Withdrawing large amounts

[S.Claus]

* I’m just curious *

How do the 1% (aka the billionaires club) withdraw their millions/billions/trillions into their local accounts considering Luno would take a few years to even get close to the amount ? As far as I know Luno has a 8 000 000 withdraw limit (I wish )

 

[3WA]

I feel like the 1% don't hold a high percentage of their worth in crypto.

 

[Gtx Gaming]

* I’m just curious *

How do the 1% (aka the billionaires club) withdraw their millions/billions/trillions into their local accounts considering Luno would take a few years to even get close to the amount ? As far as I know Luno has a 8 000 000 withdraw limit (I wish )

Overseas has much bigger limits, if you are billionaire then you most probably have an account in the cayman islands.

 

[abcab]

Pay in crypto, then you don't need to withdraw. Why would you want to withdraw anyway. As soon as you withdraw, you have to start declaring and paying tax.

 

[BitcoinZAR]

I am sure they would try to withdraw as little as possible into local accounts.
Where did you hear about Luno having a withdraw limit? I know their site says "Limits may apply", but I have not seen a specific figure.

 

[SaiyanZ]

https://www.luno.com/en/countries#levels

It says limits may apply. Going by the other countries, the level 3 withdrawal limits are mostly 20 times the level 2 limits. So if they applied the same rule it would be R1mill per month max withdrawal.

 

[Tman*]

* I’m just curious *

How do the 1% (aka the billionaires club) withdraw their millions/billions/trillions into their local accounts considering Luno would take a few years to even get close to the amount ? As far as I know Luno has a 8 000 000 withdraw limit (I wish )

they dont. And thats how they stay millionaires.

 

[BitcoinZAR]

If its your money and its a large amount, they can not limit you without a good reason. If its a few million, maybe they will just call you to chat to you about it. Your money is your money at the end of the day. If you have a fully verified account, there should be no limit since its just bank EFT when you withdraw, unless there is a limit to the amount you can EFT on the bank side of things.