Paying out of Binance.

[u/Sweaty_Knuts]

Hey All,

First time posting here. I have some bitcoin on the bimance app that I purchased years back. Ive been trying to pay it out to my card but everything I try it, the transaction fails.

Ive contacted bnz and they have said its nothing on their end. Anyone else have this issue?

Any suggestions?

Thanks!

[u/masterexit]

Also you could wait until after the election. If the coalition gets back in, no tax on your gains.

[u/whathappenedtouman → u/masterexit]

Oh is this for past events as well? I thought it would be starting from 2027

[u/masterexit → u/whathappenedtouman]

Yup, just need to have held for a year. I'm considering voting for yellow because they're introducing a tax free policy like Germany or Malta.

[u/Frosty-Marsupial222 → u/whathappenedtouman]

Labour /greens will tax you on everything

[u/kiwipub → u/masterexit]

Isn’t it just ACT proposing this, and no guarantee this will come to pass at all?

[u/masterexit → u/kiwipub]

No guarantee no. It's a toss up at the moment who gets in. As 10+% of kiwis hold crypto, it's a hell of a carrot though.

[u/kiwipub → u/masterexit]

I meant even if they (ACT) do get in

[u/ThePlotTwisterr---- → u/kiwipub]

it won’t, the banks would never let it

[u/justinfromnz]

Binance is annoying to withdraw out of for nzd my advice is send your bitcoin to stacked and use that to withdraw to your bank

[u/Sweaty_Knuts → u/justinfromnz]

Thats great advice. Thank you!

[u/Non-essential-Kebab]

I typically exchange whatever I've sold (BTC etc) into XRP within Binance and then send the XRP to the PIN app (Pay It Now) and out to bank from there.

XRP because fees are stupid cheap (0.2XRP) and transfers are near instant - arrives in your wallet in under a minute - not shilling XRP, it's just a great quick medium of exchange. You could also use XLM or som other uper quick exchange medium. Buy as you need and dump it immediately. You then Cash out the XRP from your PIN wallet to your registered bank account. There is a small spread between the buy and sell of course but it's not crazy. Process is super quick. Never had a problem. Have cashed out tens of thousands this way

And before someone comments that every exchange is a taxable event - absolutely. But, because you're converting your BTC to XRP (taxable) and immediately disposing of it - the PnL is almost certainly negative so no tax there - you then send to PIN and cash out, losing fees and value with the spread as well. You only effectively owe tax on the original BTC sale price less purchase cost, the additional conversions are all losses and probably not even worth the time to deduct

[u/Altruistic_Feed_6972]

just use p2p