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

Ticker

1 BTC = $19096.90 USD  (via Coinbase)
1 ETH = $1343.62 USD  (via Coinbase)
1 LTC = $55.11 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

At some point this year (when the BTC price has risen), I plan to convert BTC into fiat. I am in the UK. I intent to obtain the £ equivalent of about $200,000 of fiat.

My question is whether I should contact my bank to tell them that I plan to make a large deposit. Is it good policy to inform the bank in advance? If they asked for the source of funds, I would be honest and tell them it’s from buying and trading crypto-currency.

My concern is that the bank will think a large deposit is suspicious and freeze or close my account. Hence, informing them in advance might be helpful. (Or it might not – I don’t know how banks interpret this situation).

This is not a question about taxation: I will pay the Capital Gains Tax (CGT).

I know which UK exchange I will use. I’ve used them before. This part does not bother me.

I will cash-out a percentage of my BTC. I will keep more.

I’m just wondering whether anyone else did (or did not) contact their bank when cashing out a low-ish six figure sum. What happened (if anything)? Thanks.

submitted by /u/MelodicFudge
[link] [comments]

1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $19096.90 USD  (via Coinbase)
1 ETH = $1343.62 USD  (via Coinbase)
1 LTC = $55.11 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

Leave a Reply