Bank Accounts and Crypto Brokering..

nibble · 20-06-2018 09:14AM #1

I'm curious as to what has been peoples' experience with the banks here in relation to cryptocurrency brokering/trading or highish volume crypto related transactions. The Bricks and Mortar Irish banks I'd be referring to principally but any experience including any of the 'eBanks' across Europe would be helpful.

Now I already know that it's probably not going to be good experience for the most part, there doesn't seem to be a bank anywhere that wants to touch this stuff. Maybe the Swiss wouldn't mind if you had a few million to throw at it but for us less financially endowed it appears bleak. I do understand it I suppose with all the AML and KYC regulations that they're required to adhere to nowadays.

Anyway I've been doing a small bit of selling using coins bought at about market on major exchanges (So essentially this is brokering, I guess). The volume of cash through my personal account has increased considerably and I'm making regular transfers to exchanges. Anyone have experience with accounts being closed / warnings to cease being given etc? Or funds being withheld indefinitely! Just looking for some insight.

djan · 20-06-2018 12:25PM

No issues with BoI other than a few questions for clarity when it came to a mortgage application.

h0neybadger · 20-06-2018 03:22PM

AIB have given me zero issues. Never questioned why I was sending money to Estonia (Coinbase) or Kraken.

Same for receiving money. As long as your filling out your CGT there’s no issues.

kilburn · 20-06-2018 07:37PM

Visa Debits are blocked i believe so you have to send by SEPA transfer

nibble · 20-06-2018 10:51PM

That's a bit more positive than I was expecting. Thanks guys. I'd be buying with SEPA transfers always, although did have a Coinbase card buy go through okay as a stop-gap last week.

However I think I'm mainly concerned that anti money laundering issues would be flagged up and they wouldn't want the hassle.

I'm not really making money on market speculation you see, I buy and sell at a margin on Localbitcoins, it's comprised of a good few deposits and transfers coming from throughout the country. The volume through the accounts is thus quite large (relatively speaking) as the idea is to turnover what I have as quickly as possible and make my margin before any significant price fluctuations occur.

Anybody have experience with anything like that? I did come across a few posts and bits around the net saying AIB/BOI had closed accounts for this sort of thing but no mention of amounts involved.

sexmag · 21-06-2018 08:45PM

kilburn wrote: »

Visa Debits are blocked i believe so you have to send by SEPA transfer

Not for me,I think you are mixing it up with a credit card.

Credit is given to you by a bank.

Debit cards are money you already have, they have no right to tell how or where you can spend it

JR79 · 22-06-2018 10:00PM

Bought though coinbase last week with debit card, today it's not having it, not allowing credit card either, both with Ulster bank

kilburn · 23-06-2018 10:21AM

My debit card wouldnt work with coin base either

sexmag · 23-06-2018 07:40PM

My card with ptsb work fine,I think it's illegal for them to not allow you to use your debit card for how you like,if that's the case they should stop betting sites etc.

This is why the crypto shops I was talking about need to be inveted, walk in with cash and buy crypto

grindle · 23-06-2018 08:25PM

sexmag wrote: »

This is why the crypto shops I was talking about need to be inveted, walk in with cash and buy crypto

Shops cost a LOT to run, this is not the country for a crypto-only shop. Minus VAT the average profit margins for shops are around 40-50%, large MNC grocers/supermarkets ~ 15-25%, fashion retail ~80% (lots of returns here though, so that profit margin gets dented).

sexmag · 24-06-2018 12:39PM

grindle wrote: »

Shops cost a LOT to run, this is not the country for a crypto-only shop. Minus VAT the average profit margins for shops are around 40-50%, large MNC grocers/supermarkets ~ 15-25%, fashion retail ~80% (lots of returns here though, so that profit margin gets dented).

