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Cashing out Bitcoin from Swissquote to TransferWise

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Singa

Active Member
Hi everybody , hope yall doing well..
So i just got accepted with Swissquote Bank, and i have been provided with my personal IBANs in EURO, USD, CHF..
So the reason I opened an account in Swissquote.com because i don't live in EEA&US.. And for trading crypto only..
And My country not crypto freindly..
So i kinda have Limited options here, and Im lucky i got accepted on Swissquote!!
So i have a Verified TransferWise account as well.. So It's ok to send and withdraw my crypto Profits after i sell it on Swissquote to TransferWise?
Does Transferwise treat Swissquote as crypto Exchange? Although Swissquote is bank and Swissquote offers a broad range of products across many markets and crypto one of it!
So Does any1 have experiences with Swissqoute >> Transferwise tranasctions ?

I really i appreciate you time for helping me here..

Many thanks
__my best
 

nomad999

Entrepreneur
Swissquote is a full fledged Swiss bank who offer brokerage in regulated equities, its very unlikely this could ever be associated with Crypto at all unless you tell them yourself.
I think transferwise could ask for proof of funds if you send "large" amount above 9k per months though, so I would be careful there.

very interested also if someone has experimented with swissquote --> transferwise transfers as I have not yet.
 

Singa

Active Member
I think transferwise could ask for proof of funds if you send "large" amount above 9k per months though, so I would be careful there.
Proof that i have that 10k or above in my Swissquote Bank account?
This easy i can send them my USD Balance in my Swissquote..
I'm just investor, who invest in Token sales and then transfer my profits into Bitcoin then i sendit to Swissquote. And finally i Cash out from Swissquote to TransferWise, that's my plan..
With that being said..
When you say "proof" you mean the proof that i have that 9k in my Swissquote balance, because if this the case i can proof that as i said with my Swissquote report statement..

Looking for u reply
 

nomad999

Entrepreneur
if you send 10k or above to transferwise per months they might ask for proof of funds aka where did you get that money from. Then you have to tell them it is from crypto with proofs, you want to avoid that.
maybe others have more insight on this, this is just my guess based on what I gathered searching about this.

that said, the fact that the money you receive in your transferwise account comes from a bank account in your name (swissquote) its unlikely they will bother. I suggest you use CHF for your transfer, first its free (0 fees) and then there is less regulations I believe around CHF than there is on the EURO. the conversion USD to CHF is not free on swissquote, though. can't remember how much they take ...
 

Singa

Active Member
if you send 10k or above to transferwise per months they might ask for proof of funds aka where did you get that money from. Then you have to tell them it is from crypto with proofs, you want to avoid that.
maybe others have more insight on this, this is just my guess based on what I gathered searching about this.

that said, the fact that the money you receive in your transferwise account comes from a bank account in your name (swissquote) its unlikely they will bother. I suggest you use CHF for your transfer, first its free (0 fees) and then there is less regulations I believe around CHF than there is on the EURO. the conversion USD to CHF is not free on swissquote, though. can't remember how much they take ...
Can you PM nomad999, looks like we have alot to share since we in this shit together.. :)
Let's talk
 

rowena

Entrepreneur
You can transfer easily via SEPA between TW and SQ but at some point, TW will ask for a source of funds(including your SQ transactions). I can understand TW to SQ but why you're transferring money SQ to TW? What are you trying to achieve? Also, SQ is not a real crypto market. You can't transfer your crypto assets to/from another wallet. It was like that last time I checked, I don't know if it changed or not. They have also huge fees for trading.
 

nomad999

Entrepreneur
Can you PM nomad999, looks like we have alot to share since we in this shit together.. :)
Let's talk
I think we can't PM in this forum, not allowed for some reason.
anyway I think its much much better to exchange publicly as some other people might come up with good information or ideas.

You can transfer easily via SEPA between TW and SQ but at some point, TW will ask for a source of funds(including your SQ transactions). I can understand TW to SQ but why you're transferring money SQ to TW? What are you trying to achieve? Also, SQ is not a real crypto market. You can't transfer your crypto assets to/from another wallet. It was like that last time I checked, I don't know if it changed or not. They have also huge fees for trading.
I could be wrong here but I think its better to not use SEPA if you can use CHF like in this case, a bit less aggressive regulations on CHF banking I believe and you won't trigger request for proof of fund as easily (if you are not an EU tax cow obviously).
 

rowena

Entrepreneur
@nomad999
I'm not sure about CHF transfers are less regulated than SEPA EUR but you can't transfer CHF from SQ to TW under your name since TW doesn't issue CHF balance with banking details. You need to use TransferWise as a receiver and transfers will be considered personal to third party instead of personal to personal.
 

nomad999

Entrepreneur
@nomad999
I'm not sure about CHF transfers are less regulated than SEPA EUR but you can't transfer CHF from SQ to TW under your name since TW doesn't issue CHF balance with banking details. You need to use TransferWise as a receiver and transfers will be considered personal to third party instead of personal to personal.
good point, are you sure SQ won't allow to send money to third party ? haven't tried that yet
 

Singa

Active Member
Good info, but we need to make sure
..
Look if you want reach Swissquote support chat, you can find it in the website down below (live Chat) u can also send them a meassage on Instagram they normally reply fast than other soical channel..
Well if this true >>CHF is less regulated, that would save the day for us, from stupid TW interrogation
Let's see where this will land us
 

Singa

Active Member
You can transfer easily via SEPA between TW and SQ but at some point, TW will ask for a source of funds(including your SQ transactions). I can understand TW to SQ but why you're transferring money SQ to TW? What are you trying to achieve? Also, SQ is not a real crypto market. You can't transfer your crypto assets to/from another wallet. It was like that last time I checked, I don't know if it changed or not. They have also huge fees for trading.
No, you can Deposit and withdraw crypto.. They just want you to deposit or withdraw within a private wallet not exchange wallet
They trading fees is %1, i can live with that
Other than that you buy and sell crypto at Mid-market Price rate.. Giving me personal IBAN account, with three currencies CHF, USD, EURO
I see Swissquote is perfcet cash out method to me back to fiat..

