How to withdraw money won from bitcoins to banks without suspicion

[GannickusX]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

[DebitMe]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

[RodeoX]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

I would be more concerned about the tedium of prison life. While bitcoin is semi-anonymous your bank must account for every single Euro. You could try withdrawing in small amounts over a long period of time, but it is quite possible it will get noticed. If so you will face any back taxes + fines + court costs + possible jail time. It will consume any profit you have made and much, much more.

I don't know your tax liability in Spain, but I think you will have to pay capitol gains. The good news is that you will not have to pay VAT tax on bitcoin.

[GannickusX]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

Its tedious because i dont really kow what taxes i have to pay or what to say exactly when they ask me where my income comes from, what do i tell them, investments, trading?

[DebitMe]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

Its tedious because i dont really kow what taxes i have to pay or what to say exactly when they ask me where my income comes from, what do i tell them, investments, trading?

I am unfamiliar with taxes outside the U.S., but here are some guidelines...

How did you earn the money?  Was it from gambling or trading?  Where did you get your initial bitcoin and at what price?

[GannickusX]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

Its tedious because i dont really kow what taxes i have to pay or what to say exactly when they ask me where my income comes from, what do i tell them, investments, trading?

I am unfamiliar with taxes outside the U.S., but here are some guidelines...

How did you earn the money?  Was it from gambling or trading?  Where did you get your initial bitcoin and at what price?

Mostly from trading but also from here, the signature campaigns the giveaways sometimes, how do i justify that? My initial bitcoin? I never bought a straight up bitcoin, more like 0.3 to 0.5 at a time

[Amph]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

Its tedious because i dont really kow what taxes i have to pay or what to say exactly when they ask me where my income comes from, what do i tell them, investments, trading?

I am unfamiliar with taxes outside the U.S., but here are some guidelines...

How did you earn the money?  Was it from gambling or trading?  Where did you get your initial bitcoin and at what price?

Mostly from trading but also from here, the signature campaigns the giveaways sometimes, how do i justify that? My initial bitcoin? I never bought a straight up bitcoin, more like 0.3 to 0.5 at a time

if your income per year isn't too high, don't even bother with declaring taxes on it, otherwise you can just declare it under "occasional services" i don't know how it is called in the USA

[GannickusX]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

Its tedious because i dont really kow what taxes i have to pay or what to say exactly when they ask me where my income comes from, what do i tell them, investments, trading?

I am unfamiliar with taxes outside the U.S., but here are some guidelines...

How did you earn the money?  Was it from gambling or trading?  Where did you get your initial bitcoin and at what price?

Mostly from trading but also from here, the signature campaigns the giveaways sometimes, how do i justify that? My initial bitcoin? I never bought a straight up bitcoin, more like 0.3 to 0.5 at a time

if your income per year isn't too high, don't even bother with declaring taxes on it, otherwise you can just declare it under "occasional services" i don't know how it is called in the USA

So if my income is less than "x" amount i dont have to declare it? Or you say it because they wont probably notice, whats the occasional services thing?

[coininga]

So if my income is less than "x" amount i dont have to declare it? Or you say it because they wont probably notice, whats the occasional services thing?

You should consider taking a legal advice about this, or ask an accountant.
"Occasional services" means that you do some work once in a while (how "occasional" it is, it depends on each country). That doesn't mean that you don't have to declare it, but I'm no expert.
Again, consider taking legal advice about this, you don't want to get in trouble with the law!

[Sourgummies]

Small amounts will still trigger alerts. You would be best to look at trading your bitcoins through other platforms to get it offline.

[GannickusX]

Small amounts will still trigger alerts. You would be best to look at trading your bitcoins through other platforms to get it offline.

I know small amounts will trigger alerts thats why i said it was not a good idea, the only thing would be to get it in cash but im not sure how would i do that for big amounts of money

[RodeoX]

I don't think your tax liability will be that much. You mentioned 50%, I have no expertise on Spanish tax law, but that sounds way too high. You likely just owe capitol gains on the appreciation in value. So the tax is not on the total, just the gain.
For example if you bought a BTC for 1Euro, then sold it for 2Euro, you owe some percentage on the Euro you gained. If you sold for 0.5Euro then you may be able to claim a loss and actually reduce your taxes.

In the U.S. capitol gains tax varies depending on your tax bracket. It could be zero or as high as 15%, for most payers. I think on average I have paid about 10%. Nobody likes to give up 10% to an entity that did nothing to earn it, but that is another issue.

[Mikestang]

Talk to your CPA, not an internet forum.

