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Hello, I need advice on selecting an EMI or a bank with personal IBAN to transfer fiat from exchange or cryptocurrency to. For the conversion into EUR or SEK to purchase a car in Sweden. The amount is $45,000 USDC.
I am a Swedish citizen. The money was gifted to me in cryptocurrency by my father, as he was unable to make a direct transfer from Turkey to pay for the car. The only option was to purchase cryptocurrency in Turkey through Binance TR and transfer it to my Binance account. The funds he received were from his business in Turkey, but they were paid to him in cash by the company, making it impossible to provide banks with a complete trail of the money's movement, which is causing issues.
I am hesitant to try transferring to Wise or Revolut due to the potential for account freezes, as I have read about such cases.
What would you recommend? Which EMI or bank can I trust? I need to ensure full transparency to declare everything to my tax authorities, as in Sweden, all cryptocurrency transactions must be reported and declared.

 

You cant trust any bank.
I would go with the "home" bank - the one you have your main account in and whrere your salary is deposited, in case you get it.
Otherwise:
Svenska Handelsbanken,
Skandinaviska Enskilda Banken (SEB)
Swedbank
Nordea Bank
Danske Bank
SBAB Bank
Länsförsäkringar
Skandiabanken AB
Avanza Bank
Ikano Bank
Revolut

.. these are just the biggest banks in Sweden.  Toggle signatureExpense invoices with cashback (in crypto). Crypto on/offramp with invoices. Crypto SOF solutions.

 

albatrossio said:The funds he received were from his business in Turkey, but they were paid to him in cash by the company, making it impossible to provide banks with a complete trail of the money's movement, which is causing issues.Click to expand...
Right.....$45,000 (or equivalent) in cash you say.

albatrossio said:I am hesitant to try transferring to Wise or Revolut due to the potential for account freezes, as I have read about such cases.
What would you recommend? Which EMI or bank can I trust?Click to expand...
Not a trust issue here but common sense one. Just listen to the source of funds you described i.e undocumented cash deal in Turkey and then converted into crypto....lol. Can you think of anything more higher risk for a bank or EMI to handle especially Wise and Revolut? I see more red flags than a Chinese parade.

You need paperwork from your father at very least to support the source of funds otherwise your just gambling you will never get asked for any.  Toggle signaturePlease note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

Martin Everson said:Right.....$45,000 (or equivalent) in cash you say.



Not a trust issue here but common sense one. Just listen to the source of funds you described i.e undocumented cash deal in Turkey and then converted into crypto....lol. Can you think of anything more higher risk for a bank or EMI to handle especially Wise and Revolut? I see more red flags than a Chinese parade.

You need paperwork from your father at very least to support the source of funds otherwise your just gambling you will never get asked for any.Click to expand...Yes, I understand that this is very unpleasant for banks. There are documents proving the origin of the funds, that it’s from business, etc., that the company is paying him. But the issue here is specifically that it’s cash and have no transaction chain. Popular EMI that I could ask don’t want to confirm whether they will accept the SoF documents. It turns out that way, try it and see.
So the question is specifically which EMIs or banks that work with crypto might be suitable, those that are more high-risk tolerant.

 

albatrossio said:So the question is specifically which EMIs or banks that work with crypto might be suitable, those that are more high-risk tolerant.Click to expand...What on earth has this to do with "banks that work with crypto"?
If the transfer will come from your binance account to your bank account the bank has nothing to do with crypto.
Will the banks ask questions or not will depend only on how unusual this transfer is from the everyday action on your account.
And even if they ask and your paperwork is fine, then all good.  Toggle signatureExpense invoices with cashback (in crypto). Crypto on/offramp with invoices. Crypto SOF solutions.

 

[MrBurns]

W Fish said:What on earth has this to do with "banks that work with crypto"?
If the transfer will come from your binance account to your bank account the bank has nothing to do with crypto.Click to expand...but they will know it is from crypto and that is enough for most banks still refusing crypto to freeze and account or reject the transaction!  Toggle signatureFind help to the ultimate anonymous setup on OffshoreCorpTalk - Tried, Tested & Works
Need help to get things done, ping me inside the Mentor Group Gold forums.

 

uplana said:but they will know it is from crypto and that is enough for most banks still refusing crypto to freeze and account or reject the transaction!Click to expand...Are you sure? Examples?
At least 7 (just have no info about the rest) banks on my list dont even move an eyebrow on such a transfer, provided it is not otherwise extraordinary.
I have experience with probably about 20 banks not caring about transfers coming from licenced exchanges and 1 that just sends them back, end of story, no further action.
Not talking about emis.  Toggle signatureExpense invoices with cashback (in crypto). Crypto on/offramp with invoices. Crypto SOF solutions.

