What EMIs Allow Withdrawal from Kraken or Other Major Exchanges?
- Thread starter LucyOffshore
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something ive been doing with TransferWise is sending money directly from Paxos ($PAX). I just redeem the amount i need on the platform and wire to my USD account in TransferWise. No fees, KYC on Paxos is simple, and I get my money on the same day. And its not obvious its crypto related money as well.
Is it possible to redeem money from the Paxos platform as a business also? If yes that would be really beneficial for us that trade crypto using an offshore IBC. Redeem from Paxos and send to Transferwise, spend with their business debit card. No taxes, heaven!
How does CRS work here? Paxos is USA/ non-CRS. Transferwise is in UK, they are part of CRS.
You need an EMI has crypto wallet and fiat wallet together. Kraken BTC -> Wirex BTC wallet -> Exchange (1%) to any currency EUR, GBP... and use the fiat wallet of Wirex to transfer to your bank account.
There are many ways of doing it, your bank may just has already blacklisted major exchanges Kraken, Coinbase, Bitfinex , Luno. etc.. You can use a not so well known exchange with fiat walllet and try transfer to your bank. If that works good for you.
You can try Wirex, SpectroCoin, since they can exchange BTC internally .. and your bank doesnt sees them as crypto exchange. (Of course it comes with a fee, they need to make money too right)
Just my 2 cents.
There are many ways of doing it, your bank may just has already blacklisted major exchanges Kraken, Coinbase, Bitfinex , Luno. etc.. You can use a not so well known exchange with fiat walllet and try transfer to your bank. If that works good for you.
You can try Wirex, SpectroCoin, since they can exchange BTC internally .. and your bank doesnt sees them as crypto exchange. (Of course it comes with a fee, they need to make money too right)
Just my 2 cents.
This looks like a valid method to hide the crypto exchange for your bank, do you know that this works?
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Can you sharw with me platform work with Paxos, i have PAX coins and want to send them to my transferwise.com i have business and personal account with them.
Yes this works for withdrawing btc only... Wirex doesn't like to send Fiat money to kraken Fiat wallet, I tried transaction it but denied. But.. using wirex exchange to btc and send to kraken is good. 1% fee.. for exchange.
Always try with small amount... I didn't send my btc to kraken btc wallet, but I send it to binance... It's uses btc wallet address .. should work
in the link you have posted , it s written "Ironically, most of the issues we've seen with funding have been with online-only "cloud" banks. In contrast, traditional banks with physical branches have generally worked fine with our clients. "
So true and yes ironic.... the neo-banks against the neo-currency
Still, we need to be vigilant if TW may block the account as they state that they would have no issue of receding funds from crypto exchange under the condition where there is bank account with your name on it.
This sentence is confusing. How can you receive funds from crypto exchange from a bank account with your name on it?
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