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  1. #1
    MMM
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    Default Advice on BTC friendly bank/country

    So I was informed by my bank that they will no longer accept funds that originated from BTC and seems that this is the situation with all the banks in my country.

    Would like to get some advice on countries with BTC friendly banks. I assume not really friendly but at least no hostile.

    Btw, in my case everything is declared for tax purposes. Which makes it even funnier (catch 22 type of funny) as now the country demands that i pay 20+ income tax on many it forbids me to receive.
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  2. #2
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    20+ income tax
    What is this? 20%?

    As I wrote elsewhere, I know banks* that still accept crypto, but not the crypto that originates from gambling (so far).

    *And also as I wrote elsewhere, it is not just about banks. It is about relationships as well. About your history there. About trust. This is something that everyone had to prepare years upfront and I kept writing about it here. I spent awful lot of time with bankers during last years. But even I am rather not even considering now to cash out the BTC from gambling.
    Last edited by Sherlock; 12 November 2020 at 3:18 pm.
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  3. #3
    MMM
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    Quote Originally Posted by Sherlock View Post
    What is this? 20%?

    But even I am rather not even considering now to cash out the BTC from gambling.
    Yes, 20%

    And yes i agree however here it's not related to me, but central bank issues. Basically now you can transfer to exchange and back but not to receive in income which originated in BTC.

    Regarding your last sentence, I do need to have a solution for cashing out. There is certain % which i wish to have in BTC, but if it goes up i do not wish to have 75% of my assets in btc...

    I like riding the train, but not when i am stuck on it.
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  4. #4
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    There are some "crypto friendly" US banks, mostly fintechs like Simple bank, Ally, USAA (with Coinbase), but the gambling background makes it not easier. Right now, I cashout smaller amounts up to $5k almost only via Paxfull.
    Here via Skrill, EU Sepa accounts (like TransferWise, N26), Zelle, domestic bank transfers (BoA), Payoneer. That works ok.
    Crypterium could maybe an option for you.

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  6. #5
    MMM
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    Yes, US is the main option considering as heard of someone else cashing BTC without any issues.

    TW i think do no allow any crypto related transactions and i think also Bitstamp for instance do not allow cashing to TW type of accounts. I might be wrong on that one. Need to check
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  7. #6
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    Quote Originally Posted by MMM View Post
    Yes, US is the main option considering as heard of someone else cashing BTC without any issues.

    TW i think do no allow any crypto related transactions and i think also Bitstamp for instance do not allow cashing to TW type of accounts. I might be wrong on that one. Need to check
    Thats the reason why do not cashout directly from an exchange ...
    As i said, checkout Paxfull.com first ... from there you can sell your BTC in exchange of 300+ payment options from other persons or companies without crypto relation.

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  9. #7
    MMM
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    from first glance seems risky. I see 95% are in Nigeria or am i missing something?
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  10. #8
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    Just ignore that guys. Luring with rates 50% over the market

    There are thousands of legit offers. I never lost a penny there. Go for guys with 100+ transactions and happy reviews.

    If you deposit BTC into your Paxfull account it is safe, if you start a trade, your BTC goes into an escrow account.

    For example: you sell 1 BTC for EUR via SEPA, you need to release you Bitcoin not earlier as you have the money in your bank account. Sounds pretty unrisky to me

    I would avoid PayPal. First for the fees, secondly for possible chargebacks. But again, never had problems with bank transfer (EU and US), Skrill, Zelle

    Paxfull charge a fee of 0.5% for bank transfers, 1% for Skrill, Zelle, Payoneer etc.

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  12. #9
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    Czech Republic, Latvia, Lithuania, Estonia. Banks in these countries are very loyal to cryptocurrencies. I also advise you to take a closer look at debit cards from Binance etc.

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    This looks quite good. Just do not be surprised that even accounts that receive too many p2p payments from different people are being investigated and closed nowadays.
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  14. #11
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    I have had some emails.. from crypto banks i.e crypto + iban account, i only breifly looked at it will try and find the name but its a euro account which you can transfer your crypto to with the same company, a kind of all in one, there were some pretty stiff KYC required but it looked like a good idea.

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  16. #12
    MMM
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    Quote Originally Posted by Sherlock View Post
    This looks quite good. Just do not be surprised that even accounts that receive too many p2p payments from different people are being investigated and closed nowadays.
    Yep, also problematic if you do need invoices and such.

    What about all those Seba, Bitwala, Revolut, Fidor and so on?
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  17. #13
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    Quote Originally Posted by gamblebizzy View Post
    Czech Republic, Latvia, Lithuania, Estonia.
    They are all EU.

    I am citizen of one of those countries and I fight with them over petty things. I would never, ever send there anything from crypto. The money will not be stolen, but they love to close accounts (for example for Skrill incoming payments and they do not even ask you). Also if you have no ties to those countries, you will have a problem even to open an account. Why they should open an account to some foreigner with ties to gambling, who will pay them 0-5 EUR monthly?

    In another of those countries, Latvia, I had and prolly still have acct at Rietumu. It was a thing 10 years ago, but 10 years ago our biz had no problem anywhere. In Baltic states their Russian moneylaundering was exposed and they do not want problematic clients.
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  18. #14
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    Quote Originally Posted by MMM View Post
    Yep, also problematic if you do need invoices and such.

    What about all those Seba, Bitwala, Revolut, Fidor and so on?
    Seba no idea
    Bitwala is nice, strict KYC, no accounts for clients with US relations.
    Revolut closed my account after a while (they need to see prove/sources of income)
    Fidor open accounts for German residents only

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  20. #15
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    What about Malta or Gibraltar banks? I think that banks in these countries are very loyal to crypto. Founders Bank, RnF Finance Limited... Check them out too. Or maybe UK (Barclays or Revolut)? What do you think?

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    Localbitcoins.com is also an option to cash out Bitcoins with legitimate companies. Also cryptopay.me may be of interest to some people here.

  22. #17
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    Quote Originally Posted by gil.langelaan View Post
    What about Malta or Gibraltar banks? I think that banks in these countries are very loyal to crypto. Founders Bank, RnF Finance Limited... Check them out too. Or maybe UK (Barclays or Revolut)? What do you think?
    Why you think those banks are differently regulated?

    In another thread someone complained about Barclays. Elsewhere ppl complain about Revolut.

  23. #18
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    Quote Originally Posted by Pick7 View Post
    Localbitcoins.com is also an option to cash out Bitcoins with legitimate companies. Also cryptopay.me may be of interest to some people here.
    Again, the same problem. Will your bank like money from random strangers who are most likely in drug business instead BTC from exchanges originating from gambling? (People who pay premium at LB are either paranoid or they pay the premium because they have a reason for it.)
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  24. #19
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    That's bad. I have a credit card purchased by bitcoin. Until now there has been no problem with it.
    But I wonder it will be banned sooner or later.

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