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Deposit and withdrawal methods: Withdraw money from Coinbase

Topic created on 15th Aug. 2024 | Page: 1 of 3 | Answers: 30 | Views: 1,723
rambo23
Rookie

Withdraw money from Coinbase

15th Aug. 2024, at 09:44 pm CEST#1
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Hello everyone,

i currently have X amount of coins on Coinbase. I would like to cash them out at the end of the year. However, this will probably be difficult with the savings bank.

From what amount is it usual for the bank to ask for a proof of origin?

As some wins were realized through casinos, this proof is relatively difficult to provide unless I admit to having played at unlicensed online casinos.

Any tips on how I could get the money from Coinbase?

I have also read something in the forum about Coinbase Card and Skrill.
How does this work? Is this method anonymous and secure?

Thanks for your help.

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bruffl
Expert

Withdraw money from Coinbase

15th Aug. 2024, at 09:59 pm CEST#2
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rambo23 wrote on 15.08.2024 at 21:44: Hello everyone,

i currently have X amount in coins on Coinbase. I would like to cash them out at the end of the year. However, this will probably be difficult with the savings bank.

From what amount is it usual for the bank to ask for a proof of origin?

As some wins were realized through casinos, this proof is relatively difficult to provide unless I admit to having played at unlicensed online casinos.

Any tips on how I could get the money from Coinbase?

I have also read something in the forum about Coinbase Card and Skrill.
How does this work? Is this method anonymous and secure?

Thank you for your help.

You've had your coins for over a year, haven't you?

So tax-free...

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rambo23
Rookie

Withdraw money from Coinbase

15th Aug. 2024, at 10:29 pm CEST#3
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bruffl wrote on 15.08.2024 at 21:59

You've had your coins for over a year, right?

So tax-free...

I would have had the coins for a year in December.


But that doesn't change the fact that banks often have suspicions about money laundering...
And since you can't provide a flawless proof of origin by gambling, it might be difficult for the bank.
At the moment we are talking about an almost 5-digit amount.

That's why I'm a bit worried about simply sending a mid 4-digit amount to the account, because as I said, the proof of origin is not clean in itself. After all, the coins received are declared as received and not as purchased.

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gamble1
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Withdraw money from Coinbase

15th Aug. 2024, at 11:35 pm CEST#4
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Liked this post: Avatar von garfield68 garfield68

bruffl wrote on 15.08.2024 at 21:59

You've had your coins for over a year, right?

So tax free...

Well I think he has them due to the fact that he asks the question in a casino forum for sure from gambling and wants to say he doesn't want a problem because of the origin


At Coinbase you can apply for the Coinbase Card via the app on your cell phone is a prepaid card and costs one time I mean 10 €

Once you have this, you can also change to any coin you want to spend in the app and withdraw up to €900 per day from the machine

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rambo23
Rookie

Withdraw money from Coinbase

15th Aug. 2024, at 11:40 pm CEST#5
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gamble1 wrote on August 15, 2024 at 11:35 pm:

Well I think he has it due to the fact if he asks the question in a casino forum for sure from gambling and wants to say he does not want a problem because of the origin


At Coinbase you can apply for the Coinbase Card via the app on your cell phone is a prepaid card and costs one time I mean 10 €

Once you have this, you can also change to any coin you want to spend in the app and withdraw up to €900 per day from the machine

And how secure is the Coinbase card? Especially with regard to the tax office and co? I read earlier that Coinbase has something with the mica, about all transactions over 1k being reported automatically.


I honestly don't want to get into trouble and am relatively skeptical at the moment.

If I organize the card, what do they need from me? The card is legal in itself, but how safe am I with the card?

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rambo23
Rookie

Withdraw money from Coinbase

15th Aug. 2024, at 11:55 pm CEST#6
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What happens if I use the card at an ATM, do I have to pay taxes because of crypto and co? Is there anything traceable from the banks or tax offices?

How long have you been using the card and how long has it been going well?

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gamble1
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Withdraw money from Coinbase

16th Aug. 2024, at 12:07 am CEST#7
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rambo23 wrote on August 15, 2024 at 11:40 pm:

And how secure is the Coinbase card? Especially with regard to the tax office and co? I read earlier that Coinbase has something with the mica, because all transactions over 1k are automatically reported.


I honestly don't want to get into trouble and am relatively skeptical at the moment.

If I organize the card, what do they need from me? The card is legal in itself, but how secure am I with the card?

They don't want anything from you, your account is enough


I haven't heard anything about it yet, but of course I can't guarantee anything. What amount are we talking about here, if I may ask?

