Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

ATM withdrawal information processing

#22
Educate said:
If a person who is resident of country X uses a debit card to withdraw large amounts in country X from his or her offshore account, will country X somehow get this info?

Let us say the person uses bank ATMs of 3 banks to withdraw this money.

These bank ATMs obviously see this information that user "XXX YYY" has withdrawn a certain amount.

Do they process this information somehow and give it to local government instutions?

Or are ATM withdrawals pretty much safe?
Click to expand...
only if the debit card is issued by a real bank. If it is some of the EMI providers around you don't get reported. Anyway, it's possible to trace a debit card if the tax man want to monitor you he can! So better find a way to hide your name and identity!
 
#23
auric said:
only if the debit card is issued by a real bank. If it is some of the EMI providers around you don't get reported. Anyway, it's possible to trace a debit card if the tax man want to monitor you he can! So better find a way to hide your name and identity!
Click to expand...
What about Revolut and similar apps?

Also, don't confuse this with CRS and FATCA. This is a question about whole another issue. It is about ATM withdrawals of large amounts. Legal money, legally earned, just withdrawn in large amounts.

In this case, the "reporting" might come from the institution who owns the bank ATM and not the one that issued the card.

Does that make sense?
 
#24
it makes sense, but why should the bank that provides the ATM report your card? just because you withdraw large amounts? if so, and the card is anonymous why would you care about the reporting?
 
#25
Exactly, why would they? Unless there are laws which makes "amounts withdrawn above X" being automatically flagged and reported for "suspicious activity". Also, not sure how to get anonymous card without using darks? EMIs require you to register your data. For larger sums there needs to be proof of income. Good luck getting that with a dark. Are there maybe any EMIs that provide disposable ATM cards with custom name (so you can change name not to match yours?)
 
#26
all information is available to the MC / Visa card association so that means your name will be traceable at any time. If the banks report your card because of large amounts you take out of the ATM's you are pretty much fucked, sorry to say so.

Only way out of this control circus is to get a 100% anonymous card somehow!
 
#27
lostguy said:
all information is available to the MC / Visa card association so that means your name will be traceable at any time. If the banks report your card because of large amounts you take out of the ATM's you are pretty much fucked, sorry to say so.

Only way out of this control circus is to get a 100% anonymous card somehow!
Click to expand...
The question is - what information does the bank ATM device process electronically upon withdrawal. What information fields?
 
#28
Educate said:
The question is - what information does the bank ATM device process electronically upon withdrawal. What information fields?
Click to expand...
usually it's the name and card number. However, I believe since you most often can see your account balance then they may have full access to your account somehow.
 
#31
marder said:
using your name on a credit card linked to an offshore bank in the country whre you live, you're not on the same planet as me or what? You're looking for trouble
Click to expand...

Sometimes you have to let people find out the hard way :rolleyes:.
 
  • Like
Reactions: marder
#33
countryfree said:
It seems obvious
Click to expand...
it's not obvious - at least not for me - how can you support this opinion?
say a German guy goes on holidays to Italy and makes withdrawals of 10k EUR in total during one week from the local ATM (legitimate reason can be for example gambling or whatever people spend bigger money for) - do you think anybody cares? I don't
 
  • Like
Reactions: 1nomad
#37
void said:
it's not obvious - at least not for me - how can you support this opinion?
say a German guy goes on holidays to Italy and makes withdrawals of 10k EUR in total during one week from the local ATM (legitimate reason can be for example gambling or whatever people spend bigger money for) - do you think anybody cares? I don't
Click to expand...
if it's for vacation then it's something different. The card will be used X time during one week and never again after so it's easily understandable as someone in vacation. I do believe OP is going to withdrawal a few times every month for a long period. Moreover, this will probably take place in the same neighborhood/city, then the answer I believe is YES : They will know the name of the card holder and can start investigating on those big frequent withdrawals. I would suggest you to travel, cash and bring the cash back where you live or get an anonymous debit card if it exist.
 
#38
Why would ATM owners give a s**t if nobody complaints about card being stolen or anything?

And if they do care, then what are the limits for withdrawals that they start triggering as suspicious. And which law stipulates it?

Because ATMs belong to a bank. Bank gets commission for every withdrawal. It is not in their interests to report anything unless required by law. Law requires some minimum sum to be reported. It is usually precise.
 
#39
Tax people care, just transmission of data from ATM, if you're on internet you use VPN I suppose, it's the same you can never be too much carfefull especially with off shore accounts, now everybody says to be discreet, just do as you want but do not complain afterwards
 
#40
Educate said:
Because ATMs belong to a bank. Bank gets commission for every withdrawal. It is not in their interests to report anything unless required by law. Law requires some minimum sum to be reported. It is usually precise.
Click to expand...
You seem to forget that a bank does not only what's in their interest. They are a regulated body. Do you think not accepting cash and reporting client is in their interest ? of course not, but they do it because they have to.
So even if they're getting a few coins when you cash money, if they have to report multiple big withdrawal from the same debit card, they will do it.
 
  • Like
Reactions: Lekstadt and marder
You must log in or register to reply here.

Forum Announcement

Latest Threads

SWISSMONEY Iban Accounts with Sepa
Offshore Bank Accounts
The Kingdom Bank
Top Bottom
Back