Swiss and co. Crypto Cash out and now?

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denniz07

Active Member
Hello,

the question might sound silly. But it is what it is : ). Basically imagine, you did everything according to the law. Made correct Tax Declaration, could cash out to some crypto friendly banks and could pay your taxes.
BUT now it doesn't make sense that the money is sitting on some small crypto banks. There is always a small chance of default.
How to invest it?

I mean in my case, IBKR asked a lot of question, case still pending, swissqoute pending as well, some of the big cantonal banks said that they won't accept money where the source is crypto. Other bank's just don't give answers and say just transfer the money and we will see what happens. As I undestand even a transfer from a "crypto" bank under my name to a "normal" bank like ubs would be under investigation.
 

wellington

Entrepreneur
Hello,

the question might sound silly. But it is what it is : ). Basically imagine, you did everything according to the law. Made correct Tax Declaration, could cash out to some crypto friendly banks and could pay your taxes.
BUT now it doesn't make sense that the money is sitting on some small crypto banks. There is always a small chance of default.
How to invest it?

I mean in my case, IBKR asked a lot of question, case still pending, swissqoute pending as well, some of the big cantonal banks said that they won't accept money where the source is crypto. Other bank's just don't give answers and say just transfer the money and we will see what happens. As I undestand even a transfer from a "crypto" bank under my name to a "normal" bank like ubs would be under investigation.
No good way to comment on this post lol.
 

denniz07

Active Member
No good way to comment on this post lol.
Yeah why? Honestly it is a huge problem. Like you cashed out, but can't use the money, since some banks/brokers won't accept it. Right now trying some private banking in zurich. Going to the big names.. Not sure if it is a good idea. They are expensive but at least it seems they are willing to take the money...
 

denniz07

Active Member
Julius Baer don’t like crypto and they are quite rubbish in everything.
Thanks! Maybe will take both. In any case it is a good idea to split it. Any opinion on Lombard Odier?

Have the feeling that all the "big" names are rubbish. That's the reason I would prefer IBKB or Swissquate... they refuse so far. I would highly doubt that any "private bank" could outperform any ETF's or give real benefits.
 

denniz07

Active Member
Swissquote - as I know you can add there crypto, for example, eth, and convert it to USD, and buy for example any Euro ETF for WW or for US market. No?
That would be perfect. Maybe I did a mistake contacting them that I want to transfer a lot of money to the account. Now the ticket is pending, although I provided my tax decleration and the source of wealth. Same is true for IBKR. Transfers from binance < 100k went without problems in the past. The account is more than 1 year old.

Seems that also juliusbaer will reject me. Will maybe try some other private banks, not sure if it is worth it. UBS opened an account, 0.65% Custody fee. That is a lot and still may get into trouble since the account was opened by a "sales person" and they don't care much about the source of wealth.

PS: Will see what happens with postfinance : ) already transfering small amounts to the account. Guess after 100-500k they will start asking questions.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
So is it possible that you can open swissquote crypto account, transfer crypto, swap crypto for eur and withdraw from swissquote to bank account? Can someone please confirm this?
Assuming that you can provide SOF and all the usual papers, to both SQ and the receiving bank, this is possible but not smart. Why one would want to sell valuable crypto for rubbish Eur?
 

Lamb75

New member
I have been rejected by them, so I don’t have a good opinion.
So you wouldn't refuse to join a club that accepts you ? Don't know anything specific about Lombard Odier but I wouldn't take it personal if they refuse me. I don't have 50 millions Euros to deposit in such a bank (an amount which would makes me an average client), and with less than 5 millions It's more difficult than a few years ago to open an account in this type of bank (except maybe if it's a managed account). Right know they are probably busy taking in the 50+ millions Euros clients from Credit Suisse...

So is it possible that you can open swissquote crypto account, transfer crypto, swap crypto for eur and withdraw from swissquote to bank account? Can someone please confirm this?
To my knowledge you can't take crypto in or out from a swissquote crypto account. Call them to see if it has changed recently.

Hello,

the question might sound silly. But it is what it is : ). Basically imagine, you did everything according to the law. Made correct Tax Declaration, could cash out to some crypto friendly banks and could pay your taxes.
BUT now it doesn't make sense that the money is sitting on some small crypto banks. There is always a small chance of default.
How to invest it?

I mean in my case, IBKR asked a lot of question, case still pending, swissqoute pending as well, some of the big cantonal banks said that they won't accept money where the source is crypto. Other bank's just don't give answers and say just transfer the money and we will see what happens. As I undestand even a transfer from a "crypto" bank under my name to a "normal" bank like ubs would be under investigation.
So you made profit in cryptos and paid your taxes. Why do you want Switzerland only ? Isn't there a reliable bank in the country where you live ? Anyway if I were you I would extend my searches to Luxembourg. Also I would go there in person (in Switzerland also). Be prepared to provide all documents about origin of the funds you transfered to crypto exchange(s).

So you wouldn't refuse to join a club that accepts you ? Don't know anything specific about Lombard Odier but I wouldn't take it personal if they refuse me. I don't have 50 millions Euros to deposit in such a bank (an amount which would makes me an average client), and with less than 5 millions It's more difficult than a few years ago to open an account in this type of bank (except maybe if it's a managed account). Right know they are probably busy taking in the 50+ millions Euros clients from Credit Suisse...


To my knowledge you can't take crypto in or out from a swissquote crypto account. Call them to see if it has changed recently.


So you made profit in cryptos and paid your taxes. Why do you want Switzerland only ? Isn't there a reliable bank in the country where you live ? Anyway if I were you I would extend my searches to Luxembourg. Also I would go there in person (in Switzerland also). Be prepared to provide all documents about origin of the funds you transfered to crypto exchange(s).

I answer to myself about Swissquote Switzerland : it is indeed possible to withdraw some cryptos : BTC ETH and a few others, so I guess a deposit is also possible.
 
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denniz07

Active Member
wouldn't take it personal if they refuse me
No it’s not personal. Lol. They said it is difficult to onboard if the source of wealth is crypto. They tried. Depends on the case.
REALLY every “big” bank says the same. Some even want to charge you for an onboarding, since they will include 3rd parties.

So you made profit in cryptos and paid your taxes. Why do you want Switzerland only ? Isn't there a reliable bank in the country where you live ?
Kind off. In the process. Didn’t hide anything. Switzerland might be a mistake. Guess still better than Germany.. moved to Swiss and live there right now.

PS: Maybe will go even back to Germany. Haha. I know stupid. Europe is fucked. Perhaps private banks could help somehow.
 

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