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rambo23
Rookie

Withdraw money from Coinbase

16th Aug. 2024, at 12:16 am CEST#8
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gamble1 wrote on 16.08.2024 00:07:

They don't want anything from you your account is enough


I haven't heard anything about it yet but of course I can't guarantee anything, what amount are we talking about here if I may ask?

Currently just under a 5-digit amount.


I would have just paid it out to the account, but since I don't know when the bank will start making a fuss, I'm also unsure 😬

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bruffl
Expert

Withdraw money from Coinbase

16th Aug. 2024, at 08:45 am CEST#9
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in my opinion, it is very difficult for the tax office to evaluate transactions or derive tax obligations.
Nobody can prove that you don't already have the coins for a long time.
Transfer them from Coinsbase to a private wallet, open an account with various traders and sell them one by one.

Didn't a friend invest €1000 in Bitcoin for you 6/7 years ago......
you know what I mean....

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rambo23
Rookie

Withdraw money from Coinbase

16th Aug. 2024, at 10:23 am CEST#10
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Yes, but then I have the same problem 😅
Since Coinbase has agreed to the MICA shit, everything over 1k transaction will go to the tax office from 2025.

But if I now pay out coins everywhere, I will ultimately have to transfer them to the account. Then comes the question again, because foreign account, proof of origin. Since I can't declare it properly because you can see casino wins as received on the transactions. So there is suspicion again.

That's why I'm looking for a way to bypass the bank. It's not a criminal offense that I don't want to pay out at my house bank.

That's why I looked it up and read about Coinbase Card. Convert coins into euros after the holding period and pay out with the Coinbase Card. Possibly send something to Revolut with the Coinbase Card and leave it there or pay it out.

I urgently need tips. I'm honestly starting to feel like shit and in hindsight I think if I had known this earlier I would have kept my hands off everything 🙄

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roccoammo11
Expert

Withdraw money from Coinbase

16th Aug. 2024, at 12:37 pm CEST#11
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rambo23 wrote on 16.08.2024 at 10:23 am: Yes, but then I have the same problem 😅
Since Coinbase has agreed to the MICA shit, everything over 1k transaction will go to the tax office from 2025.

But if I now pay out coins everywhere, I will ultimately have to transfer them to the account. Then comes the question again, because foreign account, proof of origin. Since I can't declare it properly because you can see casino wins as received on the transactions. So there is suspicion again.

That's why I'm looking for a way to bypass the bank. It's not a criminal offense that I don't want to pay out at my house bank.

That's why I looked it up and read something about Coinbase Card. Convert coins into euros after the holding period and pay out with the Coinbase Card. Possibly send something to Revolut with the Coinbase Card and leave it there or pay it out.

I urgently need tips. I'm honestly starting to feel like shit and in hindsight I think if I had known this earlier I would have kept my hands off everything 🙄


Have the coinbase credit card sent to you & go to the ATM with it & withdraw the money..it's no problem

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rambo23
Rookie

Withdraw money from Coinbase

16th Aug. 2024, at 01:14 pm CEST#12
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roccoammo11 wrote on 08/16/2024 12:37 PM:

Have the coinbase credit card sent to you & go to the ATM with it & withdraw the money..it's no problem

I have already ordered this. Are there no questions from any tax authorities or banks or similar?

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rambo23
Rookie

Withdraw money from Coinbase

16th Aug. 2024, at 01:46 pm CEST#13
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Regarding the holding period. The coins were sent back and forth. The wins were less than €600, which is the exemption limit. So I don't declare anything in the tax.

The last time I touched ETH and BTC was on 8.12.23. So I sent or received them. This means that they should all have fulfilled the holding period on 9.12.24, so that no tax is due on the sale. Or am I mistaken?

Because that would of course be stupid if I sell and taxes are incurred on the wins and I then have to declare them. Then everything comes out

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gamble1
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Withdraw money from Coinbase

16th Aug. 2024, at 08:27 pm CEST#14
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rambo23 wrote on 16.08.2024 at 13:14:

Already ordered these. Are there no questions from any tax authorities or banks or the like?

Where no plaintiff there is no judge my dear


At Coinbase you are responsible for declaring your tax yourself, they offer the tools with which you can easily do this, but since you have not done anything that is in any way tax-relevant such as price gains, you do not have to declare anything there and can easily withdraw the money from the machine in 900 € steps per day

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rambo23
Rookie

Withdraw money from Coinbase

8th Dec. 2024, at 09:02 pm CET#15
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I have another question. I have withdrawn 900 2 times within 5 days and everything has worked so far. The last time was yesterday at 22:30. Now I just wanted to withdraw again, now the card is not accepted and in Coinbase it says spending limit reached. Does this only happen every 24 hours or is the card already blocked?
Thanks for the help

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