Swiss and co. Crypto Cash out and now?

[Dreamy]

JohnnyDoe said:
Assuming that you can provide SOF and all the usual papers, to both SQ and the receiving bank, this is possible but not smart. Why one would want to sell valuable crypto for rubbish Eur?
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Because crypto on cold wallet just lies and brings nothing, moreover, it may disappear tomorrow for some reason (you lose you access for example to the wallet or crypto went down). So it's a not bad idea for example to convert some crypto for example for real estate, to rent it our and get regular income. Also, own house in France for example will not disappear tomorrow. And always will generate 2-3-4 or more % per year. Really I still do not know any 100% secure and work method how to buy real estate WW with crypto directly for example in Europe, maybe you know.

 

[JohnnyDoe]

Dreamy said:
Because crypto on cold wallet just lies and brings nothing, moreover, it may disappear tomorrow for some reason (you lose you access for example to the wallet or crypto went down). So it's a not bad idea for example to convert some crypto for example for real estate, to rent it our and get regular income. Also, own house in France for example will not disappear tomorrow. And always will generate 2-3-4 or more % per year. Really I still do not know any 100% secure and work method how to buy real estate WW with crypto directly for example in Europe, maybe you know.
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You just need to find a seller who accepts crypto. Like I do. I might have something to sell in Europe next year.

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[CryptoTrader87]

I honestly, for the life of me, cannot see what the problem here is. But I can assure you, that contacting a bank telling them you'll wire a lot of money is not a good step to take. I withdrew millions into Swissquote, from crypto platforms exclussively, no questions asked, ever. Under 100K per transfer. Now, how much do you want to withdraw to a bank?

 

[denniz07]

CryptoTrader87 said:
I honestly, for the life of me, cannot see what the problem here is. But I can assure you, that contacting a bank telling them you'll wire a lot of money is not a good step to take. I withdrew millions into Swissquote, from crypto platforms exclussively, no questions asked, ever. Under 100K per transfer. Now, how much do you want to withdraw to a bank?
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Agree. That was an error. Wanted to withdraw something like 4m$. Just wanted to do it fast. I mean it might seem strange to receive every day 100k$. The request is still pending. Actually though they would respond faster. Anyway, now will try to withdraw to postfinance and ubs in 100k. They also offer access to ETF's.

 

[CryptoTrader87]

Alright, got it. 😎I don't think I'm allowed to offer you better solutions here, but if you PM I will be able to share those.

 

[JackAlabama]

denniz07 said:
Agree. That was an error. Wanted to withdraw something like 4m$. Just wanted to do it fast. I mean it might seem strange to receive every day 100k$. The request is still pending. Actually though they would respond faster. Anyway, now will try to withdraw to postfinance and ubs in 100k. They also offer access to ETF's.
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A lot depends on your nationality and residency as well.

 

[denniz07]

It's just a joke. Getting rejected or getting pending answers from each bank. Having the complete trading history and even tax reports.

For everyone who is thinking about Swiss and trading. Maybe better to stay away.
Today got rejections from Lombardier Odier and BNP Paribas (ok not a swiss one).
Some banks say that onboarding will take a few months. That is just crazy. You are treated like a criminal.

 

[Lamb75]

If you are a taxpayer in Switzerland you should get in touch with the Swiss crypto valley (in Zug I think). There you should get names of banks which would accept your money. There is also Bank Frick in Liechtenstein which is crypto-friendly.

 

[denniz07]

Lamb75 said:
If you are a taxpayer in Switzerland you should get in touch with the Swiss crypto valley (in Zug I think). There you should get names of banks which would accept your money. There is also Bank Frick in Liechtenstein which is crypto-friendly.
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I was there. Yes, there are 'crypto banks', but it doesn't make sense to keep the money at this kind of bank. They don't offer ETF's are very expensive and you can't move your money.
Especially after what happened to FTX you don't want to keep your money in such a bank. All the big names just refuse.

Maybe will just leave Europe/Switzerland if they have so many issues with "crypto", although they are very happy to collect taxes.