I don't disagree but certainly if someone had enough capital to start one they'd make a profit as it's niche that no one else is exploiting particularly with cards being declined now

rapul · 25-06-2018 11:58PM

Same problem now myself coinbase not allowing me to buy using my debit card ,first time in years ,anyone go into them yet? I'll go in this week and see what the problem is on Thursday I'd say

Pintman Paddy Losty · 26-06-2018 08:48AM

sexmag wrote: »

My card with ptsb work fine,I think it's illegal for them to not allow you to use your debit card for how you like,if that's the case they should stop betting sites etc.

This is why the crypto shops I was talking about need to be inveted, walk in with cash and buy crypto

Local bitcoin is essentially a bitcoin shop. You can arrange to buy bitcoin off a local seller for cash. Meet them in a car park with your baseball cap on. Then you're free to use your BTC to buy monero and go on the dark Web to buy totally 100% legitimate goods and services anonymously.

sexmag · 26-06-2018 08:55AM

Pintman Paddy Losty wrote: »

Local bitcoin is essentially a bitcoin shop. You can arrange to buy bitcoin off a local seller for cash. Meet them in a car park with your baseball cap on. Then you're free to use your BTC to buy monero and go on the dark Web to buy totally 100% legitimate goods and services anonymously.

Nah PPL i buy my monero with ETH on binance, anyone worth their socks knows that pairing is the cheapest with the most volume on a respectable exchange, then im off to buy kiddy porn and guns off war criminals through TOR because sure thats what crypto was invented for right?:rolleyes:

JohnnyFlash · 26-06-2018 08:57AM

sexmag wrote: »

Nah PPL i buy my monero with ETH on binance, anyone worth their socks knows that pairing is the cheapest with the most volume on a respectable exchange, then im off to buy kiddy porn and guns off war criminals through TOR because sure thats what crypto was invented for right?:rolleyes:

It’s the only real world usecase apart from gambling on the price of it.

Pintman Paddy Losty · 26-06-2018 08:58AM

sexmag wrote: »

Nah PPL i buy my monero with ETH on binance, anyone worth their socks knows that pairing is the cheapest with the most volume on a respectable exchange, then im off to buy kiddy porn and guns off war criminals through TOR because sure thats what crypto was invented for right?:rolleyes:

Yeah but respectable exchanges where you can exchange fiat for BTC/ETH require KYC and AML documentation but you can get around that and remain anonymous by meeting some greasy nerd in a Tesco car park. Poor exchange rate but that's the price you pay to protect your 'privacy'.

sexmag · 26-06-2018 09:00AM

Pintman Paddy Losty wrote: »

but you can get around that and remain anonymous by meeting some greasy nerd in a Tesco car park

Youve been watching too many 90s hacker movies:D

sexmag · 26-06-2018 09:04AM

JohnnyFlash wrote: »

It’s the only real world usecase apart from gambling on the price of it.

Fopr Monero maybe but....

The Crypto cafe on Aungier Street accepts ETH and LTC.

Apartments Malina in Kaliningrad in Russia is accepting BTC to pay for hotel rooms during the world cup

Bargain Depot, My Cafe Box and SPR Auto parts in Florida accept Dimecoin

Thats just 3 examples, many more real world use cases for cryptos

grindle · 26-06-2018 11:34AM

Pintman Paddy Losty wrote: »

Then you're free to use your BTC to buy monero and go on the dark Web to buy totally 100% legitimate goods and services anonymously.

Such a stupid argument.

Pintman Paddy Losty wrote: »

Hurr durr guys, true fungibility is bad!

You'd logically dislike gold and cash for the same reason then, yeah?
Is this Facebook generation after screwing with our heads that much that people actively try to argue against their own right to privacy? It's absurd.

sexmag wrote: »

Thats just 3 examples, many more real world use cases for cryptos

He was given a long list of real world use of crypto (most notably the UN in it's many guises) and never bothered to respond because despite it happening it LITERALLY can't be happening because he just knows it isn't happening and that's the why, okay?

NewAladwantime · 08-04-2021 03:42PM

Hi,
I notice this thread is from 2007. Which leads me to the question.
Are you minted now?

grindle · 10-04-2021 01:19AM

Weird zombie thread, were you having cans mid-day? I'm jealous.

Bank Accounts and Crypto Brokering..

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