withdraw money from my forex account?

[kooltrader]

I'm thinking about closing my forex account so I will need to withdraw the money into a bank account (USA). Or maybe I will just withdraw some money.
I have like 89-90K. Would be this a problem? Or what's the best way to do it?
I've been a trader for about 5 years now and money came from my checking accounts and credit cards.

Thanks

 

[Ivanovich]

Why should it be a problem? If the market maker is an honest one, and you're getting the money back from the same source you sent it in from, there shouldn't be any issue.

 

[kooltrader]

Quote from Ivanovich:

Why should it be a problem? If the market maker is an honest one, and you're getting the money back from the same source you sent it in from, there shouldn't be any issue.

Everything is legal, I am with Gain capital. My worry is that I heard that a bank might question customers when they deposit large amounts of money, over 10K.
My broker will send all the money to my checking account, then I will pay the credit cards off from this account.

Thanks

 

[Ivanovich]

Quote from kooltrader:

Everything is legal, I am with Gain capital. My worry is that I heard that a bank might question customers when they deposit large amounts of money, over 10K.
My broker will send all the money to my checking account, then I will pay the credit cards off from this account.

Thanks

A wire into a bank account generally does need to have a reason accompanying it here in the good ol' US of A. This is a Patriot Act thing apparently. I just don't know where that threshold is. I think it's 30,000.

If you're worried about it, request multiple withdrawals at whatever amount you feel comfortable with.

 

[ksonsinc]

Well you dont need to worry if you sent the money legeally from you bank account to the broker and the broker send the money back to you.
Bank statement roff all that
What ever profit you have made it will be reported to the IRS
As long as you dont deposit cash in you account there is nothing to worry +10g
Cash is something you cant trace or have proof

 

[startraitor]

Worst advice ever. It is illegal to knowingly make multiple trasactions to avoid reporting limits regardless if the money is clean or not.

Quote from Ivanovich:

A wire into a bank account generally does need to have a reason accompanying it here in the good ol' US of A. This is a Patriot Act thing apparently. I just don't know where that threshold is. I think it's 30,000.

If you're worried about it, request multiple withdrawals at whatever amount you feel comfortable with.

 

[startraitor]

It is known as structuring.

No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions

Quote from startraitor:

Worst advice ever. It is illegal to knowingly make multiple trasactions to avoid reporting limits regardless if the money is clean or not.

 

[Ivanovich]

Quote from startraitor:

Worst advice ever. It is illegal to knowingly make multiple trasactions to avoid reporting limits regardless if the money is clean or not.

Oh, whatever. Who's to say he just doesn't want to pull out some now, continue trading, pull out some later?

You?

 

[Ivanovich]

Quote from startraitor:

It is known as structuring.

No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions

Yes, and make sure you don't rip off the tag on your mattress while you're at it.

 

[startraitor]

There is no other party involved in this offense, however, your bank will submit an SAR, suspicious activity report, if one follows your advice. Go ahead and give it a shot.

Quote from Ivanovich:

Yes, and make sure you don't rip off the tag on your mattress while you're at it.