Recommended Crypto visa/mastercards with little to no reportings
- Thread starter abc123
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Indeed, that's correct. The 3.5% fee is reasonable, and when considering the monthly fee and order shipping costs, it doesn't seem too bad. It could be a viable option as a last resort, though I might lean towards it if there are other alternatives that better align with my preferences.
Advcash doesn't report as it's just a white label solution over the top of another banking offering *union pay* run through the Caribbean, they do the reporting.
Honestly did you think no one reports lol
They are all reported, I︀ won't reveal the name of the bank behind the Union Pay aspect, but they do︁ the reporting as standard under CRS/FACTA etc.
Oh and my face right now when people︂ realise their transactions are reported as standard.
6. Foreign Account Tax Compliance Act (FATCA). Under Sections 1471 through1474︆ of the Internal Revenue Code of 1986, as amended, (the “Code”), or any amendedor successor︇ version that is substantively comparable, any current or future regulationsor official interpretations thereof and any︈ agreements entered into pursuant to Section1471(b)(1) of the Code (collectively, “FATCA”), the Bank, U.S. financial︉ institutions(“USFIs”) and other types of withholding agents are required to withhold thirty percent(30%) on certain︊ U.S. source payments made to foreign entities, including foreignfinancial institutions (“FFIs”), if they are unable︋ to document such entities' status forpurposes of FATCA. USFIs and other withholding agents subject to︌ FATCA must alsoreport to the U.S. Internal Revenue Service (“IRS”) information about certain non-financialforeign entities︍ with substantial U.S. owners. In light of the foregoing, you herebyrepresent, warrant, acknowledge and agree︎ as follows:a. You hereby acknowledge and agree that if a payment made to you by️ us inconnection with an Account, this Agreement, or any products or services provided by us
o you would be subject to U.S. federal withholding tax imposed by FATCA, you shalldeliver to us at the time or times prescribed by law and at such time or times requestedby us, such documentation requested by us as may be necessary for us to comply withour obligations under FATCA to determine that you have complied your obligations underFATCA or to determine the amount to deduct and withhold from such payment. Inaccordance with the terms of this Agreement, the Bank, its affiliates and each of theirrespective directors, officers, employees, attorneys,︀ and agents (collectively, the"Exculpated Parties"), shall not at any time incur any liability to you︁ (and you herebyexpressly waive and release any and all claims and causes of action which︂ you may atany time have against any Exculpated Party in connection with any acts, omissions,︃ orcircumstances at any time or times arising out of or relating to any of our︄ obligations withrespect to FATCA, including, as applicable, reporting of information or withholding on anypayments received︅ or originated by you.b. You are in the best position to determine your U.S. or︆ foreign status, FATCAChapter 4 status (as such term is defined in FATCA) and the status︇ of your payees inconnection with your Account (each, as applicable, “FATCA status”). Accordingly, youhereby agree︈ to provide us with such documentation or information we may request ordeem necessary (in our︉ sole discretion) from time to time to comply with our obligationsunder FATCA, including, but not︊ limited to, any one or more of the following:• A true and correct withholding certificate︋ (e.g., W-8BEN, W-8BEN-E, W9, etc.) for your Account(s) or the payee;• Any other written documentation︌ or certification reflecting the nature ofpayment (i.e., showing it is not a withholdable payment under︍ FATCA)or the FATCA status of the payee consistent with the provisions of theCode and/or regulations︎ promulgated under FATCA; or• Documentary evidence regarding the nature of the payment as not U.S.source️ fixed, determinable, annual, periodical income or U.S. sourcegross proceeds, as those terms are defined in FATCA.In the absence of the provision of the information/documentation summarized above (i.e.,U.S. or foreign status, FATCA status and the status of your payees in connection withyour FATCA status), we may be required under FATCA to withhold thirty percent (30%)on payments to or from your Account(s).
