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$40.000 from paxum to IBKR

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DonnieDarko14

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Mar 19, 2021
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#1
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Hello! I live in Romania and I have Romanian citizenship. I don't want to pay taxes for this money. I also transfer a lot of money from Romanian accounts that are taxable, so I don't think IBKR will get suspicious. The money I have on paxum is from before I got legal and started paying taxes. I can also get the money cash, but I can't put them in a Romanian bank account for obvious reasons. I could also use trading212 or another broker, but none of them accept paxum as far as I know. Any suggestions?
 
#2
in general you should split the withdrawal into multiple methods like some cash, some your real bank, some emi, maybe crypto or paypal or broker account
maybe ask your family members or friends if they can receive something
obviously it is better to withdraw it bit by bit throughout a few months rather than one big withdrawal

I am withdrawing crypto for similar amount and this is what i do maybe there are better methods but I dont think so
 
#3
michael2137 said:
in general you should split the withdrawal into multiple methods like some cash, some your real bank, some emi, maybe crypto or paypal or broker account
maybe ask your family members or friends if they can receive something
obviously it is better to withdraw it bit by bit throughout a few months rather than one big withdrawal

I am withdrawing crypto for similar amount and this is what i do maybe there are better methods but I dont think so
Click to expand...
Yes, that's what I would do if I wanted to get the money cash. That's how I withdrew almost 200k. Just under 5k withdraws once a month per account. I could get that 40k cash easily, but I want to invest them on a broker platform and for that they need to go through a personal bank account or even a skrill account would work. Next year I will actually have to report the money I make through dividents from my company so I suspect they will look through my bank account to check if I reported the correct amount so they would be able to see some weird transactions that aren't from my company and I can't justify.
I'm interested to see if I can get those 40k to a brokerage platform without placing them into a bank first.
An option I found would be paysafe to skrill and skrill to trading212. 1,7% total taxes.
 
#4
paysafe to skrill and skrill to trading212. 1,7% total taxes

I have no idea what you mean by this but Skrill is owned by Paysafe afaik. Also they will rip you off on any currency exchange possible, usually both ways. Perhaps if you can transfer from Paxum to Skrill and deposit from Skrill to T212 and pay 1.7 % of fees for all of this transfer, it would be acceptable. However, be careful that all transfers are in one currency (EUR) and you don't involve other currencies like USD or RON...
 
#5
I thought it would be an option to get the money cash and buy Paysafe physical codes from stores then put the money into skrill. You can put money into your skrill account using Paysafe codes for 1% commision. It would be too much of a hassle and not worth it.
Now I realize that I could deposit the money in bank accounts belonging to friends, make them skrill accounts and transfer the money there then send the money to my skrill account and deposit on trading212. From what I've read skrill might freeze some account and I might end up losing the money or not see them for a year.
 
#6
DonnieDarko14 said:
Hello! I live in Romania and I have Romanian citizenship. I don't want to pay taxes for this money. I also transfer a lot of money from Romanian accounts that are taxable, so I don't think IBKR will get suspicious. The money I have on paxum is from before I got legal and started paying taxes. I can also get the money cash, but I can't put them in a Romanian bank account for obvious reasons. I could also use trading212 or another broker, but none of them accept paxum as far as I know. Any suggestions?
Click to expand...

I did some transfers to IBKR through TransferWise using a crypto debit card to pay the transfers, maybe not the best but enough to dont use local banks.
 
#7
Sorry for this stupid question, but want to be sure, the paxum you mention above is the same as Paxum Bank right?
https://www.paxumbank.com/
 
#10
If Paxum is an EMI, they will probably not send transfers to other EMIs.

For some strange reason, most EMIs don't transfer to other EMIs, in 99% of cases. Quite strange rule if you ask me. It's like they discriminate each other inside the same community.

You will need a bank account to withdraw that money.
 
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#14
guilleiguaran said:
Can someone confirm this?

I know many people that have been using Wise to send to TD Ameritrade without problems but maybe is just a matter of time to get it prohibited.
Click to expand...
I depends on the EMI, but IBKR confirmed me that they won't accept funds if the account isn't in your name. They want to be sure the money comes from you, and some EMI don't give a proper IBAN which make the verification more difficult (and so too costy for what you will give them in term of fees).
You have to open either a proper account, either be sure that in the bank statement of your transfer, IBKR will see in the case "name" yours and not the EMI name or something like that
 
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#15
Cetme308win said:
I would use that scheme:
Paxum(Local transfer)-->EMI(wise,monese,revolut,paysera,etc)-->IBKR
Click to expand...

I'm pretty sure they block transfers to most of those EMIs and Digital Banks, they have them blocked in their system. That EMI doesn't like transfers to other EMIs or Digital Banks. The only exception could be Monese if they didn't block it yet.
 
#16
Cetme308win said:
I would use that scheme:
Paxum(Local transfer)-->EMI(wise,monese,revolut,paysera,etc)-->IBKR
Click to expand...
They don't allow transfers to (Transfer)Wise... Once you enter IBAN it just says unsupported bank or something like that... Didn't try other EMIs... Works with banks though... Even works with Bunq... Anyone using it to withdraw to BitSafe.com?

MurrayRothbard said:
If Paxum is an EMI, they will probably not send transfers to other EMIs.

For some strange reason, most EMIs don't transfer to other EMIs, in 99% of cases. Quite strange rule if you ask me. It's like they discriminate each other inside the same community.

You will need a bank account to withdraw that money.
Click to expand...

Correct...
 
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