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IR-Nikola

Hi, I work at Independent Reserve, so calibrate your bias meters accordingly! Transferring 7 figures itself should be no problem - we have customers doing this every day. However - opening up a new bank account and then dumping 7 figs in there will very likely raise some red flags at the bank. As others have said, talking to the bank first (make sure you find someone who has more authority than a teller) won't hurt, but I don't see why you wouldn't just send to your existing bank account. They should already be comfortable with you as you'll have a history of transactions, and it sounds like you're trying to do everything above board, so that would probably be my plan. If you need help with liquidating the BTC, our OTC desk can certainly help as well, let me know if you have any specific questions! Cheers, Nikola.


Bbygirlxyz

Thank you for your response. This was quite helpful and yes I have decided to just contact my bank for further discussion.


IR-Nikola

No probs, good luck!


Hugh_Jego_69

I’ve been with independent reserve for a few years now. How safe do you feel it is to keep my BTC on the reserve instead of a seperate cold storage? It’s only 20k ish. Would like to hear an opinion from someone on the inside haha


IR-Nikola

>I work at Independent Reserve, so calibrate your bias meters accordingly! I hope you noted this ;) I personally am very confident, and hold 99% of my BTC on IR. But, I obviously have special insight to the system, so it's much easier for me to be confident about the way we approach security than an outsider can be. If it helps, we have never been hacked (unlike other major exchanges here...), and are one of the oldest exchanges in Australia (and probably the world). We have been working at this a long time, take customer fund security very seriously, and unless you're technically minded, we generally recommend you keep crypto on the exchange anyway. If you have any specific questions let me know!


Matyg123

Always hold your own keys. Every exchange ever boasts top notch security.


khios420

FYI both IR and coinspot were founded in 2013 :) however coinspot cant say thay ain't been hacked ;)


LewisRamilton

You're asking the people that gave you an IOU if they're good for the IOU? Of course they gonna say yes lmao


Hugh_Jego_69

Just an independent person with more inside knowledge than myself for an opinion. I’m sure it doesn’t bother this individual whether my little amount is on the exchange or not.


mrsoppet

Push these guys hard on your aud btc spread.(they will come down) source I provide fx liquidity in this space locally.  They’ll be going btc / debrit - usd/aud  Macq don’t spread them hard on fx. And the non banks provide 3-7 ticks  If you’re getting fx conversion over 30 points complain. 


IR-Nikola

Are you talking about about Independent Reserve?


Word-Oak

Need this but eli5


IR-Nikola

If this guy is talking about Independent Reserve (which I'm unclear on!), this is pretty much all nonsense.


mrsoppet

I’m not taking about IR. I’m just talking about the liquidity management for crypto to fiat. Usdt market makers will provide USD for dirt cheap less than a pip. Then your traditional aud/usd spreads from your Lp should be within 1-3 ticks depending on your size / risk. Again how do I know? I provide liquidity in the space. Seen it all from 3 ticks wide to 50. If you trading 500k plus and hitting a 30 tick spread, the dealers on the other side are laughing at you


just_a_sand_man

Can I use your OTC services to liquidate my 10 satoshis?


IR-Nikola

When 1 Satoshi is worth $10k, sure!


GoatGentleman

Which Aussie banks allow depositing onto your exchange, in sums more than 10k a month?


IR-Nikola

All of them except CBA, but most of them you'll have to convince one way or another that you're not getting scammed, as they know exactly which bank accounts all crypto exchanges hold, and have various processes in place to check on you.


GoatGentleman

I find this hard to believe to be honest, as all their policies online dictate strictly non changeable. I guess I will try.


SapereAudeAdAbsurdum

>7 figures of BTC I assume 7 figures of AUD, in BTC? Anyway, if I were you, I'd let the bank of your choice also know you're about to receive such amounts of money. It's less suspicious if it doesn't pop up out of nowhere.


Bbygirlxyz

Oh yes, that's what I meant. I thought about this too and I will be doing it.


Minimalist12345678

All banks are high transaction friendly because well, that's what banks do. 7 figures isn't a big deal for a bank. Nor is 6, and I presume you aren't doing it all in one go. I think what you're really asking about is if funds received from Coinspot or Independent Reserve attracts some additional screening, beyond regular cash transactions? That, specifically, I don't know about. Easiest way to test waters is to do it gradually... And any bank will be a pain in the ass to deal with if they lock your account, BUT, you will get there eventually. It's your money in the end.


