Have any fellow Leafs ever made large crypto withdrawals (6 figures and up)?
If so, did you run into any problems (like the bank not crediting your account immediately for some reason or some KYC/AML issue)?
Which bank did you use, and which crypto exchange?
Nope
but I'm a leaf too so I'm interested. bump.
Bump
I know that basically all leafs are poorfags, but surely at least one of you has experience with this.
Most I've ever withdrawn in one shot was around $12k, and I didn't have problems (bank account with BMO). But that won't cut it at the peak of the golden bullrun.
Fucking useless canadians, no wonder this country is total shit.
If you withdraw straight to your bank in a big transaction you are a fucking moron also KYS
I never withdrew more than $10k at a time.
Over $10k triggers an auto-report to CRA, just like in the US to the IRS. Even if you are paying taxes on it, it's something I'd rather not have to deal with.
Just space it out, user, or send me $9,999
I know it's hard to believe for some of you poorfags playing with lunch money, but some of us are going to become absolutely filthy rich during the next few years. Multiple $10k withdrawals will not cut it (moreover, this stupid trick does not work anyway, do you really think they don't see what you're doing just because you're withdrawing in increments of $9500?)
Are there any non-poorfag Leaf anons who can provide a serious response?
Expect your money to be held until all LCTR criteria has been met, and until you’ve provided a source of funds (SOF) which would most likely comprise of deposit/withdrawal details from the crypto exchange and possibly beyond. Your legal name would most likely be ran for a criminal/terrorist activity check and as long as you are not on any preexisting watch lists you may proceed. Depending on the year of course, as new measures are constantly being implemented.
Put ur prophets into gold... buy gold w BTC Canadian tire money is going to be Chinese toilet paper in 2021 at this rate pls burgers annex us leafs before Chinese come
Firstly, thank you user.
>Expect your money to be held until all LCTR criteria has been met
Ballpark estimate of how long that can take?
>and until you’ve provided a source of funds (SOF) which would most likely comprise of deposit/withdrawal details from the crypto exchange and possibly beyond
If the crypto purchases were made in 2013 on now defunct crypto exchanges, what then? I'm also assuming I would have a tax problem at that point (it goes without saying that I've never made a declaration of my crypto holdings).
Lastly, what happens if for whatever reason you're unable to fulfill all their verification criteria? They just hold it forever, in which case it is effectively lost?
Also with all this in mind, do you have a better suggestion on how to proceed as a cucknadian (would opening a bank account with a US bank help?)
>Lastly, what happens if for whatever reason you're unable to fulfill all their verification criteria? They just hold it forever, in which case it is effectively lost?
Goes directly to the next wave of third worlders fresh off the plane
Are you guys retarded? Why would you convert your crypto to fiat? Ever seen Neo/Morpheus meme?
Sometimes I wonder why we didn't invade these useless leafs and take their land ... the retarded smaller bro of the Americans
>Why would you convert your crypto to fiat?
I did about 30k
Canadian bitcoins -> RBC
They strongly advised me to wait two weeks because the 6 transactions appeared shady as fuck
Who's "they" in this context?
In any case, that further debunks the
The teller and branch manager. Canadian bitcoins is legit. Expensive but legit. I went in to withdraw the cash and they said it looked like I was being scammed. Like when a fake wire hits your account and the scammer asks you to withdraw the funds. Basically they said if the funds aren’t legit I’d be on the hook. I knew they were legit but just waited the two weeks so they would fuck off. In any case. Don’t know if it triggered any CRA red flags or anything.
Wait why isn’t it a viable option? Nothing on the transaction indicated it was crypto related. I forget what it was tagged but they thought it was an employer paycheque
>Nothing on the transaction indicated it was crypto related.
Oh good to know, I'm not familiar with Canadian Bitcoins.
>Wait why isn’t it a viable option?
Well, is this something you think would work if you wanted to withdraw a mid 6-figs amount? I imagine the issues raised by would become a problem.
My plan for next time is Gemini and wire transfer to RBC. If you plan on paying taxes you have nothing to worry about. Regulated exchange. Regulated bank. If you’re trying to avoid taxes I can’t really help
What is canadian bitcoins
oh its a website
I believe Canadian bitcoins will give you cash. If you’re doing $500k may be worth the drive out there. They will tear you a new asshole on the spread though. It’s like 6% each way.
Nah no avoidance, I just don't want to find myself in a position where I get jewed out of $250k or something because one of our banks arbitrarily decides that such a withdrawal is too large for their liking.
You are going to withdraw the funds? Like in cash?
Yeah just do like 9500 at a time, if you do it each day then it'll take a month to withdraw that much though.
I would like at some point in the future to transfer a large amount of fiat from a reputable exchange (eg: Kraken or Gemini) to a Canadian bank account. So far the one user from earlier has mentioned some of the potential issues with that, but unfortunately hasn't elaborated beyond that.
I may be in the same boat. When I tested kraken like a year ago with a small amount it took 5 business days. I'll see how this goes. Hopefully no bs
The CRA taxes gains in crypto currencies when you cash out, any amount. Go to their website and read about it, child.
International wires takes several business days. That’s life.
Hes not asking about taxes...obviously pay them. Christ
I'm fine with paying taxes on the amount I withdraw retard, that isn't the issue.
I don’t see an issue then. The funds are coming from a regulated exchange. Maybe start with $10,001 to trigger the flags and see what happens.
I've withdrawn a bit more than that before in one shot without any issues. However, there's a lot of daylight between $10k and eg: $250k, but if you're saying that the bank would treat both the same, great (with that said, I'd love a firsthand account of a leaf user who's actually done this, if there is one on this board).
I don’t see why they would see it differently. Regulations are why banks are dicks. With no regulations you basically have a Swiss bank and they don’t care about anything. That being said, I am not your user. You could maybe try a $50k shot and see what happens