How would I cashout from Crypto to my bank in US (or India) ?

[abhisheks77]

Hi,

I want to withdraw some of my crypto saving, and I am in US. Don't want to use Coinbase. Fees to one thing, but I don't want to get noticed and be in complication of taxes and IRS.
I have bank in India too, but I am noticing that Indian banks are even more strict than US banks when it comes to crypto withdrawal.

I am reading few options here and some posts suggest using crypto.com or unbanked card. But those too require KYC, so how good they are than coinbase? I am guessing they also reports to IRS.

Kash card is coming from Terra, but that is not released yet and not much information is available on that.

Please advise.

Thanks

(PS. I am not against paying taxes, but tax structure is not clear on cryptos and its calculation would let me pay unfair amount).

[sam00]

1) You can sell the bitcoin directly to another person that you meet up with in real life. Be carefull, meet in a public place and don't get scammed/robbed. Just take safety measures!

2) You can drive to a bitcoin ATM. As far as I know, there are some ATM's that don't require KYC and they usually pay out in cash.

[DaveF]

You don't say how much you are cashing out.
The answer for $100 is going to be a much different answer then the answer for $10,000 and yet another answer for $1,000,000

Paxful is a good place to start IMO, but depending on the amount, and where you live, it might not work for you.
As far I know localbitcoins has KYC but does not report to anyone by default, but you should check that yourself.

-Dave

[abhisheks77]

Dave, I would want to cash out 10,000 at least. That's why don't want to have in-person transaction with somebody.
I will check paxful, how it works

[Lucius]

@abhisheks77, if by any chance you are in the EU I could suggest you an option without KYC completely legal (for now), but when it comes to the US I don't think you have too many choices except to look for crypto ATM in your vicinity, although I'm sure they have pretty low limits for non-verified users.

Since you mention some kind of crypto card, there is a way (at least in the EU) to get an anonymous crypto card (although the price is not small), but I'm not sure if the service is available in the US. I am not a user of such a service nor do I have anything to do with it, but if you visit the Exchanges board you will surely find their thread.

[TribalBob]

Hi,

I want to withdraw some of my crypto saving, and I am in US. Don't want to use Coinbase. Fees to one thing, but I don't want to get noticed and be in complication of taxes and IRS.
I have bank in India too, but I am noticing that Indian banks are even more strict than US banks when it comes to crypto withdrawal.

I am reading few options here and some posts suggest using crypto.com or unbanked card. But those too require KYC, so how good they are than coinbase? I am guessing they also reports to IRS.

Kash card is coming from Terra, but that is not released yet and not much information is available on that.

Please advise.

Thanks

(PS. I am not against paying taxes, but tax structure is not clear on cryptos and its calculation would let me pay unfair amount).

too complicated when it comes to taxes,
try to find a bitcoin atm machine that is available in your country I think you can make the card without KYC if you withdraw under 1 Btc the same as the exchange has a limit if you don't want KYC
or the easy way is to do p2p transactions with people you know, or use paypal maybe

[abhisheks77]

Thanks for advice. I guess, let me check ATM. (at least for small amount).
For large amount like 5 BTC, I will keep checking, what would be best to keep it straight.

[sam00]

Thanks for advice. I guess, let me check ATM. (at least for small amount).
For large amount like 5 BTC, I will keep checking, what would be best to keep it straight.

Cashing out small amounts shouldn't be a problem at an ATM.
If you actually wanna cash out 5BTC you should just get a tax consultant that is familiar with cryptos or specifically bitcoin. Paying a few houndred $ won't make a huge difference on your earnings and you will be on the safe side of the law

[abhisheks77]

Thanks for advice. I guess, let me check ATM. (at least for small amount).
For large amount like 5 BTC, I will keep checking, what would be best to keep it straight.

Cashing out small amounts shouldn't be a problem at an ATM.
If you actually wanna cash out 5BTC you should just get a tax consultant that is familiar with cryptos or specifically bitcoin. Paying a few houndred $ won't make a huge difference on your earnings and you will be on the safe side of the law

There are very few consultants, who are expert on this subject. Let me google and see, what I can find in US.

[sam00]

Thanks for advice. I guess, let me check ATM. (at least for small amount).
For large amount like 5 BTC, I will keep checking, what would be best to keep it straight.

Cashing out small amounts shouldn't be a problem at an ATM.
If you actually wanna cash out 5BTC you should just get a tax consultant that is familiar with cryptos or specifically bitcoin. Paying a few houndred $ won't make a huge difference on your earnings and you will be on the safe side of the law

There are very few consultants, who are expert on this subject. Let me google and see, what I can find in US.

You should find quite a few consultants right away when gooling something along the lines of "crypto tax consultant united states" but be aware that there might be scammers aswell. Be carefull what sites you visit and what links to click on.
Do a lot of research so you don't end up losing your hard earned bitcoin

[abhisheks77]

Thanks for advice. I guess, let me check ATM. (at least for small amount).
For large amount like 5 BTC, I will keep checking, what would be best to keep it straight.

Cashing out small amounts shouldn't be a problem at an ATM.
If you actually wanna cash out 5BTC you should just get a tax consultant that is familiar with cryptos or specifically bitcoin. Paying a few houndred $ won't make a huge difference on your earnings and you will be on the safe side of the law

There are very few consultants, who are expert on this subject. Let me google and see, what I can find in US.

You should find quite a few consultants right away when gooling something along the lines of "crypto tax consultant united states" but be aware that there might be scammers aswell. Be carefull what sites you visit and what links to click on.
Do a lot of research so you don't end up losing your hard earned bitcoin

Sure, thanks :-)

[Leviathan.007]

You can choose the way to cash out depending on your situation and desire. The first and the best way is to do a p2p exchange and find someone in real life who wants to buy bitcoin or cryptocurrencies so you can easily and safely cash out your assets, depending on your country you can find some community for fiding such people, you can also check the load session on this forum for this purpose. Also, you can find a bitcoin ATM and cash out your coins if you do not want to do the p2p option. Also, there are some local exchanges in any country to exchange your assets and sell your cryptocurrencies.