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ATM withdrawal information processing

Discussion in 'Offshore Company formation' started by Educate, Apr 10, 2018.

  1. Educate

    Educate Member Entrepreneur

    Yeah, I'm interested in the technicals and specifics not vague answers.
     
  2. auric

    auric Offshore Agent Mentor Group Business Angel

    only if the debit card is issued by a real bank. If it is some of the EMI providers around you don't get reported. Anyway, it's possible to trace a debit card if the tax man want to monitor you he can! So better find a way to hide your name and identity!
     
  3. Educate

    Educate Member Entrepreneur

    What about Revolut and similar apps?

    Also, don't confuse this with CRS and FATCA. This is a question about whole another issue. It is about ATM withdrawals of large amounts. Legal money, legally earned, just withdrawn in large amounts.

    In this case, the "reporting" might come from the institution who owns the bank ATM and not the one that issued the card.

    Does that make sense?
     
  4. auric

    auric Offshore Agent Mentor Group Business Angel

    it makes sense, but why should the bank that provides the ATM report your card? just because you withdraw large amounts? if so, and the card is anonymous why would you care about the reporting?
     
  5. Educate

    Educate Member Entrepreneur

    Exactly, why would they? Unless there are laws which makes "amounts withdrawn above X" being automatically flagged and reported for "suspicious activity". Also, not sure how to get anonymous card without using darks? EMIs require you to register your data. For larger sums there needs to be proof of income. Good luck getting that with a dark. Are there maybe any EMIs that provide disposable ATM cards with custom name (so you can change name not to match yours?)
     
  6. lostguy

    lostguy Active Member Entrepreneur

    all information is available to the MC / Visa card association so that means your name will be traceable at any time. If the banks report your card because of large amounts you take out of the ATM's you are pretty much fucked, sorry to say so.

    Only way out of this control circus is to get a 100% anonymous card somehow!
     
  7. Educate

    Educate Member Entrepreneur

    The question is - what information does the bank ATM device process electronically upon withdrawal. What information fields?
     
  8. lostguy

    lostguy Active Member Entrepreneur

    usually it's the name and card number. However, I believe since you most often can see your account balance then they may have full access to your account somehow.