[Amph]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

pay the taxes, don't be greedy, if you get caught later on your problems will be compounded.  There are many ways to exchange.  Do it through localbitcoins or find a trusted member on this forum or use a large exchange, but just pay the taxes.  It really isn't that tedious and you won't have to worry about getting caught.

Its tedious because i dont really kow what taxes i have to pay or what to say exactly when they ask me where my income comes from, what do i tell them, investments, trading?

I am unfamiliar with taxes outside the U.S., but here are some guidelines...

How did you earn the money?  Was it from gambling or trading?  Where did you get your initial bitcoin and at what price?

Mostly from trading but also from here, the signature campaigns the giveaways sometimes, how do i justify that? My initial bitcoin? I never bought a straight up bitcoin, more like 0.3 to 0.5 at a time

if your income per year isn't too high, don't even bother with declaring taxes on it, otherwise you can just declare it under "occasional services" i don't know how it is called in the USA

So if my income is less than "x" amount i dont have to declare it? Or you say it because they wont probably notice, whats the occasional services thing?

yeah usually if your income is very low, like below 1k in one year, you don't need to declare, i don't know in your country what is the minimum, you should check for it, here the minimum is 4800 euro, below that you don't declare taxes, it should be around the same for other european countries

[GannickusX]

Talk to your CPA, not an internet forum.

If by cpa you mean lawyer, i dont think my lawyer will help me to not pay taxes, which is what im asking for here, how to not pay taxes, if i wanted to know how much and how exactly i wouldnt be asking but thanks for your answer.

[medUSA]

My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems

Have you considered getting a bitcoin debit card and spend the bitcoins buying everyday things? You would save the fiat you would have spent. Then, it's like you have sold your bitcoin for fiat in small amounts without the banking problems. You can even buy things for your friends and they pay you back in fiat. I know this is not your ideal solution. I believe this will save yourself a lot of difficult questions from your bank.

[GannickusX]

My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems

Have you considered getting a bitcoin debit card and spend the bitcoins buying everyday things? You would save the fiat you would have spent. Then, it's like you have sold your bitcoin for fiat in small amounts without the banking problems. You can even buy things for your friends and they pay you back in fiat. I know this is not your ideal solution. I believe this will save yourself a lot of difficult questions from your bank.

I have not, i didnt know such thinng even existed, are you sure about that? Anyways that wouldnt solve my problems long term since i would like to have cash aswell.

[medUSA]

Have you considered getting a bitcoin debit card and spend the bitcoins buying everyday things?
<snip>

I have not, i didnt know such thinng even existed, are you sure about that? Anyways that wouldnt solve my problems long term since i would like to have cash aswell.

There are quite a few Bitcoin debit cards now, I am surprised you haven't heard of them. I know Bit-x, xapo and anx do them. Remember to check their fees and rates carefully before application.

In the long term, you will have to "link" your bitcoin exchange account to your Spanish bank account and pay the taxes if there are any. Personally, I would rather do it later than sooner, because banks aren't very friendly to bitcoins right now. I do not want my account closed because they think I might be money laundering.

[CoinBateman]

Xapo debit card is a fantastic way to use your bitcoins and bypass the bank.

[gon]

You can withdrawl with using ATM. It is anon.

[kelsey]

what i love most about the bitcoin community; is the irony of almost every single person being in it for the fiat 

[Stingery64]

as far as i know, in spain you can have up to 10 000€ each each without giving any proof of where the money comes from,

10 000€ a year is not really a big amount for the,. just for you, and you can withdraw all your money in two years, in fact, 2 months if you do it 1 in december and 1 in january hehe,

any weay, better ask this to a lawer,

[the_reprobate]

what i love most about the bitcoin community; is the irony of almost every single person being in it for the fiat 

because without fiat bitcoin doesn't have any worth

as far as i know, in spain you can have up to 10 000€ each each without giving any proof of where the money comes from,

10 000€ a year is not really a big amount for the,. just for you, and you can withdraw all your money in two years, in fact, 2 months if you do it 1 in december and 1 in january hehe,

any weay, better ask this to a lawer,

Banks would likely to be suspicious if you suddenly gained that amount in a short span of time then withdraws it quickly

[noel57]

Register with any registered forex trading broker that accepts bitcoin and issues either their private debit cards or payoneer debit cards, send in 50 btc into your trading account and withdraw using your debit cards, if you with 2,000 euro make a deposit of 5,000 euro back to your trading account and bit by bit you will withdraw it all.
Also the money will be traceable to forex trading company because ATM machines often takes snap shot of people who are using it.

