hi. would like to know about selling crypto on remitano and huge chunk of money gone into your bank, will u kena check?

How many mil r we talking about ?

Yes kena check 1/4 million a week?

pandai pandai la

Gonna trigger the bank if more than 25k if im not mistaken. They will contact you to know details about the deposit.

that's only for cash transaction that has to be reported isn't it?
bank transfer >25k will kena question?

Any movement from/to your bank acc. Deposit and withdrawal. Same either way, online or manually in bank branch.

Who wanna cashing out with big figure, we can do in cash.

i am interested to know also... what will happen if let say there is 100k transaction within a month? (included deposit and withdrawal)

Bank will most likely call you and ask to declare taxes.

can we tell bank is bcs of trading cryto?

hm.. never ever. my transaction over the month when purchasing house > 100k. no one ever call me.

this including pay deposit, pay lawyer, pay contractor, etc. no one call me to explain the money as to date.

Maybe LHDN will call you later.. JK.. What bank you use?

Park

I read somewhere got one forumer cash out 50k within a month to saving account. But he does it separately. Not more than 10k per transaction/per day. No call from bank

it is quite different, trading crypto will end up have plenty of small transaction and accumulate to RM100k in a month. (deposit + withdrawal)

Sorry to ask ..

Arent income from outside Malaysia are exempt from tax ?

doing cash transaction is the safest

That's for sure but where to keep such a big amount of cash?LOL

Sure got pro and cons mah...

But I will opt for cash la.. to be safe than sorry

The authorities eg. Bank/LHDN will come after you for questioning if they found sum of huge money credited into a person's account from unusual creditor to check for any money laundering activities.

what is your username? Can do cash...

Singaporean is now 90% on cash transaction by f2f

wondering how to deal f2f. When meet, buyer give seller money, then seller only transfer? how to know buyer/seller is sincere, like maybe some buyers play play only

If the "work" is done outside of Malaysia, then yes. If you did the trade in Malaysia, even though the platform is overseas.. still considered you did the work in Malaysia.

How they going to trace those who didn't declare???

Bank account transactions.

For instance, you receive RM3K from employer every month, you fill in the tax declaration form yearly. Out of a sudden, RM100K straight into the bank.

This post has been edited by UserU: Feb 21 2021, 03:41 PM

I think need to cash out slowly. Don't request one lump sum 100k lol.
Should be ok I think

Yup, or better cashout through more "lenient" banks.

Generally they don't, if its a small sum. Not even worth their time to investigate you.

What gets you is when you suddenly start buying houses, cars, etc that your income tax bracket can't support... then you might get flagged for investigation.

Bumping this thread.

I would like to ask, would it be better to call your bank and clarify with them regarding withdrawal procedure into your personal account?

I don't mind paying tax and declare it as income from trading. As far as I know, we dont have trading tax for stocks and maybe for crypto we might need to pay some of it but that also not set in stone, so perhaps may need to contact lhdn for clarification as well.

Hi ,

Would u mind sharing any info that u gather regarding on how to cashing out from binance while abide to the law.
I don't mind paying tax and stuff ,just it will be so much hassle if we withdraw our hard earn money trading yet have to go through all the questions by bank negara and lhdn.