Crypto Banks: Best Banks to Cash Out Millions

Summary

This video provides a detailed guide for crypto investors looking to cash out and convert their cryptocurrency into various assets, including property, cars, and luxury goods. It covers the top banks and online services around the world that facilitate crypto-to-fiat conversions, such as Swiss private banks, Wise, Revolut, Dubai banks, and services like Via Card. The video also emphasizes the importance of understanding each bank's process and the potential challenges, especially with large transactions. Additionally, it touches on the best crypto-friendly countries for tax benefits and crypto regulations.

Takeaways

• 😀 Switzerland and Liechtenstein offer top-tier private banking for crypto cash outs, with high deposit requirements (~$1M) and fast transactions.
• 😀 Swiss banks require KYC verification but allow large crypto transactions with minimal questions once you're onboard.
• 😀 Wise (formerly TransferWise) is a popular online service for crypto transactions, offering fast payments and simple bank transfers but with limitations on large amounts.
• 😀 Sending large crypto transactions to Wise or Revolut accounts can be problematic, with some users experiencing account shutdowns or extensive questioning.
• 😀 Dubai offers fast crypto-friendly banking solutions for those with residency or golden visas, but newcomers should send smaller amounts initially to avoid red flags.
• 😀 The UAE allows crypto payments for real estate and luxury goods, but bank deposit limits and scrutiny can make large transfers difficult in the early stages.
• 😀 In Georgia, crypto cash-outs are possible, but the process is slower and more complicated due to increased demand and stricter residency requirements.
• 😀 Thailand offers crypto-friendly banking but has challenges in accessing accounts and transferring large amounts. It’s suitable for smaller amounts or short-term stays.
• 😀 Gibraltar’s Sapple Bank is known for crypto transactions but has inconsistent experiences, with some users having their accounts closed due to high risk.
• 😀 Panama's Tower Bank offers a low deposit threshold (~$5,000) for crypto transactions, but other banks may not accept payments originating from crypto sources.
• 😀 Via Card, a crypto credit card service, allows users to convert crypto into usable funds, making it easier to pay globally. However, it comes with high fees and slower response times.

Q & A

What are the best countries for cashing out cryptocurrency according to the script?

Switzerland, Liechtenstein, the UAE, Georgia, Thailand, Gibraltar, Panama, and some online services like Wise and Revolut are mentioned as top places for cashing out cryptocurrency.

Why are Switzerland and Liechtenstein recommended for crypto transactions?

Switzerland and Liechtenstein are recommended for their top-tier private banking services, which allow crypto transactions and fast cash-outs. However, they require a deposit of approximately $700,000 to $800,000 for access to these services.

What is the process for cashing out crypto in Switzerland?

In Switzerland, clients send crypto like Bitcoin or Ethereum to private banks, which convert it to Swiss francs and deposit it into the client's account. The process is fast and secure, with a small fee, and involves an initial KYC check.

What are the advantages of using services like Wise or Revolut for crypto transactions?

Wise and Revolut provide an easy way to cash out smaller amounts of crypto, allowing users to convert their funds into fiat and transfer them quickly. They are especially useful for daily spending and international transactions, but they may impose restrictions on large amounts.

Is there a limit to how much crypto can be sent through Wise?

While Wise works for smaller transactions, it’s not recommended to send more than $1 million at a time. Larger transactions may face restrictions, and the account may be flagged.

What are the considerations when using Dubai banks for crypto transactions?

Dubai is crypto-friendly for buying real estate and luxury goods, but banking transactions should be done cautiously. New residents should start with smaller amounts to avoid complications with account freezes or questions from banks.

Can crypto be easily cashed out in the UAE?

Cashing out crypto in the UAE is possible but slow. New residents should avoid depositing large sums of crypto initially to avoid account freezes or scrutiny. It’s recommended to gradually increase the deposit amounts over time.

What challenges exist when cashing out crypto in Georgia and Thailand?

Both Georgia and Thailand present challenges when cashing out large amounts of crypto. In Georgia, it’s harder to open a bank account now, and there are issues with accessing funds remotely. In Thailand, getting a local bank account is tough, and transactions should be handled cautiously.

How does Tower Bank in Panama cater to crypto transactions?

Tower Bank in Panama is known for being crypto-friendly, with a low deposit requirement of around $5,000. However, while you can send crypto funds to the bank, you may face difficulties sending money to other banks that don't accept crypto-originated payments.

What is ViaCart, and how does it work as a crypto cash-out method?

ViaCart is a service that provides a crypto credit card. Users send crypto (e.g., USDT) to ViaCart, which converts it into fiat for a fee. The card can then be used to make purchases worldwide, offering an easy solution for cashing out crypto when traditional methods are unavailable.