/biz/ - Business & Finance

Bump. Let me know cause I'll be needing to cash out like 56 million after RSR hits 56.00

actually I have the same question. Do you just cash out a million on coinbase and send it to a neet bank account with $1000 on it? lol

>>25197457
Kek’d at the thought of Coinbase wiring 250M to your Chase student account

what do you even tell them well some faggot on 4chan told me to buy like 1000 of these shitcoins and well I sold them for 2million $
give me my fucking money banks

>>25197457
>>25197499
>>25197553
I would also like to know. What is the procedure when you're depositing $100k+?

>>25197457
the banks will take literally any amount of money you pour into it it's a BANK bruh

worst case scenario they just... do nothing

best case scenario you get a black card

>>25197617
they'll hold your funds while they verify with coinbase and whoever but in like two business weeks you can suitably... pay taxes?

I'd guess it be 4 banks ?
Chase
BOA
TD bank
Citibank
250K each ??
Nyc fag here brooklyn

>>25197636
Do you need to call them up ahead of time 250K and up or just plop like 40 million $ like nothing and hope for the best would a better bank be robinhood exchange bank ?

I suppose no one can answer these questions cause no one on /biz/ has ever made any real money. Ha ha ha

>>25197457
booba

Withdraw to paypal, then paypal to bank. Bank shouldn't know it's from crypto or they might try some fuckery.

move it all into xmr and then meet up with a CIA agent who will hand you the dollar bills in exchange for your seed phrase

Kek, im amazed no one here knows ways
Stay poor biz, its for the best
I aint spilling the beans
Someone will though

>>25197457
Start with smaller amounts....10k
Then maybe 20k next week and so on.
Calling them up and letting them know where the funds are coming from helps too.
Think about using a local credit union too. Big banks will always fuck you more with extra policies, more “processing” time and red tape.

OP are is this dumb

you can do it with an OTC trading desk. I'm sure coinbase pro has that, but not normie coinbase

Withdrawal into 20 separate bank accounts, convert to gold, trade the gold for heroin, sell the heroin to dealers

Also don’t forget FDIC insurance coverage is only like 250k per account or something like that. So it pays to have a few different accounts or other investments to put it in.

Withdraw incrementally from several exchanges.
Once money is in your account, it's yours.
No bank is going to fucking care that you suddenly have more money for them to invest.
The tax man will though.

I've read enough horror stories of people trying to withdraw their full earnings in one hit and having their exchange account frozen. No idea if this is just fud, but fuck taking that risk.

>>25197771
You should call before depositing sums that are highly unusual to you deposit activity. If you are normally carrying a balance or transferring 200K you wouldn’t need to call. If you have 500$ in your checking account and send in 1M they are immediately going to freeze your account and do a full scale investigation.

>>25198084
It's good to have a couple accounts just for safety anyway. I get paid into 1, move it to another and keep a third for emergency money.
The two that consistently move money give me interest once I trigger requirements that are triggered just by moving the money.
Make sure you're not paying fees on anything. If you are, find a new bank.

>>25197457
Why cash out though, and go through all of that trouble?
This is something I thought of as a way to avoid all obstacles.
People in my family have some wealthy connections and if I ever wanted to buy something big I thought I would just contact those wealthy people who I can trust and send them USDC and have them get me whatever I want, for example, a car.
Just send them the fake internet money and have them buy the car, which then can be legally sold to me for one dollar.

they don't use mainstream banks. They use small(customer count wise) jewish owned banks

>>25198157
Shit I guess we should all just use our wealthy connections, haha, right guys?

couldn't you use it as loan collateral at that point?

I use chase. Cashed out some link earlier and bought a house, ~$300k. Coinbase to chase deposits. Never called them. My limit was $50k a week from Coinbase. No problems or hiccups at all. Branch manager congratulated me when I went to get the cashiers check for the house. I’ll pay my taxes next year.

>>25198209
You did 300k in one hit from Coinbase? Or 50k per week til 300k?

