Avoid bank troubles with secret tips!
After making a lot of money in the currency circle, if you withdraw money to the bank, the bank may ask about the source of the money.
Banks pay more attention when larger amounts are involved. Some people have been asked this question multiple times.
For example, when I first started trading on BitChina, the price of Bitcoin was only $2,500. At the time, I had quite a bit of cash because I was doing well in e-commerce.
Later, the price of Bitcoin surged to over $7,000, and I decided to withdraw my money. At that time, bank regulations were not so strict, so they made inquiries. When I got the call, they asked me detailed questions about my assets, property status, family background, and actually a bunch of irrelevant questions.
Finally, they came up with a "particularly good" financial product and suggested that I consider purchasing it... I almost fainted.
Then, later things became more stringent. I heard about people having their cards blocked so I took a lot of precautions. In recent years, my bank card has only been frozen once, and I just had to go to the counter to unfreeze it.
To sum up, as long as you don't involve USDT (Tether), there won't be much problem, because there is a lot of money laundering activity. Your funds should stay cool. Alternatively, it is best to convert the funds into US dollars and then transfer the US dollars directly to the foreign exchange account, which is the best method.
This is because you are already out of the Chinese financial system, and the domestic and international financial systems are relatively isolated. In addition, holding U.S. dollars can also enjoy additional benefits from the appreciation of the U.S. dollar. I have withdrawn larger amounts more than a dozen times without any problems and was able to spend them directly overseas.
There is another secret I can share with you: foreign trade company accounts can be used to circumvent foreign exchange controls. Therefore, you can consider purchasing a mature foreign trade company, which will make digital currency transactions more convenient and also enable cross-border fund transfers.
After making a lot of money in the currency circle, if you withdraw money to the bank, the bank may ask about the source of the money.
Banks pay more attention when larger amounts are involved. Some people have been asked this question multiple times.
For example, when I first started trading on BitChina, the price of Bitcoin was only $2,500. At the time, I had quite a bit of cash because I was doing well in e-commerce.
Later, the price of Bitcoin surged to over $7,000, and I decided to withdraw my money. At that time, bank regulations were not so strict, so they made inquiries. When I got the call, they asked me detailed questions about my assets, property status, family background, and actually a bunch of irrelevant questions.
Finally, they came up with a "particularly good" financial product and suggested that I consider purchasing it... I almost fainted.
Then, later things became more stringent. I heard about people having their cards blocked so I took a lot of precautions. In recent years, my bank card has only been frozen once, and I just had to go to the counter to unfreeze it.
To sum up, as long as you don't involve USDT (Tether), there won't be much problem, because there is a lot of money laundering activity. Your funds should stay cool. Alternatively, it is best to convert the funds into US dollars and then transfer the US dollars directly to the foreign exchange account, which is the best method.
This is because you are already out of the Chinese financial system, and the domestic and international financial systems are relatively isolated. In addition, holding U.S. dollars can also enjoy additional benefits from the appreciation of the U.S. dollar. I have withdrawn larger amounts more than a dozen times without any problems and was able to spend them directly overseas.
There is another secret I can share with you: foreign trade company accounts can be used to circumvent foreign exchange controls. Therefore, you can consider purchasing a mature foreign trade company, which will make digital currency transactions more convenient and also enable cross-border fund transfers.
