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How to cash out cryptocurrency?

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  • 19-02-2019 3:39pm
    #1
    Worztron
    Registered Users Posts: 8,667 ✭✭✭


    Hi. What are the best ways to cash out cryptocurrency? Thanks.

    Mitch Hedberg: "Rice is great if you're really hungry and want to eat two thousand of something."

    Tagged:


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    #2
    unkel
    Registered Users Posts: 64,835 ✭✭✭✭unkel


    Sell your crypto for EUR on your favourite exchange and then do a SEPA transfer to your bank account?


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    #3
    Worztron
    Registered Users Posts: 8,667 ✭✭✭Worztron


    unkel wrote: »
    Sell your crypto for EUR on your favourite exchange and then do a SEPA transfer to your bank account?

    Hi unkel. Do Irish banks get thick if they see money from cryptocurrency going into your bank account?

    Mitch Hedberg: "Rice is great if you're really hungry and want to eat two thousand of something."



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    #4
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    If it's a lot of money prewarn them of the deposit and make sure you do your tax properly this year as the bank'll probably have you tagged for any large deposit.


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    #5
    Worztron
    Registered Users Posts: 8,667 ✭✭✭Worztron


    grindle wrote: »
    If it's a lot of money prewarn them of the deposit and make sure you do your tax properly this year as the bank'll probably have you tagged for any large deposit.

    Hi grindle.

    What would be considered a lot?

    Tax? Wouldn't the bank just charge DIRT?

    Mitch Hedberg: "Rice is great if you're really hungry and want to eat two thousand of something."



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    #6
    smacl
    Moderators, Society & Culture Moderators Posts: 15,717 Mod ✭✭✭✭smacl


    Worztron wrote: »
    Hi grindle.

    What would be considered a lot?

    Tax? Wouldn't the bank just charge DIRT?

    You're liable for capital gains on any profits you make and the bank could well inform the revenue of large sums arriving in your account from crypto. Difficult to know what amount would trigger something like this, but I'd guess tens of thousands or more. If it was significantly more they could also potentially contact CAB who might be interested in where the money came from.


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    #7
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    Worztron wrote: »
    Hi grindle.

    What would be considered a lot?

    Tax? Wouldn't the bank just charge DIRT?

    How long is a piece of string? I'm not sure where they draw the line but anything that could raise a flag in your own mind should be the line maybe? €1k+?

    Tax: Capital Gains Tax. If you bought €500 worth of JizzCoin and sold it for €5000 then you'd owe 33% of: €5000 - (€500 [your starting capital] +€1270 [capital tax exempt]) -> €1076.66 tax to pay.
    Thanks Mr. Government, so nice to get absolutely fücked from every angle, please do it again!


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    #8
    Doodee
    Registered Users Posts: 6,419 ✭✭✭Doodee


    Banks usually query personal deposits of more than €4K with info on source etc.
    For crypto it is probably similar.
    As said it all depends on your account and how much money passes through it regularly.


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