35. Source of Funds. You understand and acknowledge that the Bank is requiredunder applicable law and its own policies and procedures to take steps to combat the useof the Bank’s products, services, and facilities in furtherance of money laundering,terrorism, and other illegal activities. You represent,︀ warrant, and covenant that all fundsnow or hereafter deposited in the Account shall have a︁ lawful source, and that you shallnot conduct or initiate any transaction in or through the︂ Account or the Bank that isunlawful under the laws of xxx or any other jurisdiction︃ the laws of which areapplicable to such transaction. In the event that Bank discovers or︄ receives informationindicating that the source of funds in the Account or a transaction conducted by︅ you in orthrough the Account or the Bank maybe unlawful, the Bank may, in its︆ sole discretion,freeze the Account until the matter is clarified to the Bank’s satisfaction and take︇ any otheraction permitted by applicable law.You agree to comply with all U.S. laws and regulations︈ (including but not limited to, theBank Secrecy Act, Uniting and Strengthening America by Providing Appropriate︉ Tools Requiredto Intercept and Obstruct Terrorism Act of 2001 (commonly referred to as the USA︊ Patriot Act),Office of Foreign Assets Control (“OFAC”) regulations and other similar laws) applicable to yourAccount(s).︋ Furthermore, we are required by applicable law to monitor transactions in yourAccount(s), and upon request︌ by us, you agree to provide to us information and supportingdocumentation, about, among others, transactions︍ in your Account(s), as requested.You shall not permit, directly or indirectly, any payment into your︎ Account(s) or anypayment from your Account(s), with regards to any transaction with a country, entity️ or individualthat may be subject to any sanction or embargo administered, enforced, or imposed by OFACand/or any federal or state law (collectively, the “Applicable Restrictions”). Therefore, if atransaction has any relationship, directly or indirectly, with a country, entity or individual that maybe subject of any such Applicable Restrictions, the transaction cannot be processed in or throughyour Account(s), in addition no proceeds from such transaction may be paid into your Account(s),whether or not such transaction is evidenced by an invoice, bill of landing, or other documentbearing reference to such a country, entity or individual. This includes transactions oftransshipment through any country affected by any Applicable Restrictions.You︀ also agree to comply with all laws and regulations of xxx (including but not limitedto,︁ Money Laundering (Prevention) Act No. 9 of 1996; the Prevention of Terrorism Act of 2005;the︂ Office of National Drug and Money Laundering Control Act 2003; and the InternationalBusiness Corporation Act,︃ Cap. 222) applicable to your Account(s). Furthermore, the Bank isrequired by applicable law to monitor︄ transactions in the Account, and upon request by the Bank,you agree to provide to the︅ Bank information and supporting documentation, about transactionsin the Account on a case-by-case basis.
27. Information/Sharing/Release︆ of Information. You acknowledge receipt of ourPrivacy Policy Notice. Our Privacy Policy Notice describes personal︇ information we maycollect about you, including your name, address, telephone number, and other informationwe receive︈ from you, information about your Account and transactions, and informationwe receive from credit reporting agencies︉ and other sources. You authorize us to disclosethis information to affiliates and nonaffiliated third parties︊ as permitted by applicable lawexcept as you or we limit those disclosures under the terms︋ of our Privacy Policy Notice.We provide a copy of our Privacy Policy Notice with this︌ Agreement and will provide itthereafter as required by applicable law.Bank is authorized to release any︍ information and/or documentation relevant toCustomer and/or any Account that is requested by a governmental authority,︎ or by anythird party pursuant to any Process (hereafter defined). If authorized by Customer inwriting,️ Bank shall have the right to report information about Customer and/or anyAccount to any consumer reporting agency, bank or financial institution, as well as to anyperson or entity to whom Customer gives Bank as a reference. Bank is authorized tostate to third parties purporting to have an item drawn on an Account whether suchAccount has a collected balance sufficient for payment of the item.28. Legal Process/Proceeding. Should Bank be served or receive any process,subpoena, summons, complaint, order, injunction, execution, distraint, garnishment, levy,lien, pleading or other legal process and/or should Bank become involved in any judicialor administrative action or proceeding (hereinafter jointly or severally referred to︀ as“Process”), which involves you or affects an Account, or which Bank believes involvesyou or affects︁ an Account, then Bank may, at its discretion, and without liability toCustomer: (a) comply with︂ such Process; (b) freeze all or a portion of the funds depositedin any Account and︃ withhold any payment, withdrawal or transfer from such Account untilthe Process is resolved to Bank’s︄ complete satisfaction even if such action results ininsufficient funds to pay checks you have written︅ or transfers you have ordered; and (c)follow (and rely or absolutely on) the advice of︆ its legal counsel as to the appropriateresponse to such Process, even if such advise shall︇ turn out to be incorrect. Bank shallbe under no obligation to notify Customer of any︈ Process nor to contest any Process onCustomer’s