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Ricardo12

New member
What @Fred is suggesting is definitely a solution but it's worth mentioning that behind the word "workaround" is just an attempt to mislead EMI/Bank. It's also risky. In many countries in Europe, there are Bitcoin machines that allow cash out. In many cases, it's better to do it this way instead of setting up a company and move to a different country.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
What @Fred is suggesting is definitely a solution but it's worth mentioning that behind the word "workaround" is just an attempt to mislead EMI/Bank. It's also risky. In many countries in Europe, there are Bitcoin machines that allow cash out. In many cases, it's better to do it this way instead of setting up a company and move to a different country.
That works for day to day expenses but as soon as we are talking about significant amount of money the cash is stuck.

You can't build any wealth management setup with this bank you can literally do nothing with this cash beside of spending it for things that not really matter in life.

In most Europe Countries you even can't buy a car that way any longer.
 

Admin

Forum Moderator
Staff member
Elite Member
In most Europe Countries you even can't buy a car that way any longer.
True, I believe in less then 10 years you will be unable to buy anything for cash in Europe unless it is in the supermarket.
 

drakethecartel

New member
@Obelix You can buy gold bars with bitcoin. Some websites allow you to pay with btc. And you can convert the gold bars in cash. If you go to a country where there is no cash limit like Switzerland or Austria you can walk in the gold bar store with 300k gold bars and change it with cash. You cannot bring more than 10k on the plane, remember it.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
@Obelix You can buy gold bars with bitcoin. Some websites allow you to pay with btc. And you can convert the gold bars in cash. If you go to a country where there is no cash limit like Switzerland or Austria you can walk in the gold bar store with 300k gold bars and change it with cash. You cannot bring more than 10k on the plane, remember it.
That's not up to date anymore.

They can only send to your bank account if you sell Gold even if you are in person.

You can buy in cash via "Tafelgeschäft" in DACH Area but the limits are going down very fast.

Germany had 10.000€ Limit - now it's 2.500€

Austria same like Germany

Switzerland had 20.000CHF Limit - now it's 15.0000CHF

So keep in mind you can only buy over the counter in cash in this countries.

Selling over the counter was paid out via bank transfer to a bank account in your name since forever.
 

drakethecartel

New member
@Fred I contacted philoro and they told me that there is no limit for cash payment in their branches.

also here you can see the limit for cash payment in eu countries

Am I mistaking something?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
I can only speak for CASH PURCHASE in DACH area:

Germany - 2500 EUR (without ID card - anonym)

Austria - 10.000 EUR (with ID card - not anonym)
Legitimation limit in Austria for cash purchases € 10,000
Without exception, a valid passport, identity card or driving licence is required as proof of identity.
(Gold Investment: Gold Coins and Bars by Austrian Mint.)

Switzerland: - 15.000 CHF (without ID card - anonym)

The General Trend is to lower the limits frequently:

In either Switzerland or Liechtenstein, a cash value of up to a limit of 15,000 Swiss francs can be converted to gold coins or silver bars via the so-called over the counter service. By the end of 2019, the upper limit allowed was CHF 25,000. This means that the cash limit for buying precious metals is significantly higher than in other European countries. In Germany, the upper limit for anonymous shopping was reduced from 10,000 to 2,000 euros as of January 1st, 2020. With this value, the German federal government exceeded the requirements laid out in the new Anti-Money Laundering Act.
 

gmbh

Active Member
Even if you could exchange more in Switzerland, you can't bring big amounts of cash to your country of residence. At least not legal.
 

fortunespeculator

Active Member
I can only speak for CASH PURCHASE in DACH area:

Germany - 2500 EUR (without ID card - anonym)

Austria - 10.000 EUR (with ID card - not anonym)
Legitimation limit in Austria for cash purchases € 10,000
Without exception, a valid passport, identity card or driving licence is required as proof of identity.
(Gold Investment: Gold Coins and Bars by Austrian Mint.)

Switzerland: - 15.000 CHF (without ID card - anonym)

The General Trend is to lower the limits frequently:

In either Switzerland or Liechtenstein, a cash value of up to a limit of 15,000 Swiss francs can be converted to gold coins or silver bars via the so-called over the counter service. By the end of 2019, the upper limit allowed was CHF 25,000. This means that the cash limit for buying precious metals is significantly higher than in other European countries. In Germany, the upper limit for anonymous shopping was reduced from 10,000 to 2,000 euros as of January 1st, 2020. With this value, the German federal government exceeded the requirements laid out in the new Anti-Money Laundering Act.
Wouldnt it be lesser cost to buy it in Gold Souk Dubai? Please share your thoughts on this guys.
 

azb1

Entrepreneur
Why do limit bother you?

