I'm Cypriot, living in Cyprus, and the last 2 years I have been accumulating crypto assets via this route: Hellenic Bank > Revolut > Nexo (Swap EUR to USDT) > Send USDT to various CEX/DEX (Swap USDT to an altcoin) > Send the asset to my personal crypto wallet and hold. When the time comes, I will swap my altcoins to USDC/USDT and a) I can keep USDT pay/buy everything with it or b) Swap USDT to EUR in Nexo. If I swap to EUR I can keep the EUR in Nexo or make a bank transfer to my local bank (Hellenic Bank). Nexo gives you a Maltese IBAN in your name.
I don't trust to keep large amount in Nexo because it is an exchange and not a bank. I asked Hellenic Bank if they will accept me to transfer €100,000 from my Maltese IBAN to my Hellenic Bank account and they said no because the source of funds are related to crypto. My current crypto portfolio value is €50,000 so there is a possibility to be able to cash out mid 6 figures in the upcoming bull run. (Let's say I will cash out when/if my portfolio goes to €500,000).
The easy way is to keep the profits in USDC/USDT but I don't trust to hold stablecoins. I prefer to hold EUR in bank accounts. Ideally, I would like to split the amount in 5 bank accounts (€100,000 to each account).
My questions are:
a) Will all other cypriot banks reject my request to transfer €100,000 to them? Do you know if there is any bank in Cyprus that will accept me to open an account and put €100,000? By the way it's a bit ridiculous to ask this. Banks normally should beg you to do this
b) If there isn't, plan B is to use some of these foreign banks to off-ramp and keep EUR? (Top 10 Most Reliable Neobanks In The World – Plus A Bonus Challenger Bank)
What would you guys do if you were in my position? Is there any other option that I miss?
I don't trust to keep large amount in Nexo because it is an exchange and not a bank. I asked Hellenic Bank if they will accept me to transfer €100,000 from my Maltese IBAN to my Hellenic Bank account and they said no because the source of funds are related to crypto. My current crypto portfolio value is €50,000 so there is a possibility to be able to cash out mid 6 figures in the upcoming bull run. (Let's say I will cash out when/if my portfolio goes to €500,000).
The easy way is to keep the profits in USDC/USDT but I don't trust to hold stablecoins. I prefer to hold EUR in bank accounts. Ideally, I would like to split the amount in 5 bank accounts (€100,000 to each account).
My questions are:
a) Will all other cypriot banks reject my request to transfer €100,000 to them? Do you know if there is any bank in Cyprus that will accept me to open an account and put €100,000? By the way it's a bit ridiculous to ask this. Banks normally should beg you to do this
b) If there isn't, plan B is to use some of these foreign banks to off-ramp and keep EUR? (Top 10 Most Reliable Neobanks In The World – Plus A Bonus Challenger Bank)
What would you guys do if you were in my position? Is there any other option that I miss?
That's really a nice image you painted there.