>>25198202
Thats what a YouTube guy was saying when bitcoin is in the millions you just take a loan out on the coins and have some joint custody wallet you deposit too and if you break terms the banks unlocks your BTC

seeing as how I have probably made the largest transaction in this thread I can answer....
I crashed my car and had to pay my dad a balance of 4600 which I transferred account to account with BoFa... so it's doable

You can only do 25k per day

>>25198247
50k a week while I was looking for a house.

>>25198307
Ah makes sense, nice man. Congratulations.

You can wire millions of dollars to and from bank accounts. You just need to fill out some stuff first.

>>25197771
the deposit that Coinbase will use is supported for that level of transaction, Chase will be OK with it if you just say "hey i made a killing on my investments, i'll pay my taxes". phone call might result more answers i suppose

>>25198209
I have Chase too, so that's good to hear if I ever make a killing

>>25197499
Yes

>>25197921
Scaring me, anon

you retards. no bank gives a shit unless your balance is in the millions. and even then they probs dont care. maybe they call you and try to shill your their investments or whatever

>>25197457
transfer to stablecoin of choice. put on hardware wallets. wait for inevitable assassination smart contracts. kill everyone. start new civilization. profit.

>>25199281
but OP IS talking about a situation where your balance is in millions you nigger retard

>>25199350
forgot to add: put stablecoin in defi for interest.

>>25197457
>do you go into their bank branch dressed up in a suit and say I have to deposit 250 million USD in like 20 minutes
I tried to do this right before I cashed out 70k to pay my 2019 taxes. Marched up to the counter and asked if there was anyone I could talk to or any papers I could fill out to make sure my large deposit wouldn't get flagged or freeze my account. The teller looked at me like I'd grown a dick on my forehead and told me no, I should just transfer my money in like a normal person and it would be fine. Then I did, and it was fine.

Have cashed out over 300k from coinbase since then and never had an issue. Turns out you really can cash out, and banks don't give half a shit so long as the money comes from a reputable exchange.

>>25199550
Did you pay taxes on any of it?

>>25198049
>>25198086
>>25198209
I heard you can get in trouble for incremental withdrawals like that because they look like money laundering, is that not true?

>>25199597
>Did you pay taxes on any of it?
That was in 2020, so I'll pay taxes on my 2020 realized gains in 2021. Most of my owed 2020 taxes are on crypto to crypto exchanges, not cashouts. My anticipated tax liability for 2020 is about $180k.

>>25199674
also meant for >>25199681

>>25199707
I believe the flagging limit is 10k daily so if you're constantly depositing $9900 it will look extremely sus. I would recommend not paying any attention to flags or trying to avoid them and just make transfers at the amounts you need and at the levels your exchange allows you to. Every other strategy just gives you a worse chance of getting your account frozen.

>>25199813
Let's say I'm trying to withdraw $1,000,000. Would I just withdraw in weekly increments of whatever is the maximum amount that Coinbase will let me withdraw or what? Even doing it the brainlet way of $10,000 a day would still require over three months to withdraw everything

>>25197771
Anything above $200k bumps you up to their preferred echelon reps who will gladly suck your dick and make the transaction smooth as possible, then they’ll flirt with you into investing with them.

You fucking just tell the manager you're getting a large amount in from trading. It's not complicated

>>25197457
>cash out
Whats that?

>>25197457
>Trading crypto for a shitcoin like USD
ngmi

>>25197659
22 yo college nigga in brooklyn too, id like to know as well

>>25199368
none of you poorfags have millions in crypto. post portfolio

>>25198049
>>25199674
Do ******NOT****** do this. It's called structuring and is a federal felony. It will wind you up in pound me in the ass prison even if there is no ill intent.

To answer the OP, just transfer it. Any bank will deposit any amount of money you wire in, it's all just fake 1s and 0s anyway. They'll add a database record to your account and you're done.

>>25197457
In all seriousness it probably pays to document what you have.
So you can show it's from investing and not money laundering.

I know someone who had just like $25k put in his bank from selling a car to someone overseas and the bank shut him down cold, he had to explain it etc

>>25200389
Imagine making a million percent then trying to dodge tax on that and losing it all haha

>>25197457
Unironically yes. If you can prove it's yours and you obtained it legally, you'll be fine. You might get audited but you could hire a CPA, lawyers, etc.