Just purchase only upto EUR 1000 to one shop.
Buy from another shop. No id nothing .
If you want to buy EUR 300K. And If you have 3 people in friend and family . Just go to different 100 shops and buy gold . It sound funny and takes time but It works like charm. Nobody care for small amount.

Why people taking too much headache ?
 

lavel

Offshore Agent
Mentor Group Gold
It is getting harder and harder to spend your cash anywhere. Damn I'm sick and tired of this world. Where is the time where Gadaffi took his plane filled with gold,silver and cash worth 12,5 billion USD into the USA in 2010?

I want to fill my trunk the same way and buy what ever I want without anyone to spy or control me fin4774"
 

fortunespeculator

Active Member
It is getting harder and harder to spend your cash anywhere. Damn I'm sick and tired of this world. Where is the time where Gadaffi took his plane filled with gold,silver and cash worth 12,5 billion USD into the USA in 2010?

I want to fill my trunk the same way and buy what ever I want without anyone to spy or control me fin4774"
Need a revolution
 

cp74

New member
Hi,

May you clarify if below US banks/EMIs are crypto friendly or not? Hard to be sure just googling.

BoA
Mercury

I do not mean investing crypto (if they allow). I mean transferring usd in/out from direct/indirect crypto related exchanges or fx, with wire.
 

aplnx

New member
Hi,

May you clarify if below US banks/EMIs are crypto friendly or not? Hard to be sure just googling.

BoA
Mercury

I do not mean investing crypto (if they allow). I mean transferring usd in/out from direct/indirect crypto related exchanges or fx, with wire.
This is also what I want to know. On my point of view, I think it should not be a problem to send payments to coinbase or binance.
 

Piano

Entrepreneur
I can only speak for CASH PURCHASE in DACH area:

Germany - 2500 EUR (without ID card - anonym)

Austria - 10.000 EUR (with ID card - not anonym)
Legitimation limit in Austria for cash purchases € 10,000
Without exception, a valid passport, identity card or driving licence is required as proof of identity.
(Gold Investment: Gold Coins and Bars by Austrian Mint.)

Switzerland: - 15.000 CHF (without ID card - anonym)

The General Trend is to lower the limits frequently:

In either Switzerland or Liechtenstein, a cash value of up to a limit of 15,000 Swiss francs can be converted to gold coins or silver bars via the so-called over the counter service. By the end of 2019, the upper limit allowed was CHF 25,000. This means that the cash limit for buying precious metals is significantly higher than in other European countries. In Germany, the upper limit for anonymous shopping was reduced from 10,000 to 2,000 euros as of January 1st, 2020. With this value, the German federal government exceeded the requirements laid out in the new Anti-Money Laundering Act.
If you buy gold in Switzerland and store it in a safe deposit box there , is there any reporting going on ?
 

GRODT

New member
I don't understand how this gold thing works. I'm an EU resident. In my country selling gold incurs capital gains tax. Ok, so maybe I bought gold in Switzerland or w/e. I still can't bring that money into my country, without paying tax. And in cash form it's useless. What am I missing?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
If you buy gold in Switzerland and store it in a safe deposit box there , is there any reporting going on ?
Not yet.

For now they only report your information if they receive a court order.
 

dread pirate

New member
What @Fred is suggesting is definitely a solution but it's worth mentioning that behind the word "workaround" is just an attempt to mislead EMI/Bank. It's also risky. In many countries in Europe, there are Bitcoin machines that allow cash out. In many cases, it's better to do it this way instead of setting up a company and move to a different country.
The BTC atm machines work for small amounts - say around 5 k - but they bite you on fees and have low limits perhaps related to the amount of cash actually in the machine.
There is a video on youtube of a guy going around to atm's dealing with the frustration involved in waiting for network confirmations, getting 20 dollar bills, hitting withdrawal limits... just to cash out a mere 16.5 k
 
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aplnx

New member
So, back to the topic. Does anybody know a crypto-friendly bank? Is Mercury ok with sending money to Binance or Coinbase? Can someone tell what are the caveats involved?
 
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