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Title: Will Bank ask questions if I withdraw too much Bitcoin? Post by: Vita2 on March 13, 2015, 10:21:47 AM 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? Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: erpbridge on March 13, 2015, 10:44:22 AM 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. Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: Ashwell John on March 13, 2015, 11:57:54 AM I don't think they will ask if you withdraw but sometimes if they suspect you may ask.
Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: coinpr0n on March 13, 2015, 12:00:49 PM 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.
Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: erikalui on March 13, 2015, 12:16:27 PM 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.
Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: haploid23 on March 14, 2015, 11:10:17 AM 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. Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: vrm86 on March 15, 2015, 02:41:20 PM Maybe think about prepaid card, associated with one of the electronic payment services? That way you are bypassing banking system.
Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: CoinCidental on March 15, 2015, 02:57:52 PM 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? 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 ..... Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: countryfree on March 15, 2015, 03:31:55 PM 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.
Title: Re: Will Bank ask questions if I withdraw too much Bitcoin? Post by: innocent93 on March 18, 2015, 03:25:09 AM 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. |