Best SETUP to cash out bitcoin (business)

[moneyhoney]

For point 2, sign up with some Forex broker that uses Etana, send them a few bucks every now and then, and use that as evidence if TW ever asks you what these transfers are for.

Be careful, they don't support Forex either:

• Platforms allowing the trading and/or exchanging of FX/CFD/options.

https://transferwise.com/acceptable-use-policy

 

[Outlander]

Be careful, they don't support Forex either:

• Platforms allowing the trading and/or exchanging of FX/CFD/options.

https://transferwise.com/acceptable-use-policy

Maybe a regular stockbroker then...

 

[Martin Everson]

The lie is gonna need some work I guess...lol. Best not to go down that route and take the risk. TW is one of the better EMI's and not a throw away EMI like others.

 

[moneyhoney]

The lie is gonna need some work I guess...lol. Best not to go down that route and take the risk. TW is one of the better EMI's and not a throw away EMI like others.

Exactly, it doesn't worth risking.

But I'm still with no clue how to sort my situation out.

 

[burden]

Say you move to a tax free country open an account there and cash out what's the problem doing that?

 

[moneyhoney]

Say you move to a tax free country open an account there and cash out what's the problem doing that?

I'm a bit obsessed with doing things right. I live in a country where they do have taxes on BTC (even if it's what you can call a "third world country" - and the taxation is REALLY HIGH), but no one would give a f#ck if I'd cash out and put in the bank account. But let's say I've to go back to my home country for some reason and I move let's say 1 million from here: the first thing they would ask me would be where the money comes from and if I paid tax on it. If not, you can be sure you have problems. (it's crazy? yes. But I'm from a country that is more like a fiscal police state nowadays, so I've learned better to do things RIGHT!).

So I do prefer to pay some taxes and have all in order. The problem is CRYPTO+GAMBLING is a NO/NO everywhere and even if they are legit, it's really hard to find a way to put it in a corporate account.

 

[KJK]

Well keeping the funds in BTC is always an option. Finding a bank for gambling/crypto will only be harder and harder...

 

[moneyhoney]

Well keeping the funds in BTC is always an option. Finding a bank for gambling/crypto will only be harder and harder...

I do love that, but it's not the safest way to store value, is it? It's ok just for a reasonable amount..

 

[KJK]

You can check out some affiliate forums, people solve the same problems and they just get accounts closed, even when they aren't doing nothing wrong...

Try looking into countries which are pro-gambling or big part of their GDP comes from such areas - Malta, Cyprus, Gibraltar, Georgia. They may be more understandable, EMIs will either reject you or close the account after a while. Look at what is happening with MrTango which was crypto-friendly...

 

[JohnSeed]

Curacao is the first stop that you want to look into but I hope you have very deep pockets.

 

[moneyhoney]

You can check out some affiliate forums, people solve the same problems and they just get accounts closed, even when they aren't doing nothing wrong...

What did you mean with "solve the same problems and they just get accounts closed"?

 

[burden]

looks like mission impossible if you ask me. You have to move out of your country OP and stay away if that is the case. Choose between tax freedom and tax slave.

 

[JohnLocke]

How if you transfer the btc to say Mister Tango, AdvCash or kraken and then cashout the btc from there to FIAT and to your own account, does that work? I can't see how they would be able to check if the btc's come from any gambling.

 

[Outlander]

How if you transfer the btc to say Mister Tango, AdvCash or kraken and then cashout the btc from there to FIAT and to your own account, does that work? I can't see how they would be able to check if the btc's come from any gambling.

That works, but your bank may still ask what is the source of the BTC's you cashed out.

 

[SaintVince]

Really weird to read this as I’m struggling to buy btc. Can even transfer from corporate accounts in EU (sepa) on weekly basis. All companies are in good standing and are paying taxes etc.
nothing big just 8-10k EUR, but this is regular transactions every week.

 

[JohnLocke]

Why do you struggle to buy btc ? You may be more specific.

Really weird to read this as I’m struggling to buy btc.

 

[SaintVince]

Why do you struggle to buy btc ? You may be more specific.

There is no constant supplier for 8-10k euro weekly. Emis keep closing accounts for transfers to exchanges. Exchanges make It difficult to verify accounts and then once you start withdrawing btc on a weekly basis they lock your account.
it is cheaper for me to send funds to Hong Kong, withdraw them and purchase btc. All in costs around 3-4% above kraken.

so all this stories and suggestions on purchasing btc might Be working for occasional purchase and transfer out, but not for regular transactions.

 

[Gediminas]

There is no constant supplier for 8-10k euro weekly. Emis keep closing accounts for transfers to exchanges. Exchanges make It difficult to verify accounts and then once you start withdrawing btc on a weekly basis they lock your account.
it is cheaper for me to send funds to Hong Kong, withdraw them and purchase btc. All in costs around 3-4% above kraken.

so all this stories and suggestions on purchasing btc might Be working for occasional purchase and transfer out, but not for regular transactions.

Would you be able to provide a source of funds if I find an EMI for you who is willing to evaluate your situation?

 

[JohnLocke]

start withdrawing btc on a weekly basis they lock your account.

Did that happen for you with kraken? we use them frequently and at least once a week for exchange purpose since more then a year or so.