 

W Fish said:Are you sure?
At least 7 (just have no info about the rest) banks on my list dont even move an eyebrow on such a transfer, provided it is not otherwise extraordinary.
I have experience with probably about 20 banks not caring about transfers coming from licenced exchanges and 1 that just sends them back, end of story, no further action.
Not talking about emis.Click to expand...I don't really know about all banks from you list, but Swedish branch of Swedbank doesn't allow me to send funds to crypto exchanges. So it not possible to withdraw to Swedbank without fiat deposit to binance account first. And what I found out on Swedish forums, most of Swedish banks doesn't allow it to usual people either. So it is unfortunately not possible in most cases, otherwise I would try it because they can just revert transfer without freezing and blocking bank account. And also about that they don't move an eyebrow on such transfers, I assume you have history with them with sufficient cash flows.

 

albatrossio said:I don't really know about all banks from you list, but Swedish branch of Swedbank doesn't allow me to send funds to crypto exchanges.Click to expand...Sending is different from receiving. Although it should work both ways with Swed. What happens if you try to do it? Which exchange?
albatrossio said:So it not possible to withdraw to Swedbank without fiat deposit to binance account first.Click to expand...Wrong.
albatrossio said:And what I found out on Swedish forums, most of Swedish banks doesn't allow it to usual people either.Click to expand...most Swedish banks do not allow what exactly?
albatrossio said:So it is unfortunately not possible in most cases, otherwise I would try it because they can just revert transfer without freezing and blocking bank account. And also about that they don't move an eyebrow on such transfers, I assume you have history with them with sufficient cash flows.Click to expand...yes, i have history. and i never said that they will not freeze the transfer. BUT the reason if they do so is not the exchange but the fact that the transfer is out of the ordinary. It could come from your mother - no difference.
45K is big enough for any _private_ account to cause questions. OK, maybe not if your monthly paycheck is in that order of magnitude

My point is that you will have best chances with your home bank, if there is any truth in your story.  Last edited: Feb 23, 2025Toggle signatureExpense invoices with cashback (in crypto). Crypto on/offramp with invoices. Crypto SOF solutions.

 

W Fish said:Sending to exchanges is very different from receiving.

Sending is different from receiving. Although it should work both ways with Swed. What happens if you try to do it? Which exchange?

Wrong.

most Swedish banks do not allow what exactly?

yes, i have history. and i never said that they will not freeze the transfer. BUT the reason if they do so is not the exchange but the fact that the transfer is out of the ordinary. It could come from your mother - no difference.
45K is big enough for any _private_ account to cause questions. OK, maybe not if your monthly paycheck is in that order of magnitude

My point is that you will have best chances with your home bank, if there is any truth in your story.Click to expand...I don't know what jurisdiction you have, but I can't withdraw from binance or kraken to any bank account before linking bank account, for that I am must make deposit of min 2 euro from bank account I want withdraw to. Maybe this is only for Swedish citizenship. And it is not possible to send money from Swedbank to other IBAN outside Sweden without specifically request to the bank.
Here is info from swedbank.se
"If you need to make payments to recipients abroad, you can apply to have the Payments abroad service activated in the Internet Bank. Contact us for assistance.

In connection with the application, we will ask you to answer questions about the purpose and we may also ask you to provide documents that support your information.."
So they refused almost immediately after I said that I want to deposit my money to binance.  Last edited by a moderator: Feb 23, 2025

 

There is no Swedish bank that accepts crypto as source of funds. Keep your money abroad and transfer to the seller immediately or use crypto to make the purchase, this is still legal in Sweden but will be much harder to find a seller accepting it

 

Just use swapin or paybis , very easy.

 

volcanotnt said:Just use swapin or paybis , very easy.Click to expand...It's looks like a good solution for me, I will look into it, thanks!

 

Do it through an OTC which can on-transfer the funds to your car seller directly

 

CyprusLawyer101 said:Do it through an OTC which can on-transfer the funds to your car seller directlyClick to expand...What do you mean by an "OTC"?

 

Revoltec said:What do you mean by an "OTC"?Click to expand...Over The Counter desk, in this case one licensed for crypto.

 

volcanotnt said:Just use swapin or paybis , very easy.Click to expand...did this really worked out for you since marked as the resolving answer ? I wonder in order to replicate it.