Source of funds question

[NotATether]

Have any of you guys been asked by your bank about the source of funds in a recent transaction where you sell your bitcoins (or other crypto) and receive a wire transfer? Especially since the other trader is basically a stranger to you for the bank's purposes?

If yes, then do you know of any thresholds that this will happen?

I'm just wondering since it seems to me that if you can't produce a SoF then they might freeze/close your account or something.

I don't have any problems myself in particular, but like I said, I'm just wondering about this possibility..

[_act_]

Countries may have different rules about this. What I noticed in the banks in my country and from many other places is that you have the maximum amount of money that you can use wire transfer for.

On the bank that I am using, you can use wire transfer for transaction not more than $10000 at ones. No requirement for that. I remember when Kucoin supported wire transfer for my country, it is not also more than $10000.

[dkbit98]

Have any of you guys been asked by your bank about the source of funds in a recent transaction where you sell your bitcoins (or other crypto) and receive a wire transfer? Especially since the other trader is basically a stranger to you for the bank's purposes?

No, but you should not risk testing this with to many wire transfer transactions.
Limits and thresholds are different for each country and bank, and I don't think we can find clear information about that anywhere.
If there is a choice you should always exchange bitcoin for cash by using p2p transactions and decentralized exchanges.
Another alternative is to use crypto cards, but that also have different type of risks.

[LoyceV]

This is one of the reasons why I prefer established exchanges over P2P with random strangers. Receiving money from unknown accounts abroad triggers much more red flags.

[AB de Royse777]

If yes, then do you know of any thresholds that this will happen?

I am sure the thresholds will depends on the law of the country. It's better to ask someone who lives in the same country. You can also ask you bank too. I once needed to know such thresholds and my bank did not hesitate to give the information.

[DaveF]

There are dozens of things that may trip the 'look more deeply into this' thing from a bank.

Most of them use a bunch of different algorithms.

Part of it is also based on your previous use of the account. If you only rarely got a wire transfer and then all of a sudden you are getting in a couple of dozen a month.
Is going to be looked at differently then an account that has always gotten in 3 or 4 or week going to 5 a week.

Some banks really don't seem to care. Chase who I use never questioned anything. They just have bencome unberbable to deal with as a bank.
https://bitcointalk.org/index.php?topic=5502270

https://bitcointalk.org/index.php?topic=5502270.msg64307249#msg64307249

-Dave

[serchan]

The easiest how to provide source of funds is it provide document of loan. Does not matter that you spent that loan for something else.
Just take quick loan for 40K USD that you can repay anytime and you can provide these documents.
Nobody can see that you have already payed back the loan

[LoyceV]

Does not matter that you spent that loan for something else.

Lying to your bank is one of the fastest ways to get your account frozen, and get yourself in a lot of trouble.