Banks are Blocking funds? From Exchangers

[Polo7]

If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?


This is really true guys?  Or its a just rumour?

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[Welsh]

Banks can do whatever they want. It's their services, and their terms that you sign up for. A few banks in the past have supposedly closed down accounts which have been trading in Bitcoin. However, I'd always advise to take this with a pinch of salt as the user may have infringed their terms, and policies another way.

Although,  I have to say these concerns just gives more of a reason to ditch the banks, and become your own manager of your money.

[Polo7]

Banks can do whatever they want. It's their services, and their terms that you sign up for. A few banks in the past have supposedly closed down accounts which have been trading in Bitcoin. However, I'd always advise to take this with a pinch of salt as the user may have infringed their terms, and policies another way.

Although,  I have to say these concerns just gives more of a reason to ditch the banks, and become your own manager of your money.

So Banks dont like funds Coming from C Cryptocurrency Exchangers?
Some Exchangers can send Directly to your bank account funds so the bank will block likely?

[Jet Cash]

I wouldn't withdraw fiat from an exchange via a bank. So far I've only withdrawn Bitcoin to my own wallet. I have funded my Coinbase account using faster payment from my bank, and I am mildly concerned that that is on record.

[Polo7]

I wouldn't withdraw fiat from an exchange via a bank. So far I've only withdrawn Bitcoin to my own wallet. I have funded my Coinbase account using faster payment from my bank, and I am mildly concerned that that is on record.

So you say that coinbase is good way?

What you think about buying gift cards or ordering goods from online shops like overstock?  

Somehow we want to cash out some days our crypto!  

Should i Open business account to cash out crypto from Exchangers?  To cash out directly from Exchangers is best coz you dont have to pay much Higher fee!
For example kraken you might wait for few days money to arrive on your bank account but you dont have to pay high fees.

I personally never cashed from Exchangers to my bank, That's why im asking whats anyone experince with this action?

[Jet Cash]

CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.

[Polo7]

CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.

U think buying goods online is good way to witraw crypto profit?  Since its a tax free

[gentlemand]

U think buying goods online is good way to witraw crypto profit?  Since its a tax free

That completely depends on where you live. In the UK and US spending crypto attracts the exact same tax as selling it. The difference between what you paid for it and the value at which you spent it at is the taxable bit if the amount is high enough.

Bank sensitivity seems to vary wildly from country to country. Lots of Brits have had problems as have Americans. The bank's relationship with you is purely at their discretion. They can end it for any reason.

I'm not sure I've ever heard of anyone being deprived of funds. They're told to withdraw and go away.

[Chikito]

If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys?  Or it's a just rumor?

Rumor or not, On cryptocurrency banned country, Bank will review your account from a cryptocurrency exchange.
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

In such states, banks, and other financial service providers are prohibited from dealing with cryptocurrency exchanges and companies, and in more extreme cases the countries have even banned

Let's find your country on the list of banned.

On my country, Bitcoin is Ilegal as payment but legal for digital asset investment

[Coin_trader]

CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.

U think buying goods online is good way to witraw crypto profit?  Since its a tax free

Why not try over the counter transaction(OTC)? I'm sure that there is much user that want to enter in crypto. You can try localbitcoin website. There is a lot of buyer and seller there that willing to do meetups for the transaction. In this way, you can avoid a bank transfer by just directly selling your BTC possession to other wannabe crypto owners.  But just always used escrow when you are doing the transaction there, Don't worry about escrow fee, it's cheaper than paying so you are still good.

[Polo7]

CoinBase has reintroduced faster payments for UK residents, and, although I haven't withdrawn fiat, I have no reason to believe that they don't offer the same fast and efficient service that they offer for Bitcoin withdrawals. They do report fiat withdrawals to the UK inland revenue though.

U think buying goods online is good way to witraw crypto profit?  Since its a tax free

Why not try over the counter transaction(OTC)? I'm sure that there is much user that want to enter in crypto. You can try localbitcoin website. There is a lot of buyer and seller there that willing to do meetups for the transaction. In this way, you can avoid a bank transfer by just directly selling your BTC possession to other wannabe crypto owners.  But just always used escrow when you are doing the transaction there, Don't worry about escrow fee, it's cheaper than paying so you are still good.