[Amph]

Xapo debit card is a fantastic way to use your bitcoins and bypass the bank.

too bad their fee to withdraw from ATM are not that cheap, all those card that come with anonimity, have very high fee, this kill a bit the point...

still waiting for something very cheap that have a good privacy

[bitnanigans]

It's recommended you pay the taxes.

If you absolutely want to avoid paying the taxes, you can set up an offshore company in one of the jurisdictions where you're not taxed, open an offshore bank account and transfer the funds to the bank account. Then you can spend directly, or make periodic withdrawals (as a salary or similar) to your local bank account from the offshore bank account.

[RodeoX]

what i love most about the bitcoin community; is the irony of almost every single person being in it for the fiat 

lol, true.

But some of us are the real deal. I ONLY use BTC online and have never sold any bitcoin. Keep your shinny metal poker chips and fancy paper. I only want 1's and 0's.

[GannickusX]

what i love most about the bitcoin community; is the irony of almost every single person being in it for the fiat 

lol, true.

But some of us are the real deal. I ONLY use BTC online and have never sold any bitcoin. Keep your shinny metal poker chips and fancy paper. I only want 1's and 0's.

No irony at all, in my country you cant buy shit with bitcoins and online, meh, can i buy food with bitcoins? Well i cant, what am i supposed to do? Starve? Before saying stupid shit think a little bit, i would love to use bitcoins for everything but unfortunately is not possible.

[medUSA]

what i love most about the bitcoin community; is the irony of almost every single person being in it for the fiat  

Can't blame them. Lives are based around fiat. We pay for food in fiat and it's the unit of measurement for "value". Although Bitcoin is a currency, we can't actually directly live on Bitcoin just like we can't live on a foreign currency away from it's country of issue.

There are still a lot of users who are interested in Bitcoin for its core values. The biggest irony I think, is Bitcoin being most useful to those in economically and politically unstable countries, and not enough people there have caught on to Bitcoin yet.

[muhrohmat]

well i use this pass to bitcoins to paypal then from pay pal to bank acount in portugal and figure out that 10% its in the way but every things good out of taxes for now!

[PeBo]

You may wish to check out BITWALA as they allow to pay invoices via Bitcoins which they transfer into the SEPA system for a 0.5% fee.

You enter recipient details like Name, IBAN, BIC, Amount and reference number. They take your coins and send the wire transfer on your behalf. This way you can spend coins in online shops without moving it across your own account. Just check out with advance payment option in any shop accepting SEPA, wait for the emailed invoice and pay it using BITWALA.

[Blawpaw]

I'm in Portugal. I have been using Kraken to make withdraws... I haven't tried Bitstamp yet.
Currently, there is no regulations regarding Bitcoin or digital currency and until now I haven't got any trouble with taxes. However, I would like to know more about the IRS conditions.

Can anyone advise me?

[erikalui]

To be on a safer side, you need to exchange smaller amounts of BTC and not all the BTC you have if it's above the taxable limit. Exchanging it for another payment mode is preferable eg: PayPal else you will need to submit the income proof as to from where you have received the amount.

It's better you talk to the bank asking what amount you can deposit without any questions being asked but don't mention BTC. Sometimes being sure with the bank makes you play safe.

[ifightformerkel]

Buy amazon gift cards here with bitcoins (you get it normally 10% cheaper), sell the giftcards for example on ebay or another forum
(sell it with paypal) make a new bank account on a different bank and transfer your paypal money there.

There are some ways to transfer your btc to your bankaccount.

[noel57]

I have another suggestion since this thread is still open, visit my signature and request for a debit card, invest a little in their cloud mining and start withdrawing your money gradually using the ATM card issued by bit-x.
Enjoy

[Xialla]

generally, is not so smart use one bank acc and transfer "everything" in on shot, just because transactions over XXX (depends on your country) from other countries are automatically monitored and may be followed.

so simply, create more acc, involve more friends and sent it in different days/times by small amounts to different people. another way is to use ATM or men in the middle..

[st4nl3y]

Try https://www.bitquick.co

[noel57]

Try https://www.bitquick.co

Can you please explain how this can help him to get the 20,000 euro into his bank account without any problem. We are all here to learn one thing or the other.

[st4nl3y]

Try https://www.bitquick.co

Can you please explain how this can help him to get the 20,000 euro into his bank account without any problem. We are all here to learn one thing or the other.

