risks p2p transfers?

[lonizzita]

Hi
Sorry for this beginner question.

I would like to exchange USDT for cash, I was thinking of using some p2p service with EURO transfer to my bank and then withdraw at ATM, I have no experience with this.

could the bank ask for explanations if they see transfers coming to my private account?
how do you justify transfers from people to bank private accounts?

Thank you all

 

[MiddleEuroAsia]

Hi
Sorry for this beginner question.

I would like to exchange USDT for cash, I was thinking of using some p2p service with EURO transfer to my bank and then withdraw at ATM, I have no experience with this.

Then Do it P2P/OTC.

could the bank ask for explanations if they see transfers coming to my private account?

Yes, and if not now, they will probably ask later.

how do you justify transfers from people to bank private accounts?

by having a good SOF, and if your banks are not Crypto friendly, then make sure to have a good SOF that doesn't mention anything about crypto. this can be anything from notarized documents/invoices to loan agreements...etc.

Thank you all

you are welcome, and if you want me to explain in detail (I do this for my self and others) PM me, as this is all I can say in the public forum

 

[BalnearioCamboriu]

Sorry for this beginner question.

No. No forgivness to you.

 

[lonizzita]

Then Do it P2P/OTC.

Yes, and if not now, they will probably ask later.

by having a good SOF, and if your banks are not Crypto friendly, then make sure to have a good SOF that doesn't mention anything about crypto. this can be anything from notarized documents/invoices to loan agreements...etc.

you are welcome, and if you want me to explain in detail (I do this for my self and others) PM me, as this is all I can say in the public forum

yes I am interested, I cannot write to you private
please write me in pm
thanks

 

[meze99]

Dear MiddleEuroAsia, please send me a PM if you have a solution/idea with a high quality SoF for crypto->fiat (OTC/p2p wire transfer) that will be accepted by an EMI/bank/IBKR.

 

[wellington]

Hi
Sorry for this beginner question.

I would like to exchange USDT for cash, I was thinking of using some p2p service with EURO transfer to my bank and then withdraw at ATM, I have no experience with this.

could the bank ask for explanations if they see transfers coming to my private account?
how do you justify transfers from people to bank private accounts?

Thank you all

I've never done a P2P which included Fiat, for the simple reason, i've heard and seen stories of people being arrested for money laundering as the funds came from a crime, or i've seen people arrested for 'claims of fraud', and had their banks drained, frozen or other.

For me, the fiat aspect unless its cold hard cash exchanged in the bank in front of the bank teller where the bank teller confirms its real, not from a crime or other I would not touch.

I remember in 2017 a Italian firm wanting to exchange 3m Euro Cash for 2,000 ETH in the crypto space, but they were a front for Russian money invested in real estate in Rome - you have to be so bloody careful.

OTC on the other hand - should be safe to go !