Just get ready to pay 39.6% in short term capital gains tax AT THE BARE MINIMUM. If you've held for more than a year, then it'll be 20% minimum.

>>25200442
isn't that if you made under 40K in cap gains that year the cap gains tax is 0% ? even if you cashed out same year

>>25199550
>>25197457
Once had to deposit a very large check into my Chase account to help out a friend with transfering some money. They froze my account, suspecting "fraud". Absolute BS. I'd take the extra step of going in and speaking with someone, just in case

>>25197457
Don't cash out. Don't give the banks the satisfaction, and definitely do not give Coinbase money.

DMG, anon. DMM for stablecoins.

>>25197457
Cash out???

>>25197457
somebody tell him..

>>25197553
idk about op, but yeah, a few thousand should be fine. i've done it multiple times with no issue. if you're really nervous call your bank ahead of time and tell them you're gonna make a large deposit and to expect it

this advice is for money on the level you mentioned. idk about 5+ figure withdrawals.

>>25199550
>The teller looked at me like I'd grown a dick on my forehead
lmao

>>25200389
theoretically though how would you get around this if you made significantly more gains than withdrawal limits allow for? i.e. if you made 500k but you can only withdraw 50k/week from your exchange for whatever reason

>>25200389
>>25200950
i googled this more and according to reddit (hurr) and a few other sources it seems the issue with structuring is avoiding 10k+ transactions (like withdrawing a bunch of smaller amounts that sum to greater than 10k), not having a withdrawal on some consistent interval. it's related to required reporting banks do on any deposit greater than 10k to catch launderers. apparently if you just deposit like normal (i guess deposit in amounts larger than 10k if you're nervous) and you should be fine (as long as your gains are legit and taxes paid for of course)

obv i'm not a lawyer

Don't listen to this asshole.
>>25197984

>>25197553
idk about op, but yeah, a few thousand should be fine. i've done it multiple times with no issue. if you're really nervous call your bank ahead of time and tell them you're gonna make a large deposit and to expect it

this advice is for money on the level you mentioned. idk about 5+ figure withdrawals.

>>25200389
according to reddit (hurr) and a few other sources it seems the issue with structuring is avoiding 10k+ transactions (like withdrawing a bunch of smaller amounts that sum to greater than 10k), not having a withdrawal on some consistent interval. it's related to required reporting banks do on any deposit greater than 10k to catch launderers. apparently if you just deposit like normal (i guess deposit in amounts larger than 10k if you're nervous) and you should be fine (as long as your gains are legit and taxes paid for of course)

i'm not a lawyer or whatever the fuck, take this advice with a grain of salt

>>25197457
>>25197553
if you're a regular normie you need to contact the bank beforehand, answer all kind of questions, provide evidence of how you obtained the money with addresses, CEX accounts, etc...

Even the exchange itself my freeze your account for due diligence so in many cases you'll need to whitelist from both entities

Once you're a top dog or an institution the steps are straight-through and you get all kinds of exclusiveness

>t. ex banker faggot who quit to trade crypto

>>25197457
Why do you need to cash out all at once?
>buy gold with btc

>>25197457
a few million into a bank account is no big deal at all, usually you have a relationship with them at that point anyway, and get the offer to split it up between accounts at branches so its all/more FDIC insured

>>25201222
This is absolute bullshit. I moved $75k from Gemini to my USAA account without any issues 3 years ago. The only extra work I did was answer a few questions on Gemini beforehand to increase my withdrawal limit.

>>25197457
Cashed out like $2.5M in 2018 from Kraken to a European Bank.

At first they were very uninterested. I was calling the bank up a week before because I was scared they would flag or block my account or do weird stuff and they were like
"Sure, whatever kid. Why are you even calling us? When the money is send the money will be there."
They literally never gave a fuck.

Only when 1 year later I took out large amounts of cash, their compliance department wrote me a letter asking what I was doing with all that cash lol.

