BTC to FIAT

[alphacoco]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

[Scorpion]

I've heard similar stories, even heard about my own bank being a culprit of such tactics but I deposited through Coinbase and then to my bank and they haven't done anything so far, I've withdrawn about four times without an issue.

[avikz]

That entire depends on what bank and broker you use. If the broker you are using is blacklisted that any particular bank, will have your money freezed. Some instances from USA has been reported lately. However, it is not recommended to exchange a very large amount of bitcoins at any point of time. Because if that transaction is not matching with the previous trend of fund inflow of your account, it will raise an alarm and bank will try to investigate that. So it is always better to deal in cash for UK.

Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.

[currencydesigner]

That depends on where you hail from. You have to research for various methods that will allow you to convert into your fiat of choice and enable you to withdraw that fiat. Reading in various crypto related social media groups specific to your place of origin is essential. Coinbase will only be able to send stuff out in xfers, while local bitcoins you can actually find people and exchange it for cash.

[CHENG90]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

I've been wondering this myself, If you invest and make lots of money or have a significant amount of BTC, you can't exactly just drop it into your bank and have a large sum of Tax free FIAT. I guess we can hope that in the near future companies start to accept it BTC/Alts as payment for assets (Big/Small). I currently use Coinbase which seems quite user friendly with my bank (RBS) but I've only put money in so far (SEPA Payments), I was planning on doing a trial withdrawal but I didn't want to take any money out haha. So I still don't know what I will do in the future to cash in, if the worst comes worst, Lamborghini accept Bitcoin as payments i think

Good luck in your transactions and I hope they don't freeze your account!!!

[Dapper]

The key in my experience is to keep transactions small and uninteresting.    Don't do $50,000 a month in one transaction.   Break it up into $100.24 to $527.43 type transactions daily across 5 or 6 bank accounts. 

[50ouncebrew]

Different banks have different policies about bitcoin. Small transactions are much less likely to be blocked.

[CHENG90]

The key in my experience is to keep transactions small and uninteresting.    Don't do $50,000 a month in one transaction.   Break it up into $100.24 to $527.43 type transactions daily across 5 or 6 bank accounts. 

Good idea, I suppose it would only come to light that way if you were actually in the bank applying for a mortgage or loan etc. Otherwise they shouldn't ever be aware/interested in the traffic (Money In/out vs Declared income) of your accounts

[Shamie1002]

The key in my experience is to keep transactions small and uninteresting.    Don't do $50,000 a month in one transaction.   Break it up into $100.24 to $527.43 type transactions daily across 5 or 6 bank accounts. 

Not a bad idea. Well, I have have any problems cashing out my bitcoins to fiat yet I am a bit worried. I don't have any bank accounts yet where I can transfer my earnings I do this through remittance centers.
But incase I open up a account in the future I would keep this in mind.
Also the once in a month thing is white a good technique.

I hope those things you've heard are not true incase.

[bellamente]

The question is, where did this money come from. Maybe it's not pure money

[HashieNewb]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

What you will have to deal with is the people in charge of the bank approving the money transfer. When they approve it, you have to make sure that you have enough money left over to pay for the tax...
Then you would have to note that in your yearly tax claim.

That's about it.

[Olegnar]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

What you will have to deal with is the people in charge of the bank approving the money transfer. When they approve it, you have to make sure that you have enough money left over to pay for the tax...
Then you would have to note that in your yearly tax claim.

That's about it.

The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.

[CHENG90]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

What you will have to deal with is the people in charge of the bank approving the money transfer. When they approve it, you have to make sure that you have enough money left over to pay for the tax...
Then you would have to note that in your yearly tax claim.

That's about it.

The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.

Surely if you bought '12 Lambos' directly with BTC it's got nothing to do with anyone how you got them. Once you own it/them (which you would because they take BTC payment), it's yours and how you acquire such assets does not involve anyone but you and the dealer, someone could have given you it, either way i dont think you would need to declare it! That's just the way I see it though

[agorkems]

Yes, a different bank has different policy and I agree that if we want to prevent account getting froze then it is good to cash out bit by bit to get unnoticed. Of course, a bank will only freeze an account when there are valid reasons.

[Tyrantt]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

What you will have to deal with is the people in charge of the bank approving the money transfer. When they approve it, you have to make sure that you have enough money left over to pay for the tax...
Then you would have to note that in your yearly tax claim.

That's about it.

The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.

Surely if you bought '12 Lambos' directly with BTC it's got nothing to do with anyone how you got them. Once you own it/them (which you would because they take BTC payment), it's yours and how you acquire such assets does not involve anyone but you and the dealer, someone could have given you it, either way i dont think you would need to declare it! That's just the way I see it though

That's the way you see it but there's also the law where you have taxes, so you have 300$ earnings monthly and can afford a lamborghini, ferrari, 3 flats adn you're paying taxes depending on that 300$, well that you might be avoiding tax...  You even have to pay taxes when selling stuff on ebay or amazon, but not many people (don't know anyone who does this) actually pay taxes for that.

