DId anyone get investigated when they cashed out a lot of bitcoin?

[Fatoshi]

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

[geac.xraekhurcoe]

They will probably put you on monitor list !

[MissionPhailed]

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

Saw a similar story from someone I know from another crypto-related forum; cashed out roughly 20K euros and subsequently got an invitation from his bank for a personal conversation. Apparently banks tend to get a bit edgy when discovering significants sums of money from an unknown origin. This specific case was in The Netherlands btw.

[Youghoor]

I know about a friend who had the same situation a few months ago, he is more introduced in bitcoin than me, because he has experience in a lot of things that i have never done, but he told me that i should start cashing-out my bitcoins in cash using localbitcoin guys that buys bitcoins with fiat. This is a good way to cashout them, because the bank is not going to ask you anything because that money is not going to be in the bank.

[tiptopgemdotcom]

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

For transferring such huge amount to bank account you need good plan. First you need to use multiple exchanges and cash out services for this purpose.Later divide your amount and withdraw.

[BittBurger]

I spoke to a couple branch managers of major banks about this.

As long as you are cashing out less than $100,000 nothing will be triggered on the bank side.  In other words, as long as they aren't seeing a deposit coming in from outside the bank that exceeds $100,000, nothing is triggered in their system to look into it.

This has been confirmed by a few friends so far.   No questions were asked.  

There was some good advice given though - that it wouldn't hurt to call your bank ahead of time and speak to a manager.  Especially if you plan to exceed $100,000.  

Let them know you've been investing in "international currencies" and will be cashing some out.  Being forward about it and transparent ahead of time often diffuses any knee-jerk reactions that otherwise might have happened on the bank side.

NOTE: This is in the USA only.

-B-

[countryfree]

It depends of the bank, and it depends on the holder.
If you have an account at a private Swiss bank, where they ask for a minimal deposit of $250,000 before considering you as a client, you're safe.
If you have a monthly $50,000 income, you shall not worry much about making large BTC transactions.

If you're a Romanian making $300 a month, suddenly cashing out 10 BTC, that is suspicious.

[gentlemand]

Tell your bank and show them a paper trail. They're considerably less anti BTC than terrified of being shut down themselves because of the US government turning up and shooting them all in the face.

Once it's all pre cleared and they're happy then cash yourself out silly. Only a fool would be throwing vast amounts out of nowhere into their account.

I know about a friend who had the same situation a few months ago, he is more introduced in bitcoin than me, because he has experience in a lot of things that i have never done, but he told me that i should start cashing-out my bitcoins in cash using localbitcoin guys that buys bitcoins with fiat. This is a good way to cashout them, because the bank is not going to ask you anything because that money is not going to be in the bank.

What the fuck is anyone going to do with a room filled with cash? You can buy your groceries and fuel. For anything bigger it has to go into a bank account.

[muncuss]

It depends of the bank, and it depends on the holder.
If you have an account at a private Swiss bank, where they ask for a minimal deposit of $250,000 before considering you as a client, you're safe.
If you have a monthly $50,000 income, you shall not worry much about making large BTC transactions.

If you're a Romanian making $300 a month, suddenly cashing out 10 BTC, that is suspicious.

yeah this also happen to paypal. as new account, suddenly transfering hundreds bucks is suspicious. must divide withdraw or cash out from several banks (of course in small amount), then you won't get problem

[Wowcoin]

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

In local wallet here in our country they disabled my account because they see my bitcoin amount is big and they want to investigate where that money came from.
They scheduled me on Skype for the interview.

[Rahar02]

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

Saw a similar story from someone I know from another crypto-related forum; cashed out roughly 20K euros and subsequently got an invitation from his bank for a personal conversation. Apparently banks tend to get a bit edgy when discovering significants sums of money from an unknown origin. This specific case was in The Netherlands btw.

I remember that thread, cashed out 20K Euro in one shot is a bad decision, there's financial regulations about money transfer through banks in order to prevent money laundering or something like illegal transactions. Well, it will be different in some countries as govs have their own regulations, yes, you will get investigated, but authority or law enforcement will not arrest or torture you only because your huge transaction as long as you can explain about the source and fill all the documents about it.

[Kemarit]

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

I think the bank may raise an alarm seeing a huge amount has been credited to you. I once one invited by banks before because a lot of cash has been pouring on my account. It comes from my online job before (fiat) and to my offline business. I have to explain to them and document everything the source of my income. They even contacted my manager then just to be sure. And everything turns out to be what I'm telling them. And they even allowed me to increase the daily amount that I can withdraw everyday. And I have the privilege not to fall in line every time I have to withdraw and deposit from that bank. . And even gave me a new credit card. If you can show they proof where is the source then I think you are all good to go. Explain to them what bitcoin is and they probably understand your situation.

[Mysterious01]

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

I am also worried in this kind of transaction because in my country its kinda full of regulations in terms of money.
I wonder also what are the bank rules in my country but as of now I am dividing my withdrawals to avoid problems.

[ruskytailz02]

then provide them the transactions you have about BITCOIN
you had it free and not make it with crime or something like that
yess they will put you in monitoring list but the thing is that you are not doing wrong and your good to go
BITCOIN is legal as long as you do good for it
just provide them the transaction list you have

[franco123]

Probably yeah because we all know how the givernment wants to benefit from big transactions such as this. But also, this is a big amount of money that can be suspected to be a money from a dirty business. Bitcoin is sometimes used in money laundering and what makes the government think that someone might have laundered money is the big transactions like this.

So better yet be ready for investigations but you have nothing to worry about if there is nothing to hide from the gain of Bitcoins.

[lighpulsar07]

I honestly wonder if i can definitely cash my btc out without having the entire banking and law enforement community arresting me and torturing me till i hand them over. Seriously....anyone got investigated in some way when they cashed out a large sum.

I mean i moved into my bank 10k dollars in fiat the other day and had calls and letters from my bank asking me where the money came from.etc.....and that was fiat.

Well they will investigate you since that you've receive a high sum of money in your bank account from exchange which is unknown to banks and they just want to confirm if your money came from legit business or from fraud. just tell them where they came from and show some evidences so, next time if they received a huge sum of money then they will not call you anymore.

[Singwala]

The bank can investigate how much money you enter into your accounts. they can look at your living state. So I'm going to have a lot of money. What I'm going to do is take a few bucks to get rid of banks and find out what I'm doing. Because really I may be charged with money laundering to know because I'm not paying taxes

[hitlab]

If you have a record of where the money comes from you will be fine. Make sure you understand the tax implications of cashing out bitcoin, best talk to an accountant beforehand.

[mistanama]

In my opinion. Can investigate the bank if the money you are entering is overwhelming that they can look at your life style to see where you could take a large amount of money it. Because all the people in the country really need to pay taxes, And if you do not pay, you'll definitely be charged. Especially if the Bitcoins are not legally in your country

[no0dlepunk]

Fortunately, there is a limit to cash-outs here in the Republic of the Philippines. At the moment, the maximum cash-out per day is 50,000 Philippine Peso (which is not surprising for a single transaction, and won't put you on the watch-list, at all). I know someone my age has cashed out nearly 500,000 Pesos worth of bitcoins, and so far nobody from the government has questioned him.