Large withdrawal

I've just sold a large chunk of my ETH that I've been holding for a looong time on Coinbase and am about to withdraw roughly €160K to my bank account. I've done this several times before about 2 years ago but with considerably smaller amounts of like €1K. I will probably make several smaller withdrawals over a few days due to my limit and just because I don't want anything to go wrong with the withdrawal if I take it all out in one go.

ANYWAY, my question is whether I should notify my bank that I am about to receive a large amount of money? I have about €3,000 in my savings account and €500 in my checking account and the only money I ever receive on it is my €4K monthly salary so it will look very weird to all of a sudden have €160K coming into the account.

What do I do? Will my bank ask me to justify where the money came from? Do I just tell them the truth? Do you know of any way I can get screwed on this???

Your bank won't care, just make sure you pay your taxes if your country has tax on cryptocurrency gains(I know some European ones don't).

>€4K monthly salary
what do you do?

>What do I do? Will my bank ask me to justify where the money came from?

No. But you need to calculate capital gain taxes you owe, assuming you're not a criminal.

you don't have to inform the bank but any transaction that size will be reported to the federal revenue service of whatever eurocuck country you live in. make sure you pay your fair share of taxes

That's not due til tax season right? When you file your taxes? It's not like you pay it right away.

You don't pay it right away obviously. But you still need to set aside the amount you owe to the Tax man before you can buy your lambo.

that's dumb with the EEA coming in a week.

it depends on if you're self-employed or not

self-employed have to pay taxes quarterly in the USA

>self-employed have to pay taxes quarterly in the USA

kek REALLY?

holy shit, ameriburgers have it rough.

>not like you pay it right away
Depending on how much you made in relation to how much you made last year and expect to make at the end of the year, you will need to make estimated tax payments quarterly.

Why does nobody here talk about this?

Make your estimated required payment if you insist on paying taxes for this stuff.

As much as I fucking hate Coinbase, they have an FDIC insured USD bank account and I think you can get a debit card from them through Swift or something. I would seriously just keep your money in there.

Most countries don't penalize you like you're thinking of, that's mostly just a US thing and OP clearly isn't in the US.

I work in finance.

There are no capital gains taxes where I live. The only capital gains tax here applies to people who are professional traders (real securities, not cryptocurrencies etc.) and who are self-employed, and even these people are usually exempt. I'm neither a trader, nor am I self-employed so.... the point is that I won't have to pay any taxes on this. I was just wondering if anyone might come sniffing around and asking question about where the money came from.

If you're depositing that much money to the bank, they will most likely report it your government. Better be honest before your government comes after you for unpaid taxes. Or you can always launder money to a bank in some island.

where do you live?

Switzerland.

You don't have to pay quarterly, but is it better for your taxes if you do?

Self-Employed myself and have always waited till the end of the year.

In the US we have transaction review memos which are alright l automatically filled when a large deposit comes in. Even if everything is above board, anything over a certain dollar amount is flagged, as is any activity deemed "unusual" by our algorithms (so your trickle strategy, enforced by the exchange's withdrawal limits, will also trigger them). You can notify us or not, but nothing will stop the memo from being attached to your account profile.

I received several of them after starting this job out of grad school because I went from about 1k a month in grant funding to 10x that in salary.

I'm reasonably confident UK banks have a similar mechanism in place.

t. I work at Bank of America.

Its generally better to pay quarterly because there is a penalty if you owe more than $1000 at the end of the year.
Sure there's a memo attached but this does nothing but report it to the government, right? So as long as you pay your taxes correctly there's no issue?

fucking lucky

WHAT!!! I've never been told that! How much?

Around 3%, they basically make you pay interest for not paying them at the right time because you're supposed to pay taxes as you earn the money which is why employers have withholdings and why quarterly payments are a thing to start with.

FUCK! okay...gonna have to look into this

OP, why are you taking out all your ETH now? do you foresee something bad soon interms of crypto? or do you just need the money for something?

please respond would like to know

It's trivial to incorporate in the US though.

I'm a NEET who has his bills paid by family, but I trade crypto and get a decent amount of money with It. My question is, I have any way to avoid getting taxed after transferring my earnings from the wallet to my bank account?

>works in finance

>has to ask on Veeky Forums about how to talk to his bank

>EEA starts
>Vitalik comes out for keynote
>announces Ethereum is actually a Russian scamcoin and we've all been rused.

There can be an issue if we think you're money laundering and freeze your account for a few days while we investigate.

I have a separate checking account I use for all my investments - one for crypto and another for everything else. If they decide to freeze the crypto account because of strange behavior, I'm annoyed but not losing sleep, whereas if it all went into one bucket and they froze my main checking account because I cashed out my BTC, I wouldn't be able to buy cigarettes or coffee in the morning, and then we'd have a fucking problem.

Pro tip: compartmentalize. It costs almost nothing.