CASHING OUT YOUR CRYPTO-CURRENCY PROFITS

[asus09]

Become wonderful when you make deposit in the bank with higher amount, the bank officer will ask you where did you get your much earning deposit? if bank officer know about bitcoin or altcoin is not really hard for giving information about bitcoin and altcoin, but if they are do not know what bitcoin is it, it really hard.

[suborna]

Hi everybody, I have a serious question to address:
 GOOD
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

EDIT 2: The reason why I was suggesting contacting the bank first, before making serious deposits (single large deposits or frequent small deposits), is because some banks just call the police (without contacting you first), when they notice strange transactions in your account.
When a bank calls the police on their customers, this automatically gives the police the permission to issue a "search warrant" on your living premises.
This means unwanted visits from the police, who have authority to scuffle through your possessions and seize all of your electronic communication equipment.
While doing this, they now have the opportunity to search your home for anything else that they think is wrong, or to issue trumped up charges against their victims.

The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.

EDIT 3: I am not scared of paying high taxes. I just want to cash out honestly, without being worried of the unpredictable and punitive behavior of the Authorities, who always criticize or attempt to make accusations "on suspicion" of wrongdoing.
I want to pay the correct tax, and get over and done with this issue. I do not want the Authorities chasing me around for unpaid taxes later in life.

[ropyu1978]

maybe only a few people who don't withdraw their profits and use it as an additional investment, of course there must be a calculation about it because could be scorched when experiencing losses
will be a double benefit if we take a big risk

[Questat]

You have to be transparent to the bank if you don't want to get investigated.
I think it really depends on the amount, we might say it huge but they have a amount ceiling per their rules.
Before you can open a bank account, you will have to follow the kYC procedure, fill up the form with information required, like where you funds will be coming from, and how much in a monthly, or yearly you will deposit in your account, if you supply all the correct information, there's nothing to worry at all.

[Polo7]

That's why in European union banking area bank dont ask anything as long as you Receive funds from company with crypto currency business License!  And you dont go over limits!

[ivakar]

well. what times do we live.. some time ago it was really fine with banks, if you bring them money, now they will charge police on you for this
police will come, arrest you, and then, maybe, after some time they will release you.. and that's now normal.

maybe it is better to open account in national wide bank which you trust and tell them that you will deposit money from crypto?

[abel1337]

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

If you are asked by bank management on where did you get the huge amount, It will be time you will answer.
There are many banks that isn't strict with the money from cryptocurrency especially if the bank is well educated about crypto.

There are some banks here in our country that are strict about crypto which so much disappointing, But there are some active banks here that are very welcome to cryptocurrency.
Giving knowledge to their staff about cryptocurrency and not letting their staff be ignorant about cryptocurrency is exhilarating.

The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.

Getting arrested by police and having your belongings confiscated is a bit harsh especially for a customer that just wants to deposit his asset to the bank.
If there is a possibility that this will happen to me, I'd rather keep my assets to me myself than depositing it into banks

[AicecreaME]

Become wonderful when you make deposit in the bank with higher amount, the bank officer will ask you where did you get your much earning deposit? if bank officer know about bitcoin or altcoin is not really hard for giving information about bitcoin and altcoin, but if they are do not know what bitcoin is it, it really hard.

I know someone who is using banks to save his profits from Trading, the bank was not okay with in the first place but he made it all clear to them. He provided the history of his Trading profits everyday and he explained how he do it. I think it took some days before the banks let him use their services in the Trading business that my friend is on. There is no harm guys if you'll give it a try, you're just going to ask anyways.

[aysg76]

See, every country has different laws and different level of tolerance for using and trading of cryptocurrencies. I can share my experience with you but it won't make any sense because your bank may treat you entirely different than what my bank treated me. The use of cryptocurrencies is allowed in UK so I would suggest you to go ahead and withdraw your hard-earned money in your bank account. It's better to confront and face consequences with braveness since your earnings are legit and you are not indulge in any scam.

[Pab]

I am from middle-east Europe country member of EU but i am not risking to withdrawn money from exchanges to bank.There was cases that banks were suspending accounts.It is illegal but case at court can take long months
So i prefer to cash out to services what are crypto friendly and what have cards available
There is also exchange from my country registered on Malta.I can cash out and get my money from post office
Transfer is coming from service what is not crypto related and i pay just 1 % fee

[Google+]

of course when I have benefited from the results of trading that I do then I will make a withdrawal of profits but as much as possible I also have to increase capital to be able to get more profits in the next trade so I am not all the profits that I make money.

[Polo7]

I am from middle-east Europe country member of EU but i am not risking to withdrawn money from exchanges to bank.There was cases that banks were suspending accounts.It is illegal but case at court can take long months
So i prefer to cash out to services what are crypto friendly and what have cards available
There is also exchange from my country registered on Malta.I can cash out and get my money from post office
Transfer is coming from service what is not crypto related and i pay just 1 % fee

Really?  Casting out from Exchanger its illegal??

