risks p2p transfers?

[lonizzita]

Hi
Sorry for this beginner question.

I would like to exchange USDT for cash, I was thinking of using some p2p service with EURO transfer to my bank and then withdraw at ATM, I have no experience with this.

could the bank ask for explanations if they see transfers coming to my private account?
how do you justify transfers from people to bank private accounts?

Thank you all

 

[MiddleEuroAsia]

lonizzita said:
Hi
Sorry for this beginner question.

I would like to exchange USDT for cash, I was thinking of using some p2p service with EURO transfer to my bank and then withdraw at ATM, I have no experience with this.
Click to expand...

Then Do it P2P/OTC.

lonizzita said:
could the bank ask for explanations if they see transfers coming to my private account?
Click to expand...

Yes, and if not now, they will probably ask later.

lonizzita said:
how do you justify transfers from people to bank private accounts?
Click to expand...

by having a good SOF, and if your banks are not Crypto friendly, then make sure to have a good SOF that doesn't mention anything about crypto. this can be anything from notarized documents/invoices to loan agreements...etc.

lonizzita said:
Thank you all
Click to expand...

you are welcome, and if you want me to explain in detail (I do this for my self and others) PM me, as this is all I can say in the public forum

 

[BalnearioCamboriu]

lonizzita said:
Sorry for this beginner question.
Click to expand...

No. No forgivness to you.

 

[lonizzita]

MiddleEuroAsia said:
Then Do it P2P/OTC.

Yes, and if not now, they will probably ask later.

by having a good SOF, and if your banks are not Crypto friendly, then make sure to have a good SOF that doesn't mention anything about crypto. this can be anything from notarized documents/invoices to loan agreements...etc.

you are welcome, and if you want me to explain in detail (I do this for my self and others) PM me, as this is all I can say in the public forum
Click to expand...

yes I am interested, I cannot write to you private
please write me in pm
thanks

 

[meze99]

Dear MiddleEuroAsia, please send me a PM if you have a solution/idea with a high quality SoF for crypto->fiat (OTC/p2p wire transfer) that will be accepted by an EMI/bank/IBKR.

 

[wellington]

lonizzita said:
Hi
Sorry for this beginner question.

I would like to exchange USDT for cash, I was thinking of using some p2p service with EURO transfer to my bank and then withdraw at ATM, I have no experience with this.

could the bank ask for explanations if they see transfers coming to my private account?
how do you justify transfers from people to bank private accounts?

Thank you all
Click to expand...

I've never done a P2P which included Fiat, for the simple reason, i've heard and seen stories of people being arrested for money laundering as the funds came from a crime, or i've seen people arrested for 'claims of fraud', and had their banks drained, frozen or other.

For me, the fiat aspect unless its cold hard cash exchanged in the bank in front of the bank teller where the bank teller confirms its real, not from a crime or other I would not touch.

I remember in 2017 a Italian firm wanting to exchange 3m Euro Cash for 2,000 ETH in the crypto space, but they were a front for Russian money invested in real estate in Rome - you have to be so bloody careful.

OTC on the other hand - should be safe to go !