Bitcoins?

[Timbuktu]

I would tell the bank it came from investments or sale of shares when they ask. My friend had his account frozen and then his account closed because they didn't like that he had transferred a large amount of money from the sale of crypto. It was a lot more than 40k though.

I've other friends that have had banks refuse to do transfers when they've mentioned bitcoin so I avoid mentioning it at all.

Kraken is the best place to transfer and sell to then you can send to your bank, if you're worried about HMRC, then don't use Coinbase.

Trastra app you can transfer BTC into and then top up a prepaid debit card with, link it to paypal and amazon etc to spend your bitcoin on there.

That's the best I've found recently.

[ADEuk]

fiju said:

Thanks.

So if the bank asks where this money came from, what's to stop me from saying it was from the sale of personal possessions? I can't prove it, but neither can they disprove it.

The other way I was thinking was to get it paid into PayPal, then drip feed it into my bank account.

If you've transferred in via Coinbase they won't care. You've KYCd at both ends

[ADEuk]

www.bitrefill.com is handy. I've used Amazon and curries pc world vouchers. They just email you a gift code to use online. No kyc

[hairykrishna]

ADEuk said:

www.bitrefill.com is handy. I've used Amazon and curries pc world vouchers. They just email you a gift code to use online. No kyc

He probably doesn't want 40 grands worth of PC World vouchers.

Any of the big exchanges are fine and the fees are sensible. It's not the wild west like it was a few years ago.

[stemll]

fiju said:

Thanks.

So if the bank asks where this money came from, what's to stop me from saying it was from the sale of personal possessions? I can't prove it, but neither can they disprove it.

The other way I was thinking was to get it paid into PayPal, then drip feed it into my bank account.

Up to you but the bank doesn't have to disprove anything, you do have to prove it to their satisfaction (assuming they ask which for £40 - 60k they will if that's not normal activity on your account). They will want receipts or evidence of investments or share sales (as suggested by another poster).

If the bank don't like or believe your answers you could find yourself facing questions from the NCA with the whole account frozen in the meantime. You don't want to be fibbing to the NCA. There are serious penalties for the bank (and for the staff involved), so any suspicions at all and they will report it. You need to be honest about where it came from. If you can't or won't tell the bank where it came from then you're stuck with it in BTC.

BTW, PayPal are bound by the same regulations and, since Jan 2020, so are any crypto exchanges operating in the UK so you may find that it's the exchange that asks before the bank does but they will ask the same questions and need the same responses. This is probably the most likely assuming you create a new account and the first thing you do is try to convert 2BTC to £60k. Have a read of section 3.3 of the Coinbase T&C for an example

https://www.fca.org.uk/firms/financial-crime/crypt...
https://cryptoslate.com/uk-forcing-aml-regulations...

Edited by stemll on Monday 4th January 12:58

[simonrockman]

Be very careful about paying from Crypto exchanges into banks. I know of a person who did a large transfer and suddenly his bank decided that he was no longer a customer.

[g4ry13]

simonrockman said:

Be very careful about paying from Crypto exchanges into banks. I know of a person who did a large transfer and suddenly his bank decided that he was no longer a customer.

What's the solution? Test the waters with a few smaller payments first and transfer the funds across over a period of time?

[PeteinSQ]

g4ry13 said:

What's the solution? Test the waters with a few smaller payments first and transfer the funds across over a period of time?

Maybe go and speak to the bank? If you were laundering money I don't suppose you'd call them to make them aware of the transaction etc.

[VonSenger]

fblm said:

dimots said:

fblm said:

The first big test was supposed to be when an emerging market blew up. It did, Venezuela, and cryptos collapsed. People bought dollars instead.

What’s your source for this statement? Venezuela is very interesting at the moment and quite a confused picture I would be keen to see what information you’re looking at.

Bring up a graph of the 2. Over the same period the Bolivar lost 98%, BTC lost 80%. Turkish Lira also got slammed this year. One would expect ''digital gold'' to have performed rather better if it were functioning as it's supporters claim no? Physical gold is unchanged in USD over the same period. Granted this is an overly simplistic analysis but I use it simply to illustrate that it's, at best an unproven, and at worst utterly hopeless hedge against anything.

