Withdraw bitcoin to bank account(bitcoin to cash)--All ways

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gamblehappier
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gamblehappier

Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« on: April 26, 2020, 01:37:21 AM »
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First of all i do not have so much experience at this section and i just want to add some search results for the members that are interested(as there are a lot).So some experienced members can help to have better results.

Lets say that i want to withdraw bitcoin to my bank account(convert bitcoin to cash).We seacrh for the cheapest way to convert bitcoin to usd(or transfer bitcoin our bank account via fiat exchange)
First way is to send bitcoin to fiat exchanges that allow bank withdrawals.After search i think that all the below exchanges allow bank withdrawals(after converting bitcoin to usd on their platforms).

Bitstamp
Kraken
Cex
Okcoin
Coinbase

All the above exchanges allow you to transfer bitcoin to your bank account(after selling your bitcoin into usd on their platforms).

So this is 1st way.Lets say that someone has 1 bitcoin.So we speak for 7.500 usd.After converting this bitcoin to cash how much fee will pay?50$?I speak in general,because every exchanges has different rules.

So first way is to withdraw money to bank account via above fiat exchanges.

2nd way is bitcoin debit card where you can spend money.Do you have anything to suggest here?Some popular cards are wirex,cryptopay,mco visa,revolut(really i can send bitcoin to revolut like having neteller card?)

So these are already 2 ways.

3rd way

Also Neteller accept deposits with bitcoins but it has 2.5/100 fee.Which means if someone wants to deposit 1 bitcoin from his bitcoin wallet to neteller and then move it to his bank he needs to pay 187.5 which is not small amount.Right?If i am not wrong same happen with the skrill-paypal.

4th way
Create an account on localbitcoins, fund it with your BTC and sell it for cash/wire

5th way
Send the bitcoin to another trustable person and make the withdrawal for you(with the above ways).Again in this scenario the person should be a very close friend that you trust very much.


These are five methods that convert bitcoin to cash.Another method someone to suggest?

Also i have read over internet that banks do not like bitcoin transcations(like gambling transactions).So if your bank suddenly sees 10k in your account via bitcoin platform,it's possible to have a call from them and asks you questions.

So from these 5 methods which do you believe is the cheapest way to convert Bitcoin to cash?(lower fees)


« Last Edit: April 26, 2020, 03:26:29 AM by gamblehappier » Logged

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ilovethisforum
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ilovethisforum

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #1 on: April 26, 2020, 08:53:19 AM »
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All of these methods that you have posted are correct except the one that you send bitcoin to revolut, i am not sure that they have that feature.

The cheapest option is to withdraw your btc from a crypto platform. I am will give you the best crypto exchange-bank combinations for ultra fast and cheap withdraw. (all these options are for euro only,i am sorry but i do not have experience with usd withdraw on banks)

Coinbase pro -> Revolut (in some hours on business days, fee 0.09 euro i think)
Kraken -> N26 or Bitwala

Also the option 5 is good, if you have a friend that you can trust and does it regularly.
Revolut does not support other exchanges.
Be careful with the other traditional banks, they will ban you if you make more than 10K transactions.
Also the option to send your btc to a card like MCO card,is a good one also. You can spend the bitcoin without converting it,but be careful with the exchange rates that these apps use. Some of them have 1-2% spread
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Camma23
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Camma23

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #2 on: April 26, 2020, 10:05:02 AM »
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I'm lately studying these option as well. And I think 1st one is the less expensive but also risky as the user above said...I read on several forums that traditional banks are not crypto friendly and will make your problems till close your account, with movements in/from crypto exchanges. Ofc this is not personal experience, I'm not a crypto trader but a gambler who is looking for crypto way.

If someone knows about it direclty or trough other people, plase add his experience
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ilovethisforum
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #3 on: April 26, 2020, 02:04:09 PM »
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I'm lately studying these option as well. And I think 1st one is the less expensive but also risky as the user above said...I read on several forums that traditional banks are not crypto friendly and will make your problems till close your account, with movements in/from crypto exchanges. Ofc this is not personal experience, I'm not a crypto trader but a gambler who is looking for crypto way.

If someone knows about it direclty or trough other people, plase add his experience

I have a lot of experience in crypto vs banks transfers. I lost more than 4 bank accounts because i send money to crypto exchanges. All banks (except Silvergate in USA) will not like to send more than 10K in crypto exchanges in regular bases. If you do that they will start to ask about A LOT of documents that in some cases it is practically impossible to provide. From my experience here are the ones that you can use:

1.Fibor bank (German people only)
2.Bitwala (they offer btc and eth buying directly from their website(1% trading fee. The spreads are real-time,so you just pay only the 1% fee))
3.Revolut -> Coinbase pro only. You can send/receive money from coinbase to revolut without any problem (if you send a lot, they will ask you for documents,maybe more than once. The transfer is ultra quick, some hours)
4.N26 -> Kraken,Bitstamp. Please do not send more than 10K per transfer because they will send you an email asking if this transaction has to do with crypto(if you say yes, they will terminate your account.If you say no they will ask you for documents to prove it)
5. Silvergate
6. There is one more option in which you will not have any problem but this is not a bank account. You can create a custody account in Etana (they can deposit and withdraw from Kraken instantly). That way your bank account sends funds to Etana account and then Etana will send the funds to Kraken. With that option you don't have any problem with your bank because you do not send funds to crypto exchange directly, but to Etana which is a custody service and not an exchange.
« Last Edit: April 26, 2020, 02:08:58 PM by ilovethisforum » Logged
gamblehappier
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #4 on: April 26, 2020, 03:07:53 PM »
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Excellent answer i lovethisforum!You look to have a lot of experience on Bitcoins.

