EMI for withdrawing personal crypto (and business crypto in the future)

[friend]

I decided to sell some of my crypto and found out that most of my local banks are against crypto related transactions.

1) What EMI do you recommend for selling my personal crypto? I heard that even revolut is against these kinds of payments.
I am an EU citizen.

2) What EMI do you recommend for business crypto?

 

[Gediminas]

Hey,

Try Bankera.

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[rowena]

If you have proper documentation for your source of funds/transaction list then work with a proper institution like Swissqoute. They accept cryptos from major exchanges.

 

[friend]

rowena said:
If you have proper documentation for your source of funds/transaction list then work with a proper institution like Swissqoute. They accept cryptos from major exchanges.
Click to expand...

Yes I have.

I will look into both options. I totally forgot about Bankera.
If you have more options, let me know.

 

[Martin Everson]

Be very careful. Banks accepting crypto transaction can change over night. Have a non-bank plan b i.e sell crypto via gold dealer or asset swap. Also watch very carefully what is happening in US with crypto regulations. If any tightening of rules occurs around banking then every bank in the world that processes dollars will ditch crypto regardless of whether the transaction took place in a currency outside dollars. The reason is every bank will prioritize its dollar relationship due to dollar being used in over 80% of global trade and most banks that offer cross border business services need dollar access.

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

 

[uplana]

but as far as I read somewhere the US Federal Regulator switched on the green light for banks to use cryptocurrencies i.e. stablecoins?
https://www.coindesk.com/occ-banks-stablecoin-payments

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[friend]

What do you guys think about this:
Exchange crypto on kraken > wire the money to bankera > wire the money to my stock broker > withdraw the money some other time (1-2 months maybe) to my local bank. At the end I'll have the money where I want it: in my local bank account 🙂

 

[Gediminas]

friend said:
Exchange crypto on kraken > wire the money to bankera > wire the money to my stock broker > withdraw the money some other time (1-2 months maybe) to my local bank
Click to expand...

You can send money from Bankera to your local bank directly, because Bankera is a financial institution, but not a crypto exchange.

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[friend]

Gediminas said:
You can send money from Bankera to your local bank directly, because Bankera is a financial institution, but not a crypto exchange.
Click to expand...

Yeah but they will still ask questions about the source of that money. So even if it comes from Bankera, they will probably ask me how it go there.
My guess is that my stock broker will not ask or won't care. And if I withdraw it from my stock broker after 1-2 months, I can say that it's from selling stocks.

 

[wellington]

That would cause a tax event surely.

friend said:
Yeah but they will still ask questions about the source of that money. So even if it comes from Bankera, they will probably ask me how it go there.
My guess is that my stock broker will not ask or won't care. And if I withdraw it from my stock broker after 1-2 months, I can say that it's from selling stocks.
Click to expand...

 

[wellington]

As far as i am concerned (had millions in the UK/EU/Eastern Europe) in fiat, not one question asked.

When you set up a company for crypto, it causes all sorts of hurdles, and questions (experience), yet if you withdraw in some asian countries (no questions asked) then deposit into an account there created and have a CC on that account, you can then move the funds easily to TW or similar, then from there to the respectable banks, sure tax events may happen, but the opposite is all your accounts being frozen.

friend said:
I decided to sell some of my crypto and found out that most of my local banks are against crypto related transactions.

1) What EMI do you recommend for selling my personal crypto? I heard that even revolut is against these kinds of payments.
I am an EU citizen.

2) What EMI do you recommend for business crypto?
Click to expand...

 

[friend]

I will pay taxes for these, no problem. Do you think it will work the way I described? Bankera > stock broker > local bank account. All this with my personal crypto.

Does anybody have expereience with withdrawing crypto payments to TW? I read in their TOS that crypto withdrawals are not a problem, only crypto deposits.

 

[nomad999]

friend said:
And if I withdraw it from my stock broker after 1-2 months, I can say that it's from selling stocks.
Click to expand...

what if they ask for proof ?
if you already get money regularly from your broker then its unlikely they will ask anything, i would be careful about the patterns you create over time doing this, also for your broker, at some point their algorithm might get triggered and they will ask questions. I would consider actually buying/selling stock, especially if there is no fees like most big US broker.

 

[John Spectre]

The best thing you could do its a search for EU reputable bank that is ok with crypto.
The question in amount of fiat. Retail bank could be more problematic compare to private bank.
In case of 1m+, just open in Swiss.

 

[Btraveler]

Bankera or Bitwala

 

[JackAlabama]

Martin Everson said:
Be very careful. Banks accepting crypto transaction can change over night. Have a non-bank plan b i.e sell crypto via gold dealer or asset swap. Also watch very carefully what is happening in US with crypto regulations. If any tightening of rules occurs around banking then every bank in the world that processes dollars will ditch crypto regardless of whether the transaction took place in a currency outside dollars. The reason is every bank will prioritize its dollar relationship due to dollar being used in over 80% of global trade and most banks that offer cross border business services need dollar access.
Click to expand...

Great points to consider.
Banks can kick you out leaving you with no account. So be careful which one you use and ideally have a dedicated bank account for just these operations.
So if the banks shows you the door it will not turn your head upside down.

Emerging markets offer great plan b options to almost every budget, from the low 100$ to the millions. Execution and opsec is key though.