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My bank makes it a bit difficult to wire large(ish) sums regardless of whether Bitcoin is involved, particularly when wiring overseas. It's just the nature of t
by SwellJoe 9y ago
My bank makes it a bit difficult to wire large(ish) sums regardless of whether Bitcoin is involved, particularly when wiring overseas. It's just the nature of the US (maybe world) we're living in today.
I haven't had any trouble moving around the small sums I deal with in cryptocurrencies on Coinbase, and I suspect most people just dipping their toes into it won't have any issues. It's more likely to be an issue if you're dealing with large sums. $10,000 is, AFAIK, the amount that banks have to report and that's probably where things start to get a little more hair...and if you split up >$10,000 into a few transactions over a few days, they probably report that, too.
I guess Bitcoin millionaires are dealing with problems that Bitcoin thousandaires just don't experience.
- true_religion 9y agoStucturing transfers to avoid reporting requirements is illegal...
- SwellJoe 9y agoBut, just transferring sums that add up to $10k+ over a few days in the normal course of business is not. I've had several occasions in my life/business where I've done just that. It would be up to the government to connect that to other patterns that point to illegal activity I would think (or, your bank might grill you on it, since they've been put in the position of policing their customers). My bank has asked me why I was sending several thousand dollars a month to someone in Croatia or Russia (I've worked with contractors over a long period of time in both places), but they didn't make it particularly painful to do so, other than the large-ish money transfer fees US banks normally impose. Merely moving money around for legal purposes is not a crime, even if it adds up to $10,000 in some specific period of time, but it might get your account flagged in some way, is what I'm trying to say.