Bank withholding funds?

[ashler]

From which amount did your bank retained your money and asked you to supply additional documents etc? 10K+? 100K+? they never retained your amount? Planning to book partial profits and want to know others experience.

Please mention the country you reside if possible (if not, at least the continent). Thanks!

[jackg]

What country are you in?

I've done fine with using bank accounts in the UK, exchanges seem to be more temperamental/demanding though such as requesting kyc more than once. I'd assume the eea, uk, nz, aus, cad and Singapore are best for doing transfers.

[ashler]

What country are you in?

I am in the EU

[boyptc]

From which amount did your bank retained your money and asked you to supply additional documents etc? 10K+? 100K+? they never retained your amount? Planning to book partial profits and want to know others experience.

Please mention the country you reside if possible (if not, at least the continent). Thanks!

Never experienced this on my bank account.

I've heard that some banks are too strict when your account suddenly gained a lot of money and they'll actually investigate how you did gained the amount.

If you can deposit your profits to your bank account a little by little, I think they won't notice that although it will consume you time.

[stompix]

Please mention the country you reside if possible (if not, at least the continent). Thanks!

I think it will not help you at all to hear that a bank in India has frozen a hundred accounts or that no Japanese user has encountered problems with Mizuho Bank as even if you would manage to open an account with them you would still have problems when sending back the funds in your country if your bank is making of the habit of over enforcing AML procedures.

So, seeing you're from Slovakia, you should ask what bank operating there has no problem with bitcoin-related transfers.
Don't know the situation there but here in my country I've dealt with two banks from the list of those present in Slovakia also (Raiffeisen and ING) with no hiccups till now, but only once was the sum over E10k.
Of course, cases and cases, I've heard about bad experiences with them for other users and no problems at all from others.

[Fesatmas]

I've heard that some banks are too strict when your account suddenly gained a lot of money and they'll actually investigate how you did gained the amount.

for this point I have experienced it as a bitcoin user from 2015, and 2017 the balance in my account is quite surprising for bank workers because of its very suspicious value. at the same time the account was locked for several days to explain where I got the money. I say out loud, it's because of bitcoin and I earned it hard for the last 2 years.
On the other hand, perhaps the bank could not do anything because the accusations they made were nil.

[ashler]

for this point I have experienced it as a bitcoin user from 2015, and 2017 the balance in my account is quite surprising for bank workers because of its very suspicious value. at the same time the account was locked for several days to explain where I got the money.

was just the bank or they involved the tax office?

[nelson4lov]

From which amount did your bank retained your money and asked you to supply additional documents etc? 10K+? 100K+? they never retained your amount? Planning to book partial profits and want to know others experience.

Please mention the country you reside if possible (if not, at least the continent). Thanks!

I handled some P2P Bitcoin trades between 2016 - 2018 with someone in my country (Nigeria) so I used my bank to handle for NGN payments. Unfortunately, the bank restricted my account on more than one occasion that I exceeded the limits and called me in to submit further verification documents which I did.

Anyway, they eventually raised my limits but  there's still some limits so I always try not to go above those limits. In my experience, banks tend to retain/freeze up the accounts if you don't have enough proof about source of the funds or any other similar reason.

[so98nn]

I am not sure in what reference it is due to improper information but my Indian account is good so for. However, the volume that is going into the bitcoin very very tiny. This could be the reason no one looked at it at all.
Most of the people here are salaried and doing bitcoin stuff side by side. As per my knowledge bank accounts associated with the salary accounts are not closed at banks discretion but only if employer wants to do so. Perhaps there is also big security of couple of exchangers who operates with complete legality and thus do not let down their customers at all. All you have to do is take precautions while remarking your transactions.
So no withholdings so far!

[boyptc]

I've heard that some banks are too strict when your account suddenly gained a lot of money and they'll actually investigate how you did gained the amount.

for this point I have experienced it as a bitcoin user from 2015, and 2017 the balance in my account is quite surprising for bank workers because of its very suspicious value. at the same time the account was locked for several days to explain where I got the money. I say out loud, it's because of bitcoin and I earned it hard for the last 2 years.
On the other hand, perhaps the bank could not do anything because the accusations they made were nil.

Before when a bank staff was interviewing me, I've told her if she knew about bitcoin but she said no. That was a couple of years ago I think and for sure today, they're aware of it.

And at least they've got an idea how some of their customers are gaining deposits if they ever say that it's from bitcoin investment.

[Porfirii]

I had an interview a few years ago also: I went to the office and explained that I was going to receive some "atypical" sums of money, that the reason was that I got paid some works in Bitcoin, and that I was declaring them also to the tax office. That I was asking before because I'd heard that some banks were freezing accounts related to cryptos.

