- Oct 28, 2020
- 11,663
- 14,635
Hi,
My father asked me to withdrawn his USDT to a bank account, but the last (and only) time I've done a crypto transaction I ended up paying over 40% in commissions, taxes, fees, and other scammy terms invented by the financial mafia, and I'd like to avoid this experience this time, especially since 1) this is not my money and 2) it's a decent amount of money by our standards, and we wouldn't want to waste it all on commissions, taxes, fees, etc...
So, if you've ever withdrawn USDT from your wallet application (on your smartphone) can you please answer these questions:
1. do I need an account with any of those networks (Binance for example since this is - apparently - what my father's wallet is asking me to use), or can I withdraw the USDT directly to my bank account without needing an account with those websites like Binance? If I can do it without a Binance account, can you please guide me on how to do it? Or at least give some important tips that would help me complete the process fast and without hassles.
I am from Romania by the way, so I will need to withdraw this money into a Romanian bank account
2, If an account with Binance is needed, can we withdraw the money fast and clean, or will it take weeks / months of warming the account up, building up credibility, etc?
3. Are there any limits on the amount of USDT that can be withdrawn per day / week / month / year? I will check Binance's website for answers to all of these questions, but given the state of affairs with the big companies nowadays I am finding it harder each day to trust these crooks, that's why your personal experience is more important to me than what their sales and marketing teams wrote on their websites.
4. Regarding the KYC, which documents do I need at any step of the process (creating Binance account, converting USDT into cash, withdrawing the cash)?
4. Last but not least, are there other (non-obvious but dangerous) things I should be wary of with this industry? My entire involvement with the crypto industry had been a loss of 100 Euros in a scam about 2 years ago, and since then I've been staying away from this industry without regret. Unfortunately, this is not possible this time around as I'm doing this on the behalf of my father's because he is even more clueless about crypto than me, and it's a long and ugly story on how he got pulled into crypto, so please don't ask! All I know is that the person who handled all of his transactions is gone missing (what a shock, huh?) and now I have to do this myself...
Anyway, which things should I be wary of / concerned about before withdrawing this money? Thanks!
My father asked me to withdrawn his USDT to a bank account, but the last (and only) time I've done a crypto transaction I ended up paying over 40% in commissions, taxes, fees, and other scammy terms invented by the financial mafia, and I'd like to avoid this experience this time, especially since 1) this is not my money and 2) it's a decent amount of money by our standards, and we wouldn't want to waste it all on commissions, taxes, fees, etc...
So, if you've ever withdrawn USDT from your wallet application (on your smartphone) can you please answer these questions:
1. do I need an account with any of those networks (Binance for example since this is - apparently - what my father's wallet is asking me to use), or can I withdraw the USDT directly to my bank account without needing an account with those websites like Binance? If I can do it without a Binance account, can you please guide me on how to do it? Or at least give some important tips that would help me complete the process fast and without hassles.
I am from Romania by the way, so I will need to withdraw this money into a Romanian bank account
2, If an account with Binance is needed, can we withdraw the money fast and clean, or will it take weeks / months of warming the account up, building up credibility, etc?
3. Are there any limits on the amount of USDT that can be withdrawn per day / week / month / year? I will check Binance's website for answers to all of these questions, but given the state of affairs with the big companies nowadays I am finding it harder each day to trust these crooks, that's why your personal experience is more important to me than what their sales and marketing teams wrote on their websites.
4. Regarding the KYC, which documents do I need at any step of the process (creating Binance account, converting USDT into cash, withdrawing the cash)?
4. Last but not least, are there other (non-obvious but dangerous) things I should be wary of with this industry? My entire involvement with the crypto industry had been a loss of 100 Euros in a scam about 2 years ago, and since then I've been staying away from this industry without regret. Unfortunately, this is not possible this time around as I'm doing this on the behalf of my father's because he is even more clueless about crypto than me, and it's a long and ugly story on how he got pulled into crypto, so please don't ask! All I know is that the person who handled all of his transactions is gone missing (what a shock, huh?) and now I have to do this myself...
Anyway, which things should I be wary of / concerned about before withdrawing this money? Thanks!
