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Viktoria S. May 23, 2024
Knowledge Share
Last active over 7 days
Last active over 7 days
The price of a mistake

A client of mine bought Bitcoin through a crypto exchange back in 2018.
As the price rose, he attempted to withdraw his profits to his local high street bank. However, the bank, alarmed by the unregulated and unknown nature of the transaction, froze his account and placed him in a high-risk category.

This not only affected his personal banking, increasing his mortgage payments, but also impacted his businesses. As a director and shareholder, all his companies were classified as high-risk, leading to significantly higher banking fees.

This single oversight cost him and his businesses thousands of euros, highlighting the risks of not consulting with a professional who can identify potential issues before certain transactions are made.

You don't know what you don't know.

Of course, when you think about it it makes sense but when you are making the transfer sometimes you don't even think about asking the right questions.

To read more about Banking and payments: www.movingmoneybook.com
 

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