She answered that it was totally ok for them, that they don't usually care about how their clients earn their money, but that she would write it down if I wanted, just in case a workmate ever raised an eyebrow about the transfers. She asked me if I would agree to make a short financial test with her (so she could sell me their products, taking into account my tolerance to risk) which I failed on purpose .

I have never had any problems so far, but it is true that I always try not to exceed some reasonable limits per transfer.

Anyway, I think that it could be a good piece of advice to use P2P services instead of directly withdrawing from crypto exchanges, as it is true that some banks don't like the latter, but wouldn't notice anything odd in a reasonable amount of transfers between individuals.

[davis196]

From which amount did your bank retained your money and asked you to supply additional documents etc? 10K+? 100K+? they never retained your amount? Planning to book partial profits and want to know others experience.

Please mention the country you reside if possible (if not, at least the continent). Thanks!

I live in a EU country and I've never had any problems with my bank account.
I guess that I'm "flying under the radars",because I don't transact large sums of money.
AFAIK,in my country all bank transfers above 2500 EUR are reported by the bank to the tax agency.
If you want to deal with banks and you have large amounts of money to send and receive,there's no other way than playing by the rules of the bank and submitting all the necessary documentation.

[hugeblack]

In my country, the matter differs according to the activity of your account, for example, if you are periodically depositing and withdrawing in huge amounts, they will not ask you, except for the first time you open your account.

When an abnormal change occurs in your account, for example 40% of your total account has been sent to you in one payment and you have never received that amount, your account will be frozen and more papers will be requested.

[mersal]

You can transact any amount of fiat into your bank account and there will be no problem with it as long as you are reporting and paying the taxes so if your bank holds any amount then possible reasons are transacted suspicious amount into your account which could be a smaller amount but still they can freeze if the source of money involved in shady activity

Or simply to update your KYC documents and this is easier when you reach the bank and give necessary details.

[el kaka22]

You should realize by now that every nation and even banks change from one place to another, you can't get a good answer for yourself from here unless you meet with someone who is from the same nation as you and uses the same bank as you. Even in that situation you would have to realize that what happened with their account may not be the same for your account.

I worked with a person who was selling fair products, like dodgem cars and all, huge stuff, he built entire funfairs from scratch and took it to where it needs to be, and most of the time he got foreign currency for it. Banks were so careful about him that at one point he got asked additional documents even after 20k euro, when it was like few million euroes that made sense but when it was 20k he realized it wasn't just about amount anymore, it was about how he was followed after that point on forward.

[Obito]

In my country, we do not have to directly use a bank to withdraw our funds from crypto. There are some services that are taking advantage of using the banks ATM to withdraw money from your wallet.

[jrrsparkles]

In my country, we do not have to directly use a bank to withdraw our funds from crypto. There are some services that are taking advantage of using the banks ATM to withdraw money from your wallet.

Fiat ATM have withdrawal limits and it will be very less amount for someone who is having decent amount of cryptocurrencies in their portfolio. But OP is not asking about visiting the banks personally, he says banks put the money on the hold for whatever reasons and it can be only sorted out when you provide enough sources that banks asking for.

[Ucy]

Not sure I have ever had that problem where I live but I'm always conscious of the fact that big amount will attract suspicion and could possibly lead to undeserved treatment by banks , so I don't even bother taking such risk. I doubt I'll keep my entire savings or large amount in banks that are not really transparent, & can do whatever they want without your consent. Prefer to be my own bank and fully control mine. Amount I can afford to risk will remain in the centralized/opaque banks.

[carlfebz2]

From which amount did your bank retained your money and asked you to supply additional documents etc? 10K+? 100K+? they never retained your amount? Planning to book partial profits and want to know others experience.

Please mention the country you reside if possible (if not, at least the continent). Thanks!

Depends on what county you do live in but overall banks do have threshold for the alarm to ring which would really require more verification and other documents when big money is deposited or get involved.

Here in my case or my country which does have that $10,000 single transaction would really be ringing up those bells or would really be getting some attention from banks knowing that AMLA or simply
anti laundering law will be the most common thing you will be having an issue.

They do have all the full rights to hold up those funds if you cant able to show proof on where those funds came from and its really a pain in the ass.

[Lordhermes]

In as much as you submitted a good verification documents, you are liable to transfer any amount of money from your bank account. Certainly those documents could be country ID card and electricity bills, these two allows you create a non-stop amount to transfer in your fiat account. In Nigeria we have students account which allows out to handle amount of money not greater than $416, because it can be created with student's card, while the above mentioned one can let you deals with higher amount firm $500+