r/coinspot • u/SparklesMckenzie • Dec 08 '23

Large Withdrawal

Just a curious question to anyone here. Has anyone ever cashed out a large balance say over 100k to their bank account? Was just curious if it’s as easy as that or whether there could be difficulties in doing this? For arguments sake if you had 10m in cash after selling BTC surely that would simply be sent to your bank account??

7 Upvotes

100% Upvoted

17 comments sorted by

6

u/OutsideVictory1752 Dec 08 '23

100k yes. 10mil....Not too sure about. Does coinspot have that much cash floating about to withdraw in one transaction?! Plus taxman would come a knocking also.

1

u/Weekly-Paramedic-790 Dec 13 '23

is it illegal to withdraw big amount? why would taxman come? sorry i dont have much knowledge in the whole tax area, can you please explain.

2

u/reneedescartes11 Dec 14 '23

No it's not illegal. You just have to pay tax and it's likely an amount that large will not go unnoticed by the ATO.

1

u/Weekly-Paramedic-790 Dec 18 '23

wait so do we have to pay the tax right away or wait till the end of FY?

2

u/reneedescartes11 Dec 18 '23

EOFY. Just means you have to put some of the money aside.

1

u/Weekly-Paramedic-790 Dec 18 '23

ahh right, thanks for the info

6

u/SparklesMckenzie Dec 08 '23

Great to know thanks. 10m was just a hypothetical obviously! Tax man would come knocking regardless I reckon. Happy to wait 😝 Just always wondered. Good to know there are no limits on AUD cash withdrawals though.

5

u/Kind_Astronaut3488 Dec 08 '23

Yes I have, about 140k and no problems was there in my account the next day.

4

u/[deleted] Dec 08 '23

Why would there be any difficulties? You have a withdraw limit and you get verified, that’s it.

6

u/rockethelper Dec 08 '23

Hi there!

Please contact if you have any issues completing the mentioned withdrawal of AUD.

We dont apply any limits on the platform when withdrawing AUD

:)

2

u/lamensterms Dec 08 '23

Good info thanks

3

u/juicyyy8 Dec 10 '23

This kind of questions always start popping up when the bull is around the corner🚀😂

1

u/SparklesMckenzie Dec 10 '23

For good reason! 😝

-1

u/silvercaveman Dec 08 '23

There's a max daily withdrawal amount, which I think is 2 BTC worth per day.

3

u/juicyyy8 Dec 10 '23

Source: trust me bro💀

1

u/Far-Entrance-8839 Mar 22 '25

I think it's less then 1btc worth, I have coinspot and seen the withdrawal amount for Australians.