossible to ever get the money released,off hold,nomatter where it came from,and with the recent stories of bitcoins being tied to drug sales and money laudering,how could I ever get my money into fiat,cash? I think the actual answer is,its truly impossible.ask any banker. unless your a celebrity,such in music or sports star,these $10,000. deposit/withdrawal limitations make your bitcoin worthless.please inform me if im wrong at all. I tried more then $10,000 and nothing happen, you just need to have good credit history.. The bank does the paper work for you. Also don't be a retard and try to split the money in multiple deposits, but rush it in there. That is a no no too. If you are concerned about your fiat coming into the system it is probably wise to leave it in Bitcoin :P. Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: megabitcoins on October 20, 2014, 04:17:39 AM I thank all of you for your information,it was helpful.
Title: Re: QUESTION: bank deposit withdrawal limits if you sell a large number of BTC. Post by: haploid23 on October 20, 2014, 07:35:47 AM banks apparently treat anyone as a criminal, who suddenly begins depositing large amounts of money by wire.they informed me that even as small as $10,000. will be questioned by legal authorities automatically at the time of the bank wire.any amount above that ,it seems impossible to ever get the money released,off hold,nomatter where it came from,and with the recent stories of bitcoins being tied to drug sales and money laudering,how could I ever get my money into fiat,cash? I think the actual answer is,its truly impossible.ask any banker. You say this like it's a fact. Not too long ago, I wired a $34k transaction (not for BTC though) from my business account, no questions asked. $10k cash movement automatically triggers a CTR. However if you break it into smaller predictable chunks to avoid that $10k magic number, that's even more stupid. You'll get caught with structuring. And if you don't hit that $10k number, banks or other financial institution will still fill out a SARs for ANY transactions that are out of the norm. |