He could try split 20k and ask friends/family to help him withdraw in smaller amounts. Bitquick doesn't give out much details in the transaction statement, he will just end up paying friends/family a small cut instead of whatever% taxes.

He can also try withdraw from ATM's, like others suggested. 

[noel57]

Try https://www.bitquick.co

Can you please explain how this can help him to get the 20,000 euro into his bank account without any problem. We are all here to learn one thing or the other.

He could try split 20k and ask friends/family to help him withdraw in smaller amounts. Bitquick doesn't give out much details in the transaction statement, he will just end up paying friends/family a small cut instead of whatever% taxes.

He can also try withdraw from ATM's, like others suggested. 

Thank you for your explanations, I was wondering if there is a unique method to bypass the cash out process without any problem.

[ausbit]

Talk to your CPA, not an internet forum.

If by cpa you mean lawyer, i dont think my lawyer will help me to not pay taxes, which is what im asking for here, how to not pay taxes, if i wanted to know how much and how exactly i wouldnt be asking but thanks for your answer.

CPA means certified practicing accountant, really just a fancy name for a accountant I think.
I can't really help with your problem much, maybe try a darknet forum for this sort of info, people there would probably be a bit more dodgy than the members here they may know what to do.
Good luck.

[Amph]

Try https://www.bitquick.co

Can you please explain how this can help him to get the 20,000 euro into his bank account without any problem. We are all here to learn one thing or the other.

He could try split 20k and ask friends/family to help him withdraw in smaller amounts. Bitquick doesn't give out much details in the transaction statement, he will just end up paying friends/family a small cut instead of whatever% taxes.

He can also try withdraw from ATM's, like others suggested. 

Thank you for your explanations, I was wondering if there is a unique method to bypass the cash out process without any problem.

you can't, every trnsaction is registered, especially those that are above 1k, but if you stay below it, and make many of those smaller transaction, they will check it at the end, if the sum of all those transactions exceed a total per year, which should be different from country to country

but to check your money and to see who is the owner, they need to spend money, so they do it, only if it's worth the trouble for them, only if by doing so they can gain a good amount of taxes or penality

[aikunsatu]

They always follow the money.

[JLynn171]

Try finding a BTC ATM near you or just pay taxes according to your countries requirments for wages dont seem like is problem Bitcoin isnt illegal and nothing suspecious about its use unless u act suspicious using it....

[Indamuck]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

In your shoes, assuming you just want to avoid having to figure out, and pay a tax liability on 'earnings' or capital gains, this is what I would consider:

A. If the potential liability isn't material, just withdraw the funds to your bank. Have you looked at what your liability might run?
B. Seek out people near you who are able and willing to meet in person and pay cash for some or all of your coins. Localbitcoins is a good place to start looking.
C. Xapo debit card. Yes, the fees are high, but look at it this way: Xapo is an innovator and first-mover in btc, and your patronage is measure of support for the btc ecosystem. In a way those fees serve to 'pay back' the btc ecosystem for the opportunities it has provided.

[GannickusX]

To a spanish bank to be exact. I would have asked this on the spanish section but people is not really active there. My question is simple, say for exanple you have 100 btc and you convert them ito money 20.000€ approximately, if you withdraw that to your bank you would probably have problems because its already a pretty big amount and im sure that if you do it in small amounts someone will realize after all. I could pay the taxes, yeah.. But its a really tedious thing to do specially when it comes to bitcoins and i dont really want to lose like 50% of the amount of profit im getting.

In your shoes, assuming you just want to avoid having to figure out, and pay a tax liability on 'earnings' or capital gains, this is what I would consider:

A. If the potential liability isn't material, just withdraw the funds to your bank. Have you looked at what your liability might run?
B. Seek out people near you who are able and willing to meet in person and pay cash for some or all of your coins. Localbitcoins is a good place to start looking.
C. Xapo debit card. Yes, the fees are high, but look at it this way: Xapo is an innovator and first-mover in btc, and your patronage is measure of support for the btc ecosystem. In a way those fees serve to 'pay back' the btc ecosystem for the opportunities it has provided.

Localbitcoins is cool for small transactions but im not so sure about big ones, also if you get cash they can still notice, cant they? I mean you cant just go around spending tons of money right?

[the_reprobate]

generally, is not so smart use one bank acc and transfer "everything" in on shot, just because transactions over XXX (depends on your country) from other countries are automatically monitored and may be followed.

so simply, create more acc, involve more friends and sent it in different days/times by small amounts to different people. another way is to use ATM or men in the middle..

[leen93]

bitcoin.de
but i would stil advice to exchange for cash and just live on cash for few months