Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.
EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.
EDIT 2: The reason why I was suggesting contacting the bank first, before making serous deposits (single large deposits or frequent small deposits), is because some banks just call the police (without contacting you first), when they notice strange transactions in your account.
When a bank calls the police on their customers, this automatically gives the police the permission to issue a "search warrant" on your living premises.
This means unwanted visits from the police, who have authority to scuffle through your possessions and seize all of your electronic communication equipment.
While doing this, they now have the opportunity to search your home for anything else that they think is wrong, or to issue trumped up charges against their victims.
The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.
Let me explain first:
This is not financial advice but my own experience of cashing out big amount using banks, cash and cc.
First of all, i believe u r in UK so therefore you a little bit screwed. But no worries there is nice way to cash your profits out.
Ok, if you wish to use UK banks and cash out none of majors will help. Lloyds/halifax(same bank-they hate crypto stuff), Rbs/santander/hsbc/barclays are the worst ones. Them banks offering faster payments but you can be sure that they will delay anything which is deemed suspicious. Most of uk banks over 15k will fill SAR against you to NCA and this basically means you will loose control over your funds for a period of 7-30 working days.
Bank usually send request to NCA to validate TX or to block for further enquiry. Because of laws in UK bank will be quiet about this and if you try to call them and find out whats happening they will simply ignore you untill NCA answer shows up. Now funny part: if you go to branch of any on this banks-clerk will not see anything wrong. They wont be able to send/withdraw /move funds but simply will have message to contact customer support.
About NCA and SAR read more here:
The principal relevant legislation is the Proceeds of Crime Act 2002 (POCA) and the Money Laundering Regulations 2007 (MLR), whose combined effect is that banks will often feel compelled to file Suspicious Activity Reports (SARs) to the National Crime Agency (NCA), and not complete a transaction until the NCA consents.Santander going even further when you trying open bank account and if they ask about crypto and you confirm you will be using account for any crypto related stuff they will not open your account or terminate already opened if they see any funds from or to exchanges.
Metro bank is rather neutral but their fraud filters will block anything suspicious. Every "new account" opened in any bank using learning system. How you spend /how you get paid, how big transfers you getting and how big you making.
Sometimes if you not spending big amounts and choose to buy TV in argos transaction is on hold untilll bank verify this is coming from account holder.
Same with transfers. If you never made big transfer and one day choose to do let say 30% of your account balance your transfer will be stoped and blocked for 24h , after that time or bank will contact you or they will allow tx to go ahead.
Fun fact: if you spend in short time span 50% of your funds and try to send another 10% this tx will be blocked also.
Ok, what about nationwide? Stay away from it! they got small limits and they like to block users funds untill you show up in branch with ID. Beside Nationwide is known for blocking users funds which was using crypto exchanges like coinfloor or bittylicious sellers.
So how to cash out you asking?
First you need to make sure you have good accountant and you paying taxes from your trading or business. Secondly apply for estonian E-residency. Small card which allows any otehr nationality that estonian to open and run business in estonia under their tax laws and banking system.
Start here:
https://e-resident.gov.eeApplication cost 100euro and once you succesfull you can pick the card and digital key in estonia embassy in london.
Once you got your estonia e residency card check this company:
https://e-estonia.com/solutions/business-and-finance/e-business-register/Once you got business setup just open bank account and you ready to accept any payents from any exchange in huge amounts.
For extra knowledge just go here:
https://1office.co/blog/5-reasons-start-online-business-estonia-2/Good accountant will make sure you in right place with your taxes. estonia is great place with lower tax brackets if you wish to pay taxes there. Just make sure your business account is linked to your exchange account. Otherwise as a person you will be liable to tax in UK and estonia. And you dont wont that do you?
Im happy e-resident of estonia. Its really working. And all this is perfectly legal.
Good luck.
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