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USD withdrawal/deposit to Forex/Crypto exchanges via Cyprus bank

Discussion in 'Cyprus Company formation' started by DailyTrader, Dec 29, 2017.

  1. DailyTrader

    DailyTrader New Member

    Hi!
    First of all, thumbs up for fantastic forum!

    I did a lot of reading in past few days, but could not get straight answer for setup I am considering.
    I am trading on Forex and Crypto currency exchanges and need a way to transfer USD from one exchange and deposit to another.
    At the moment I can not withdraw USD from CEX exchange due to Qatar being listed as restricted country for USD withdrawals. my substantial funds are locked due to this ;(
    CEX manages payments through bank account in Cyprus, so I thought I could open on Cyprus as well to override the problem :)

    I am Serbia citizen and Qatari resident. I am investing privately from my savings. I am withdrawing 10k-30k USD every 3-5 days and depositing them back to another exchange the same day I receive the funds. Qatar has no taxation on income, so I do not need to look for tax-reduction solution. Since Serbia is not monitoring world-wide income (I have been out of country for more than 1 year now), privacy is also not that important to me at thsi moment.

    What is the best setup for this activity? I prefer to operate as private because all my accounts are registered as private accounts on my name. Withdrawals to accounts in different name are not possible on some exchanges. If this is not possible to work as private, I am thinking to open Belize based offshore company with Cyprus bank account. It would take a while to transfer my operation from private to corporate but I am ready to do that if that is the only option.

    Note: I contacted Bank of Cyprus and asked them if it is possible to open private non-resident account for above described activity but received a reply it is not possible.

    Thanks in advance!
     
  2. Emily Rimlins

    Emily Rimlins Member Entrepreneur

    Hello!

    Firstly, great post. I know there are many others in your situation. However, CEX has an account in BZWBK in Poland, not Cyprus because Cyprus Banks block all incoming/outgoing payments relating to Bitcoin or Crypto (standard backwards move for this Island). In regards to setting up a USD personal account, you can just contract MoneyNetInternational (IBAN EMI) who offer FREE USD/GBP/EUR IBAN's WITH a card to withdraw cash. Many are using this to overcome to USD withdrawal situation.

    Hope this helps!

    Em
     
  3. DailyTrader

    DailyTrader New Member

    Thanks a bunch Emily!
    I will check out your suggestion.

    I see now that CEX does bank transfers via Poland bank, but card payments go through Nicosia. I am unable to withdraw funds to my Visa and Master card issued by Qatari bank as well. It was working fine until 10-15 days ago, but then it stopped.
    I was looking actually to open bank account in EU and that got me going into Cyprus way as it seams as most logical choice :)

    Thanks again! Merry Christmas and a prosperous New Year!
    B
     
  4. Emily Rimlins

    Emily Rimlins Member Entrepreneur

    You're most welcome!

    If avoidable, just use EMIs to open personal accounts with cards attached.

    Have a wonderful Christmas!

    Em
     
  5. DailyTrader

    DailyTrader New Member

    Still the idea of using offshore company for trading on exchanges is buzzing in my head. Can I get more info while waiting for verification at MoneyNetInt? Would it be possible to create such setup? Will it work for swing trading between exchanges? This would imply large money transactions with small profit (2-5% depending on the price swing after paying transactions fees for moving the money around). What would be the fees and taxation involved if I do trading via offshore company?
    Corporate account on exchanges have higher monthly limits for withdrawals compared to private ones I have at the moment. This would increase my profits for sure.
    ***BTW, I wanted to open offshore company years back for other investment ideas that I have. It might push me in that direction as well :) ***
     
  6. DailyTrader

    DailyTrader New Member

    Swap!
    I just got email from MNI that my application for individual account is rejected :(
    No other explanation for reason why.

    Any other options?
     
  7. DailyTrader

    DailyTrader New Member

    I asked fro reason for rejection and just received following explanation from MNI:
    ******
    Dear customer,
    Please be informed that MoneyNet Individual Account allows deposits originating only from paychecks and/or your own private bank account.
    Transferring funds (bitcoin) will be done by EUR and not USD.
    In order to proceed with the account opening, please confirm and update us if the individual account is relevant.
    ******

    Can someone explain, how can I use this service for withdrawal of money from CEX? Any transfer (EUR) from CEX would not be paycheck nor come from my private bank account. How are other users by-passing this limitation?
     
