Withdrawing funds from Coinbase

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

OttoPilot

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.

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

JohnnyFlash

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.

KilOit

JohnnyFlash wrote: »

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

JohnnyFlash

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.

LGH466

JohnnyFlash wrote: »

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..

KilOit

JohnnyFlash wrote: »

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.

wannabecraig

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.

unkel

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)

Earleybird

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.

JohnnyFlash

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)

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.