One problem with local bitcoins are high fees!!
Second If you Deal with Strange person there is problems like fraud and so.

The fees are too high

[notblox1]

One problem with local bitcoins are high fees!!
Second If you Deal with Strange person there is problems like fraud and so.

The fees are too high

I think that strangest and biggest problems for people are banks as they can do whatever they want.

I would try also with Bitcoin ATMs or p2p trading or find some crypto friendly bank or card connected with crypto.

[squatter]

I wouldn't withdraw fiat from an exchange via a bank. So far I've only withdrawn Bitcoin to my own wallet. I have funded my Coinbase account using faster payment from my bank, and I am mildly concerned that that is on record.

What are you worried about?

Should i Open business account to cash out crypto from Exchangers?

That's a bad idea. Chase, Bank of America, and others are known to close business accounts that transact with exchanges. Do it from a personal account.

[Lucius]

Somehow we want to cash out some days our crypto!  

If you want to use your bank account to withdraw funds from crypto exchange, then it is best to go in a bank and ask what is their attitude towards cryptocurrency. You should do the same thing with crypto exchange, they also can close your account if for some reason don't want to do business with your bank. It's pretty slippery terrain, every move should be carefully planned.

If you have some local store in your country that accepts crypto, this can be good way to exchange crypto to fiat ( if such trade is extra tax-free). Also you can use crypto ATMs, or post in your local board that you sell crypto. Face to face is always risky trading, but Bitcoin for fiat without intermediaries is the best way to avoid high fees and possible taxes.

[CryptopreneurBrainboss]

We experiences such threat sometime in the past as Nigeria's Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts. Any account that was suspected to be used in cryptocurrency related activities like trading or exchange of fiat to cryptocurrency and vice versa was threatened of been frozen or blocked. Although the rumors spreading around was some customers were affected but no official statement from the banks has been released that they have commence blocking of accounts as of then.

The bankers are in control since they control the fiat so If you feel there's such threat in your geographical area by the bankers, I advice you engage in peer2peer trading as that's what most enthusiast in my region are doing for precaution measures.

[LeGaulois]

If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?


This is really true guys?  Or its a just rumour?

It was like 4 years back! Nowadays, rare are the persons who will tell you their bank closed/suspended their account. (And when you see one, be sure to read the full story)
And no, legally a bank can't block your funds like that. They can decide to close your account but they are forced to release the remaining funds to the place of your choice..

If you're worried make a test with a few payments and see yourself. Nobody here has an account in the same banks as your.
Or call your banker, you're paying him for that.

[joshy23]

If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?


This is really true guys?  Or its a just rumour?

I don't have any issue with transferring my funds from crypto exchange to my bank account maybe because I only have small amount in value.
But like what everybody's concern possibilities can happened, when banks start to question the source of your funds mostly happen when the amount
is huge, it's questionable for money laundering.

[dothebeats]

Some banks do, some don't. As for my case, a local bank I've been using for 3 years has never questioned the funds coming in from an exchange platform that I'm using to transfer fiat. They are still sending me bank statements wherein they indicate the name of the exchange where my funds are primarily coming from and I have never received a call from them regarding AML/KYC documentation. So far here in the Philippines, I haven't seen anyone getting blocked by the banks just because they received funds from an exchange. In Canada and the US however, the story gets a little different as there are banks in there that are really against crypto trading, one fine example is JP Morgan and Chase.

[notblox1]

In some countries banks and people who work there don't even know what bitcoin and crypto is... sadly.
Image someone who need to explain them what is crypto, how it works, and how you receive your money... 
Looks like Mission Impossible

[Polo7]

In some countries banks and people who work there don't even know what bitcoin and crypto is... sadly.
Image someone who need to explain them what is crypto, how it works, and how you receive your money... 
Looks like Mission Impossible

That's true! 
WHO want to be ignorant let them be!