swissquote for personal crypto cashout

[myself]

I'm thinking of cashing out some of my crypto from kraken/binance to a swissquote/UAE personal account (USD or EUR) then transfer out to a personal bank account in Dubai.

Is swissquote a good choice in this case? :
- There are no account fees for USD according to swissquote's website and incoming wires are also free. Transfer out fees are also very reasonable.
- Is there any trap I'm not aware of?
- Is there any retention period for fiat funds?
- Would swissquote flag me for using their account just for cashing out?

I'm aware that swissquote requests proof of funds for crypto customers. I have records of all my bank transfers to kraken and other exchange so I hope that will help.

Thanks for sharing your experience!

 

[sonato]

Why not cash out directly with kraken, they offer IBAN transfer of your FIAT money ?!

 

[myself]

Why not cash out directly with kraken, they offer IBAN transfer of your FIAT money ?!

I don't know if CBD will be happy seeing a 5 or 6 figure USD transfer in from kraken. I fear they will freeze my account.

 

[ImKing]

you could also try to contact them to see if they would dilike it!

 

[CryptoTrader87]

Been using swissquote to cash out at least a million. Withdrawing from various crypto exchanges. Anything above 100K will have them ask you questions, is what I heard. I did multiple 50k-60k transfers no problem. All good, never had a problem with them, ever. All in all, I think you're good to go.

Oh, and there are no retentions of funds.

 

[bonox]

I don't know if CBD will be happy seeing a 5 or 6 figure USD transfer in from kraken. I fear they will freeze my account.

use an EMI like Kingdom Bank who claim to be crypto friendly and transfer the money to your bank!

 

[010cents]

After a lot of research I decided to settle for Swissquote to cashout my crypto investments. This thread is for people who have used SQ for this purpose. How much do you suggest I withdraw 1st time? 10K? 50k? 100k?

I have SoF, the first ever transfer of around 50k-70k I made and I can get all the .csv files from exchanges. Is it a good idea to hit them up and send those first before the transfer is made? I'm about to sell some NFTs too so that's what's worrying me but the rest is okay.

Thank you.

Ran into 1st problem, their volume for crypto pairs is dead.

 

[uplana]

Will be following this thread, bookmarked.

 

[JackAlabama]

After a lot of research I decided to settle for Swissquote to cashout my crypto investments. This thread is for people who have used SQ for this purpose. How much do you suggest I withdraw 1st time? 10K? 50k? 100k?

I have SoF, the first ever transfer of around 50k-70k I made and I can get all the .csv files from exchanges. Is it a good idea to hit them up and send those first before the transfer is made? I'm about to sell some NFTs too so that's what's worrying me but the rest is okay.

Thank you.

Ran into 1st problem, their volume for crypto pairs is dead.

If you have very nice sof docs, why dont you go to coinbase or the likes?

 

[010cents]

If you have very nice sof docs, why dont you go to coinbase or the likes?

Banks here aren't accepting incoming transfers from exchanges.

 

[JackAlabama]

Banks here aren't accepting incoming transfers from exchanges.

Why not use an emi in between?

 

[010cents]

Why not use an emi in between?

As of right now none of the ones I've contacted support crypto transfers or my country. On top of that I can't have an EMI handle millions :/.

 

[JohnnyDoe]

As of right now none of the ones I've contacted support crypto transfers or my country. On top of that I can't have an EMI handle millions :/.

Local bank —-> XE.com ——-> EMI ———-> crypto
You don’t need to move all your funds at once

 

[010cents]

Local bank —-> XE.com ——-> EMI ———-> crypto
You don’t need to move all your funds at once

XE doesn't have destination country on their site. It has to be exchange > bank. I want a crypto to bank account route but I might have a solution, still waiting on confirmation. Will post once I get it.

 

[JackAlabama]

As of right now none of the ones I've contacted support crypto transfers or my country. On top of that I can't have an EMI handle millions :/.

My emi can handle my gazilions

 

[010cents]

My emi can handle my gazilions

I was using ePayments before they closed down and re-opened but which one are you using? Or is that a secret? Not sure how things work around here.

 

[JohnnyDoe]

XE doesn't have destination country on their site. It has to be exchange > bank. I want a crypto to bank account route but I might have a solution, still waiting on confirmation. Will post once I get it.

XE has all the countries

 

[JosephLL]

Local bank —-> XE.com ——-> EMI ———-> crypto
You don’t need to move all your funds at once

I think op is asking about the other way around (cashout direction, not buying crypto).

I'm closely following this thread. But, @010cents why are you trying to cashout 7 figures personally instead of making a legal entity(ies) structure? Especially since you obviously need ro withdraw such amounts in nonEEA jurisdiction? What's your plan for paying taxes?

 

[010cents]

I think op is asking about the other way around (cashout direction, not buying crypto).

I'm closely following this thread. But, @010cents why are you trying to cashout 7 figures personally instead of making a legal entity(ies) structure? Especially since you obviously need ro withdraw such amounts in nonEEA jurisdiction? What's your plan for paying taxes?

Hi there. There are no taxes in my country for crypto, if I was to be allowed by banks to make such transactions I would pay nothing in taxes. When I was allowed to make these transactions I had no problems at all, they did not ask where money is coming from as long as it was from another bank.

My plans have slightly changed and I will average 150k monthly. I don't think I need to create a whole new entity just for these, it would have to be in a country where crypto is non taxable and unfortunately I would have to deal with shady banks.

XE has all the countries

I don't see mine :/.

 

[JohnnyDoe]

I don't see mine :/.

Look better (“where do you want to send to?”)
Obviously you can do the other way around starting from crypto