  8. Emily Rimlins

    Emily Rimlins Member Entrepreneur

    CEX has an account with MNI. You can ask MNI if they will be able to do an internal transfer to you and ask CEX if they are OK with doing that.
     
  9. DailyTrader

    DailyTrader New Member

    Thanks for suggestion Emily.
    I will try but knowing CEX for the past month, it is a very long shot. They have not reply to single ticket in last month (not only mine - I guess everyones) and are going to some serious issues.
    So, if I got it right, I would need to ask CEX first to replace my old bank account data in records with my newly opened MNI account data. There are some hurdles here, but it is achievable.
    The problem with compliance statement above is that MNI would still not consider payments from CEX to my account as "paychecks or originating from my private bank account". It might easily bounce back or my account can be blocked. It is not just CEX that I want to receive payments from. I want to be able to withdraw money from any exchange. What is your opinion about that?
     
  10. diablo

    diablo Trusted Member Mentor Group Business Angel

    You want to make your business depending on a company that don't reply to support tickets :eek: good luck then.
     
    extremedox101 likes this.
  11. DailyTrader

    DailyTrader New Member

    I know cry&¤ Trying to get my money out somehow since both Qatar and Serbia are now on list of restricted countries for fiat withdrawals.
     
  12. diablo

    diablo Trusted Member Mentor Group Business Angel

    Feel sorry for you. May I understand it correct you trade normal FIAT currency and Crypto currency at one platform as it is now? as far as I see CEX does only support Bitcoin stupi#21 using services like kraken or other services like AdvCash or similar would let you transfer your BTC to these services and from there withdraw them to a supported bank account.. or what do I miss here ?
     
  13. DailyTrader

    DailyTrader New Member

    Actually, I trade Crypto on several exchanges, but in order to withdraw USD, I used only CEX since it was only exchange that accepted my Qatari Visa credit and debit card payment 2 months ago. I was investing crypto on different exchanges, but when pulling money out, I was using CEX. At the moment I am stuck with USD on CEX (luckily just a small portion of my funds) and with difference in my sell and current BTC price, I would loose all my gain and much more to buy BTC again in CEX and move it back to some other exchange. That is why I am trying to find out a way to withdraw USD from CEX to account originating in a country which is not in CEX restricted list.
    Haven't tried AdvCash. Didn't need it so far and it is not an option on CEX.
     
    diablo likes this.
  14. diablo

    diablo Trusted Member Mentor Group Business Angel

    okay, thank you for clarification.. not sure if this is of any help, but I posted a link here Lets say you want to cash out 120.000 Euro from your bitcoin! to a proeffional BTC Trading corp, I wonder if they are able to help you out. I know from the media they have specialized in this and the owner got rich very rich on BTC.
     
  15. DailyTrader

    DailyTrader New Member

    Another story (not related to CEX) is that in few months I will leave Qatar and go back to Serbia. MNI would come handy for withdrawal of earnings from crypto exchanges when that happens. That was also a reason I looked for a way to extract money to account that is not based in Qatar or Serbia.
     
  16. DailyTrader

    DailyTrader New Member

    I have seen this thread earlier while searching this forum but didn't go that path. I will investigate the options. Thanks for tip.
     
  17. DailyTrader

    DailyTrader New Member

    Update:
    1. Account with MNI is open and activated :) with following limitations:
    2. Greetings email from MNI state following: "Please note that you can only receive payments from you personal account, salaries and dividends. " I am still waiting for reply if withdrawal of my investment from exchange complies.
    3. In order to make a transfer to new MNI acc I need to enter reference number, but on CEX withdrawal page there is no option to add reference number.

    Any CEX user here that has managed too withraw fiat using MNI?

    Best regards,
    d(-_-)b
     
  18. Ultra

    Ultra New Member

    Hi Daily Trader,

    I have the same issue in Qatar with CEX. Have you found a solution?

    Regards,
     
  19. extremedox101

    extremedox101 Trusted Member Business Angel

    okay never mind
     
  20. diablo

    diablo Trusted Member Mentor Group Business Angel

    you figured it out or just gave up?