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June 12, 2018, 08:19:15 PM |
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Hey all. I'm an American that is outside the US. I do have a coinbase account but the issue is i have to send verification again. However, i read people say don't use coinbase to cashout to your bank account and use anything else. I also believe they send 1099s as well if you hit a certain criteria but i believe they make mistakes with it such as i heard someone getting a 1099 for like 50k when they made like 5k income or something. Thus they show the amount but just put that as income. Does anyone know if that is true or not?
The other site that i was going to use to cash out to my us bank account was gemini. I created an account but the issue was they required me to verify my account with a us sms number. I use a google voice number outside the US to call the US and vice versa and text with no problems. That number even works with coinbase as well and most sites with no issue. Gemini told me they do not allow voice over ip numbers and it has to be a sms number. I do have an sms number but its from another country that im at. But i dont believe that would work right since well i would put my location as the US?
Because of this, someone told me about bitstamp and its good because it was only way for an American like him to cash out funds to his american bank account while out of the US. He did say however the fees are very steep. So to anyone that is an American and withdraw funds to their US bank account, what site do you guys for this? I assume coinbase probably would be the most popular since you could use it outside the US as long as you are verified? However, people say avoid coinbase. So has any American here used Bitstamp to withdraw to their US bank account? I checked the site and they seem to charge 0.09% withdraw fee with a 15 dollar minimum fee. That seems very reasonable. So if you withdraw 5000 usd worth on bitstamp to your us bank account, that would be $4.50 fee but since its minimum 15 usd, then you pay $15. But what other international wire withdraw fees are you paying? I know your US bank has to pay an international incoming wire fee as well. But besides that, is that it or are there more fees like the fee from an intermediary bank or something? Thus imagine i want to sell $5000 worth of btc on bitstamp and cash that out to my bank of america or wells fargo or chase bank account in the us. So i would pay 15 dollar bitstamp withdraw fee plus whatever fee bank of america charges for receiving an incoming wire transfer? I checked and its about $15. So basically im guessing if you want to withdraw $5000, then you probably would not pay more than $30 max? So if someone wants to withdraw a bigger amount, then obviously you are paying lesser fees in terms of percentage right? Example you want to withdraw $20000 to your bank account from bitstamp. You pay 0.09% fees which is 18 dollars only. So to withdraw to your bank of america with the 15 dollar incoming international wire transfer, you are paying $33 only for withdrawing $20000? Can anyone who is an American and did international wire transfer can confirm this?
Also does bitstamp report to the IRS?
Also do almost no americans use bitstamp because they have coinbase/gdax and gemini? Also for an american cashing out to their us bank account, would bitstamp be the most expensive out of bitstamp, coinbase/gdax and gemini due to the wire fees since i believe coinbase and gemini you withdraw via ACH which is free? A person who is an American but outside the US told me the fees are expensive with bitstamp but that is only way he could find to get money into his US bank account.
And also does bitstamp have USD or USDT? Example i know if you sell btc on coinbase, you would be getting usd value. But if you sell btc on binance/bittrex, its usdt. Thus you can't cash it out directly to your bank account because its usdt and because binance/bittrex doesn't allow you to cash out real money to bank account.
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