behalf.You shall be liable to the Bank for︉ the payment of, and the Bank may charge toany of your Accounts (whether or not︊ it is the same Account with respect to which theProcess relates) for any costs and︋ expenses, including without limitation attorneys' feesand costs incurred by the Bank in addressing and/or responding︌ to any Process. Inaddition, you agree that if we are not fully reimbursed for our︍ record research,reproduction and handling costs by the party which served the Process, you shall besimilarly︎ liable to us. Any garnishment, attachment or other levy against your Accountshall be subject to️ our right of setoff and security interest.You agree that we will not pay and you shall not be entitled to receive interest onany funds we hold or set aside in connection with or response to Process. Finally, youagree that we may accept and comply with legal process, irrespective of how and/orwhere it was received even if the law requires any particular method of service.In the event of any dispute relating to any of your Accounts (whether initiated or threatenedby you, by the Bank or by any third party), or in the event the Bank receives conflicting instructions,claims, or demands relating to such Account, the Bank︀ may take any action which it or its legalcounsel considers advisable, including without limitation “blocking,”︁ “freezing,” or impounding anyfunds in such account, placing such funds in a suspense account, or︂ interpleading such funds;and all resulting costs and expenses of the Bank, including without limitation any︃ attorneys’ fees(and attorneys’ costs and expenses) incurred at trial, on appeal, or without litigation, shall︄ bereimbursed by you to the Bank upon its demand (and you hereby authorize the Bank︅ to debit anyof your Accounts for such amounts).
Honestly did you think no one reports lol
They are all reported, I︀ won't reveal the name of the bank behind the Union Pay aspect, but they do︁ the reporting as standard under CRS/FACTA etc.
Oh and my face right now when people︂ realise their transactions are reported as standard.
6. Foreign Account Tax Compliance Act (FATCA). Under Sections 1471 through1474︆ of the Internal Revenue Code of 1986, as amended, (the “Code”), or any amendedor successor︇ version that is substantively comparable, any current or future regulationsor official interpretations thereof and any︈ agreements entered into pursuant to Section1471(b)(1) of the Code (collectively, “FATCA”), the Bank, U.S. financial︉ institutions(“USFIs”) and other types of withholding agents are required to withhold thirty percent(30%) on certain︊ U.S. source payments made to foreign entities, including foreignfinancial institutions (“FFIs”), if they are unable︋ to document such entities' status forpurposes of FATCA. USFIs and other withholding agents subject to︌ FATCA must alsoreport to the U.S. Internal Revenue Service (“IRS”) information about certain non-financialforeign entities︍ with substantial U.S. owners. In light of the foregoing, you herebyrepresent, warrant, acknowledge and agree︎ as follows:a. You hereby acknowledge and agree that if a payment made to you by️ us inconnection with an Account, this Agreement, or any products or services provided by us
o you would be subject to U.S. federal withholding tax imposed by FATCA, you shalldeliver to us at the time or times prescribed by law and at such time or times requestedby us, such documentation requested by us as may be necessary for us to comply withour obligations under FATCA to determine that you have complied your obligations underFATCA or to determine the amount to deduct and withhold from such payment. Inaccordance with the terms of this Agreement, the Bank, its affiliates and each of theirrespective directors, officers, employees, attorneys,︀ and agents (collectively, the"Exculpated Parties"), shall not at any time incur any liability to you︁ (and you herebyexpressly waive and release any and all claims and causes of action which︂ you may atany time have against any Exculpated Party in connection with any acts, omissions,︃ orcircumstances at any time or times arising out of or relating to any of our︄ obligations withrespect to FATCA, including, as applicable, reporting of information or withholding on anypayments received︅ or originated by you.b. You are in the best position to determine your U.S. or︆ foreign status, FATCAChapter 4 status (as such term is defined in FATCA) and the status︇ of your payees inconnection with your Account (each, as applicable, “FATCA status”). Accordingly, youhereby agree︈ to provide us with such documentation or information we may request ordeem necessary (in our︉ sole discretion) from time to time to comply with our obligationsunder FATCA, including, but not︊ limited to, any one or more of the following:• A true and correct withholding certificate︋ (e.g., W-8BEN, W-8BEN-E, W9, etc.) for your Account(s) or the payee;• Any other written documentation︌ or certification reflecting the nature ofpayment (i.e., showing it is not a withholdable payment under︍ FATCA)or the FATCA status of the payee consistent with the provisions of theCode and/or regulations︎ promulgated under FATCA; or• Documentary evidence regarding the nature of the payment as not U.S.source️ fixed, determinable, annual, periodical income or U.S. sourcegross proceeds, as those terms are defined in FATCA.In the absence of the provision of the information/documentation summarized above (i.e.,U.S. or foreign status, FATCA status and the status of your payees in connection withyour FATCA status), we may be required under FATCA to withhold thirty percent (30%)on payments to or from your Account(s).