[trumper]

If you or your money is linked with any suspicious event, then your account can be frozen to investigate your account otherwise this is impossible.

[rickyNmorty]

It all depends on policy that a bank has, but i think they mostly doubt where all the funds came from knowing that bitcoin could. I think they are freezing the bank account whenever you withdraw bigger than your stated salary and they do checking for it from transactions you did, and if they find something suspicious they will call you for interrogation i guess.

[BillCoin]

That entire depends on what bank and broker you use. If the broker you are using is blacklisted that any particular bank, will have your money freezed. Some instances from USA has been reported lately. However, it is not recommended to exchange a very large amount of bitcoins at any point of time. Because if that transaction is not matching with the previous trend of fund inflow of your account, it will raise an alarm and bank will try to investigate that. So it is always better to deal in cash for UK.

Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.

I don't think that it has something to do with the broker that you are using, I think that it all depends on your country state on bitcoin,and also if you paid taxes for your profits.

I always suggest people, before you even think about selling your bitcoins for fiat directly into your bank account, always take a lawyer and make sure that you understand all the rules that apply for your country.
Banks at some countries will instantly block you from future activities until you provide proves that you already dealt with the tax units at your country.
It saves a lot of troubles and headaches.

[bitcoinmasterlord]

That entire depends on what bank and broker you use. If the broker you are using is blacklisted that any particular bank, will have your money freezed. Some instances from USA has been reported lately. However, it is not recommended to exchange a very large amount of bitcoins at any point of time. Because if that transaction is not matching with the previous trend of fund inflow of your account, it will raise an alarm and bank will try to investigate that. So it is always better to deal in cash for UK.

Try localbitcoins platform and find a person who will deal through cash in your nearest area. Meet personally and have the money collected. It is a safer option to do if you are willing to safeguard your money from the regulator's prying eye. Also it is advisable to use small amounts at one go. This way your investment can be saved.

I don't think that it has something to do with the broker that you are using, I think that it all depends on your country state on bitcoin,and also if you paid taxes for your profits.

I always suggest people, before you even think about selling your bitcoins for fiat directly into your bank account, always take a lawyer and make sure that you understand all the rules that apply for your country.
Banks at some countries will instantly block you from future activities until you provide proves that you already dealt with the tax units at your country.
It saves a lot of troubles and headaches.

I do not understand how the bank will freeze your money, and why they will blacklist brokers account they need a huge amount transactions account member to increase there revenue. How you got money and who deposited, why they deposited all these questions will ask your IT department, not a bank.

In my country, they won't ask you anything if you pay your income tax to the government.

[CHENG90]

I hear from some people that when selling a large amount of Bitcoin and having that money hit their UK bank account,  the bank has froze their money or notified them they will close their account.

Other people say they had no issues and no one has said anything.

Have you have any problems and more importantly who gave you the best rates and was the least hassle to deal with.

What you will have to deal with is the people in charge of the bank approving the money transfer. When they approve it, you have to make sure that you have enough money left over to pay for the tax...
Then you would have to note that in your yearly tax claim.

That's about it.

The problem shows up on my tax claim in my country. I can't by 12 Lambos and say oh I have earned them with my 3000$ sallary (I have 900$ sallary and average in my country is 450$).
They will ask how did you get it. If I say I earned on investment in crypto, they will not recognize crypto and then what. Bank statement ,,I got it from that account'' is not gonna work.
The question remains how did I earn it.

Surely if you bought '12 Lambos' directly with BTC it's got nothing to do with anyone how you got them. Once you own it/them (which you would because they take BTC payment), it's yours and how you acquire such assets does not involve anyone but you and the dealer, someone could have given you it, either way i dont think you would need to declare it! That's just the way I see it though

That's the way you see it but there's also the law where you have taxes, so you have 300$ earnings monthly and can afford a lamborghini, ferrari, 3 flats adn you're paying taxes depending on that 300$, well that you might be avoiding tax...  You even have to pay taxes when selling stuff on ebay or amazon, but not many people (don't know anyone who does this) actually pay taxes for that.

Yea I see what you mean. It's not income though because technically you haven't worked for it and been paid, you've bought the coins. So if you buy a product of any value directly with bitcoin, then the only tax you should be paying is Value Added Tax (VAT) which here in the UK is included in the price of products. So if i was to buy a Lambo now with Bitcoin, would I really be avoiding Tax? I'm just trying to understand it myself 

Hopefully with the way Crypto is growing with awareness and popularity, sometime in the near future we should see banks recognising the issue and providing a service for cashing Coins into Fiat. Once one bank does it they all will, the tax man can't be running around after everyone every time someone converts a chunk of coins.