Withdrawing into NZ bank account issues?


RogueEagle
Gender: Unknown
Country: Unknown
Threads: 2, Posts: 5
#0

Hi all,

Had a couple of friends get notifications from their banks that their accounts were being terminated due to (and I'm paraphrasing) 'unregulated funds gained through crypto currencies'. These notifications came from BNZ, Kiwibank and ASB.

Just wondering if we can receive money from Cryptopia into our NZ bank accounts without running this risk?

 

 

 

 



Posted: 8/27/2017 6:21:07 AM
robertmm
Gender: Unknown
Country: Unknown
Threads: 0, Posts: 1
#1

Did you get an answer to this? I wo u ld like to know how to withdraw to a NZ bank account. I cant find any information.



Posted: 9/2/2017 2:36:45 PM
kiwirig
Gender: Unknown
Country: Unknown
Threads: 0, Posts: 3
#2

Just wondering if this has improved now we are in 2018?



Posted: 1/13/2018 7:18:34 AM
xtraelv
Gender: Unknown
Country: Unknown
Threads: 18, Posts: 594
#3

I've had no issues so far. Have used the NZDT withdrawals since it was introduced.

 

I know they were terminating accounts of people who used to buy or sell bitcoins on Localbitcoins.

 

Cryptopia has Lv2 KYC requirement and is a Registered Financial Provider.

 

A New Zealand bank account is a requirement for withdrawals so I can't see an issue.

 

 



Posted: 1/13/2018 7:27:40 AM
kiwirig
Gender: Unknown
Country: Unknown
Threads: 0, Posts: 3
#4

Thanks. It indeed appears that Cryptopia is a registered financial service provider: https://app.companiesoffice.govt.nz/fsp/app/ui/fsp/version/searchSummaryCompanyFSP/FSP580928/10.do

 

 



Posted: 1/14/2018 10:28:24 PM
kiwirig
Gender: Unknown
Country: Unknown
Threads: 0, Posts: 3
#5

There is some chatter on the web that New Zealand banks, as of January 2018, are still closing accounts when a hint of crypto trading is detected, EVEN when the transactions come from a reputable source. Maybe a good idea to share our experiences with banks here?

From what I have read, ASB seems to be the most crypto-friendly, while BNZ and Kiwibank appear to be the worst. Any thoughts on this?



Posted: 1/18/2018 10:41:00 AM
xtraelv
Gender: Unknown
Country: Unknown
Threads: 18, Posts: 594
#6

Cryptopia went through a lot of effort to set up bank deposits with their banking provider so that it would not be an issue. NZ bank account as a requirement and KYC level 2 verification is so that it is in compliance with NZ laws and as a requirement of their banking provider.

Technically you are buying a credit for your Cryptopia account in NZ$ - not any different as buying a gift card or account balance in a store account.

You can then exchange those funds for Crypto on the site. The NZDT run on the blockchain so it can be externally audited and it transparent at all times.

While it cannot be fully discounted - I have not heard it happen to any Cryptopia user. 

As Abraham Lincoln said: 



Posted: 1/21/2018 9:44:28 AM Edited: 1/21/2018 9:50:03 AM
g46767389
Gender: Unknown
Country: Unknown
Threads: 0, Posts: 1
#7

Will Cryptopia allow withdrawals to a NZD bank account that isn't in New Zealand?



Posted: 1/23/2018 11:19:05 AM
xtraelv
Gender: Unknown
Country: Unknown
Threads: 18, Posts: 594
#8

Will Cryptopia allow withdrawals to a NZD bank account that isn't in New Zealand?

g46767389: 1/23/2018 11:19:05 AM

 No - it has to be a New Zealand based account.

New Zealand banking laws allow New Zealand bank accounts to be set up by foreigners but they have to personally visit the bank to activate the account - so when you visit for a holiday..... open an account.



Posted: 1/23/2018 12:46:44 PM