>>25201416
I have been in this game since 2014 and made it 2017 mostly in the Altcoin hustle (XMR, Maid, Strat,Doge, ETH, XLM, GNT,Iexec) . Currently I only hold BTC and XMR.

>>25201416
>when 1 year later I took out large amounts of cash, their compliance department wrote me a letter
Also, once when I went to get 25k in cash they had internal problems so they wired me 10€ to have coffee somewhere and come back in 1 hour.

>>25197984
PayPal is the worst thing for this since they can lock your account for any reason whatsover

>>25199550
This. Banks WANT THE MONEY. It's not their fault the stupid fucking burger government requires them by law to report every single little thing to the IRS. In the end as long as you're not obviously breaking some kind of law they don't care where the money comes from. If it's over 10k yes they report it, they have to.

>>25197457
You need to hire a tax attorney if you plan to cash this much out. Also I'd recommend trying to find an OTC desk and calling your bank to let them know about the deposit

>>25197457
Nice LARP. You won’t have any problems wiring your $5k anon. Don’t worry about it.

>>25201628
I am in the process of cashing out a portion of my holdings 1.25m. called a tax attorney. I am now working with a Maltese bank to transfer funds. I pay zero tax on crypto for being a Maltese citizen now.

>>25202094
Based Malta

>>25202094
do you become a citizen just by having a decent deposit to bank?

>>25200389
What do you mean structuring exactly? My Coinbase Pro allows for 50K USD daily withdraws. If I have 1 Million to withdraw I'm basically forced to do 50K daily over the course of almost 3 weeks.

>>25202094
I assume you're a dual citizen? what's the other nationality?

>>25202167
That would be sweet, first thing in the morning withdrawing 50k then getting on with your day

>>25202167
That's not structuring. structuring is specifically attempting to avoid regulations around large withdrawls https://en.wikipedia.org/wiki/Structuring

>>25197457
>cashing out in currency that devalues at 25% a year.
Just get a non-custodial Crypto Visa and use it to buy shit.
Have been doing it since 2016
t. 33 BTC 400 ETH holder

>>25202094
Is that only for foreigners the no tax policy?
T. Born in Malta

>>25199813
the trick is to befriend a teller at a local credit union and make sub 9k deposits on a weekly basis. once theres enough u get an equity or bank line of credit in the exorbitantly high range, then make fatty deposits. all the while chatting it up w your pal, asking about their kids, spouse, etc.

my kikebase daily limit is 50k and asked them several times to increase, but every time, they refuse. Don't know how can persuade them to do so. Any anon with higher limits to let me know the trick?

>>25197457
Any wire transfer over 10k will get flagged. IRS will be contacted. Make sure you pay your taxes

>>25197553
Back in 2017 I cashed out 100k to my poorfag bank account with $700 on it and BoA never said anything

>>25198089
This

>>25197576
lol ikr its bank one student checking

>>25202586
so what if it gets flagged will the transfer still go though ?
I intend to pay my fucking taxes though anyways

>>25198071
boom 10xx

>>25197457
stop using a fucking american bank
if you want to hold fiat, do it with USDC on a self custody wallet

>>25198272
Transfering $4600 and transferring +$1 million are totally different idiot

>>25197457
>cash out
Who's gonna tell this new fren of ours

>>25197601
I would like to know as well. How do I dress to cash out $10,000? Whomst do I call?

>>25202937
nigger read the fucking thread

>>25202937
based onions poster

>yeah well you see I was browsing this japanese anime forum full of racists and this guy named assblaster told me to invest in magic oracle tokens and I've been stinky ever since
>>25197586

>>25202937
fucking unironic onions id

>>25203246
onions onions

>>25203265
what is this onions magic

>>25203280
you just outed yourself as a newfag

It's called a wire transfer. It's how most property deals are done. You wan't to have more than one bank. a big 3 for all of your bullshit and a small one for big buys. And the first thing you should do is buy decent land. Because the upkeep is a big write off, and you don't want that much cash in a hyper-inflationary environment.

>>25201416
>>25201489
Germany?