Why i use this? SQ >> TW
WELL as i just said in this post in the beginning, i don't live in EEA&US, most crypto fiat Cash out dont support my country, plus my bank is not crypto freindly..
And last but not least, TW give you the better conversion rate, cheapset fees, and give you personal IBANs, it's obvious is a winner option..
 

nomad999

Entrepreneur
I didn't try but 99% chance will cause a problem or extra KYC since they don't allow third-party deposits.
when they accept deposit they are required to do due diligence and therefore potentially request proof of funds, that's why they don't allow third party deposits to avoid having to do that.
but sending money they don't care, its the receiving bank that must do the due diligence and with the customer, not with them, I just checked and the interface lets you send to anyone anywhere.

at least that's my understanding of how it works, could be wrong.

its not just CHF transfer, its CHF from one swiss bank to another swiss bank that is important. My guess is if you avoid using SEPA with transferwise for anything over 3 digits you are less likely to get into problems. Remenber transferwise are forced to follow the rules, they don't do this by choice.

I would avoid SEPA like the plague in regards to having to provide proof of funds with how things are going these days, I think the EU will keep lowering the level where KYC and proof of funds are required. This is just my thought, I don't have anything factual to back this up.
 

rowena

Entrepreneur
No, you can Deposit and withdraw crypto.. They just want you to deposit or withdraw within a private wallet not exchange wallet.
I just checked my account and you're correct. I see deposit/withdrawal options for crypto. They changed their policy about this. They didn't allow it before and it looks like you can now really trade crypto now.

Why i use this? SQ >> TW
WELL as i just said in this post in the beginning, i don't live in EEA&US, most crypto fiat Cash out dont support my country, plus my bank is not crypto freindly..
And last but not least, TW give you the better conversion rate, cheapset fees, and give you personal IBANs, it's obvious is a winner option..
If possible, I believe SQ to directly your home country will be the best and less problematic way. TW was cheap for exchange but they increased their exchange rates 3-4 times in the last 2 years and almost they have the same exchange rates with SQ now.

when they accept deposit they are required to do due diligence and therefore potentially request proof of funds, that's why they don't allow third party deposits to avoid having to do that.
but sending money they don't care, its the receiving bank that must do the due diligence and with the customer, not with them, I just checked and the interface lets you send to anyone anywhere.
They do DD both for incoming and outgoing payments. I had an experience with SQ. I tried to withdraw money from my SQ account to my other account(transfer between my accounts) but my transfer status didn't change to completed on the same day. I received a call from SQ one day later and they asked for the source of funds documents for the money which is deposited 2-3 months ago. I provided documents and they resumed the transfer the next day.
 

Singa

Active Member
If possible, I believe SQ to directly your home
Yeah, i will try this too
they asked for the source of funds documents for the money which is deposited 2-3 months ago. I provided documents and they resumed the transfer the next day.
Interesting,
What u mean by "my other account"?
You have 2 SQ accounts?
So do think if i deposited crypto into my SQ, they would ask for the source of funds?
If yes this is ridiculous man,
 

nomad999

Entrepreneur
They do DD both for incoming and outgoing payments. I had an experience with SQ. I tried to withdraw money from my SQ account to my other account(transfer between my accounts) but my transfer status didn't change to completed on the same day. I received a call from SQ one day later and they asked for the source of funds documents for the money which is deposited 2-3 months ago. I provided documents and they resumed the transfer the next day.
ah good to know , thx the feedback.
 

nomad999

Entrepreneur
So do think if i deposited crypto into my SQ, they would ask for the source of funds?
If yes this is ridiculous man,
yes they would, you can't use those regulated platform without being able to show proof of funds for whatever, otherwise you will lose your funds as simple as that.
 

rowena

Entrepreneur
Yeah, i will try this too

Interesting,
What u mean by "my other account"?
You have 2 SQ accounts?
So do think if i deposited crypto into my SQ, they would ask for the source of funds?
If yes this is ridiculous man,
I mean my personal account in another bank.

So do think if i deposited crypto into my SQ, they would ask for the source of funds?
If yes this is ridiculous man,
Of course they will ask for a source of funds but I don't know the threshold which can trigger this compliance check. If you have a simple bank statement or any other supportive document it would be enough.
 

Singa

Active Member
yes they would, you can't use those regulated platform without being able to show proof of funds for whatever, otherwise you will lose your funds as simple as that.
I mean they say we support crypto come and join us, but when you transfer you crypto to their platform they be like:
"Surprise mother*... " they start play Sherlock holmes on you
As a Rapper(Icecube) once said:
They (governments) give us guns and drugs
Then wonder why in the f we thugs XD
 
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