Permanent TSB & Crypto currency.

Bitcoin Guy · 10-10-2022 8:43pm #1

Hi, I had to leave the Ulster Bank as they are leaving the Republic, so today I had to start with Permanent TSB. I asked the lovely lady if they were Bitcoin friendly and she had to ask her boss for me but the answer she gave back to me was NO, I never had any problems with the ULSTER BANK. Plus I find it highly unlikely that they would refuse payments from CoinBase (the Bitcoin exchange). Is this the case? Will they refuse funds/money coming in from CoinBase the Bitcoin exchange? I haven't purchased anything from Coinbase in an age and don't plan to anytime soon, but one day in a few years or so I plan on selling some of my Bitcoin, will they refuse to except funds/money coming from coinbase? Thanks so much for any advice by the way.

Citrus_8 · 10-10-2022 9:48pm

https://www.boards.ie/discussion/2058266912/permanent-tsb-crypto-currency

They probably didn't understand your question.... You can trade, certainly, as long as you pay income tax.

bennyx_o · 10-10-2022 9:54pm

They won't open a business account if the business has any dealings with crypto, but you'll be fine making & receiving payments to Coinbase

Bitcoin Guy · 10-10-2022 10:14pm

Thanks so much Citrus_8. So you believe they didn't understand my question, that's a relief. I don't trade (long or short Bitcoin, wouldn't even know where to begin), I just bought a few Bitcoins years back and have been sitting on them (and don't plan on selling till the end of the next bull market or beyond). As long as I pay income tax? I was led to believe that you pay tax only when you sell your Bitcoin for fiat currency (Euro), and then you ONLY had to pay capital gains tax (33%)? Neither here nor there really but do I have to pay income tax on Bitcoin too? (as well as capital gains tax 33%) Sorry if I'm being clueless and annoying. Thanks again mate. I hope to God that this Bitcoin thing doesn't turn into a huge load of stress lol, having to find a Bitcoin friendly bank and then having to pay two lots of tax is what I mean. Thank you Citrus.

Bitcoin Guy · 10-10-2022 10:26pm

https://www.boards.ie/discussion/comment/119728103#Comment_119728103

Thanks so much Benny, its just an ordinary current account, not sure what a business account is lol, but yes I just opened a current account. Anyway they will allow me to buy and sell my Bitcoin using CoinBase. Hey Benny you're a true gentleman Sir thanks so much. And you too Citrus_8 thank you very much.

kippy · 10-10-2022 11:56pm

Yep, no issues with transfers in and out of most of the major exchanges subject to the usual flags that might be raised based on the higher amounts.

Jim2007 · 11-10-2022 9:42am

Just like any other business banks are not obliged to provide any financial to you beyond the EU directive on basic banking, at present. Some banks are willing to consider bitcoin, some are not. However the EU has started the process to regulate crypto-assets and licensing is on the cards. Whether a particular bank will decide to get licensed or not remains to be seen. Very hard to say what the environment will be like in two years time.

Bitcoin Guy · 11-10-2022 9:04pm

Thanks very much Kippy, & Jim. Thank you all for your advice and clearing this thing up for me. See you around.

Permanent TSB & Crypto currency.

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