How would you go about cashing out your Crypto to FIAT with no source of income?

[AzzyG]

Hello there,
So the title almost says it all.

Do you think it's possible to cash out a specific amount each month to your own bank account using a site like: LocalCryptos without raising any red flags? Keep in mind that you won't be able to explain the source of income if you get asked for it.

Do you think it's possible to somehow forge the source of income to make it look like a legit income?

Please let me know what you think. Let's keep this discussion flowing.

 

[otcable]

Depends on where you are doing this. A clear example of this is Argentina. Banks do not care what you put inside your account and people are used to receiving big amounts without any type of invoice. Accountants play the game as well of course.

All in all, the amount of the monthly volume will determine if this is "doable".

 

[AzzyG]

@otcable

I'd say around 4k-6k USD a month. Varying from month to month. Located in Norway/Sweden/Denmark/Finland.

 

[Luganese]

AzzyG said:
@otcable

I'd say around 4k-6k USD a month. Varying from month to month. Located in Norway/Sweden/Denmark/Finland.
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Have a look here bro
https://www.offshorecorptalk.com/th...a-to-crypto-crypto-to-bank.30342/#post-142977

 

[otcable]

AzzyG said:
@otcable

I'd say around 4k-6k USD a month. Varying from month to month. Located in Norway/Sweden/Denmark/Finland.
Click to expand...

Yes, I think those amounts are absolutely doable. Localcrypto is mad KYC now, not sure if the best option, ideally you would need to find someone who can play with you.

I wouldn't also go directly to the bank always, mix it a little bit put some on PayPal, some on bank, some on debit cards for example. This is I believe a manageable volume.

But to be honest I do not know how it is in those countries.

 

[AzzyG]

So far localcryptos haven't requested any form of identification from me 🙂

 

[AzzyG]

@otcable
Are you sure that we're talking about the same platform?

 

[otcable]

Sorry @AzzyG my head read localbitcoins while my hands typed localcrypto =)

 

[AzzyG]

otcable said:
Sorry @AzzyG my head read localbitcoins while my hands typed localcrypto =)
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Thats fine 🙂
How much do you reckon that you can transfer from PayPal to your bank every month without your bank asking questions?

 

[otcable]

Paypal, Neteller, Upwork you can mix it up with those values I think you are under the radars. I don't think the bank will have questions because that is normal. You will need to say that you are selling/providing something eventually. Better if it comes from a platform.

The problem with using "someone" from localcrypto is that if one of those is doing problems, your account is attached there. Not sure how that would work.

 

[AzzyG]

@otcable I will have to open a company and provide invoices etc. if I claim that I'm selling / providing something 😀

 

[otcable]

I'll be going back to what you ask. 😛

AzzyG said:
Do you think it's possible to somehow forge the source of income to make it look like a legit income?
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If it comes from a platform then, if you get asked, you have a legit income.
Directly receiving from bank to bank opens up to many questions, platform to bank is easier.

 

[AzzyG]

otcable said:
I'll be going back to what you ask. 😛



If it comes from a platform then, if you get asked, you have a legit income.
Directly receiving from bank to bank opens up to many questions, platform to bank is easier.
Click to expand...

With a platform are you referring to e.g an e-commerce as a shopfront?

 

[otcable]

Don't overcomplicate it on those numbers, pay yourself with a debit card card topped up with btc on upwork or paypal. No need for a big setup.

 

[AzzyG]

otcable said:
Don't overcomplicate it on those numbers, pay yourself with a debit card card topped up with btc on upwork or paypal. No need for a big setup.
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The issue is that I will need to explain the source of these funds when I cash them out to my bank account. If I explain that I'm selling stuff online, they'll explain that I need to VAT-register a company etc.

 

[CaptK]

You can invoice it as unregulated finance commission ie for commercial loans and mortgages you don't pay VAT on that.

 

[Meta]

That's strange for me. Say, I hold some coins since long ago. Long ago means 5+ years. Exchanges have closed, I don't have any receipts and honestly I don't think any receipts were issued back then. Now my bitcoins are worth high six figures sum. How do I prove "source of income"?

Signed message from an address showing that I had coins many years ago? I don't think banks would accept that.
A statement from a crypto wallet website showing that I deposited 50 BTC back in 2014 - is it a "source of income"?

Can someone share their experience please? If you have exact details like "I cashed out $X to that bank. Provided them with such and such documents and it was fine" it will be just awesome.

 

[CaptK]

Normally if it comes from an exchange like Coinbase which is regulated they don't ask much unless you dump 50BTC then they will ask.

Take what you need as and when

 

[orangeye]

Remoddy said:
Now my bitcoins are worth high six figures sum. How do I prove "source of income"?
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I will have the same issue pretty soon, anyway, if you fake invoices, use a entity that is aged, UK, Cyprus or whatever you can find and fake transactions, it should be well possible to convince the exchanges that everything is legit and right.

I also setup 4 kraken accounts with different names pointing to different accounts with matching TW account numbers. So far made some test transaction and no one has showed up yet to request anything.

It is important to prepare the entire thing.

I have thinked about it, I hold 8 BTC's once I don't have the nerves any longer I will "park" them in USD Coin or Tether and slowly move them to these exchanged to get them out in FIAT.

I don't want to risk my money with any stupid exchange that try to cheat me.

 

[CaptK]

orangeye said:
I will have the same issue pretty soon, anyway, if you fake invoices, use a entity that is aged, UK, Cyprus or whatever you can find and fake transactions, it should be well possible to convince the exchanges that everything is legit and right.

I also setup 4 kraken accounts with different names pointing to different accounts with matching TW account numbers. So far made some test transaction and no one has showed up yet to request anything.

It is important to prepare the entire thing.

I have thinked about it, I hold 8 BTC's once I don't have the nerves any longer I will "park" them in USD Coin or Tether and slowly move them to these exchanged to get them out in FIAT.

I don't want to risk my money with any stupid exchange that try to cheat me.
Click to expand...

Be careful TW does not accept payment from any crypto activity.