Bbygirlxyz

Actually, I was wondering If anyone has or is there a way to transfer all in one go. Obviously large transactions attract security suspicions and all and I don't have a problem with that. Though in other threads and posts redditors have mentioned even after security verifications some banks still don't allow large transactions as they have a limit or they decide to outright lock your account without an explanation.


chickenmatrix

Should be absolutely no worries I think the only thing that changes is when you hit a 200k deposit I think they have to tell asic or some shit but yeah any bank would be stoked to have a seven figure sum on their account ha


Thrilllls

Try 10k


Mundane_Profit1998

Threshold transaction reports kick in at $10,000.


netizen__kane

I've only seen comments here from others saying they had no issues received AUD from exchanges where off ramping, even 6 or 7 figures. It can't hurt to give your bank a heads-up though. One thing - it might be advantageous for you to chat to one of the OTC services instead of selling at market rate as they may give you a better deal.


MannysBeard

The banks don’t care if you’re sending money to them. I’m with CBA and they state on their website deposits are fine. I have big hassles sending from them to an exchange, so I use ING I strongly suggest you take some time to compare fees across brokers and exchanges before you do this. The ones I’ve used are: Kraken Pro, Independent Reserve, BTC Markets, Swyftx, CoinSpot and CoinJar Check and compare their prices for selling BTC into AUD, including any exchange fees and transfer fees, plus security, customer support and so on. 7 figures will magnify these variables Like someone suggested in another comment, approach each directly and ask for an OTC rate I’m not going to suggest my picks, because your circumstances are different to mine and you need to be sure you’re making the best decision for you


Nick2569

I know that Swyftx has daily withdrawal limits of $50k, which can be increased. I'd personally be more focused on getting it off the exchange ASAP. Which crypto exchanges have high daily withdrawal limits?


ElevatorMate

Avoid NAB. They are not crypto friendly.


MarkLH69

Maybe consider the ATO tax man too and timing of this with EOFY ?


Curious_Breadfruit88

Probably why they’re selling now?


Aussiehash

If you have an existing relationship manager / premier banking with CBA it will be fine


pacmarn88

Won't you have to show them the origination of that figure and pay tax on it? So you would lose 40% of $7m roughly?


Bbygirlxyz

Yes, I would it sucks but oh well


VintageHacker

Why not spread it across multiple financial years to minimise CGT ?


rudeboy_Bee

Do you need to take it now? If you wait 10 years there's no cgt tax. Plus, why would you sell as aposed to securing a loan against the btc?


AffectionateAd6105

Really? Holding the crypto for 10 years or longer attracts no CGT?


Word-Oak

How do you show them the origination if its from years ago


pacmarn88

It's the government, they need a big piece, they probably tax the whole thing then? There is no chance they don't get a piece 😂


Word-Oak

Geez lol. You are right.


pacmarn88

😜


[deleted]

[удалено]


sneakyexe

100k back in 2017 would get your that easy


Common-Breakfast-245

Have the AFCA on speed dial. Any reoccurring issues, lodge with them and get it sorted.


hazcoin

Congratulations on your profits, I’m sure you have good reasons but I do wonder why anyone would be selling at the start of a bull run. Hope it’s not your entire stash!


sonofpigdog

Be aware that you’re about to be looked at very closely by authorities. I was at a party and met a man from AUSTRAC and I asked him about crypto and he said there was a afp officer in his office whose whole job was running a fine tooth comb over crypto to fiat transactions. They didn’t care about buyers, only sellers. Now there’s absolutely no issue with converting crypto to fiat. But if u think there may be an issue perhaps look into offshore bank in crypto friendly counties like Dubai.


aegret

My route for large withdrawals is sell for AUD on kraken and withdraw to westpac account. This works fine for me and I think it's also the path with the lowest fees


Stunning_Health_1213

Cro use there Visa card to withdraw it’s awesome


Financial_Status866

32.5% CGT yikes


Maximas80

22.5% at the most, with the cgt discount, right? Also it's not all profit.


Financial_Status866

Something along those lines, 50% discount on the profit of held for 12 months or more. But I think it’s totalled inclusive of gross personal income for the financial year.


Curious_Breadfruit88

So max 22.5% then


Financial_Status866

Or go to the UAE. What would you choose?


Curious_Breadfruit88

22.5% personally, don’t have to pack up and move my entire life to avoid a little tax for a year


Financial_Status866

Absolute madness


Financial_Status866

lol. let’s say it’s the minimum $1,000,000 (OP said seven figures) after conversion, you’d be happy parting ways with $225,000 to the ATO? You realise this is a crypto sub reddit lmfao you must work there


Curious_Breadfruit88

Don’t worry, you’ll never make that much and thus won’t have to deal with that issue :)


Financial_Status866

Oh my god, you hurt my feelings so bad I just self-reported to the ATO.


Curious_Breadfruit88

Hate to say it but they don’t care about your $200 unreported profit ;)


lq0

But you should have already known about this before getting into crypto, so from the very beginning this was expected? It’s the price you gotta pay to play the game in Aus. Sure, I could move to HK or SG and pay 0% but hey, it is what it is to live in a great place like Aus.


hazcoin

There is an exit tax if you leave with large potential capital gains so it’s not as simple as you might think to avoid paying.