35. Source of Funds. You understand and acknowledge that the Bank is requiredunder applicable law and its own policies and procedures to take steps to combat the useof the Bank’s products, services, and facilities in furtherance of money laundering,terrorism, and other illegal activities. You represent,︀ warrant, and covenant that all fundsnow or hereafter deposited in the Account shall have a︁ lawful source, and that you shallnot conduct or initiate any transaction in or through the︂ Account or the Bank that isunlawful under the laws of xxx or any other jurisdiction︃ the laws of which areapplicable to such transaction. In the event that Bank discovers or︄ receives informationindicating that the source of funds in the Account or a transaction conducted by︅ you in orthrough the Account or the Bank maybe unlawful, the Bank may, in its︆ sole discretion,freeze the Account until the matter is clarified to the Bank’s satisfaction and take︇ any otheraction permitted by applicable law.You agree to comply with all U.S. laws and regulations︈ (including but not limited to, theBank Secrecy Act, Uniting and Strengthening America by Providing Appropriate︉ Tools Requiredto Intercept and Obstruct Terrorism Act of 2001 (commonly referred to as the USA︊ Patriot Act),Office of Foreign Assets Control (“OFAC”) regulations and other similar laws) applicable to yourAccount(s).︋ Furthermore, we are required by applicable law to monitor transactions in yourAccount(s), and upon request︌ by us, you agree to provide to us information and supportingdocumentation, about, among others, transactions︍ in your Account(s), as requested.You shall not permit, directly or indirectly, any payment into your︎ Account(s) or anypayment from your Account(s), with regards to any transaction with a country, entity️ or individualthat may be subject to any sanction or embargo administered, enforced, or imposed by OFACand/or any federal or state law (collectively, the “Applicable Restrictions”). Therefore, if atransaction has any relationship, directly or indirectly, with a country, entity or individual that maybe subject of any such Applicable Restrictions, the transaction cannot be processed in or throughyour Account(s), in addition no proceeds from such transaction may be paid into your Account(s),whether or not such transaction is evidenced by an invoice, bill of landing, or other documentbearing reference to such a country, entity or individual. This includes transactions oftransshipment through any country affected by any Applicable Restrictions.You︀ also agree to comply with all laws and regulations of xxx (including but not limitedto,︁ Money Laundering (Prevention) Act No. 9 of 1996; the Prevention of Terrorism Act of 2005;the︂ Office of National Drug and Money Laundering Control Act 2003; and the InternationalBusiness Corporation Act,︃ Cap. 222) applicable to your Account(s). Furthermore, the Bank isrequired by applicable law to monitor︄ transactions in the Account, and upon request by the Bank,you agree to provide to the︅ Bank information and supporting documentation, about transactionsin the Account on a case-by-case basis.
