Question Crypto to fiat cash out

[Marie Manila]

It's best to avoid traditional banks. Money exchangers like Neteller, Paysera, transferwise, coinbase are preferable to launder your crypto since they don't report transactions as long as the deposits don't exceed 10,000 Euros per month in each exchanger.

From where did you get the limit of 10,000 Euros?

 

[Hydrogene75]

From where did you get the limit of 10,000 Euros?

https://www.cohengresser.com/app/uploads/2020/02/The-New-UK-Anti-Money-Laundering-Regulations-How-Will-the-Art-World-Be-Impacted.pdf

"Under the earlier legislation, AMPs had anti-money laundering and counter-terrorist financing (so-called “AML/CTF”) obligations only if they were classed as a “high value dealer” – in short, someone who trades in goods and makes or receives a payment of more than €10,000 in cash.2 The 2019 Regulations now impose obligations on AMPs when acting in any transaction whose value exceeds €10,000, and not only in cash.The 2019 Regulations now impose obligations on AMPs when acting in any transaction whose value exceeds €10,000, and not only in cash."

2 The scope of ‘cash’ includes a deposit of money into a bank account, or payment to a third party for the benefit of the transaction party, but not payments by credit or debit card or by cheque.

 

[rgrchris]

What they don't tell you is there is an intermediary who you send the coins to. He will then convert to AED/USD and then payment is made.
Normally the intermediary is the part of the business and use their own funds against the crypto payment.
The property guys realized that this is a good way to do business and payment is immediate and mitigates any funds being blocked.
I use my Kraken account to receive payment convert immediately depending on where the market is and pay out.
Invoice can not show any mention of any digital currency but only real fiat currency.

what intermediary works for kraken and to which UAE bank?

I will be forming a corp later for crypto ($5.7m) but for now we need to get the seed funding transfered of about $350k to start the process.

 

[BoomBoom]

What is better: 1 - to be proactive and discuss with bank main purpose, show all the proof of legality of my crypto, solve all the possible questions upfront.

I think you should find a crypto friendly bank and be upfront about the crypto. The private banks option is only acceptable if you are ok with paying high fees and have at least 500k-1m to put in the bank.
If you try to hide that the money is crypto you are risking that the bank will freeze your account and you will always live in fear. every transaction, you will be afraid that this is the transaction that will raise the red flag.

If you try to cashout 10k, then just find debit card with crypto (like the binance) and spend it in the supermarket.

 

[Fred]

I think you should find a crypto friendly bank and be upfront about the crypto. The private banks option is only acceptable if you are ok with paying high fees and have at least 500k-1m to put in the bank.
If you try to hide that the money is crypto you are risking that the bank will freeze your account and you will always live in fear. every transaction, you will be afraid that this is the transaction that will raise the red flag.

If you try to cashout 10k, then just find debit card with crypto (like the binance) and spend it in the supermarket.

If you are honest with the retail bank upfront you will end up being rejected if you are not opening in a local bank of high tax country were you are minimum resident in.

Even non-resident friendly banks that are fine with Crypto Transactions like Millennium Bank will reject your application when you mention the only purpose for account opening is Crypto friendly.

So starting from a certain amount of Cashout you have yo stick to a Private Bank or to a solution of a professional service provider - everything else is just a case by case solution and not predictable like with Wise - living expenses Cashout of 2-5k month are fine but as soon as you do significant cash out you will see yourself blocked.