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Back2Matters

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Feb 18, 2020
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#1
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I'm an EEA citizen living in SE Asia. A friend of mine is living in my house in my home town, I have my tax residence there. I pay online all the bills on my own name. He transfers me about 6000 EUR all inclusive every 6 months, we have no contract to avoid taxation. Until now we've been using Revolut, he is not techie enough to use cryptocurrencies. Any advice to make the recurrent transaction more hidden?

I already have following EMIs accounts: Revolut, Monese, Paysera, AdvCash, TransferWise, PayPal.
 
#2
Well that is a great opportunity to teach him, I don't think there is such a thing to be "not techie enough to use cryptocurrencies".
If he is able to use Revolut, he can use a bitcoin wallet as well.
 
#3
It's pretty easy to use crypto currency, all you need is a wallet for instant from blockchain.com or similar. It is faster to setup such a wallet compared to any EMI.
 
#4
@KJK @Admin thank you for your suggestions. I see your point. The problem with using any cryptocurrency here is human factors. In my home country it is considered a suspicious behavior due to some recent news in the main media. This is why I have found resistance on his part which I have not been able to overcome (yet).

I know it sounds like a contradiction given what we're doing, but... that's it and I have to handle with it. It is already important that I managed to convince him to not use a "physical" bank but an EMI (Revolut), although the difference for the average user is close to nothing.

One possibility would be to use Bitwala, AFAIK the only real bank having built-in Bitcoin & Ethereum wallets, but at the moment the identification procedure is based on a video call that can only be made in German or English, and here again the human factors play against it because he does not speak either language.

So, considering that we can only use EMIs, which is the best of the following 2 plans for this half yearly ~6000 EUR transfer?

1. Cyclically using X different EMIs (so using only one EMI every time);
2. Splitting the amount into X parts (so using X EMIs every time).
 
#5
Open an account on your friends behalf at kraken or bitcoinsuisse and tell him to send the fund there, use a vpn to connect to the exchange and do the crypto transaction yourself.

Just an idea ;)
 
#8
Fishman said:
Just opened my bitwala account after my nightmare with epayments. Is bitcoin suisse something new? Is that like the best bank with crypto?
Click to expand...
not new, quite hold actually, among the first bitcoin exchanges in Switzerland I believe. not sure they are doing crypto custody though.
as stated unfortunately the fees are rather high in Switzerland overall.
 
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#9
nomad999 said:
Open an account on your friends behalf at kraken or bitcoinsuisse and tell him to send the fund there, use a vpn to connect to the exchange and do the crypto transaction yourself.
Click to expand...
Ingenious, thank you! It only remains to be seen whether the bank/EMI from which he could transfer the funds to Kraken/BitcoinSuisse allows the transfer to an exchange, right?
 
#10
ah yeah the emi requirements is an issue there, no regular bank account to send to kraken ? I don't think this would be monitored or reported for a 4 digit amount once a year.

also I have read Advcash might be a good solution for low amount like that, not sure the fees though haven't tried yet.
 
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#11
Back2Matters said:
Ingenious, thank you! It only remains to be seen whether the bank/EMI from which he could transfer the funds to Kraken/BitcoinSuisse allows the transfer to an exchange, right?
Click to expand...
You will need to test it, some local banks don't mind or don't know and others may do. Otherwise you can open an Mister Tango or AdvCash account to transfer money to the exchanges. If the fees are a problem then you are pretty much just on a to low budget to get this sorted out.
 
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#12
Admin said:
You will need to test it, some local banks don't mind or don't know and others may do. Otherwise you can open an Mister Tango or AdvCash account to transfer money to the exchanges. If the fees are a problem then you are pretty much just on a to low budget to get this sorted out.
Click to expand...
As you can see in my 1st post I already have an AdvCash account. I've read many negative comments about MisterTango reliability, is it reliable again? Is Paysera viable as well? Asking to have more valid options :)
 
#13
Admin said:
You will need to test it, some local banks don't mind or don't know and others may do. Otherwise you can open an Mister Tango or AdvCash account to transfer money to the exchanges. If the fees are a problem then you are pretty much just on a to low budget to get this sorted out.
Click to expand...
Is Mistertango still reliable?
 
#20
fortunespeculator said:
Do they have corporate account possibility or just personal account, and do they send the card where i am located?
Click to expand...
No corporate account atm.
They only open for EU residents.
 
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