Hello,
I am wondering if anyone has experience of withdrawing larger sums of cryptocurrencies into fiat into their Swiss bank account?
I am in the process of liquidating some of my holdings into fiat with the aim of withdrawing this into my UBS account.
Without wanting to talk specifics, the amounts are fairly large and will give a sizeable increase to my net wealth and will certainly be the largest deposits I have made into my account before.
I am wondering whether the bank will see this and flag things, and potentially what information I would be expected to provide as the source of this money? As I was involved fairly early on in a number of currencies both in terms of investing and mining, actual trade information and documentation is quite light / non-existent.
I am not trying to avoid tax or break any rules, I simply want to make sure I am prepared for any line of questions I might be asked. Additionally, can anyone recommend any banks that are used to dealing with these type of large deposits and have been better than others?
Thanks in advance and apologies if this is in the wrong section.
-jgh
Looks like there are few people around with the experience you ask for.
How did the conversion of cryptos go and depositing the funds onto your Swiss bank account?
Are you subject to regular taxation?
If yes, you certainly declared the cryptos on the assets sheet and can now profit from the tax free capital gains.
It's really straightforward. I sold a bunch of stuff coming up to Xmas via Kraken and sent the resultant cash to UBS in Zurich via a bunch of SWIFT transfers. UBS have never said a word to me about it.
Hmm.Be very careful about depositing large amounts with Swiss banks.
While in Switzerland for 10 years, I moved from Credit Suisse to Postfinance, after 2 years.
So I slowly transferred my money from Credit Suisse to Postfinance, while keeping the Credit Suisse account open.
Credit Suisse closed my accounts when I left Switzerland.
I recently received a letter from Postfinance wanting proof of income for the money I transferred to them from Credit Suisse(compliance).
The funds are all salary and legit,but to get this letter so many years later?
Now my postfinance card is blocked,so have no access to online banking.
Multiple smaller transfers amounting to a large sum look a lot more suspicious to banks than one large transfer, don't do it
So, send the proofs (Lohnausweis, payslips, tax declaration), what's the problem? Only if they still don't unblock you then brag about it to the press etc.
So, send the proofs (Lohnausweis, payslips, tax declaration), what's the problem? Only if they still don't unblock you then brag about it to the press etc.[/QUOTE]
Yes,but I don't have this stuff anymore.Will have to request it from my tax
consultants, and they will charge me. Its a pain collecting this stuff again.
Why is someone always harassing you about nonsense?Some stuff goes so far back,I cannot get documents any more.
Kraken have a single withdrawal limit of I think €25k, I didn't have a choice and as said UBS never asked about it. I guess they were happy enough to convert the € to CHF at their rate.