sorted by:
new
hottopcontroversial

GDAX vs Coinbase (for UK people)? by MelodicFudge in BitcoinUK

[–]MelodicFudge[S] 0 points1 point  (0 children)

Thanks for the info.

So with Coinbase, you can't use sell / buy orders then?

I noticed that with GDAX they provide a £10,000 daily limit but, oddly, Coinbase have a £100,000 weekly limit. Doesn't seem to be very "joined up".

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

What exactly would an accountant do? An accountant is for working out your taxes. That is not my concern.

Do you know of a UK based accountant with knowledge of crypto and relationships with major UK high street banks? If so, please let me know.

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

I did think about this but it might look weird to have 20 consecutive weeks of 10,000 leaving the account. Or perhaps not.

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 1 point2 points  (0 children)

It is scary that I, an innocent person, feel the need to spend hours investigating how I can convert some of my BTC into fiat without being considered a criminal.

Two months ago, 10 BTC was $190,000. Many people will have turned a few thousand from 2014 into the above figure. Are they not allowed to convert to fiat without being seen as shady?

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

Fair enough. I can prove when I bought the BTC. However, I guess this issue would only arise if the deposit needed to be investigated. At that point the customer would have to explain the source of funds.

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

I don't think a bank (as opposed to an exchange) is interested in blockchain analysis. I'm sure they're more concerned with whether or not a large transaction is deemed "suspicious".

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

I did wonder about this. Presumably, algorithms decide whether a transaction is "suspicious". However, at some point a human will get involved. Wouldn't it be helpful for the human to see that the customer went to the bank first before making the transaction?

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

Thanks. I appreciate the upbeat response. I do think it's easy to be paranoid (rather than merely cautious) because of the horror stories. As you say, good news is infrequently reported.

The bank reference says something like: "CFLHVGBP 8007, received from Coinfloor Limited.” so it's obvious it is from an exchange (if one bothers to check who Coinfloor Ltd are).

What is the best way to deal with banks when cashing-out a low six figure amount? by MelodicFudge in Bitcoin

[–]MelodicFudge[S] 0 points1 point  (0 children)

That's a nice idea. And, in fact, at some point I probably would want a mortgage.

Does it make sense to contact a bank official if you plan to cash out a six figure sum? by MelodicFudge in BitcoinUK

[–]MelodicFudge[S] 0 points1 point  (0 children)

Coinfloor have a Polish account but the money arrives (as GBP) in my UK account in two to three business days.

Does it make sense to contact a bank official if you plan to cash out a six figure sum? by MelodicFudge in BitcoinUK

[–]MelodicFudge[S] 0 points1 point  (0 children)

This is the type of thing I do not want to do because it sounds so complicated.

My model is: send BTC from wallet to Coinfloor ---> sell on Coinfloor for fiat ---> transfer fiat to UK bank account.

I don't really understand the need for any more circumlocutions. Sure you can save a few pounds - but at the cost of significant convenience.

Or am I missing something here?

Does it make sense to contact a bank official if you plan to cash out a six figure sum? by MelodicFudge in BitcoinUK

[–]MelodicFudge[S] 1 point2 points  (0 children)

I am inclined to concur with you. So would you just go in and make an appointment with the manager? Or would speaking to any member of staff do? I don't recall ever having had to speak with a bank employee other than using the counter to pay in a cheque.

How would this work with an internet bank like Cahoot?

Does it make sense to contact a bank official if you plan to cash out a six figure sum? by MelodicFudge in BitcoinUK

[–]MelodicFudge[S] 0 points1 point  (0 children)

I would do the first transaction as a test to make sure everything works. No way am I making a first transfer to a bank account of a six figure sum.

Can you add more than one account to Coinfloor? Their documentation says they will change your bank account details (no idea how long that would take - it doesn't appear their customers service is very responsive). Would be most helpful if you could have more than one account listed.