You can cash out bitcoins the cheapest way in Euros, right?
I'm from the EU but my country is not in the eurozone, so that's why I need a convenient nonresident euro account.
I'm looking for the zero percent interest/no cost option for various reasons:
- I rather don't need the interest to avoid the fees. It's not my savings.
- The EU Savings Directive makes it a hassle to hold even a small checking account outside your country because you have to report any interest earned on it except for accounts held in certain countries. Maybe is there a negligible minimum you don't have to report? Let's say you earn a horrible 0.1 percent on your euro checking account and you have money come in and go out of the account every month so you don't even hold a balance there but you are required to calculate the taxes for that huge amount? It's ridiculous. It's just control freakery from your government that they have to know where you have a simple bank account, great. So the zero percent interest have privacy benefits, too.
I'd rather go with the exchanger Bitcoin Central, which just got a payment processor license in France (similar to Paypal) so I can be sure it is legit and the bank can be sure I'm not a money launderer. By the way it's an interesting question how banks consider money coming in from bitcoin exchangers? Is it suspicious for them or not? Maybe it depends on which country the exchanger banks. Another question is do the banks treat resident and nonresident account holders differently if they receive funds from bitcoin echangers? I just need to cash out the monthly living expenses. Nothing more, nothing less.
Any thoughts or recommendations? Hey! It's not illegal to hold on some bitcoins, right?