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

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gamblehappier
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 1:55 am

ilovethisforum wrote:
gamblehappier wrote: 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.
Ilovethisforum you provide useful information here mate,a lot of members will thank you.Keep on.

Me,i will avoid to transfer directly 10k to Revolut or to bank account.I think it is better option to split (5k +5k) for the tax authorities as you said,but also for not to attract attention.

Most of us,have Neteller,Skrill,Revolut,Ecopayz cards.So in this occasion you transfer 5k euro(from converted bitcoin via coinbase pro) and the 5k just to the above cards and use it as real cash.For 1-2 transfers of 10k euro we may do not have problem(i believe it also depends from the country),but i think the  "split of money" via cards and bank accounts is the best option :). And of course not only for bitcoin withdrawals but also for all profits from sport betting.

.
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 2:00 am

kapetan1122 wrote: 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.
Kapetan1122 have you ever done withdrawal more than 3k from Kraken to bank?Did you ever have problem with your bank asking information about transaction?
Believe to yourself is the secret to success.
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 2:02 am

CharlieSheen99 wrote:
gamblehappier wrote: 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.
I completely feel you mate.We need fresh air and a little moment of outside coffee :P
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 10:05 am

gamblehappier wrote:
ilovethisforum wrote:
gamblehappier wrote: 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.
Ilovethisforum you provide useful information here mate,a lot of members will thank you.Keep on.

Me,i will avoid to transfer directly 10k to Revolut or to bank account.I think it is better option to split (5k +5k) for the tax authorities as you said,but also for not to attract attention.

Most of us,have Neteller,Skrill,Revolut,Ecopayz cards.So in this occasion you transfer 5k euro(from converted bitcoin via coinbase pro) and the 5k just to the above cards and use it as real cash.For 1-2 transfers of 10k euro we may do not have problem(i believe it also depends from the country),but i think the  "split of money" via cards and bank accounts is the best option :). And of course not only for bitcoin withdrawals but also for all profits from sport betting.

.
Thank you gamblehappier ! Your approach should be the safest option. And do not forget, if a bank asks you if a transaction has anything to do with crypto, the correct answer is NO :D.
kapetan1122
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 5:35 pm

gamblehappier wrote:
kapetan1122 wrote: 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.
Kapetan1122 have you ever done withdrawal more than 3k from Kraken to bank?Did you ever have problem with your bank asking information about transaction?
I have done  couple dozens such withdrawals in last 3 years,mostly i do 4-9k but this is more because of my government than than Kraken and luckily i never had any problem with my banks but my friend did the same and they ask him where is money coming from but he cleared it and didnt had any aditional problems.
Last edited by kapetan1122 on Thu Apr 30, 2020 5:37 pm, edited 1 time in total.
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 5:40 pm

kapetan1122 wrote:
gamblehappier wrote:
kapetan1122 wrote: 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.
Kapetan1122 have you ever done withdrawal more than 3k from Kraken to bank?Did you ever have problem with your bank asking information about transaction?
I have done  couple dozens such withdrawals in last 3 years,mostly i do 4-9k but this is more because of my government than than Kraken and luckily i never had any problem with my banks but my friend did the same and they ask him where is money coming from but he cleared it and didnt had any aditional problems.
Can I ask you how he justified his profits? what kind of explanation did he give to the bank?
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 6:05 pm