But somehow people do that

[carlfebz2]

You have to be transparent to the bank if you don't want to get investigated.
I think it really depends on the amount, we might say it huge but they have a amount ceiling per their rules.
Before you can open a bank account, you will have to follow the kYC procedure, fill up the form with information required, like where you funds will be coming from, and how much in a monthly, or yearly you will deposit in your account, if you supply all the correct information, there's nothing to worry at all.

Just stay up with the limit and you'll be fine but there are circumstances that you would really break out those limits specially we are involving crypto on here where possible income or profits would be more than we anticipated which in result it will really trigger out some alarm if you do tend up to use your own bank account on cashing out.
So far in my case they havent notice it yet since it isnt really that big amount but its bigger on casual deposits that i had done on my entire life.This also vary with countries laws though when it comes to their own AMLA.

[DaftAjax]

If you're planning on cashing-out for a huge amount of money, I would recommend doing it by parts. For example, you wanted to cash-out $50k, dividing it by 3-5 parts will be easier and the banks wouldn't probably be going to require you anything or ask any questions whatsoever.

But when it comes to "fees" it is unavoidable, but I've heard some banks don't necessarily require a fee as long as you have a membership, or you're already a regular.

[asus09]

I have different way from the other trader or investor with how to manage my profit, when I got profit with higher price of my coins I will cash out and never re compound my profit with my salary, I save my profit first in the bank and keep continue trading or investing with my money before, I will not take risk with compound my profit to re investing or trading in altcoin.

[reality18]

The final decision will depend on whether crypto is legal, illegal or neutral in your country. In countries where it is legal, it is very easy to walk into the banks and explain your source of huge profits and get away with it. On the other hand, countries that have crypto as illegal will raise legal concerns and accusations which may tamper with your account. In such countries, it is always good to use the private merchants or open different accounts from different banks and save in smaller amounts. Opening international bank accounts can also be an option.

[kayvie]

Before making a huge withdrawal I have asked a bank consultant which documents they will need as confirmation of legality of my assets. And told them that I earned it from bitcoin price increasing. They told me that I should prepare any legal documents which are confirming my words e.g. invoice from bitcoin buying and invoice from bitcoin selling. I had those documents since I have used Swiss bitcoin brokerage instead of exchange. So after big amount was loaded to my account I had closed those 2 invoices to my bank account documents and no any problems happened. So I have confirmed that my profits are from investments. I am using Austrian bank and Swiss bitcoin brokerage.

This is a good step but I think not all banks are the same. Because when you are talking about crypto they most probably not allowed on that kind of service. Well on my own point of view as long as they won't ask me about my private tansactions then I would never tell them and I think there is bank secrecy so they can't force you to say where are your deposits came from. If they insist then you can transfer to another bank. That's it.

Yes, but I know how strict are banks in Austria especially last years so I decided to protect my future assets in advance. Also not bank blocking assets if they are suspicious but government financial agencies. So that documents not for bank but for government if they will asking about my withdrawal. And government workers CAN FORCE YOU to tell sources of income otherwise they will just arrest it. And you will not able to transfer them to another bank account since they will frozen by government financial police. So don't be such self confident when you live in Europe and want to sell 100 Bitcoins.

Most banks are really strict even if you have provided such evidence, good thing that the bank you go with is really professional where they consider even assets coming from cryptocurrency. At some point, if you are not able to give them the evidence your funds will not only be frozen but also be confiscated by the government and might suspect you in illegal activities. Since the first thing that comes to their mind when cryptocurrency was included, it is all about the illegal investment schemes or pyramiding.

[ecnalubma]

If the money is clean there is nothing to worry about if you've got nothing to hide, banks have protocol and they abide with the law they have right know where your funds coming from but you can only be questioned if your account has been flagged. If a certain bank refuses to accept money from crypto exchange then find another crypto friendly bank or if you have problem with huge amount split your deposits from different banks.

[Polar91]

If the money is clean there is nothing to worry about if you've got nothing to hide, banks have protocol and they abide with the law they have right know where your funds coming from but you can only be questioned if your account has been flagged. If a certain bank refuses to accept money from crypto exchange then find another crypto friendly bank or if you have problem with huge amount split your deposits from different banks.

Even though it's clean if the amount is questionable, you'll be asked anyway. However it could be avoided if you didn't cashed it out at a single moment. As long as you don't need to cash out huge amount money in crypto immediately, it's better to schedule it in different days and weeks.

[GreenStox]

indeed after getting profits from trading results I usually make a withdrawal of profit and make cash but not all of it because if I make a withdrawal of all the assets it will only make me unable to trade and can not get any more profit.