after receiving bits in large amounts, how to work with banks?

[gvuandrew]

Hi, I just asked my bank in USA if they can receive bitcoins and they said NO!
My question is this, what companies will convert the bitcoins into US dollars without asking questions so that I can take those US dollars and deposit into a bank
Because otherwise, what's the point of just having bitcoins hanging around, I want to invest this into my business or various investments

What do you guys do about this problem?

Thanks

[Your Point Is Invalid]

Normally I just change my bitcoin to paypal and just work from there, you can withdraw paypal to a bank account if you want

[European Central Bank]

No bank accepts bitcoins. Some of them'll shut you down if you deal with legit companies. What you need is a service that converts them and you gotta be careful who you choose. There's alot of bad apples out there. Look up Coinbase and Circle. You could also sell coins for dollars on an exchange. Coinbase have an exchange. Gemini and Itbit are also very legit. All of them are gonna want to verify you so you have to hand over some ID. If you want to accept bitcoins for your business then Bitpay will handle the conversion and pay you.

[QuestionAuthority]

Hi, I just asked my bank in USA if they can receive bitcoins and they said NO!
My question is this, what companies will convert the bitcoins into US dollars without asking questions so that I can take those US dollars and deposit into a bank
Because otherwise, what's the point of just having bitcoins hanging around, I want to invest this into my business or various investments

What do you guys do about this problem?

Thanks

You cannot exchange bitcoins for dollars in the US using a company as you put it "without asking any questions". Businesses in the US must comply with AML/KYC law which makes them ask lots of questions. You might be able to exchange small amounts occasionally on localbitcoins.com without too many questions about what you're doing. However, you are meeting someone in person you can be the subject of a law enforcement sting. Law enforcement does tend to ask lots of questions.

[Cheap Ass]

I use Paybis.com, exchanging my bitcoins to WU mostly and sometimes using their bank transfer.

[Patatas]

I think you have asked this question in the forum multiple times.Neither banks or exchanges cant help you if your sources of income are not verified.As I have answered the question before same applies here, Legit Income With Proofs is requested at all leading exchanges while converting bitcoins to Fiat.You can simply sell your bitcoins at LocalBitcoins and have the Cash deposited in your bank Account .BUT when banks asks you for proofs you must be able to convince them.

[bitbaby]

Hi, I just asked my bank in USA if they can receive bitcoins and they said NO!
My question is this, what companies will convert the bitcoins into US dollars without asking questions so that I can take those US dollars and deposit into a bank
Because otherwise, what's the point of just having bitcoins hanging around, I want to invest this into my business or various investments

What do you guys do about this problem?

Thanks

Gone are the days when you could convert fiat⇄btc without anyone asking any questions, now most of the exchanges (all in US) would ask you to verify you account before you're allowed to trade. It is actually good, the more legal Bitcoin trades are, the more mainstream it will become.

[Zeke2345]

I know banks started to crack down on transfers back when poker was booming, they hate bitcoin to the same extent.
You are best opening another bank account if you have large sums and deposit on pay cycle. You could also make some large purchases with cash and sell the say car and show the bank the sales receipt. Lot of different ways and its different in every Country.

[gvuandrew]

Normally I just change my bitcoin to paypal and just work from there, you can withdraw paypal to a bank account if you want

can you please elaborate more on this works? so i would withdraw the bits to my paypal and paypal will then convert to US dollars?

[gvuandrew]

Legit Income With Proofs is requested at all leading exchanges while converting bitcoins to Fiat.You can simply sell your bitcoins at LocalBitcoins and have the Cash deposited in your bank Account .BUT when banks asks you for proofs you must be able to convince them.

Actually the income is legit and I WILL be paying taxes on it, that's not what I'm trying to avoid. The only thing I'm doing is leaving no trail. I don't want my competitors in my business knowing my edge so it's not about laundering in my case. But I will be using various mixers or exchanges (I'm working out the best strategy) to leave no trail.  I'm going to have a 3rd party collect the initial payment (from the advertisers) and he's send to me in bitcoins.  So my question to you is what specificalliy will the circle.com or coinbase.com need from me? 

My bank at USA won't care because all I'm doing is depositing dollars to them like anything else, once it's in dollars i can wire it from anywhere.  The issue is what will coinbase or circle.com or similar companies require?

Cause I do not want to share with them the entire trail i left with various wallets as that's the whole point i'm hiding!

[~Bitcoin~]

Normally I just change my bitcoin to paypal and just work from there, you can withdraw paypal to a bank account if you want

but selling bitcoin for paypal like reversible payment processor is very risky so you better get master card from ecoin.io or bit-x.com who are trusted and leading card provider which can be used worldwide and you can deposit via bitcoin.

[European Central Bank]

Normally I just change my bitcoin to paypal and just work from there, you can withdraw paypal to a bank account if you want

can you please elaborate more on this works? so i would withdraw the bits to my paypal and paypal will then convert to US dollars?

Nope. Paypal won't want anything to do with it. You gotta use some of the companies mentioned above. And never sell to individuals for paypal. That can be reversed. bitcoin can't.

