I still have a number of Bitcoins that I want to start selling this summer. I bought them a while ago via a Swiss cantonal bank → Coinbase → hardware wallet. I did sell a few in the past in the reverse way (sold on Coinbase, sent the proceeds to my cantonal bank) and it triggered quite an intense KYC/ML check. I passed everything of course but it was a bit of a hassle.
Question – is there an easier way to do that by choosing a different Swiss bank/provider? Like are there any banks that are more crypto friendly if it comes to the fiat offramp? One thing that I like about the current setup is that I bought all my bitcoins via my bank, so it’s a clear case for them.
I worry that if I were to use something like Bitcoinsuisse that my cantonal bank would still want to see proof of funds if I receive a larger fiat sum.
You may want look for a progressive bank, tell them your story, get their agreement and deal with all the KYC/AML hassle once and for all. Stick to that arrangement for the foreseeable future. Some banks might be better suited than others to handle Crypto compliance stuff amd serve as a ramp-off to fiat money (Bank Frick, Sygnum)
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I had no issues with Kraken (Bank Frick with LI IBAN) > PostFinance or neon (SIC, fee 1CHF) payout in 30k CHF chunks.
I’m fully KYCd on Kraken.
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interesting, you think they don’t really care? That was a bit my suspicion that my cantonal bank is a bit overeager, on the other hand every bank has to do some ML checks, no? I am of course also fully KYCd on Coinbase, it was more about source of funds.
no idea if they care. I had the cash spendable in PF 1h after I sent the transaction on Kraken.
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Did transfer once 10k from Coinbase to UBS and got the very next day a call from UBS security… He wanted to know what that is, how much is there and why I transfer this money around… Since then I transfer it to Swissquote, never any issues.
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Heard horror stories about Revolut in the past, so don’t necessarily recommend this, but fwiw I’ve withdrawn ~10k several times into Revolut from Coinbase & Kraken, and then did a transfer to Neon, never with any issues, had the money available within half an hour.
I would use Swissquote. They have a btc wallet and once the btc are there you are free to sell to chf to your Swissquote Account
This is actually a great idea, especially because I have an old account there. Thanks!
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