Hi there!! I'm making about 1000€ every month. My goal is to cash out my BTCs for physical Euros. Any advice about how to do that. My ideal scenario would be: go to an ATM and just take out the bills. Is this doable? Any other ideas? Btw, I'm in western Europe. Thanks.
EDIT: I'm not interested in LBC. I have read too many times that is full of LEO. Maybe is not true, but from a LEO point of view seems logic try to catch vendors when they try to cash out. Also there is not a lot of people using LBT in my place.
Yes and no, I'll give you the basic run around. I am earning decently as well, have a tax adviser, have had my accounts frozen and been investigated for money laundering and tax evasion in Western Europe, so I would say that I am fairly certain about my information.
No, bad idea. Depositing money from origin unknown, or origin "Bitcoin" and then immediately withdrawing it in cash will raise red flags. If you need the money to re-up on drugs do not deposit it into your bank account, find other ways. You will lose 5-15%, but won't leave a permanent paper trail. Doing this, for even small amounts will get you on the banks radar. If you must deposit leave the money in your account, pay with plastic or wire.
However, if you need the money for other things (Bills, Spending...etc) then you can safely deposit any amount up to max €10500 at once, and amounts up to €21000 yearly (totally) without being investigated. IF and only IF you have a normal income, or are a student then depositing €1000 monthly into your bank account will not raise any red flags. If you are unemployed and in the system as being unemployed do not do this.
And if you do need to pay bills or are looking to buy stuff don't deposit it at all. You can pay all your bills from utility to rent with Cashila or Bitwala, buy Amazon gift cards or buy stuff on eBay (or pretty much any online store). For 90% of the things for sale on the internet you can find a way to pay for it with Bitcoin.
Personally I deposit less than €300 in my bank account every month. €1500+ in expenses is paid "off the record" with Bitcoin for various things ranging from rent to clothes and electronics. Anything else is cashed out at a 5-15% loss for my re-up. I am unemployed so I am cruising pretty much under the radar like this.