How I convert bitcoins to real money to my local bank!

[lostman]

I have read a lot of times that people have problems to get their crypto money exchanged to real money i.e. EURO, USD etc.

It can't be that hard to figure out how to do that if your local bank don't allow crypto or even have banned crypto currency to be transferred to your local account.

All the time I do it this way, first I load my Revolut account with money from an EMI account at Mister Tango, then I transfer from Revolut to my local bank account.

This works pretty good and so far no one has asked any questions.

hope this can be of help to someone in this difficult situation 😉

 

[Bizfiling]

you can use airtm.io as well

 

[Martin Everson]

Only problems comes when it is a substantial amount and your forced to explain the source of funds.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[lostman]

yeah you are rigth. but I have done this for 8 months or more and with almost weekly transfers no issues at all. The bank don't even ask for what this is about.

 

[Martin Everson]

How much are we talking about 3-4 digits or 5 digits plus? Each bank is different but I am surprised bank never asks.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[John Spectre]

Usually, if you use local bank account in country of your residence, banks allow to more total money in transfers before start asking questions. but it's not real hiding money from question, tax authorities, etc.
Just because client, bank, government are from same countries, they well know laws and could simply wait for more money transferred to account and only then ask the questions.
Or simply detect this activity, wait for couple of years and ask for more tax and penalties ;D

My personal opinion, that depend on bank and countries, this amount could be simple in range between 10-100k USD. If you smart and spread depositing and usage of this money like a 'traditional' customer, this 'crypto business' sure could work. But no expensive purchases, no semi legit things that could warn bank must be carefully checked.

Also, I think this way is more dangerous compared to use crypto prepaid cards or just use cash.
In case of real bank account all history is stored in bank and it's a like a time bomb.
In other case, all this offshore cards and EMI services have small life time and when it dead, also transactions\history\other info of clients dead too. So, like a now Wave Crest is dead, in some kind of 2020 leupay, mistertango, etc, will be dead too and we will just use some new other EMI.

 

[lostman]

Well the account I have is a business account, the account is opened in company name and is of course in the same country and it pays normal tax and have some employés.

 

[Martin Everson]

OK that explains a lot.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.