[gvuandrew]

fyi

btc-e.com will do it

patatas i think you are incorrect

all they require is ID, proof of residence, but they told me specificallyi they do NOT ask for source of bitcoins or the block chain

[Kakmakr]

Legit Income With Proofs is requested at all leading exchanges while converting bitcoins to Fiat.You can simply sell your bitcoins at LocalBitcoins and have the Cash deposited in your bank Account .BUT when banks asks you for proofs you must be able to convince them.

Actually the income is legit and I WILL be paying taxes on it, that's not what I'm trying to avoid. The only thing I'm doing is leaving no trail. I don't want my competitors in my business knowing my edge so it's not about laundering in my case. But I will be using various mixers or exchanges (I'm working out the best strategy) to leave no trail.  I'm going to have a 3rd party collect the initial payment (from the advertisers) and he's send to me in bitcoins.  So my question to you is what specificalliy will the circle.com or coinbase.com need from me? 

My bank at USA won't care because all I'm doing is depositing dollars to them like anything else, once it's in dollars i can wire it from anywhere.  The issue is what will coinbase or circle.com or similar companies require?

Cause I do not want to share with them the entire trail i left with various wallets as that's the whole point i'm hiding!

They will ask for all the normal information you have to supply, when you want to open up a account at a bank, because all of them have to adhere to the same KYC/AML regulations. You need ID / Proof of residence / email address / bank account details / Cellphone number and stuff like that. https://support.coinbase.com/customer/portal/articles/1944900-how-do-i-verify-a-us-bank-account- You not going to get past any of these
things when you use these services.

The Localbitcoin option is risky but it's less intrusive. Once you get a legitimate person to trade with, you will be cool. <  Just start small and test the water > Good luck. 

[gvuandrew]

@Kakmakr

the documentation you mentioned is fine, the only thing i don't want to provide is the source of bitcoins and the chain of how it arrived at my wallet

can you confirm that indeed for THAT specific piece of info they don't require?

[SFR10]

All exchanges require plenty of questions to be answered starting from who your are so they could somehow monitor your activity and know who their other side of deal is. You can't do the process directly with your bank so the use of 3rd party processing is your choice (exchanges).

These are some of the exchanges that might work for you:
https://www.bitstamp.net/
https://btc-e.com/
https://www.bitfinex.com/
https://hitbtc.com/
https://anxpro.com/

Make sure you study each first before using them.

[n2004al]

Hi, I just asked my bank in USA if they can receive bitcoins and they said NO!
My question is this, what companies will convert the bitcoins into US dollars without asking questions so that I can take those US dollars and deposit into a bank
Because otherwise, what's the point of just having bitcoins hanging around, I want to invest this into my business or various investments

What do you guys do about this problem?

Thanks

There are several exchanges or wallets which offer change of bitcoin in us dollar and then send of them in your bank account. Do e search in internet and can find several options. the problem will be only if you live in some country when this service is not reached yet. So must try all the option and see if it is possible that. Anyhow I can give you an option which for sure will work for you. Try virwox. This service is available in much countries. There are various options to withdraw money from them. Then try Coinbase, Xapo etc.

[Cuidler]

the documentation you mentioned is fine, the only thing i don't want to provide is the source of bitcoins and the chain of how it arrived at my wallet

can you confirm that indeed for THAT specific piece of info they don't require?

Normally it is not required, but for large transactions (over 10.000 USD equivalent ?) or when the coins come from suspicious source they may ask you such question. But in the worst case they should close your account and ask withdrawal Bitcoin address for remaining Bitcoin ballance - at least this is what Coinbase is doing when they detect your coins come from gambling site.

[gvuandrew]

the most simple way is by searching some local exchanger in your area or country and then exchange your btc to USD by using western union,i think this one is the most easiest way and risk free when you can got accused as a money launderer when you'd exchanging your bitcoin directly from a exchanger to your bank account

but this isn't safe, you can easily get scammed this way can't you?

[Amph]

the most simple way is by searching some local exchanger in your area or country and then exchange your btc to USD by using western union,i think this one is the most easiest way and risk free when you can got accused as a money launderer when you'd exchanging your bitcoin directly from a exchanger to your bank account

you can not get accused doing ML if you stay under certain amount <1k here dunno about america, if further investigation are made by fiscal agent

then you simply tell them the true, you dumped bitcoin for fiat and transfered in your bank account, they surely know what bitcoin is...

[gvuandrew]

that wasn't what i meant, i meant when you send via western union to someone locally, how do you know they will send the cash to you? they can cheat you\

is it possible to do this where it's secure?

[tobacco123]

If the amount if something you can afford not to convert, maybe you should consider holding on to it.

I think in 10 years time the bank will be accepting bitcoins and the value will be many times higher than the current value.

[Cuidler]

that wasn't what i meant, i meant when you send via western union to someone locally, how do you know they will send the cash to you? they can cheat you\

is it possible to do this where it's secure?

LocalBitcoins uses some kind of escrow protection. In case of dispute, LocalBitcoins will decide based on evidence. But selling Bitcoins on LocalBitcoins you can get -10% to -20% less of USD compared to exchanges, based where you live and the number of sellers (the sellers also might unable to trade large amounts, LocalBitcoins tend to be not liquid market in many locations). Also, western union want your identity anyway, so no difference from bank.