How safe is it letting the bank know that you are a BTC Investor?

[DabsPoorVersion]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If the country you reside in has no stringent regulations regarding Bitcoin investment, it is fine for them to know that you invest in Bitcoin without any worries. You won't be monitored unless there are any suspicious withdrawals or deposits that draw attention to your account. However, it is still advisable to maintain a low profile and avoid withdrawing all your funds at once if you have invested a significant amount in Bitcoin.

[coolcoinz]

It's not safe and I wouldn't do it. I have a story ready for such cases and it comes from the early days when I tried to mine bitcoin. When someone inexperienced asks me I tell them that I run servers that secure the network. They usually find it to be too technical and they let go. If they ask how I get income, I say that people pay me to secure their messages that run through my serves and I act as a relay between them. That usually shuts down any further discussion.

If someone is experienced, like people at a bitcoin exchange, I tell them that I used to do this and that, trade bitcoin, invest in bear markets. It would be far more suspicious to not tell anything to people who deal with bitcoin on a daily basis and who can obviously see that I make additional income from somewhere. They'd immediately assume that it's either drugs, or some deep web shit.

Anyway, be cautious, you don't want them to put a label on you that this account needs additional supervision.

[lalabotax]

This also happened in my country. I think that all banks will do the quite similar things if there is a n unusual transaction in our bank account, moreover when the amount is too big for our usual amount that we receive in our bank account. They will do asking several questions to confirm from where the transaction. They are only doing their SOP, moreover to prevent any kind of money laundering or other criminal transactions.

However, I understand your concerns, especially because in your country, Bitcoin is still illegal. then this will be quite worrying. But how until now? Is it still safe? If yes, then there's no problem, right? Hopefully not in the future either.

[uneng]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Personally, I don't think the inquiry performed by the bank agents was necessary, but that is how centralized parties, especially the ones connected to the government act. Moreover, you shouldn't have told you are a Bitcoin investor knowing the wicked nature of such institutions and potential people around who see Bitcoin investors as wealthy individuals who become instant targets for thieves around. You should have said you are a freelancer and since you live in a poor, corrupted nation where there aren't opportunities for its citizens, you have to work online on different tasks and jobs to guarantee your survival.

That is the source of your income, and not Bitcoin investment at all... People still have archaic concepts of the word investment, considering it's just for the rich, so everyone involved with investments must be rich themselves for common sense.

Anyway, now it's already done. What you can do is to seek for an alternative which respects customers. Isn't there another bank you can use? Aren't there digital banks in your country? Isn't there a modern crypto friendly bank available?

[Abu-Naim]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Why do you have to tell them that you are a Bitcoin investor? Telling them is not advisable and not safe but I don’t there is problem for saying that because some of the bank officials might also be a Bitcoin investor, but been a Bitcoin investor should be something within you and not something people have to know.

Banks have no right to investigate your account just because you let them know that you are an investor unless if government ordered them to do so. If you feel insecure about them, you can remover your funds and change bank.

[red4slash]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If the country you reside in has no stringent regulations regarding Bitcoin investment, it is fine for them to know that you invest in Bitcoin without any worries. You won't be monitored unless there are any suspicious withdrawals or deposits that draw attention to your account. However, it is still advisable to maintain a low profile and avoid withdrawing all your funds at once if you have invested a significant amount in Bitcoin.

Actually, there is no problem about it if there are no special rules from regulations or anything related to the negative situations that we will receive when in bitcoin indeed it is not a big problem but if it is not too urgent to say I think we should also have control over the privacy that we must maintain because after all the bitcoin scheme from the beginning until now is anonymity that is maintained regardless of whether it is an address or a person I think it is still the same because however I don't think it is too ethical if we show off that we are a bitcoin holder even though it doesn't matter if you want to show off.

But all provisions and things like this certainly depend on everyone's perception because after all, surely everyone has a reasonable reason whether we should show off that we are bitcoin holders or it should be kept secret.

[EluguHcman]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Banks need to know where their customer's money come from because they don't want to be a part of money laundering.

I agree with you @hatshepsut93, especially in a high corruptible and highily rated fraudulent countries. This is so they could depend its organisational integrities from being indicted by any form of corruptible means their customers may have secretly been indulged in generating funds.
It is assumed as a system of the banks helping national and international victimized persons to recover their stolen funds probably from one of their customers whom hids their frauded funds within their banking commission.

Both telling and not telling that you are a crypto investor is a risk. If you tell, it will be recorded in their database and if it gets hacked that data will be leaked just like with other centralized services. Also there's a risk that the bank will react negatively and close your account.

But lying to them is not a good idea either. If you tell that you "invest in something else", they will ask for proof, and if you will fail to provide it or try to forge it, your account will get closed and they might even report you to police.

If you want to deal with banks, your best bet is to research which banks in your country are crypto-friendly.

