Anybody tried to withdraw money from a crypto exchange to Georgian bank account? Was there any issue from the bank's side?
Anybody tried to withdraw money from a crypto exchange to Georgian bank account?
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You want to use an EMI inbetween, so there will be no problems what so ever.
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You open an AdvCash in your name, so the bank account has to be in your name and you can move your money forth and back.
Alternative you load the account with BTC or you use a Debit- / credit card to fund the account and then do your business.
Same the otherway around, you use the Debit card they issue to withdraw money or buy stuff or you transfer FIAT to an account in your name.
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Alternative you load the account with BTC or you use a Debit- / credit card to fund the account and then do your business.
Same the otherway around, you use the Debit card they issue to withdraw money or buy stuff or you transfer FIAT to an account in your name.
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Admin: I'm still not sure we understand each other... This is what I wanna do: sell Bitcoins and get EUR to my Georgian bank account.
Let's say I'm going to use the Kraken exchange - I'll transfer BTC there, sell them and then withdraw EUR via a wire transfer to my Georgian account. In your example, I'd have to either:
1. Sell BTC at the exchange and withdraw EUR (or USD) from the exchange to an EMI - Any crypto exchanges support this?
2. Or transfer BTC to Advcash and sell them there - Is that possible?
Avalanche: Would they be fine also with 100K+ EUR withdrawal? I see that the requirement for the SOLO account is "min. GEL 20,000 on any type of Term Deposit" - can this be in EUR equivalent? And do I need to deposit this at the account opening or can it be done later after the account opening?
Let's say I'm going to use the Kraken exchange - I'll transfer BTC there, sell them and then withdraw EUR via a wire transfer to my Georgian account. In your example, I'd have to either:
1. Sell BTC at the exchange and withdraw EUR (or USD) from the exchange to an EMI - Any crypto exchanges support this?
2. Or transfer BTC to Advcash and sell them there - Is that possible?
Avalanche: Would they be fine also with 100K+ EUR withdrawal? I see that the requirement for the SOLO account is "min. GEL 20,000 on any type of Term Deposit" - can this be in EUR equivalent? And do I need to deposit this at the account opening or can it be done later after the account opening?
I've got no idea about 100K+ EUR but I heard some people were moving $15K in one transaction. Regarding SOLO I'm pretty sure the conditions are very flexible if you have money. I think you can just dump the necessary amount of money on your account and apply for SOLO. I'm currently in the process of getting it myself.
This has been discussed in at least 2-3 previous threads.
I've withdrawn from two exchanges to TBC, both transactions over 10K USD. After my 1st withdrawal I got an AML questionnaire, which I replied. No issues thereafter.
Kraken (Payward) only does EUR to SEPA countries. For Georgia you would have to use Kraken's partner Etana Custody. In my case, Etana refused a transfer to Georgia, because I am not resident there.
I've withdrawn from two exchanges to TBC, both transactions over 10K USD. After my 1st withdrawal I got an AML questionnaire, which I replied. No issues thereafter.
Kraken (Payward) only does EUR to SEPA countries. For Georgia you would have to use Kraken's partner Etana Custody. In my case, Etana refused a transfer to Georgia, because I am not resident there.
and this is what you can do with AdvCash, no problem what so ever.
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You stated "cryptocurrency investment/sale" as source of funds in the AML questionnaire?
You can use Payward (Kraken) for USD wire withdrawals, but for EUR wires outside of SEPA countries only Etana?
AFAIK, both payward and etana ask for utility bill. You're saying that Georgian utility bill was not enough for etana and they asked for Georgian residence permit?
Thanks for the info!
I have a long history with investing. Crypto is/was only a part of it. At the time I was almost completely out of crypto, so it was easy to answer truthfully about my assets. The money came from a crypto exchange with second-rate banking connections. I guess that triggered the AML.
Elsewhere on this forum a local told BoG Private Banking is the way to go, if you can/want to hold 100K USD with them.
Yes.
When registering with Etana, I gave my residential address (not in Georgia). At the time they let me register my Georgian bank account (asked all kinds of KYC things). Later, when wanting to transfer money to that account, they refused on basis of me not living in Georgia. "A new rule".
I don't know how they are doing or if they have a build in exchange system, check them out. Fact is that it works, I use them almost everyday like that without problems.
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It's not hard to be a resident of Georgia... how did they determine you are not a resident? Lack of some or another residence certificate? Shove a struggling Georgian translation company GEL500... these people keep copies of all documents that land on their desk and they edit them for a living anyway.
Look, I deal with KYC/AML people by giving them correct information. Sometimes I may circle around the questions a little bit, but I do not give them fake IDs, fake this or that. I have no moral judgement whatsoever against people who use darks or other creative solutions. But for as long as I have no burning need to go that way myself, I won't.
Residency in Georgia costs minimum 100K USD investment in real estate, or running a business there. It is more expensive than it used to be, but still a viable option if one wants to cash out bitcoin profits.
I used Kazakh documents with a Maltese address and this was okay with Kraken. I'd think Chinese documents with a Georgian address should not be a huge problem. Anbody in Georgia is willing to act as a mail drop. Most translation agencies can provide the documents issued by the country...
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