Requesting Guidance to Swap (some) USDC/USDT/BTC into IBAN EUR, CHF, GBP, or USD

jafo said:

Since the post on TrustLinq got my attention, I decided to go down this path and try several other services where I can SWAP Crypto and cash out into my Western IBAN accounts.

I did a small one and the culmination was this:

Sold 580.11 USDC for 500 € 😮
1 USDC ≈ 0.877 €
Crypto amount 570.1254 USDC

fee 7.6967 USDC

Bank transfer fee 2.2805 USDC

Fiat amount 500 €

This seems excessive AF.

What do the experts recommend?

Any other options?

I'm all ears....

PS. I want to link my foreign credit cards/debit cards to my WeChat and Alipay and one way I have been doing is using the bank's debit card (IBAN) and fire away. I just want many options.

It seems you paid around 1.72% in fees.
The effective fx rate was quite good, depending on the time you might in fact have paid less than 1%.
For a small 500Eur withdrawal it was not cheap but not terrible.

For regular cashouts you should better:

- send USDC to Kraken or Coinbase
- sell USDC for eur on kraken Pro or CB Advanced
- withdraw fiat by SEPA

That should normally cost around 0.4% to 0.7% all-in, and less on larger amounts.

TrustLinq in theory would be more useful when paying someone else’s IBAN directly from crypto. For withdrawing to your own account, you are paying extra for nothing.

For WeChat and Alipay, linking a foreign Visa or Mastercard directly is simpler. Best setup would be two or 3 cards from different banks as backups.

Never use the simple “convert” button on exchanges unless you are completely incapacitated. Use the advanced order book, since the hidden spread is often where they extract the real fee.

JohnnyDoe said:

Never use the simple “convert” button on exchanges unless you are completely incapacitated. Use the advanced order book, since the hidden spread is often where they extract the real fee.

This is important for everyone to note, because the default Kraken platform will by default F you over on fees, even on something very simple like USD<>USDT, while you will get relatively good rates on the orderbook in Kraken Pro.

Filda said:

This is important for everyone to note, because the default Kraken platform will by default F you over on fees, even on something very simple like USD<>USDT, while you will get relatively good rates on the orderbook in Kraken Pro.

Well, they don't really fuck you: you pay an extra for simplicity. For some reason, many people find it difficult to enter an order in the book. Same as those who still buy stocks by calling their bank instead of through IBKR.

jafo said:

IBKR does NOT want me anymore....

Why?

jafo said:

IBKR does NOT want me anymore....but I have NOT moved yet...I'm giving them anxiety 🤣 🤣 🤣

This is weird.

jafo said:

@JohnnyDoe
Yeah...apparently getting indicted and getting acquitted fails their compliance risk appetite.

That shouldn’t happen; I know from personal experience. Perhaps you can try your luck with another monkey?

jafo said:

Lawyers are merchants of misery and brokers of misfortune.

This is the best definition of a lawyer.
Someone wrote “They see people in times of stress or crisis and, unlike other professionals, can’t always, perhaps not even often, make clients happy.”

JohnnyDoe said:

For regular cashouts you should better:

- send USDC to Kraken or Coinbase
- sell USDC for eur on kraken Pro or CB Advanced
- withdraw fiat by SEPA

That should normally cost around 0.4% to 0.7% all-in, and less on larger amounts.

Is it really that simple to cash out via Kraken Pro? From what I’ve gathered, their economic substance requirements have gone through the roof… and then you add in the new CARF bullshit.

I don’t know whether you @jafo will ever need to off-ramp high-six-figure, if not seven-figure, amounts. Perhaps only if there’s a need to buy something in the EUSSR.

But for transactions of that size, offramping usually happens through OTC desks rather than directly through exchanges... simply because banks screw around with enhanced due-dilligence when it comes to crypto-related payments. So as a result, large CEXs are increasingly developing informal networks of companies to handle fiat transfers.

These wires usually cost a little more, in the range of 1% to 1.5% in fees (my experience). But don’t expect much substance from them when it comes to bank EDD. You’re going to have to build it out yourself.

Also don’t get scammed with the PSPs. A lot of them will charge 3% and even higher fees for “improved documentation”, which in reality is just a regular OTC transfer with a standard shitty marketing service agreement generated by Claude.

chicharito said:

Is it really that simple to cash out via Kraken Pro? From what I’ve gathered, their economic substance requirements have gone through the roof… and then you add in the new CARF bullshit.

I don’t know whether you @jafo will ever need to off-ramp high-six-figure, if not seven-figure, amounts. Perhaps only if there’s a need to buy something in the EUSSR.

But for transactions of that size, offramping usually happens through OTC desks rather than directly through exchanges... simply because banks screw around with enhanced due-dilligence when it comes to crypto-related payments. So as a result, large CEXs are increasingly developing informal networks of companies to handle fiat transfers.

These wires usually cost a little more, in the range of 1% to 1.5% in fees (my experience). But don’t expect much substance from them when it comes to bank EDD. You’re going to have to build it out yourself.

Also don’t get scammed with the PSPs. A lot of them will charge 3% and even higher fees for “improved documentation”, which in reality is just a regular OTC transfer with a standard shitty marketing service agreement generated by Claude.

I was referring to transactions below $100k. Of course over that threshold you should use a OTC desk, whether Kraken itself or some other, more private facility.
Anyway I’ve never had any issue with Kraken, almost zero questions, but it might be different if you reside in the EU.