I decide to start occupy with bitcoins,and also why not  betting with cryptos in the future.As i see also you can move bigger amounts with bitcoins.
I am thinking to make my first withdrawal with bitcoin.A bookmaker wants to send bitcoins rather than funds(they cannot send real money,at this moment)

I have also Neteller and Revolut.
Which of these ways do you think is the best with lower fees?

1)Bitcoin wallet>>>Coinbase(convert bitcoin to usd)>>> withdraw converted usd from coinbase pro with revolut>>revolut to bank account :When you mean coinbase pro i believe that you mean verified coinbase with bank account and identity,right?

2)Bitcoin wallet>>Bitstamp-Coinbase or other Fiat exchange(convert bitcoin to fiat-usd)>>withdraw money from fiat exchange to my bank account

3)I think with Neteller is not a good option because it has big fees.In this scenario i will prefer Revolut rather than Neteller

Again it is for a small amount(5k).So in this scenario maybe it is better to split the 5k to 2.300 and 2.700 and make two withdrawals direct to bank account?Or even 3 withdrawals.What do you suggest?

I like the idea of Revolut because your local bank cannot tracks you.Maybe the best option is cut the amount and transfer some with Revolut and other with direct bank accounts.

But as you said above if we make a withdrawal with traditional banks we will not have problem with so low amounts,(for example 3000euro),right?Above you said with more than 10k you will have problem.

So in my occasion what will you do?
Take point lower fees.With 5000 euro i want to withdraw, I am thinking to do 2-3 direct bank transfers from fiat exchange(2nd way) because the amount is low and as you said this option has the lower fees.
« Last Edit: April 26, 2020, 03:18:03 PM by gamblehappier » Logged

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CharlieSheen99
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CharlieSheen99

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #5 on: April 26, 2020, 07:18:22 PM »
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Why all of this?

If you have Revolut, you can change your euros/gbp/usd for btc and that's it.
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gamblehappier
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #6 on: April 26, 2020, 07:37:55 PM »
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Why all of this?

If you have Revolut, you can change your euros/gbp/usd for btc and that's it.

You say the opposite.I want to convert bitcoin to cash(bank account).You can not do this on Revolut.I cannot send bitcoin from my bitcoin wallet to Revolut.

"Compared to a traditional cryptocurrency exchange, you can't send or receive cryptocurrencies from your Revolut account"

Ilovethisforum understand what i say.As i wrote in my post above these 5 ways work.But in my case,i think the best is direct transfer from fiat exchange and Revolut.
But maybe i will go with direct bank transfer from fiat exchange.

Also Revolut way is nice because you do not mix up local bank(especially if you have Revolut card).

« Last Edit: April 26, 2020, 07:40:58 PM by gamblehappier » Logged

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CharlieSheen99
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CharlieSheen99

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #7 on: April 26, 2020, 11:06:48 PM »
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Revolut allows you to change euros to btc, and the opposite.

With the other way you need to open a broker, open a bank that allows you to operate... Etc etc...

Sometimes the more simple way is the best.
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gamblehappier
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gamblehappier

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #8 on: April 27, 2020, 02:14:55 AM »
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Charlie you do not understand.A bookmaker wants to pay me with bitcoins.So the only way is the bookmaker to send money to my bitcoin wallet..

So i want to convert bitcoin to cash.I cannot send bitcoin from my bitcoin wallet to Revolut and then convert bitcoin to cash via Revolut.They do not accept it.

Revolut do not accept bitcoin deposits-transfers from bitcoin wallets(Exodus,Electrum).
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ilovethisforum
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #9 on: April 27, 2020, 08:37:37 AM »
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Excellent answer i lovethisforum!You look to have a lot of experience on Bitcoins.

I decide to start occupy with bitcoins,and also why not  betting with cryptos in the future.As i see also you can move bigger amounts with bitcoins.
I am thinking to make my first withdrawal with bitcoin.A bookmaker wants to send bitcoins rather than funds(they cannot send real money,at this moment)

I have also Neteller and Revolut.
Which of these ways do you think is the best with lower fees?

1)Bitcoin wallet>>>Coinbase(convert bitcoin to usd)>>> withdraw converted usd from coinbase pro with revolut>>revolut to bank account :When you mean coinbase pro i believe that you mean verified coinbase with bank account and identity,right?