>>25203280
>>25203331
so𝅶y

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>>25202339
Where can you get that as a burger?

>>25200484
Something like that. But it's taxed as your normal salary would be instead I think.

>>25203450
Wrong thread faggot

>>25201416
Same here, Eropean banks never give a fuck until you actually start withdrawing big money.

I have some experience with Jap banks and they do appreciate if you tell them beforehand about big deposits / withdrawals, and they will start annoying you to invest in some of their bullshit

>>25203518
I use this https://plutus.it/
But there are plenty of alternatives. You can also use custodial services and deposit a small amount there but remember they can exit/shutdown anytime. So non-custodial ones are safer.
Also for smaller purchases I just use Bitrefill desu, it has giftcards/balance topups for every single online platform imaginable.

>>25201405
75k ain't shit though

>>25203946
"Are you sure you don't want a term deposit? We're paying 0.2% interest pa"

>>25197457
>do you go into their bank branch dressed up in a suit
well for starters i wouldn't do this but dress why worse then average even hobo tier and walk in and ask how do i deposit a few mill in my account
nothing pisses boomer lifetime wagies of more then seeing young people make it who do not conform to their standard of social interaction

remember we are on this mongolian horse etching forum we are all anti social outcasted neets, life like it

>>25203964
good post senpai

>>25198086
as if KYC and Money Laundering isn't a thing.
Banks can get jailed if they cooperate with money-laundering. So it's in their interest to.. investigate?

>>25204542
should make an appointment for anytime after 3pm because you sleep in a lot, rek the wagie

What happens if everyone decides to cash out at BTC 1MM?

>>25204627
crash

>>25197457
If you're really talking 6 or more figures, you call an OTC desk. Kraken advertises theirs pretty heavily on Reddit. They will handle all verifications ahead of time so you aren't suddenly surprised with "we're going to fuck you over and hold your cash until you 100% prove it wasn't from drug dealing!" bullshit like Blockfi does.

You're stuck paying taxes on the cashout, but that beats being assraped by niggers I guess.

>>25202469
>make sub 9k deposits on a weekly basis.
This is an absolutely GREAT way to get raped by the feds for "structuring transactions". I'm not joking, DO NOT DO THIS. They look for people making repeated deposits just under the limit and then do asset forfeiture against them because "you must be a drug dealer!"

https://www.browntax.com/success-stories/businessman-acquitted-of-structuring-and-money-laundering-prevails-on-17000000-asset-forfeiture-count/

This shit happens regularly to small business owners who have a bar, convenience store, or whatever.

>>25202770
he could have meant 4600 bitcoin
maybe it was a nice car like a lincoln towncar or something

>>25201257
yeah I don't understand not selling in chunks
and also there are a couple legit bullion dealers that take btc. If you're cashing out, think about bypassing fiat for at least a portion of it.

>>25203448
writing so𝅶y is the new triforce

>>25197499
RSR?

Yikes

>>25198209
Did you swap for USDC first?

I tried to take 10k cash out and the lady was mean to me

>>25205797
Nah it's easier but a lot of retards can't even do it

>>25206050
>it's easier
well of course
everything has to be dumbed down these days because globally human intelligence is on a sharp downtrend
newfags can't write "so𝅶y"

> bought some bitcoin in early 2010s
> bought "anonymously", with no paperwork (other than recovery from a hacked online wallet site)
> worth about mid 6 figs
> in the usa and would like to cash out
what hoops do i need to jump through to make this work without getting f*cked by KYC? i am not looking to avoid taxes

Anyone in the UK cashed out a large amount? Especially to HSBC.
I don't plan on being in crypto forever, if I make a couple mill I'm cashing out.

>>25202937
This. I too am wondering how to cash out $1,000?

>>25197457
>how do you even cash out such an amount on coinbase

You can only do it in small amounts. If you try to withdraw huge amounts they would ban your account or delay the withdrawal indefinitely. You have to call a lawyer to threaten them.

ok, but what happens when youre using one of those smart banking apps (revolut/monzo/etc.)???

