Advice: Recommended ways to withdraw to fiat

[Pat]

Hi,

Looking for some advice to slowly take some profits possibly next year.

Can any Australian members with EXPERIENCE  recommend a preferred exchange or method to withdraw to fiat?

Recommend some other methods? Please explain.

Amounts per month could vary between $2K and or up to $20K.

It's good to have a plan in place if I decide to do this.

Thank You

 

 

Edited December 31, 2017 by Pat

[bones]

Good question Pat.

I've just gone through this process with https://www.btcmarkets.net/

Transferred some XRP to my BTC Markets account over the holiday. Sold for AUD on their exchange (which still has very low liquidity, so beware of placing any "market" orders!). Started the withdrawal process for AUD yesterday (note: was a public holiday). I was withdrawing to a Commwealth Bank personal account. Withdrawal immediately went "pending", and today around midday was flagged "processed" and this evening the amount appeared in my Comm Bank account. Not bad, as I'm sure they were VERY busy today, however it was only for $2,000 so I'm not sure about larger amounts etc..

There are others which I haven't tried, for example

https://www.coinspot.com.au - seem to offer a vast range of coins to exchange, but only accept deposits for a very limited range?

https://www.livingroomofsatoshi.com/ - interesting one, claims to be able to pay Australian BPAY bills, or bank and credit card accounts. Seems very pricey to me though, even though they claim differently.

 

 

[Pat]

On 02/01/2018 at 6:11 PM, bones said:

Good question Pat.

I've just gone through this process with https://www.btcmarkets.net/

Transferred some XRP to my BTC Markets account over the holiday. Sold for AUD on their exchange (which still has very low liquidity, so beware of placing any "market" orders!). Started the withdrawal process for AUD yesterday (note: was a public holiday). I was withdrawing to a Commwealth Bank personal account. Withdrawal immediately went "pending", and today around midday was flagged "processed" and this evening the amount appeared in my Comm Bank account. Not bad, as I'm sure they were VERY busy today, however it was only for $2,000 so I'm not sure about larger amounts etc..

There are others which I haven't tried, for example

https://www.coinspot.com.au - seem to offer a vast range of coins to exchange, but only accept deposits for a very limited range?

https://www.livingroomofsatoshi.com/ - interesting one, claims to be able to pay Australian BPAY bills, or bank and credit card accounts. Seems very pricey to me though, even though they claim differently.

 

 

Thanks for the reply Bones.

I'm still looking into it. Yes I'm with BTC Markets as well and was able to get an account levelled up to withdraw $20K per day when the time comes. 

What I will say is I've only used BTC Markets as I like keeping track of transaction history and can provide evidence when required if the ATO comes knocking on the door.

What I've also planned is not to touch my current stack of XRP when i purchased at 0.19c for at least a year and I should be good to get a 50% waive on CGT. But will check with a professional tax consultant prior. 

Again thanks for the input.

Cheers

Edited January 5, 2018 by Pat

[TigeeForce]

T

Edited January 7, 2018 by TigeeForce

[OzAlphaWolf]

21 hours ago, WhiteGuyInThailand said:

You should move your cryptocurrency to a Singapore trading account to avoid paying capital gains taxes. https://www.coinhako.com/ is awesome. You will need to set up a Singapore bank account and get a Singapore mobile number. Both very easy to get if you do your research. You’ll need to fly there to set everything up which shouldn’t be too bad since you’re in Australia. Then you can transfer all your crypto to your Singapore trading account and then to your Singapore bank account. Tax free. You will be given an ATM which you can use anywhere in the world to pull out fiat.

I’ve also heard New Zealand has 0% capital gains taxes so you could look into that as well. I know what I’ve described above works in Singapore because I’ve done it.

The problem with this is tax liability is based on physical residency, not holdings location. The person would need to be resident outside Australia for more than 50% of a year to avoid liability here. So while the above may work in practice, it does expose one to fines by the ATO.