Hello crypto enthusiasts,
Do swiss banks like UBS, Raiffeisen and CS accept funds coming from crypto (converted in CHF through an exchange)? What about IB? Because in the past, most of them refused this type of fund, because of KYC
I had no issue so far for the CHF funds transferred from Kraken (over Bank Frick) to PostFinance, neon and zak. The only restriction was the destination account must be on the same name as verified in Kraken.
Using Swissquote with no problems. With Swissquote I do have several accounts in different currencies. So I transfer EUR from Kraken or Binance.
I guess it only starts to trigger alerts if you cash out 100k+ In one transfer
Remember from my old banking times, that transfers over 10k triggered something. So I keep it below that number just in case.
Multiple transfers just below 10k can be suspicious and may trigger reporting as well. I wouldn’t split a large transfer to try and evade reporting requirements. Make sure to keep all relevant records and don’t hide anything on your tax declaration in case your bank asks for documentation of the source of funds.
My bank called me years ago due to a large incoming payment, not related to crypto. They were happy with my explanation on the phone but there may be cases where documentation will be helpful.
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