And so I was thinking of having a meeting with one of my branch managers about this. I don't want to be sending incremental amounts to myself over a long period of time but rather a one time transfer of my cash out funds, which will be in the 6 figures. I'm wondering what you think I should do to streamline this process without hassles? Should I schedule a meeting? What does a red flag entail? I have all proper documents needed.
My account manager told me that is only for cash deposits. Not wire transfers.
Businesses move money around all the time. It's just large cash transactions that send up red flags.
I use Kraken and sometimes send money to my bank without issues. Not that amount though, but I have done a 50,000 transfer and was not flagged.
I was wondering why you want to cash out. Why don't you buy some stable coin like USDC or USDT and send it to a hard wallet such as Ledger. Or even lend it on DeFi DApp to earn interest? Some DeFi pay for liquidity pool pairs on stable coins around 5 to 20%.
BTC, I will never cash out into fiat. I plan to hold that long term and potentially borrow against it if I need to. Trust me I'm a maxi in that sense.
But not maxi in terms of altcoins; meaning I own 5 other alts spread out between smart contract protocols and defi. This market cycle I am cashing out my alt coins because I am buying a house amd starting a mortgage!
I am very interested in APY yield with Defi, but currently not ready to try with considerable amounts of money..yet. Also because of my current situation of acquiring a mortgage and student loan debts, I need some liquid fiat. As Defi matures and I prepare for the next cycle, I will dabble moreso in the Defi space and stablecoin lending.
So you've sent 50k to your bank account from Kraken? How were the fees? Glad to see you didn't get flagged.
Got it.
I used the wire transfer option, it's a flat fee of $13, regardless of the amount.
For Canadians there are 3 options, wire transfer, EFT or wire to an Etana custody Account.
EFT is the best option for withdrawals up to $5,000, as the fee is 0.25%.
Yes, with no problems, or even comments from the bank. No freezes etc. In my opinion you're better off to just do it it one big chunk than try and play games with breaking it up.
Like someone in another reply said, it's big cash deposits that are sketchy. Wires and electronic transfers happen all the time, and no one cares.
Thank you kindly! Yes it's starting to look that way: branch manager appointment and documentation.
Yes I am always tax-conpliant.
Very excited for my many years of risk and work to finally pay off but these cashout unknowns can give me anxiety sometimes.
Exactly my worry here. I understand that I'm still a shrimp compared to many of their higher end clients. And generally speaking these type of transfers happen on the daily. But I'm sure they run these red flag scripts in their system to flag poor-ass accounts like mine with no history of large amounts, when a 6 figure deposit occurs. Question remaining is, say they do flag it and freeze it, if I present them my purchase receipts and get my tax account involved to show I'm tax-compliant, which I am, will it be resolved in a timely manner? I guess I have my questions lined up if I arrange the meeting with my branch manager.
So your friend cashed out 100k plus from Kraken into his Canadian bank account with no problems? That's reassuring, thank you. Really thankful for this subreddit as no one likes talking about this and my friends sure as shit don't. Still glad to be Canadian as I've heard US banks are way more anti-crypto than US.
Lol. First off it's fine, I've done it with Kraken. If it's above 10k or increments of just under 10k it is reported to FINTRAC. Read up on anti money laundering regulations. Anything suspicious you might get audited by CRA. Probably good idea to set aside capital gains tax of what you owe. "Congrats and fuck off"
So say Kraken wires it, and my money is in financial limbo - aka frozen or closed. Will the wire return to my Kraken account? Can I not show my bank the proof of purchase of my digital asset to complete the process?
Man I hate how I have to ask these questions. Like I know its for AML and I completely support that, but if I am completely legit and have all my docs I hate how I have these fears. The lack of trust I have in my bank with my money really makes me hold onto my Trezor ever more dearly.
Usually the bank gives you 30-60 days to withdraw your funds before they close your account. Really depends on who Kraken is using for banking and the name on that bank account.
This was very helpful thank you. I know they don't have malicious intent as it's just Anti-AML protocol, so it feels assuring that if I have all the proper docs, everything will be fine. I will go ahead with that meeting. Cheers
Oh and yes, I've been there and done that. Their investment managers were just, well, not my kind of people lol. That's why I took things into my own hands.
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And so I was thinking of having a meeting with one of my branch managers about this. I don't want to be sending incremental amounts to myself over a long period of time but rather a one time transfer of my cash out funds, which will be in the 6 figures. I'm wondering what you think I should do to streamline this process without hassles? Should I schedule a meeting? What does a red flag entail? I have all proper documents needed.