2)Bitcoin wallet>>Bitstamp-Coinbase or other Fiat exchange(convert bitcoin to fiat-usd)>>withdraw money from fiat exchange to my bank account

3)I think with Neteller is not a good option because it has big fees.In this scenario i will prefer Revolut rather than Neteller

Again it is for a small amount(5k).So in this scenario maybe it is better to split the 5k to 2.300 and 2.700 and make two withdrawals direct to bank account?Or even 3 withdrawals.What do you suggest?

I like the idea of Revolut because your local bank cannot tracks you.Maybe the best option is cut the amount and transfer some with Revolut and other with direct bank accounts.

But as you said above if we make a withdrawal with traditional banks we will not have problem with so low amounts,(for example 3000euro),right?Above you said with more than 10k you will have problem.

So in my occasion what will you do?
Take point lower fees.With 5000 euro i want to withdraw, I am thinking to do 2-3 direct bank transfers from fiat exchange(2nd way) because the amount is low and as you said this option has the lower fees.

If you want to convert btc to usd the best option is to give the bookmaker your coinbase pro btc address of your -> sell your btc using coinbase pro(coinbase pro is the professional platform which you have less fess than coinbase) -> withdraw to Revolut. Coinbase pro has high fees vs other exchanges but if you sell more than 50K per month your fees will be reducted. The total fees that you will pay are 0.5% if you trade less than 10K per month. I believe that you will not have any problem with 5K transfers from coinbase to revolut. But be prepared to have some documents for source of funds. It doesn't matter if the funds that the document will be from other sources, they just want to see that you have declared more than 5K. So if for example you have declared to your tax authorities that you earn 10K, then you will not have any problem to send batches of 10K, but no more than that. You can send many batches of 10K but not even a single batch with 11K for example.
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ilovethisforum
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #10 on: April 27, 2020, 08:39:19 AM »
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Revolut allows you to change euros to btc, and the opposite.

With the other way you need to open a broker, open a bank that allows you to operate... Etc etc...

Sometimes the more simple way is the best.

Revolut doesn't sell real btc. Revolut sells you an IOU that it is pegged to btc price. They buy btc from exchanges for you but they will not send it to you. Also the fees are way too high,please do not use them.
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CharlieSheen99
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CharlieSheen99

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #11 on: April 27, 2020, 02:49:06 PM »
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Charlie you do not understand.A bookmaker wants to pay me with bitcoins.So the only way is the bookmaker to send money to my bitcoin wallet..

So i want to convert bitcoin to cash.I cannot send bitcoin from my bitcoin wallet to Revolut and then convert bitcoin to cash via Revolut.They do not accept it.

Revolut do not accept bitcoin deposits-transfers from bitcoin wallets(Exodus,Electrum).

Too much quarantine😂😂
Understood now.
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elabor7
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #12 on: April 27, 2020, 03:31:55 PM »
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To withdraw euro to my bank account, I use Bitstamp which costs a fixed commission of 3 euro
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kapetan1122
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kapetan1122

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #13 on: April 27, 2020, 06:31:16 PM »
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I use Kraken,fee is only 0.09€ if you are in EU and withdrawals go to bank account under 24h and i am very satisfied with them,never had any issues or questions.
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Blackoutt777
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Blackoutt777

Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways
« Reply #14 on: April 28, 2020, 09:46:58 PM »
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4.N26 -> Kraken,Bitstamp. Please do not send more than 10K per transfer because they will send you an email asking if this transaction has to do with crypto(if you say yes, they will terminate your account.If you say no they will ask you for documents to prove it)


Is it really that simple to fool N26? I mean, can't they see your first outgoing transaction is clearly towards a crypto exchange?
I guess you're okay as far as you keep your first transaction under 10K, but I don't see how this can work when the total volume of the incoming or outgoing transactions exceed 15K. Anyway, this is not the case of the TO.


If you want to convert btc to usd the best option is to give the bookmaker your coinbase pro btc address of your -> sell your btc using coinbase pro(coinbase pro is the professional platform which you have less fess than coinbase) -> withdraw to Revolut. Coinbase pro has high fees vs other exchanges but if you sell more than 50K per month your fees will be reducted. The total fees that you will pay are 0.5% if you trade less than 10K per month. I believe that you will not have any problem with 5K transfers from coinbase to revolut. But be prepared to have some documents for source of funds. It doesn't matter if the funds that the document will be from other sources, they just want to see that you have declared more than 5K. So if for example you have declared to your tax authorities that you earn 10K, then you will not have any problem to send batches of 10K, but no more than that. You can send many batches of 10K but not even a single batch with 11K for example.


I don't know nothing about bitcoin, but everyone agree on the fact that coinbase is absolutely against gambling transactions. Did you mean to ask to the bookmaker to send the bitcoin directly to the coinbase wallet? Or coinbase pro is all another thing?
Sorry if I made huge mistakes in my considerations


« Last Edit: April 28, 2020, 09:52:13 PM by Blackoutt777 » Logged
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