Well, typically crytop currency is a legalized financial technology in my country. Although there was a time the Federal Banking government restricted the Banks and other government financial institutions not to accept any form of crytop transactions which was not affected by individual sectors but just lately last year, the ban was of the banks and other government financial institutions was lifted meaning all sectors of both government and private sectors are eligible to accepting crytop transactions.
I still hope to be safe at this era.

[GeorgeJohn]

At first you would know before now the capacity of your bank account before exchanging such amount of funds in such account, having amount upgrade is quite good because it will you to transact any amount of money you needed, and you should take precautions towards how you exchange bitcoin to fiat to unverified banking account because to freeze account doesn't take a bank a few minutes to do, instead you have a company account.

You messed up yourself by telling them you are a bitcoin investor most at time bank don't care to know but what they believed is that you are a fraudster and therefore you were just using Bitcoin investment to hide your evil deals.

Is not bad for someone to air out what is fishing him or her money, bitcoin has dominated almost the nine continent and mostly all the countries now or currently are trading with bitcoin, government cannot harm you or question you when they have known that you're not a fraudster, since the source you having your bitcoin through a legitimate source government cannot question you, so therefore I believe that government across of other nations is aware of bitcoin, where you not tell the banker what you do, is when you are into fraudulent act.

[Kemarit]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

In my case though, when my wife try to open a bank account, and obviously, I will have to be with her, and so we go to the bank and the manager came in and ask her a few questions. The bank manager asked here were the funds will be coming from, of course, she has a job so it was easy for her to answer that.

However, for unknown reasons, the bank manager was interested on me, as I heard her asking who am I and what is my business.

And when she heard that I was a crypto investor, they or the bank manager denied my wife a account on them. This is way bank in 2018, so we were surprised but irked at the same time. We just go on to the next bank and we were approved and up to know, we maintain our money with them.

[Finestream]

As far as I know it depends on the country you live in. If bitcoin is illegal in your country it is not safe to tell the bank that you are a BTC investor. It is better not to reveal your secret information. All bank officials are not the same even if you believe they will not take time to close the account. Other sources of work should show that the information given at the bank about crypto is not correct.

I still cannot say that it’s safe to admit that you’re into bitcoin even if it’s legal in your country. Because based on my own experience, bitcoin is legal in our country but I must say banks are still not friendly when it comes to bitcoin and the rest of cryptocurrencies. When I told them that I have funds coming from bitcoin, the way they look at me seems like they don’t want to entertain funds coming from crypto most particularly bitcoin. So I really regretted that time wishing I have not tell them about my bitcoin investment. They only made me feel that bitcoin is still not welcome in banks, and I think majority of the banks are still not open talking about bitcoin and the rest of crypto payments.

[George Edward]

what you do for a living is a normal question usually aimed at understanding the source of money in and out of one's account..
However,you should have kept it private due to the reception and the prevailing attitudes towards anyone who refers to theirself as a BTC investor.

If ever you are in that position again that requires you saying what you do, for your safety, simply say you are into any good business that comes to mind so you don't get unnecessary attention on your account.

[Adbitco]

You messed up yourself by telling them you are a bitcoin investor most at time bank don't care to know but what they believed is that you are a fraudster and therefore you were just using Bitcoin investment to hide your evil deals.

Is not bad for someone to air out what is fishing him or her money, bitcoin has dominated almost the nine continent and mostly all the countries now or currently are trading with bitcoin, government cannot harm you or question you when they have known that you're not a fraudster, since the source you having your bitcoin through a legitimate source government cannot question you, so therefore I believe that government across of other nations is aware of bitcoin, where you not tell the banker what you do, is when you are into fraudulent act.

I don't still argue with you but i was just referencing to the kind of country we find ourselves from let say a country like Nigeria is a country that questioned people the more when you are doing well and living large they don't mind taking for a fraudster even as they knew bitcoin is a global currency. While reaching with the staff we should mind the kind of information we give out to them otherwise we might end up one being questioned by interrogating agencies.

[martinex]

I think the reason is still reasonable because this is still not accepted by many business actors, including banks, because there are no regulations and from the WD transactions we carry out, it seems like bank officers also know the source of the money coming in. user account, it's just that the bank wants to know more details. and perhaps once they know there is a possibility they will also enter the sector personally like you because of its potential. well, what you decided is also not wrong and in my opinion it should be because we are still dealing with bank regulations and need orders

[Nothingtodo]

OP, If Bitcoin is legalized in your country, there should be no problem if the bank authorities know about your Bitcoin investment. Because Bitcoin supports bank transactions in legal countries as well as Bitcoin transactions, if you are a recognized citizen of those countries then there should be no problem in your case. Also, if your country taxes bitcoins, it is unlikely to cause any additional trouble for you. Moreover, you will not have any problem if you are attached as a bitcoin investor with the documents taken with your account update in the bank.
But in my case it will be completely opposite because my country does not support the use and transaction of Bitcoin and also if the banking system of my country comes to know about my Bitcoin investment then they will take legal action and plan to arrest me by the police system of the country. Moreover, in the context of my country, detailed documents are provided regarding depositing money in the bank, if my bitcoin investment is mentioned there, they will freeze my bank account and I will be liable to the government for its accountability.