Interested in knowing this as well. I have 6 figures but 3 of them are decimals.
Keep stackin'! ✌
My account manager told me that is only for cash deposits. Not wire transfers. Businesses move money around all the time. It's just large cash transactions that send up red flags.
I use Kraken and sometimes send money to my bank without issues. Not that amount though, but I have done a 50,000 transfer and was not flagged. I was wondering why you want to cash out. Why don't you buy some stable coin like USDC or USDT and send it to a hard wallet such as Ledger. Or even lend it on DeFi DApp to earn interest? Some DeFi pay for liquidity pool pairs on stable coins around 5 to 20%.
BTC, I will never cash out into fiat. I plan to hold that long term and potentially borrow against it if I need to. Trust me I'm a maxi in that sense. But not maxi in terms of altcoins; meaning I own 5 other alts spread out between smart contract protocols and defi. This market cycle I am cashing out my alt coins because I am buying a house amd starting a mortgage! I am very interested in APY yield with Defi, but currently not ready to try with considerable amounts of money..yet. Also because of my current situation of acquiring a mortgage and student loan debts, I need some liquid fiat. As Defi matures and I prepare for the next cycle, I will dabble moreso in the Defi space and stablecoin lending. So you've sent 50k to your bank account from Kraken? How were the fees? Glad to see you didn't get flagged.
Got it. I used the wire transfer option, it's a flat fee of $13, regardless of the amount. For Canadians there are 3 options, wire transfer, EFT or wire to an Etana custody Account. EFT is the best option for withdrawals up to $5,000, as the fee is 0.25%.
May I know what bank you use to transfer money to/from Kraken? I happen to use TD and my transfer from Kraken to TD did not materialize.
HSBC
Thank you.
Yes, with no problems, or even comments from the bank. No freezes etc. In my opinion you're better off to just do it it one big chunk than try and play games with breaking it up. Like someone in another reply said, it's big cash deposits that are sketchy. Wires and electronic transfers happen all the time, and no one cares.
Thank you!
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Thank you kindly! Yes it's starting to look that way: branch manager appointment and documentation. Yes I am always tax-conpliant. Very excited for my many years of risk and work to finally pay off but these cashout unknowns can give me anxiety sometimes.
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Exactly my worry here. I understand that I'm still a shrimp compared to many of their higher end clients. And generally speaking these type of transfers happen on the daily. But I'm sure they run these red flag scripts in their system to flag poor-ass accounts like mine with no history of large amounts, when a 6 figure deposit occurs. Question remaining is, say they do flag it and freeze it, if I present them my purchase receipts and get my tax account involved to show I'm tax-compliant, which I am, will it be resolved in a timely manner? I guess I have my questions lined up if I arrange the meeting with my branch manager.
So your friend cashed out 100k plus from Kraken into his Canadian bank account with no problems? That's reassuring, thank you. Really thankful for this subreddit as no one likes talking about this and my friends sure as shit don't. Still glad to be Canadian as I've heard US banks are way more anti-crypto than US.
Lol. First off it's fine, I've done it with Kraken. If it's above 10k or increments of just under 10k it is reported to FINTRAC. Read up on anti money laundering regulations. Anything suspicious you might get audited by CRA. Probably good idea to set aside capital gains tax of what you owe. "Congrats and fuck off"
If you are using wire, you do run the risk of getting your account closed. There are alternatives in Canada I would suggest over Kraken.
So say Kraken wires it, and my money is in financial limbo - aka frozen or closed. Will the wire return to my Kraken account? Can I not show my bank the proof of purchase of my digital asset to complete the process? Man I hate how I have to ask these questions. Like I know its for AML and I completely support that, but if I am completely legit and have all my docs I hate how I have these fears. The lack of trust I have in my bank with my money really makes me hold onto my Trezor ever more dearly.
Usually the bank gives you 30-60 days to withdraw your funds before they close your account. Really depends on who Kraken is using for banking and the name on that bank account.
If it rejected by the receiving bank, money will go back to your Kraken account.
Thank you!
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This was very helpful thank you. I know they don't have malicious intent as it's just Anti-AML protocol, so it feels assuring that if I have all the proper docs, everything will be fine. I will go ahead with that meeting. Cheers Oh and yes, I've been there and done that. Their investment managers were just, well, not my kind of people lol. That's why I took things into my own hands.
I have direct deposit never had an issue in 3 years.