Cashing out Bitcoin from Swissquote to TransferWise

[Singa]

I mean my personal account in another bank.


Of course they will ask for a source of funds but I don't know the threshold which can trigger this compliance check. If you have a simple bank statement or any other supportive document it would be enough.

This is easy if you depositing Fiat, because you u can show them your bank statement,
But with crypto is hard to explain to them!!
Because crypto is decenterlaized.. But If they mean the proof of my wallet, this easy to proof..

 

[rowena]

This is easy if you depositing Fiat, because you u can show them your bank statement,
But with crypto is hard to explain to them!!
Because crypto is decenterlaized.. But If they mean the proof of my wallet, this easy to proof..

It depends on your situation. I bought my coins 4 years ago using Binance and if any bank asks for the source of funds I can show them the bank statement to prove the Binance deposit and transactions documents from Binance. If you trade too much and did complicated operations then yes it is going to be hard to explain.

 

[nomad999]

It depends on your situation. I bought my coins 4 years ago using Binance and if any bank asks for the source of funds I can show them the bank statement to prove the Binance deposit and transactions documents from Binance. If you trade too much and did complicated operations then yes it is going to be hard to explain.

if you just show bank statement with the money in and out of an exchange and provide the trade history that's all they need really to comply with proof of funds.
even if you acquired crypto through staking or mining, it will show on the blockchain being minted by the contract so its even easier.

the problem is if you acquire crypto from shady/illegal money/activities or if you lost paper trail of your purchase. even then for this you just need to be a bit creative to make a transaction that wont require proof of funds, its not easy but its not the end of the world either, just need to travel a bit to less stringent jurisdiction really.

what's important is to be aware of this and to plan in advance otherwise your funds will be stuck and just lost really.

 

[Singa]

Yes i agree with you both %100
I invest in new startups Coins projects early.. In presale, public sale..
So anyway i will keep yall updated here with my journey, along (With the Directing team of Swissquote documenting it ) ^_^ lol

You too share your stories (^_-)

 

[Singa]

Good News this image from Swissquote website:
If you deposit your crypto from an Exchange within the list they put, you will be fine, you only will be required to provide screenshots of the transaction

So this is doable, you only will send them the transaction from the exchange transactions history...
Love it