There was no need to justification just short explanation where money comes from,in my country earnings from BTC is counted like capital gains(same as trading stock,forex....) and you pay tax on it so there wasn't any problems or questions for now even from government.
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Thu Apr 30, 2020 6:10 pm

kapetan1122 wrote: There was no need to justification just short explanation where money comes from,in my country earnings from BTC is counted like capital gains(same as trading stock,forex....) and you pay tax on it so there wasn't any problems or questions for now even from government.
oh yes, if situation is like this ofc, no problems at all. I though they were money coming from bookies (or agents)  that you were receiving on your bank account trough btc exchanges

which country?
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Sun May 03, 2020 12:24 pm

kapetan1122 wrote:
gamblehappier wrote:
kapetan1122 wrote: 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.
Kapetan1122 have you ever done withdrawal more than 3k from Kraken to bank?Did you ever have problem with your bank asking information about transaction?
I have done  couple dozens such withdrawals in last 3 years,mostly i do 4-9k but this is more because of my government than than Kraken and luckily i never had any problem with my banks but my friend did the same and they ask him where is money coming from but he cleared it and didnt had any aditional problems.
Thanks Kapetan.useful information here mate.Its really good for us to sharing experience.Me also i do not have problem with bank with a 5k transfer.The problem will be for amounts more than 10k,like iloveforum said.But again the best solution will be to split profit to smallers transfers.
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Mon May 04, 2020 1:13 pm

Bitcoin to Cash. Create a Blockchain wallet and transfer funds from your Coindase. If you have a Neteller Card, log in to your Neteller account and upload/deposit from your Blockchain, but there is a 2% fee. I have done this process a lot of times and is safe

I hope it helps you
Last edited by Chris89_000 on Mon May 04, 2020 1:16 pm, edited 1 time in total.
kapetan1122
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Mon May 04, 2020 3:26 pm

Camma23 wrote:
kapetan1122 wrote: There was no need to justification just short explanation where money comes from,in my country earnings from BTC is counted like capital gains(same as trading stock,forex....) and you pay tax on it so there wasn't any problems or questions for now even from government.
oh yes, if situation is like this ofc, no problems at all. I though they were money coming from bookies (or agents)  that you were receiving on your bank account trough btc exchanges

which country?
Yes money is coming from bookies/exchanges on my BTC wallet,i than send it to Kraken and from there to my bank account,and there is no way they ll know that its from bookies, exchanges or i had this BTC for years.
I  think my government is happy that some 'idiot' is paying taxes on BTC but it suits me because betting earnings are in grey area in my country so this is a way that i can bypass them.
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Tue May 05, 2020 10:00 am

kapetan1122 wrote:
Camma23 wrote:
kapetan1122 wrote: There was no need to justification just short explanation where money comes from,in my country earnings from BTC is counted like capital gains(same as trading stock,forex....) and you pay tax on it so there wasn't any problems or questions for now even from government.
oh yes, if situation is like this ofc, no problems at all. I though they were money coming from bookies (or agents)  that you were receiving on your bank account trough btc exchanges

which country?
Yes money is coming from bookies/exchanges on my BTC wallet,i than send it to Kraken and from there to my bank account,and there is no way they ll know that its from bookies, exchanges or i had this BTC for years.
I  think my government is happy that some 'idiot' is paying taxes on BTC but it suits me because betting earnings are in grey area in my country so this is a way that i can bypass them.
yeah, this is logic of course but if they should make some checks on you I think you should be able to justify a buying price vs that selling price that gave you that profit. What u think?
kapetan1122
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Re: Withdraw bitcoin to bank account(bitcoin to cash)--All ways

Tue May 05, 2020 3:09 pm

Camma23 wrote:
kapetan1122 wrote:
Camma23 wrote: oh yes, if situation is like this ofc, no problems at all. I though they were money coming from bookies (or agents)  that you were receiving on your bank account trough btc exchanges

which country?
Yes money is coming from bookies/exchanges on my BTC wallet,i than send it to Kraken and from there to my bank account,and there is no way they ll know that its from bookies, exchanges or i had this BTC for years.
I  think my government is happy that some 'idiot' is paying taxes on BTC but it suits me because betting earnings are in grey area in my country so this is a way that i can bypass them.
yeah, this is logic of course but if they should make some checks on you I think you should be able to justify a buying price vs that selling price that gave you that profit. What u think?
I agree,i have some back up plans and i am prepared in some way so i think i should be fine even if somebody start asking some questions.

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