Cash to crypto

[kiripollow]

I have a legitimate business in Rome where I get most of the payments in cash. I'm now thinking to use crypto to manage it since I have several ways to use that as payment method for suppliers, etc.

How feasible does everybody think would be to have a simple service that allows me to: meet me in Rome, I give cash and immediately receive crypto? I know people that do this already, but I am looking for something slightly more professional as it would have a weekly cadence and high amounts 4 to 5 zeroes).
Also, what would be the lowest fee I should be prepared to pay?

Thanks!

 

[aniglo22]

Yes these services are called crypto otc desks .
https://crybex.com/en/?rid=75&cur_from=CASHEUR&cur_to=BTC&city=ROME Reviews : https://www.bestchange.com/crybex-exchanger.html
https://001k.exchange/ru?cur_from=casheur&cur_to=btc&city=rome Reviews : https://www.bestchange.com/001k-exchanger.html
Also do your own due diligence .

 

[John Spectre]

what aniglo suggested makes sense. with your amounts you shouldn't have a big issue just start with a lower amount and make a few deals to check real commission, how fast desk works, punctuality and any other things that are important for you.

Also, i could suggest using OTC desks that have representatives across the world, not the local ones who work inside one country only. There, you would get much better commission usually.

Depend on situation on crypto market fees might fluctuate over time. I barely checked OTC which I used for, best comission for fiat -> crypto for today is 0% (I.e. 1:1 exchange to stablecoins for example)
For crypto -> fiat best one is OTC who pay to client premium of 1.5%.

At same time you could found OTC who will charge 5% comission from you for same deals. Market is full of options.

 

[12345]

Maybe there are crypto ATMs in your country? In my country there are, fee is around 5%. If no then you need to use a website like localbitcoins

 

[aniglo22]

Maybe there are crypto ATMs in your country? In my country there are, fee is around 5%. If no then you need to use a website like localbitcoins

Not suitable for higher amounts.

 

[kiripollow]

Brilliant, many thanks all. Since it's all fiat -> crypto, I presume a large global exchange is the way to go. Now the question is: how can I get in touch with a local representative? Since cash would need to be collected from me, I want to add a personal touch flavour. Also, I really don't want to deal with KYC/AML so I need somebody with a sufficiently established network to make this very easy for me

 

[brianK]

You can accept payments by crypto directly and get them into your EURO account with the company below. If you have a website.
https://www.nowpayments.io

 

[JohnnyDoe]

A legitimate business in Rome that receives cash and can pay suppliers in crypto? What business is this?

Anyways, all what you need to do is to move the money from your local bank account (as it is legitimate, I assume you already deposit all your cash in a bank) to an exchange and buy crypto.

 

[kiripollow]

A legitimate business in Rome that receives cash and can pay suppliers in crypto? What business is this?

Anyways, all what you need to do is to move the money from your local bank account (as it is legitimate, I assume you already deposit all your cash in a bank) to an exchange and buy crypto.

I won't go into the details of the business itself but yes, it is perfectly legit. The trouble is with taxation - there is currently a legislative gap which will be fixed in the next 18/24 months, and I must avoid depositing the cash in the bank because, whilst it will be accepted, it will leave a permanent record which might be subject to taxation retroactively. So basically I'm trying to hide it plain sight.