Posts: 1,447
Threads: 0
Joined: Feb 2012
Reputation:
4
Selling Coins in other countries
12-24-2017, 10:30 PM
You can buy Eth for $720 right now. If I send it to another exchange in a different country, I can get about 20% more.
But I have to sell it, deposit into bank account in that country, wire transfer it into U.S bank account, transfer money to Gdax to start over.
What I am worried about is money going in and out of my bank account.
I keep sending money to Gdax and I keep receiving money from someone outside the country. Does it look hella suspicious?
Btw, Can you imagine if you do $100,000, you can make $20,000 instantly?
(as long as market doesn't crash within 10~20 mins coin transfer time)
Posts: 462
Threads: 0
Joined: Dec 2015
Reputation:
3
Selling Coins in other countries
12-25-2017, 01:29 AM
damn man why is there such a big difference in prices between these countries?
( I doubt you would reveal which country you were thinking of arbitraging with, which is fine. )
This is an interesting concept, Im going to do some brainstorming
Posts: 2,051
Threads: 0
Joined: Jun 2013
Reputation:
30
Selling Coins in other countries
12-25-2017, 04:38 AM
Problem with arbitrage is it takes too long transferring money around. You buy somewhere to sell somewhere else. How long to move
Posts: 1,447
Threads: 0
Joined: Feb 2012
Reputation:
4
Selling Coins in other countries
12-25-2017, 05:50 AM
I don't know man. they are saying if you cash out, now it becomes Taxable. Plus the bank are required to report over $10,000 or if they find something suspicious.
Posts: 6,446
Threads: 0
Joined: Jun 2013
Reputation:
109
Selling Coins in other countries
12-25-2017, 03:34 PM
It takes time and money.
Buy off Coinbase
- Pay fee
Send to Bitso (Mexico)
Sell to Mexican Pesos
- Pay Fee
Convert to USD and Transfer to US Bank
- Pay Fee
- 2-4 Days
Sending money within States? WTF...a ETH in Texas is the same as an ETH in Cuntifornia.
Cattle 5000 Rustlings #RustleHouseRecords #5000Posts
Houston (Montrose), Texas
"May get ugly at times. But we get by. Real Niggas never die." - cdr
Follow the Rustler on Twitter | Telegram: CattleRustler
Game is the difference between a broke average looking dude in a 2nd tier city turning bad bitch feminists into maids and fucktoys and a well to do lawyer with 50x the dough taking 3 dates to bang broads in philly.
Posts: 6,446
Threads: 0
Joined: Jun 2013
Reputation:
109
Selling Coins in other countries
12-25-2017, 03:53 PM
Depends. If ETH is stable it's a good return.....in a bull phrase ETH can go up that much in a day and you'll be kicking rocks pissed off that you could have made 100% in a week. Also, after all the fees...you'll be making less than 20%.
The choice is yours.
Cattle 5000 Rustlings #RustleHouseRecords #5000Posts
Houston (Montrose), Texas
"May get ugly at times. But we get by. Real Niggas never die." - cdr
Follow the Rustler on Twitter | Telegram: CattleRustler
Game is the difference between a broke average looking dude in a 2nd tier city turning bad bitch feminists into maids and fucktoys and a well to do lawyer with 50x the dough taking 3 dates to bang broads in philly.
Posts: 6,446
Threads: 0
Joined: Jun 2013
Reputation:
109
Selling Coins in other countries
12-25-2017, 07:38 PM
Not sure how a CPA will help you with this question.
Yes it will look suspicious. Some banks will shut your accounts down. They won't care why you're doing it, they just want to cover their ass.
Cattle 5000 Rustlings #RustleHouseRecords #5000Posts
Houston (Montrose), Texas
"May get ugly at times. But we get by. Real Niggas never die." - cdr
Follow the Rustler on Twitter | Telegram: CattleRustler
Game is the difference between a broke average looking dude in a 2nd tier city turning bad bitch feminists into maids and fucktoys and a well to do lawyer with 50x the dough taking 3 dates to bang broads in philly.
Posts: 1,118
Threads: 0
Joined: Apr 2017
Reputation:
64
Selling Coins in other countries
12-25-2017, 11:04 PM
As a US citizen it wouldn't be advisable to do this due to the global dragnet of the IRS. They'll want your capital gains on this. Getting an offshore account will be difficult because of this also. When you make bank transfer all your personal and business details go through the USD transaction database, which the IRS have access to. With those sums I'm sure you'll be setting off triggers. Here in the UK, the pigs monitor eBay, PayPal etc. and mix all this data with the more or less direct feed of your bank accounts from Experian, Equifax etc. to identify people to go after.
The other option is to send your coins to one exchange where there is a 20% premium for ETH and a 15% premium for, say Dash. It's not as big a gap, but you can do more transactions and don't have to worry about banks.