Swiss and co. Crypto Cash out and now?

[denniz07]

Hello,

the question might sound silly. But it is what it is : ). Basically imagine, you did everything according to the law. Made correct Tax Declaration, could cash out to some crypto friendly banks and could pay your taxes.
BUT now it doesn't make sense that the money is sitting on some small crypto banks. There is always a small chance of default.
How to invest it?

I mean in my case, IBKR asked a lot of question, case still pending, swissqoute pending as well, some of the big cantonal banks said that they won't accept money where the source is crypto. Other bank's just don't give answers and say just transfer the money and we will see what happens. As I undestand even a transfer from a "crypto" bank under my name to a "normal" bank like ubs would be under investigation.

 

[Wellington]

No good way to comment on this post lol.

 

[denniz07]

Yeah why? Honestly it is a huge problem. Like you cashed out, but can't use the‌ money, since some banks/brokers won't accept it. Right now trying some private banking in zurich.‍ Going to the big names.. Not sure if it is a good idea. They are⁠ expensive but at least it seems they are willing to take the money...

 

[JohnnyDoe]

As long as you don't go to Caputo you will be fine

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[denniz07]

I thought he is the guy for millionz in crypto 😀

 

[denniz07]

Thanks for the tip!!! Will take a look.‌ Currently in talks with juliusbaer. Hope they are fine as well.

 

[denniz07]

Thanks! Maybe will take both. In any case it is a good idea to split‍ it. Any opinion on Lombard Odier?

Have the feeling that all the "big" names are⁠ rubbish. That's the reason I would prefer IBKB or Swissquate... they refuse so far. I⁤ would highly doubt that any "private bank" could outperform any ETF's or give real benefits.⁣

 

[JackAlabama]

Caputo wants your private key as he stated in the video to check‌ with his chainanalysis fugazi. 😉 Does not exactly instill confidence.

 

[Dreamy]

Swissquote - as I know you can add there crypto, for example, eth, and convert‌ it to USD, and buy for example any Euro ETF for WW or for US‍ market. No?

 

[denniz07]

That would be perfect. Maybe I did⁠ a mistake contacting them that I want to transfer a lot of money to the⁤ account. Now the ticket is pending, although I provided my tax decleration and the source⁣ of wealth. Same is true for IBKR. Transfers from binance < 100k went without problems⁢ in the past. The account is more than 1 year old.

Seems that also juliusbaer︀ will reject me. Will maybe try some other private banks, not sure if it is︁ worth it. UBS opened an account, 0.65% Custody fee. That is a lot and still︂ may get into trouble since the account was opened by a "sales person" and they︃ don't care much about the source of wealth.

PS: Will see what happens with postfinance︄ : ) already transfering small amounts to the account. Guess after 100-500k they will start︅ asking questions.

 

[Aushaven]

So is it possible that you can open⁠ swissquote crypto account, transfer crypto, swap crypto for eur and withdraw from swissquote to bank⁤ account? Can someone please confirm this?

 

[TheCryptoAnt]

I cannot pay the bitches⁠ with crypto

yet

 

[TheCryptoAnt]

my bitches are, indeed,‌ cheap cry&¤

 

[Lamb75]

So you wouldn't refuse to join a club that accepts you ?‍ Don't know anything specific about Lombard Odier but I wouldn't take it personal if they⁠ refuse me. I don't have 50 millions Euros to deposit in such a bank (an⁤ amount which would makes me an average client), and with less than 5 millions It's⁣ more difficult than a few years ago to open an account in this type of⁢ bank (except maybe if it's a managed account). Right know they are probably busy taking︀ in the 50+ millions Euros clients from Credit Suisse...

To my︃ knowledge you can't take crypto in or out from a swissquote crypto account. Call them︄ to see if it has changed recently.

So you made profit in cryptos and paid your️ taxes. Why do you want Switzerland only ? Isn't there a reliable bank in the‌ country where you live ? Anyway if I were you I would extend my searches‍ to Luxembourg. Also I would go there in person (in Switzerland also). Be prepared to⁠ provide all documents about origin of the funds you transfered to crypto exchange(s).

I answer to myself about︊ Swissquote Switzerland : it is indeed possible to withdraw some cryptos : BTC ETH and︋ a few others, so I guess a deposit is also possible.

 

[denniz07]

No it’s‌ not personal. Lol. They said it is difficult to onboard if the source of wealth‍ is crypto. They tried. Depends on the case.
REALLY every “big” bank says the same.⁠ Some even want to charge you for an onboarding, since they will include 3rd parties.⁤

Kind off. In the process. Didn’t hide anything. Switzerland might be︀ a mistake. Guess still better than Germany.. moved to Swiss and live there right now.︁

PS: Maybe will go even back to Germany. Haha. I know stupid. Europe is fucked.︂ Perhaps private banks could help somehow.

 

[Dreamy]

Because crypto on cold wallet⁠ just lies and brings nothing, moreover, it may disappear tomorrow for some reason (you lose⁤ you access for example to the wallet or crypto went down). So it's a not⁣ bad idea for example to convert some crypto for example for real estate, to rent⁢ it our and get regular income. Also, own house in France for example will not︀ disappear tomorrow. And always will generate 2-3-4 or more % per year. Really I still︁ do not know any 100% secure and work method how to buy real estate WW︂ with crypto directly for example in Europe, maybe you know.

 

[CryptoTrader87]

I honestly, for the life of me, cannot see what the problem here is. But‌ I can assure you, that contacting a bank telling them you'll wire a lot of‍ money is not a good step to take. I withdrew millions into Swissquote, from crypto⁠ platforms exclussively, no questions asked, ever. Under 100K per transfer. Now, how much do you⁤ want to withdraw to a bank?

 

[denniz07]

Agree. That was an⁣ error. Wanted to withdraw something like 4m$. Just wanted to do it fast. I mean⁢ it might seem strange to receive every day 100k$. The request is still pending. Actually︀ though they would respond faster. Anyway, now will try to withdraw to postfinance and ubs︁ in 100k. They also offer access to ETF's.

 

[CryptoTrader87]

Alright, got it. 😎I don't think I'm allowed to offer you better solutions here, but‌ if you PM I will be able to share those.

 

[JackAlabama]

A lot depends on your nationality and residency as well.