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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.