27. Information/Sharing/Release︆ of Information. You acknowledge receipt of ourPrivacy Policy Notice. Our Privacy Policy Notice describes personal︇ information we maycollect about you, including your name, address, telephone number, and other informationwe receive︈ from you, information about your Account and transactions, and informationwe receive from credit reporting agencies︉ and other sources. You authorize us to disclosethis information to affiliates and nonaffiliated third parties︊ as permitted by applicable lawexcept as you or we limit those disclosures under the terms︋ of our Privacy Policy Notice.We provide a copy of our Privacy Policy Notice with this︌ Agreement and will provide itthereafter as required by applicable law.Bank is authorized to release any︍ information and/or documentation relevant toCustomer and/or any Account that is requested by a governmental authority,︎ or by anythird party pursuant to any Process (hereafter defined). If authorized by Customer inwriting,️ Bank shall have the right to report information about Customer and/or anyAccount to any consumer reporting agency, bank or financial institution, as well as to anyperson or entity to whom Customer gives Bank as a reference. Bank is authorized tostate to third parties purporting to have an item drawn on an Account whether suchAccount has a collected balance sufficient for payment of the item.28. Legal Process/Proceeding. Should Bank be served or receive any process,subpoena, summons, complaint, order, injunction, execution, distraint, garnishment, levy,lien, pleading or other legal process and/or should Bank become involved in any judicialor administrative action or proceeding (hereinafter jointly or severally referred to︀ as“Process”), which involves you or affects an Account, or which Bank believes involvesyou or affects︁ an Account, then Bank may, at its discretion, and without liability toCustomer: (a) comply with︂ such Process; (b) freeze all or a portion of the funds depositedin any Account and︃ withhold any payment, withdrawal or transfer from such Account untilthe Process is resolved to Bank’s︄ complete satisfaction even if such action results ininsufficient funds to pay checks you have written︅ or transfers you have ordered; and (c)follow (and rely or absolutely on) the advice of︆ its legal counsel as to the appropriateresponse to such Process, even if such advise shall︇ turn out to be incorrect. Bank shallbe under no obligation to notify Customer of any︈ Process nor to contest any Process onCustomer’s behalf.You shall be liable to the Bank for︉ the payment of, and the Bank may charge toany of your Accounts (whether or not︊ it is the same Account with respect to which theProcess relates) for any costs and︋ expenses, including without limitation attorneys' feesand costs incurred by the Bank in addressing and/or responding︌ to any Process. Inaddition, you agree that if we are not fully reimbursed for our︍ record research,reproduction and handling costs by the party which served the Process, you shall besimilarly︎ liable to us. Any garnishment, attachment or other levy against your Accountshall be subject to️ our right of setoff and security interest.You agree that we will not pay and you shall not be entitled to receive interest onany funds we hold or set aside in connection with or response to Process. Finally, youagree that we may accept and comply with legal process, irrespective of how and/orwhere it was received even if the law requires any particular method of service.In the event of any dispute relating to any of your Accounts (whether initiated or threatenedby you, by the Bank or by any third party), or in the event the Bank receives conflicting instructions,claims, or demands relating to such Account, the Bank︀ may take any action which it or its legalcounsel considers advisable, including without limitation “blocking,”︁ “freezing,” or impounding anyfunds in such account, placing such funds in a suspense account, or︂ interpleading such funds;and all resulting costs and expenses of the Bank, including without limitation any︃ attorneys’ fees(and attorneys’ costs and expenses) incurred at trial, on appeal, or without litigation, shall︄ bereimbursed by you to the Bank upon its demand (and you hereby authorize the Bank︅ to debit anyof your Accounts for such amounts).
Note that this is ~a year old information above; and things are changing very quickly at this field. There are newer threads re: crypto cards at forum, so search is really recommended 🙂
Just a remark:
TAX ID is used quite often for the reporting but absolutely not necessary. You can be reported just with your personal data.
Just a remark:
TAX ID is used quite often for the reporting but absolutely not necessary. You can be reported just with your personal data.
exactly. tax id does not bring much to the party. It just makes the matching easier.
But full name and dob is completely enough for matching records.
But full name and dob is completely enough for matching records.
Interesting....
Assume Johann Bauer (JB) has a German passport but was born to German parents in Ghana (colonized). Now, he uses his German passport to open German bank accounts at the addresses of German relatives in Germany with a static German IP. JB has NEVER set foot in Germany.
If, for example, UBS (CH) reports that JB ran +100M through his accounts to German tax authorities, what will happen?
JB does NOT live in Germany.
JB has nothing to grab in Germany.
When German tax officials run his︀ name and dob, they come up with d1ck. He doesn't appear in the German database.︁ What then? 🙄
Assume Johann Bauer (JB) has a German passport but was born to German parents in Ghana (colonized). Now, he uses his German passport to open German bank accounts at the addresses of German relatives in Germany with a static German IP. JB has NEVER set foot in Germany.
If, for example, UBS (CH) reports that JB ran +100M through his accounts to German tax authorities, what will happen?
JB does NOT live in Germany.
JB has nothing to grab in Germany.
When German tax officials run his︀ name and dob, they come up with d1ck. He doesn't appear in the German database.︁ What then? 🙄
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