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Withdrawing funds from Coinbase

  • 06-05-2018 6:05pm
    #1
    Closed Accounts Posts: 353 ✭✭ Creative83


    I bought my Bitcoin with my debit card last year.

    I just went to withdraw funds there into my bank account but I think I have to send the Coinbase bank account a deposit first before they will allow me to that.

    Can I just send them a euro or something tiny like that so I can withdraw my money?

    Cheers


Comments

  • Registered Users Posts: 541 OttoPilot
    Registered User


    Creative83 wrote: »
    I bought my Bitcoin with my debit card last year.

    I just went to withdraw funds there into my bank account but I think I have to send the Coinbase bank account a deposit first before they will allow me to that.

    Can I just send them a euro or something tiny like that so I can withdraw my money?

    Cheers

    Yes think that's what I had to do. Think you need to include a ref number if I remember correctly.


  • Closed Accounts Posts: 353 ✭✭ Creative83


    OttoPilot wrote: »
    Yes think that's what I had to do. Think you need to include a ref number if I remember correctly.

    Thanks very much :)


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash
    Registered User


    If you’re looking for a mortgage or loan then I’d suggest you lodge and withdraw on Revolut or some other mechanism. Banks are looking at crypto speculating in the same light as gambling. Don’t want to see it on the statements.


  • Registered Users Posts: 2,880 ✭✭✭ KilOit
    Registered User


    If you’re looking for a mortgage or loan then I’d suggest you lodge and withdraw on Revolut or some other mechanism. Banks are looking at crypto speculating in the same light as gambling. Don’t want to see it on the statements.

    Bull****, got a mortgage and it wasn't a issue, freely chatted about crypto to the mortgage advisor


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash
    Registered User


    KilOit wrote: »
    Bull****, got a mortgage and it wasn't a issue, freely chatted about crypto to the mortgage advisor

    Highly unusual. Which bank? I know for a fact that mortgage brokers are issued with instructions to look for these transactions. Same as transactions to Paddy Power Poker on a Friday night.


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  • Registered Users Posts: 3 LGH466
    Registered User


    If you’re looking for a mortgage or loan then I’d suggest you lodge and withdraw on Revolut or some other mechanism. Banks are looking at crypto speculating in the same light as gambling. Don’t want to see it on the statements.

    Okay I’ll bite...say you withdraw to revolut then transfer to your bank account. Your bank then asks where you received said funds from, you’d be in the exact same situation?

    Unless you mean to leave it in Revolut or similar, where it’s not covered by the deposit guarantee scheme, which seems an odd reccomendation from you..


  • Registered Users Posts: 2,880 ✭✭✭ KilOit
    Registered User


    Highly unusual. Which bank? I know for a fact that mortgage brokers are issued with instructions to look for these transactions. Same as transactions to Paddy Power Poker on a Friday night.

    Spoke with KBC and then went with AIB. She was impressed i was able to return my initial investment to the bank that quickly.

    I can understand if i was transferring lots of money regularly from the bank with nothing coming back.


  • Moderators, Music Moderators Posts: 19,597 Mod ✭✭✭✭ Mr.S
    Moderator


    If you’re looking for a mortgage or loan then I’d suggest you lodge and withdraw on Revolut or some other mechanism. Banks are looking at crypto speculating in the same light as gambling. Don’t want to see it on the statements.

    As with gambling services appearing on your statements, it only becomes an issue when you clearly are playing with money you don't have, or losing large amounts.

    If you are depositing large profits into your bank account, it will not go against you.

    When reviewing statements, you'll be able to clearly see the initial transfer to whatever exchange, and the resulting deposit of profits back to your account X months later.

    Tbh hiding things into side accounts will look fishier.


  • Registered Users Posts: 739 ✭✭✭ wannabecraig
    Registered User


    Yeah, I have poker payments, both in clubs and online on my account and nothing was mentioned
    when applying for a mortgage recently. Same with xfers to coinbase and another crypto exchange,
    nothing mentioned. A large amount xfered to a friend was questioned however.

    Scaremongering people not to invest in something they're interested at the same point they'
    re trying to make a very important purchase is a little out of line and shows an agenda.
    It's one thing to be a sceptic, but another to be knocking out lies where you can have a very limited experience
    in the area.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,761 CMod ✭✭✭✭ unkel
    King Elon I


    Mr.S wrote: »
    Tbh hiding things into side accounts will look fishier.

    Not really. A few grand here and there from your current account to say a Revolut card, without the money ever coming back to your current account, will not raise any flags as it would be a normal modern spending pattern (top up your account from which people buy stuff in foreign currencies and travel expenses)

    If you need serious credit any time soon (like a mortgage), I'd second the advice given by JohnnyFlash. And of course always pay for your Lidl and Aldi shops with your current account card (not cash) :p

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



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  • Registered Users Posts: 271 ✭✭ Earleybird
    Registered User


    KilOit wrote: »
    Spoke with KBC and then went with AIB. She was impressed i was able to return my initial investment to the bank that quickly.

    I can understand if i was transferring lots of money regularly from the bank with nothing coming back.

    Exactly the same experience myself. Not an issue with any of the banks as yet.


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash
    Registered User


    unkel wrote: »
    Not really. A few grand here and there from your current account to say a Revolut card, without the money ever coming back to your current account, will not raise any flags as it would be a normal modern spending pattern (top up your account from which people buy stuff in foreign currencies and travel expenses)

    If you need serious credit any time soon (like a mortgage), I'd second the advice given by JohnnyFlash. And of course always pay for your Lidl and Aldi shops with your current account card (not cash) :p

    This is very reasonable. Use a service like Revolut, and withdraw back onto it. I'm not sure what the story is with using your current account to send a bank transfer to Coinbase or Kracken, but using your credit card is a complete no-no if a bank is looking at your spending history. Some (maybe all) of the banks use software to do an analysis of your spending history to flag up outgoings that fall outside well-defined, and rather conservative, criteria. That applies to crypto, gambling, investing in places like Twino.eu etc. Even doing cash withdrawals in Cheltenham over the festival will be noted.

    Not trying to spread FUD here lads. Just take the same sort of measures when speculating on crypto as you would with protecting your coins etc. Paranoid seems to work best.


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