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Cash out using AdvCash

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bigladsmith

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Jan 27, 2019
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#1
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Hi all, hopping to get a little advice/guidance here on cashing out my crypto when the time is right.

basic info is that I have a sum of approx €300k at time of writing tied up in crypto. When the time is right I want to cash out and the route I’m considering is as follows:

Binance>AdvCash>TransferWise>Euro based bank.

Firstly is it possible to cash out directly from Binance to my Personal AdvCash account? I note cash out from Binance is now limited to what currencies are available to cash out in.

I’m also happy putting my crypto into AdvCash if that’s a possibility and then converting to my native currency of Euro.

The biggest question I have….. is it possible and have others completed a transfer from a personal AdvCash account to a personal TW account? Are there any hurdles to overcome? I’d not be transferring all of this €300k in one lump, multiple smaller values over 12 months perhaps.

finally compliance and CRS, are Binance actively reporting CRS? If so are there any other exchanges that are not reporting?

likewise, AdvCash I’d assume are not actively reporting but how about TW?

Im happy to do withdraw funds via an ATM on my AdvCash card but I’d assume this will leave a trace of the funds, card, account etc.

Any help and advice greatly appreciated

BLS
 
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#2
Binance is not reporting via CRS, at least not yet.

What would you like to do with this €300k once you cash out?

Btw don't keep your crypto on Binance, store it on a hardware wallet.
 
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#3
Hi @bigladsmith ,

AdvCash isn't what it was in the past anymore in terms of asking questions.

In case AdvCash isn't asking for the transfers from Binance to AdvCash - they will ask latest once you start withdrawing by SEPA - there SEPA correspondence bank was already roastet by the Central Bank of Lithuania - they already had tight SEPA compliance for companies back in 2019.

https://www.marketscreener.com/news...n-Service-of-the-Bank-of-Lithuania--30409347/
I guess they force you with such actions to use there Debit Cards as they start charging 1% loading fee and they don't ask a lot or even any question going the Debit Card route as the regulation is much less strict and there card issuers are from the same "grey area" kind of operations anyway.

Usually AdvCash let's you freely deposit AdvCash Wallet and then depending on the further processing route you choose they run either non or heavily KYC to force the clients to take one direction.

The debit card has only 80k EUR ATM withdrawal limit per year and then again what to do nowadays in the EU with 300k EUR in cash beside of shopping some Louis Vouitton clothes.

There are more elegant ways you should consider - 300k is something it's definitely worth it.

PS: Wise has flagged AdvCash as Crypto Exchange since forever but latest since them partnered big with Binance and especially now the pressure on AdvCash is much bigger as they are the last Fiat Gateway that is left for Binance.

I don't want to blame AdvCash but they are a grey area operation from the same kind like Binance - AdvCash went big by processing billions for russian ponzi schemes from 2014-2018 - this is something someone should keep in mind.
 
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#5
Since Binance had fiat exit issues it seems that more and more are now using the Kraken exit route, at a mere €0.09 fee for EUR SEPA transfers. I don't know if they are reporting CRS but maybe someone more knowledgeable here could confirm?
 
#8
According to TransferWise, transfers from TransferWise to Advcash are not welcomed, whether through SEPA or SWIFT channel. They may cancel the transfer or close your account.

Advcash will not ever report your internal and e-commerce transactions to the authorized financial institutions. You may use it for Binance and other merchants very safely without putting your linked bank account in risk which was used for topup in Advash.

AdvCash card is very safe for personal use, and will not leave out traces of funds, cards, accounts...etc. This is what it was built for.

Advice,
The cheapest and safest way is to find a way to move out your money from the EMIs by opening a personal EUR bank account in a bank that is cryptocurrency friendly and is regulated within EU or is SEPA compliant. Then make a transfer to Advcash via SEPA channel through your personal bank account.

An easier way is maybe you should try Bankera. Transfer from TransferWise to Bankera and then to Advcash via SEPA channel and buy cryptocurrency with Advcash internally or through Binance and other vendors that accept Advcash as a payment method for purchases.

Last way is to use an independent ex-changer. This is risky.

If you want to cash out your cryptocurrency into fiat currency then you can use TransferWise to receive the amount without any issue, but first make sure the exchange or brokerage whom you are receiving fiat is regulated by some institutions in EU.

Note that buying cryptocurrency legally is a complicated process, but cashing out into fiat should not be a big deal.
 
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#9
Isn't the problem with CRS your home bank, that is forced to report incoming EUR transfers? I mean, if i am receiving 300 000 K (even in parts) in my homebank account, the bank will have to report because of money laundering law, independent if the incoming transfer comes from Binance, ADVCASH or Transferwise?
 
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#10
wellington said:
Try Swissborg, might do CRS not sure, but they're at least legit.
Click to expand...
After seeing this message, I gave it a chance.

I should say I am impressed with how fast my account was approved (in a couple of seconds) and how easy the process was. Definitely unexpected.

Binance -> Swissborg with USDT also took 1 min to appear in my account.
 
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#11
If they didn't change the amount you can withdraw in the ATM's then it is well possible to simply withdraw money this way. Or you find a dealer that accept CC to buy Gold, have done that many times with an AdvCash card.
 
#12
uplana said:
If they didn't change the amount you can withdraw in the ATM's then it is well possible to simply withdraw money this way. Or you find a dealer that accept CC to buy Gold, have done that many times with an AdvCash card.
Click to expand...
But to get from gold to fiat, don't you take a hit in the form of a 15% spread between buy & sell prices?
 
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#13
Why would you do that.. there are still counters where you can buy Gold anonymous with the cash you withdraw from the AdvCash card. It will take you some time to find a store doing this but they are there.. I have found two so far.
 
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#14
I used to deposit to Ibanwallet with my Advcash card, let the money there for a few days or few weeks and then withdraw by SEPA.
But Ibanwallet blocked the Advcash card last year, maybe try that with the Binance card?
 
#15
lopez007 said:
After seeing this message, I gave it a chance.

I should say I am impressed with how fast my account was approved (in a couple of seconds) and how easy the process was. Definitely unexpected.

Binance -> Swissborg with USDT also took 1 min to appear in my account.
Click to expand...
Which sums were you cashing out? looking for a private bank to receive high 5- to low 6-figures from crypto exchanges (Kraken, Binance, FTX) in EUR or USD
 
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#16
trinidat said:
Isn't the problem with CRS your home bank, that is forced to report incoming EUR transfers? I mean, if i am receiving 300 000 K (even in parts) in my homebank account, the bank will have to report because of money laundering law, independent if the incoming transfer comes from Binance, ADVCASH or Transferwise?
Click to expand...
Yeah - your still screwed when you deposit to a bank acct registered in your name. Doesn't matter how many ways you clean the FIAT going into it. It's the single point of failure. But there are ways around that too - so I hear
 
#17
Fred said:
I don't want to blame AdvCash but they are a grey area operation from the same kind like Binance - AdvCash went big by processing billions for russian ponzi schemes from 2014-2018 - this is something someone should keep in mind.
Click to expand...
They are a Belize company with the CEO living in Miami, surely that gives the DOJ jurisdiction over them.

Kinda risky to be playing with fire like that.
 
#20
@Fred

>> There are more elegant ways you should consider

For example?
 
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