The only info they have on me is an expired id that i used to sign up

>>25202430
I am also maltese but do not live there, how can i get tax-free crypto?

>>25206263
convert to tether/USDC on a DEX then to cold storage and cash out your tether/USDC on fiat ramps in small amounts as you need it
keep bulk of your gains in a separate wallet, run whatever you send through a mixer then to your KYC fiat exchange

>>25197457
>how do you even cash out
Top kek.
He thought he could ever exit this scam.

> holding for over 1 year
> putting gains in stablecoins (usdc, dai)
> lending it on aave, compound, dydx, etc.
> sending those earnings to crypto.com card or coinbase card in small batches whenever i need some.
> buying up shit cheap for the next bullrun (2022-2024)

> not going to buy a house, not going to buy a lambo

>>25198157
Shut up faggot

>>25206764
why use a mixer before?

>>25206326
its your money man
just do what you want with it

>>25203280
go back to plebbit faggot

>>25206326
>HSBC
They're too busy unironically laundering drug money to care about your crypto gains

>>25207859
They cared when I went to spend £11k on something, had to jump through various hoops to spend it. Was just wondering if it's the same when money is going in.

>>25197457
>people asking how to cash out millions
Biggest sell signal of all.

>>25197457
Hire an accountant and a lawyer.

>>25207913
Yeah it's exactly the same. I once tried to cash out £30k for chinese new year present and they froze my account. No communication channels are available to you either due to AML regulations. Almost got foreclosed on my property.

>>25207913
>no withdraw
>only deposit
Probably basic know your customer guidelines, were you withdrawing to cash? To be fair, you need to provide a source of income for pretty much anything.

>>25197457
when bizdiots are cashing out a million dollars you know the dollar is about to become worthless.

>>25197499

Please let me know as well, i'll be needing to cash out 159 million after QNT hits $90

0xMR

>>25202937
Do you really think the people working there will give a fuck whether you're wearing a dress shirt or a plain black sweater and some jeans?
Just don't look like a fucking slob

>>25208246
nope. 0xmonero is still vaporware bullshit
just like the last hundred times you spammed it
shut up
https://www.reddit.com/r/CryptoMoonShots/comments/i27fhk/0xmonero_summary_of_findings/
>>/biz/thread/S24750658#p24755504

>>25202339
>cashing out in currency that devalues at 25% a year.
>he says while buttcoin does that in a single hour

What about in other countries like the UK?

>>25202339
>filing taxes on every single purchase

>>25207913
>>25207859
Tbf HSBC have only ever been good to me and stop me spending cash on dodgy chink websites and call me immediately to confirm its me and when I say its me allow me to immediately purchase things on dodgy chink sites

the impression i get in this thread is that you can barely cash out 5 figures without feds ruining your life. what the fuck is the point of even trying to make money from crypto then?

Great thread. Fuck the government, no wonder life sucks. I'm just going to spend all my bitcoin on gold and silver bullion.
If I walk in to a bank and ask for cash in exchange for gold bars will they question me?

>>25209232
As long as you're filing your taxes there's no problem provided you can answer some questions. As for actual cash, there's literally no legitimate reason to take out more than 10k.
>>25209437
Yes.

>>25209537
Ok. So I should buy gold and silver bullion, wait for the USD collapse and then murder every public sector employee I can find.

>>25198089
>1M they are immediately going to freeze your account and do a full scale investigation
Full scale including law enforcement. Dont be this much of a pleb.

>>25201222
bollocks nobody gives a fuck before you deposit. they will call you if they need anything from you.

>>25203428
>buy land meme
lmao

like sure, buy a rental property or something if you want something to be stressed out about all the time, but the majority of your money ideally would go into muni bonds/mutual funds/index funds.

At an average of 8% returns annually, that's about $6,670 a month of passive income generated to live on. If you can live on less than that, you can essentially have enough money to live forever and be consistently building wealth.

then after that, you could even consider getting a job you NEET and work on building your great-grandchild's wealth

>>25197457
>he didn’t buy gbtc or any grayscale etf

>>25209930
what difference does that make?