How to cash out 500k euro?

[Greendragon]

How to cash out bitcoins for 500k euro.
I do not have this amount right now but curious..
What will my bank do ? Freeze it ?

[Amph]

don't know the limit of your bank, bu if you declare it , there should be any problem, but you need to find an exchange tha let you send that amount to your bank account first

[adamstgBit]

What will my bank do ? Freeze it ?

no your bank will probably steal it and use it to pay off its debts aka bail-in

[twister]

How to cash out bitcoins for 500k euro.
I do not have this amount right now but curious..
What will my bank do ? Freeze it ?

I think no exchange will allow you to sell that many bitcoins at once and even if they do, you shouldn't and instead do it in small quantities and I think you might have to answer how and when you bought those bitcoins and they might ask you to pay a hefty tax for the buy/sell of those coins.

[Hyena]

That's a good question. I would definitely not try to do this all at once. If you need to protect your wealth from volatility then you could keep that wealth in nubits since 1 NBT is always equal to 1 USD. Then you would gradually cash it out. Oh, and most banks are hostile towards bitcoin. Choose carefully to which bank you withdraw the money. For example, SwedBank is hostile towards BTC while LHV is friendly (they even launched their own internal cryptocurrency). Also, LHV partners with CoinBase, so you should first become a customer of a bitcoin friendly bank that partners with CoinBase. I would avoid banks as much as possible because they are the enemy. I think the safest bet would be to form a legal contract with another person to trade your bitcoins for their property. After that, selling the property conventionally for cash might be safe.

[Biodom]

coinbase has $50K single trade limit in US.
I think that you need to talk to your bank for anything above, but i would also talk to them about anything close to $50K.
Maybe you'll need to open a special investment account before doing such trade.
I think that you can also sell btc directly to Second Market (at least it was true last year when they were looking for >25BTC trades)

[gentlemand]

Talk to someone like Bitpay or Second Market and find yourself an OTC deal. Maybe some of the exchanges have dark pool buyers as well.

No reason why a bank should shut you down. It's your property. You sold it. Plenty of people get more money landing in their account due to inheritances or property sales every day of the week. If you feel you deserve to not pay tax on it then that's your problem.

[Hyena]

Talk to someone like Bitpay or Second Market and find yourself an OTC deal. Maybe some of the exchanges have dark pool buyers as well.

No reason why a bank should shut you down. It's your property. You sold it. Plenty of people get more money landing in their account due to inheritances or property sales every day of the week. If you feel you deserve to not pay tax on it then that's your problem.

Large transfers get investigated. Links to bitcoin are automatically suspicious. I wouldn't risk with this, even when paying taxes properly. Definitely do it in small chunks so that they wouldn't be able to freeze your whole stash.

[ScevolaDendera]

1. wait for a sunny day and pack all euros in a bag.
2. call for friends for help
3. push the bag towards the front door.
4. push it further more with all your energy.

now you may keep the bag unzipped for a while.

Tip me if i'm helpful. :p

[batou]

local bitcoins 

[Morecoin Freeman]

If you live in the Netherlands I know how to get any amount from selling bitcoins into your bank account within 3 days for a 5% fee.

Earnings from trading and saving are basically not taxed over here. We only pay 1,2% tax once per year over our total combined savings.

We have bitonic.nl. They buy any amount of bitcoins from you for the Bitstamp price -5%. The money goes directly into your bank account.

[Paashaas]

If you live in the Netherlands I know how to get any amount from selling bitcoins into your bank account within 3 days without paying any taxes and only a 5% fee.

Earnings from trading and saving are basically not taxed over here. We only pay 1,2% tax once per year over our total combined savings.

We have bitonic.nl. They buy any amount of bitcoins from you for the Bitstamp price -5% through iDEAL (e-commerce payment processor used in the Netherlands). In the Netherlands iDEAL is the most used and preferred payment method online and serves the vast majority of the Dutch banking market. The money goes directly into your bank account.

I trade with Bitonic for some time, i really like it. I get my coin almost instant in my wallet and when i sell i get my fiat the next (working) day. Paying 5% extra is really worth it, the service you get is awsome!

1.2% tax is only needed to pay when you got a wealth of 21k+

For the OP question, how to cash out 500k? By the time Bitcoin reaches that kind of lvl, you wont need it to cash out ore just very small amounths.

[Herbert2020]

i have read a news today that your bank will record your transactions if they arebig enough and bitcoin related. so you might encounter some problems there.
also exchangers might not let you cash out huge amount of fiat in one request from their website
anyways, you should probably check these with your bank.

[rebuilder]

Talk to your bank. It may not be a problem.

Re:Nubits, I'm sure this is a newbie question, but who guarantees liquidity? I don't see how a peg like that could be accomplished without counterparty risk.

[gentlemand]

Talk to your bank. It may not be a problem.

Re:Nubits, I'm sure this is a newbie question, but who guarantees liquidity? I don't see how a peg like that could be accomplished without counterparty risk.

From here

https://nubits.com/about/faqs#which-is-the-most-stable

"For those users who care purely about stability, NuBits is the best option. To date, NuBits has held its peg at $1.00 US stronger than any other competitor. It also offers the greatest amount of liquidity. This means that should you decide to sell your NuBits, you can be reasonably sure that you will get $1.00 US for each one of them."

Errr,

I'm out.

The concept is an interesting one. It sounds a little bit like the worst of both worlds though.

[Meuh6879]

500 000 euros ?

Well, very easy :
- buy a european train ticket.
- use coinmap.org to find all ATM Bitcoin.
- for the rest, use localbitcoin, too ... in the same area of the ATM Bitcoin.

Bitcoin is not restrict.
Bank are restrict.

[Greendragon]

If you live in the Netherlands I know how to get any amount from selling bitcoins into your bank account within 3 days for a 5% fee.

Earnings from trading and saving are basically not taxed over here. We only pay 1,2% tax once per year over our total combined savings.

We have bitonic.nl. They buy any amount of bitcoins from you for the Bitstamp price -5%. The money goes directly into your bank account.

Yes I'm from Belgium and there is no law for it right now. Already cashed out 50k euro past year.
But I'm a bit afraid that 500k is just to much.. And I do not want to pay tax for it because we owned this fancy money due intelect/risk.
So FU tax.
I use bitonic.nl those are really great guys. They are launching an exchange to soon.
Maybe I should contact my bank and bitonic.nl for a deal/information when its needed.

[gentlemand]

And I do not want to pay tax for it because we owned this fancy money due intelect/risk.

That's the spirit. I'm sure the court will let you off with such a devastatingly articulate justification.

[botany]

If you live in the Netherlands I know how to get any amount from selling bitcoins into your bank account within 3 days for a 5% fee.

Earnings from trading and saving are basically not taxed over here. We only pay 1,2% tax once per year over our total combined savings.

We have bitonic.nl. They buy any amount of bitcoins from you for the Bitstamp price -5%. The money goes directly into your bank account.

Yes I'm from Belgium and there is no law for it right now. Already cashed out 50k euro past year.
But I'm a bit afraid that 500k is just to much.. And I do not want to pay tax for it because we owned this fancy money due intelect/risk.
So FU tax.
I use bitonic.nl those are really great guys. They are launching an exchange to soon.
Maybe I should contact my bank and bitonic.nl for a deal/information when its needed.

If you are worried about taxes, spend it rather cashing it out.

[tyrexs]

if 500k money is legal , you can talk with the bank to issue the money or you can pull on a regular basis. the bank will provide the best way for you to bring the money it out safely