Edited by fblm on Thursday 27th December 14:56

Well this aged well

He was a trader too I think?

[jammy-git]

PeteinSQ said:

g4ry13 said:

What's the solution? Test the waters with a few smaller payments first and transfer the funds across over a period of time?

Maybe go and speak to the bank? If you were laundering money I don't suppose you'd call them to make them aware of the transaction etc.

Surely it's very easy to show you're not laundering money. Show the purchase of BTC (and source of funds), the increase in BTC value since then, and the conversion back into GBP.

[TEKNOPUG]

Providing you have just bought BTC with GBP and then transferred back to BTC. If however you have traded a whole load of alt coins over the last few years, bought/sold via EUR exchanges etc then it may be a lot harder. Potentially you would have to provide details of every trade and all the prices.

Just contact the bank and ask what their requirements are.

[hairykrishna]

Local Bitcoins is still a thing. So, if you needed to you could exchange your bitcoins via a load of smaller bank transfers, paypal, or even cash. If anyone notices it will look even more like money laundering though

[VonSenger]

I use coinbase pro but it takes a couple of days to set up. I'd hurry though as its on the slide before another big move in April May time.

[hotchy]

Actually got offered a decent amount of bitcoin when I was a teenager for my habbo hotel furniturea back when it wasnt worth alot. 300 thrones worth of digital chat room furniture. Ofcourse I said no. Id probably be retired if I accepted it and waited until now lol. Aw well.

[Gecko1978]

do firms like revolute allow you to transfer from a coinbase of binance account etc might be an option but as others have said Coinbase requure proof oif identity etc KYC so should be easier

[anonymous-user]

VonSenger said:

fblm said:

dimots said:

fblm said:

The first big test was supposed to be when an emerging market blew up. It did, Venezuela, and cryptos collapsed. People bought dollars instead.

What’s your source for this statement? Venezuela is very interesting at the moment and quite a confused picture I would be keen to see what information you’re looking at.

Bring up a graph of the 2. Over the same period the Bolivar lost 98%, BTC lost 80%. Turkish Lira also got slammed this year. One would expect ''digital gold'' to have performed rather better if it were functioning as it's supporters claim no? Physical gold is unchanged in USD over the same period. Granted this is an overly simplistic analysis but I use it simply to illustrate that it's, at best an unproven, and at worst utterly hopeless hedge against anything.

Edited by anonymous-user on Thursday 27th December 14:56

Well this aged well

He was a trader too I think?

Interesting hedge that dropped 50% between Jan and March and only really took off once the vaccine trial data came out so good.

[anonymous-user]

VonSenger said:

I'd hurry though as its on the slide before another big move in April May time.

You're right I was a trader. Loving the hubris, takes me back. Congrats on a good year!

[g4ry13]

Gecko1978 said:

do firms like revolute allow you to transfer from a coinbase of binance account etc might be an option but as others have said Coinbase requure proof oif identity etc KYC so should be easier

Pretty sure they don't.

I used to use Revolut (and then Fire) to transfer to Kraken. They then changed their policies in dealing with crypto exchanges and blocked that route.

[VonSenger]

fblm said:

VonSenger said:

I'd hurry though as its on the slide before another big move in April May time.

You're right I was a trader. Loving the hubris, takes me back. Congrats on a good year!

Certainly is, thank you. I got in in March and got out on Sunday.

I'm lucky that I spent my entire career in IT security, so I understood the potential and proof of work/store of value aspects. What was missing was any real institutional interest, which as you may know, is coming thick and fast. Check out the post 1k holders value in glassnode, its never been higher. Michael saylor will be the first of many until fiat markets recover and the QE magic money tree is turned off.

Is not too late fib. Check out plan b's Stock to Flow model, very interesting and shows the ponzi scheme may eventually turn into a real, usable asset.

[simonrockman]

g4ry13 said:

simonrockman said:

Be very careful about paying from Crypto exchanges into banks. I know of a person who did a large transfer and suddenly his bank decided that he was no longer a customer.

What's the solution? Test the waters with a few smaller payments first and transfer the funds across over a period of time?

No, it's the having anything to do with crypto which is toxic. Pay from the crypto exchange to something safe and from there to the big 4 bank.