[pooya87]

I wouldn't go into specifics on official forms in a bank and they are not specific here either. For example it just asks your form of employment and I simply put "self employed" and am done with it. They never ask you what that means with details.

As for Bitcoin, I wouldn't mention it to banks! I have heard that some banks in certain countries have had a history of restricting people's accounts just because they were trading bitcoin, sending money to exchanges, and stuff like that. It is not legal for the bank to do that either, and yet they did it anyway. So it's best they don't know.

[Miles2006]

If I'm not mistaking, she asked what's your occupation and the job you engage daily that brings income. Investing can't pay you so quick as a job or earning means and there's a difference between occupation and investment, everyone investing in bitcoin today has something different doing like a teacher, staff etc. I believe the bank worker asked such question cause she wanted to know and not just your personal investment life but you just decided to inform her about your investment, if you mentioned real estate it will be different from bitcoin investment cause people who are into real estate get back their money yearly or monthly due to the agreement.
You can always refill such inform back, whenever you're free you should change the information. Talking about your safety now you've disclose such inform, you should be worried cause even with mere money, customers are still not safe except the Lady is not a bad staff cause bank staffs get involved with dirty acts to lure customers.

[justdimin]

Some people make this mistake everyday forgetting that in the world we are today somany countries don't like the existence of Bitcoin because of it threat to fiat, though I know that bitcoin can not totally put a stop to fiat regime because fiat was meant to work with it, financial institution in many African countries does not encourage the term crypto or bitcoin investment, they always see this as if their is a foul play with such description, everything about your holdings in crypto should be personal no one should be aware of it, exposing yourself might lead to you being attacked, because it is being beloved that once you are a crypto vendor, you are rich and people will start seeing you as some else, note some bankers gives information across, so anything is possible that's why we should be very careful in respect to our crypto settings.

I honestly do not think this is true for every nation. Like in my nation, I can't even officially tell any banks that I own bitcoin, but I can just send my money from my bank account to my exchange account, to buy more bitcoin. When my fiat moves from their account to crypto exchange, they will know that I am doing something with crypto.

However, one thing that the yare also aware is that all those local exchanges that allow you to have crypto, also has fiat accounts in banks as well, how are they going to handle it otherwise? This is why I believe that the best thing to do there is letting Banks be happy that they have one common customer instead of many, because instead of 100 people having money with them, it's one exchange that they have to deal with.

[Silberman]

...

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

You had no option, when you use fiat currencies you have to accept their rules, if you had lied and then the bank upon monitoring your transactions noticed what was the real source of your income, they could freeze your account and you will have a lot of explaining to do, I know that you wish this was not necessary, but until the day comes in which we can use our bitcoin anywhere, we will have to accept some drawback when converting our bitcoin to fiat.

[Cryptmuster]

I still cannot say that it’s safe to admit that you’re into bitcoin even if it’s legal in your country. Because based on my own experience, bitcoin is legal in our country but I must say banks are still not friendly when it comes to bitcoin and the rest of cryptocurrencies. When I told them that I have funds coming from bitcoin, the way they look at me seems like they don’t want to entertain funds coming from crypto most particularly bitcoin. So I really regretted that time wishing I have not tell them about my bitcoin investment. They only made me feel that bitcoin is still not welcome in banks, and I think majority of the banks are still not open talking about bitcoin and the rest of crypto payments.

As long as there is such an attitude towards Bitcoin, you need to keep it secret that you have it. If a significant amount is deposited into a bank account, the bank will most likely ask about the origin of these funds, so if possible, it is better to divide payments into small amounts and withdraw them periodically. If possible, you can use cryptomats. I believe that in the future Bitcoin will become quite a popular store of value and this problem with banks will disappear.

[Mpamaegbu]

As for Bitcoin, I wouldn't mention it to banks! I have heard that some banks in certain countries have had a history of restricting people's accounts just because they were trading bitcoin, sending money to exchanges, and stuff like that. It is not legal for the bank to do that either, and yet they did it anyway. So it's best they don't know.

That also happened in Nigeria. A few traders who felt relaxed writing/inputting crypto terms in their descriptions while transacting were caught in that restriction and their bank accounts frozen in the wake of that ban. It was a hurt most of those affected won't forget in a hurry. The ban was later relaxed and those whose accounts were frozen were also released. That was several months later. Anyone can imagine what it was like having cash in the bank but not being able to assess it. It was that horrible.

Anyway, I think that situation cuts across because some of the Cexs I'm dealing on also warn those transacting on their P2P not to include any crypto related word in their description when marking payments.

For me, it's a bad idea letting bank know one is into Bitcoin. You never can tell what government policies they may want to exhume next.