buying bitcoin on bisq p2p with interac e - transfer

[jakesun64]

If I buy in the manner mentioned in the subject through my online banking, is there any way realistically for the bank to know that I bought a cryptocurrency? I have heard if the bank is suspicious they can do a chargeback, where they cancel the transfer, though it seems the likelihood of this is low. Does anyone have any experience with this?

[OmegaStarScream]

There isn't, not when using a peer-to-peer platform anyway. Have you tried contacting your bank and asking about their crypto policy? That might be a better idea than taking a risk and losing money.

[logfiles]

There's no way they can know unless if you told them when they start asking you what you spent your money on every time you made a new out going transaction.

When making a transfer, the reason for the transaction should never say anything about crypto if you bank's policy is against crypto. Use other reasons like bills, purchases etc

[jakesun64]

There's no way they can know unless if you told them when they start asking you what you spent your money on every time you made a new out going transaction.

When making a transfer, the reason for the transaction should never say anything about crypto if you bank's policy is against crypto. Use other reasons like bills, purchases etc

Thanks for that info. Do they ever get suspicious if you have many, like 5  $1000 or so dollar tranfers every month? Should I avoid a certain level of money per transfer? Also are there alternative methods for canadians to pay for bitcoin on bisq?

Lastly the worst they could do to you is close your account, I can't imagine even in the socialist hellhole of Kanada that they can take all the money in your account. is this correct?

[bL4nkcode]

As stated above, there's no way your bank will know especially if you buy in p2p transactions.

Do they ever get suspicious if you have many, like 5  $1000 or so dollar tranfers every month? Should I avoid a certain level of money per transfer? Also are there alternative methods for canadians to pay for bitcoin on bisq?

There are chances that you will be asked if your transaction amounts dramatically increase as your account changes activity from previous activities, but I guess that's rare cases not unless your bank is strict in anyways.

[o_e_l_e_o]

Contrary to the above replies, there are ways your bank can identify you bought or sold cryptocurrencies. If someone puts "bitcoin" or similar in to the transfer comments or notes, then it is completely obvious. If the other party you are trading with is identified as being a bitcoin trader, either through the above method, because they tell the bank, because they also transfer to and from bitcoin exchanges or other services, because they are investigated by the bank due to large or suspicious trades, etc., then the bank will likely track and investigate their trading partners.

Also are there alternative methods for canadians to pay for bitcoin on bisq?

The full list of payment methods is available here: https://bisq.wiki/Payment_methods

[khaled0111]

If you are going to pay the seller directly, meaning that you will send from your bank account to the seller's bank account then they probably won't notice it unless you make a lot of transactions which may raise their suspicions and trigger them to investigate your account.
If you deposit to the exchange's account (which is, thankfully, not required on most p2p exchanges) then they will know you are trying to buy cryptocurrencies.

Depending on the regulations on your countries, some banks may even freeze your account and not only reverse the transaction. So be careful!

[xcaret]

The bank will not waste their time examini8ng transfers ,unless they are forced to do so because of Bank ,or Government rules . And even then almost any answer satisfies them, because ,by asking ,they have followed their rules . Just stay under $10,000 , 

[tbct_mt2]

There's no way they can know unless if you told them when they start asking you what you spent your money on every time you made a new out going transaction.

When making a transfer, the reason for the transaction should never say anything about crypto if you bank's policy is against crypto. Use other reasons like bills, purchases etc

Banks don't know what your transfers are for if they simply base on the details of transfers you self-type in and submit your request to them. It is safe if you only write some fake reasons for your transfers.

However, to get 100% safety, for your account and money in bank account, you must contact them for details about policies with cryptocurrency trades. If they say no, you can use secret transfer details with a reminder that there will be risks of troubles. If banks detect something from your trade partners, such as money laundering or lawsuits from police, they can trace money flow from that guy to you and others. Even they won't have details that your trades are for cryptocurrencies, your fiat money for trades with those guys can be frozen, and refunded to victims or taken by governments, police.

When I do my P2P trades, I do multiple trades with not big value, and with different trade partners. Decentralize my trades can help me to reduce risks from trade partners.