withdraw money from my forex account?

[kooltrader]

Quote from startraitor:

No. However if you intentionally structure your transactions to avoid reporting limits even legal assets can be forfeited. Thousands of fed wired and ach transfers for many multiples of the amount you are speaking of are cleared daily without a bit of scrutiny.

This doesn't have anything to do with structuring or avoiding reporting. See my previous post.
For exemple If I want to close down my whole forex business, I will want to get all my money left in that account, not to give it to my broker. So I will need to transfer everything over a bank account. This doesn't mean I am avoiding anything or structure. i believe I have the right to get my money out of any account. This is money I made with my buisness.
Or another exemple: I stay in buiness, but I need money for my self, regardless the fact I have or not other source of money.
I should be able to transfer money from my forex ac to a bank account.
I just heard that banks might be suspicious.

 

[kooltrader]

Quote from startraitor:

I was refering to the investigation of SARs, suspicious activity reports by the IRS under the Department of Treasury. Not your trades in your brokerage account.

What would those be then? Just give me some exemples please.Thanks

 

[startraitor]

My whole point was you are fine, do not take that other guy's advice. Your bank will not be suspicious.

Quote from kooltrader:

This doesn't have anything to do with structuring or avoiding reporting. See my previous post.
For exemple If I want to close down my whole forex business, I will want to get all my money left in that account, not to give it to my broker. So I will need to transfer everything over a bank account. This doesn't mean I am avoiding anything or structure. i believe I have the right to get my money out of any account. This is money I made with my buisness.
Or another exemple: I stay in buiness, but I need money for my self, regardless the fact I have or not other source of money.
I should be able to transfer money from my forex ac to a bank account.
I just heard that banks might be suspicious.

 

[Ivanovich]

Quote from kooltrader:

This sounds correct and logical. Let's say a good trader has 500K in his account and needs some money, 100K. So he needs to transfer that into his checking account. Why this would be a problem?

It wouldn't.

 

[Ivanovich]

Quote from startraitor:

My whole point was you are fine, do not take that other guy's advice. Your bank will not be suspicious.

Yes, don't take my advice and you can just wire it all out at once. Doesn't matter to me either way. As I said in the beginning, you may have to provide a source of funds info when wiring that sum of money to your account, but that's all. What I said was if you wanted to go without that, wire smaller amounts over longer time frames.

"startraitor" is scare mongering you. Do you think you would be the only individual in the United States who does this? And when asked, you have a perfectly legitimate and legal reason.

The Patriot Act is designed to look for money laundering. You're no where near that.

 

[Xspurt]

Bank staff will report all transactions above a given threshold. In the UK last time I asked it was 10K.

There's no suspicion if they know where the funds came from, especially a financial institution that had to do its due diligence.

Anyway all global SWIFT codes are monitored by the CIA so everyone who needs to check you out will.

I have a friend with the name of A Crook and that presents a problem at times A new bank teller always says you gotta be kidding when presented with a check made out to her.

But interestingly sometimes bank staff make wrong transfers to the wrong country and account and don't always get it back! So they are more careful about sending than receiving. If they have the money then they just make sure the source is good and inform the Watchers.

The OP is talking about a small amount in transfer terms.

 

[Daal]

If the bank asks tell them how you made the money or just say 'its part of my savings'

 

[kooltrader]

Quote from Daal:

If the bank asks tell them how you made the money or just say 'its part of my savings'

Yes, this is what I am going to do.

Thank you all.

 

[southbeach4me]

Your broker automatically reports you winnings to the IRS, so it really doesnt matter how you transfer your forex acct funds to your checking and/or savings acct. The IRS already has you tracked! DUH !!!

 

[kooltrader]

Quote from southbeach4me:

Your broker automatically reports you winnings to the IRS, so it really doesnt matter how you transfer your forex acct funds to your checking and/or savings acct. The IRS already has you tracked! DUH !!!

I know buddy. That's what I was trying to tell the other guy.
But I just wanted to hear from others how a bank would react. I don't like "surprizes".