Don’t worry! Withdrawing 1 million U safely is very simple!

Withdrawing 1 million U safely is simple!

Original author: Xie Jiayin

Original source: medium

Last Saturday, it took me 3 hours to write about my experience of withdrawing oil outside the venue and my bank card got frozen again. It received a lot of likes and shares from friends. Although it didn’t bring more followers to Twitter, I still enjoyed it. Creating valuable content for people is really meaningful.

I received some feedback and will submit my work next.

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Misunderstanding about large withdrawals!!!

People usually like to withdraw large amounts of money in small increments over several days! They think it’s safer this way because making small transactions multiple times won’t trigger strict bank risk controls. But actually, this is a misconception! In fact, if you really encounter illicit money, splitting it into multiple transactions will increase the risk, because you have had multiple transactions with the same person.

So, the idea that withdrawing 10,000 U is safer than withdrawing 1 million U is fundamentally wrong.

For large withdrawals, whether it’s 10,000 U, 100,000 U, or 1 million U, the best way is to make a direct transfer in one transaction, rather than splitting it into several transactions to increase the number of transactions and risks! However, you can adjust based on your actual situation. If you are really worried that withdrawing 1 million U in one go is too much, you can use multiple cards and withdraw a portion at a time.

How to safely make large withdrawals?

First, you need to choose a large platform: Huobi, Binance, OKEx are all good choices.

If your bank account is frozen, the difficulty of unfreezing it is as follows: withdrawing from major exchanges < withdrawing from small exchanges < withdrawing outside the venue.

Platform freeze compensation criteria

Huobi: Blue Shield Merchants – compensation for causing judicial freeze for a certain amount for six months

Binance: God Shield PRO – compensation for causing judicial freeze for a certain amount for six months

OKEx: None

Which bank card is best for receiving payments?

For large withdrawals, it is best to use a bank card for receiving payments, and you must ensure that the payer is using their real name. The name of the payer must match the name on the platform. Do not accept payments that are not made using the payer’s real name.

You can choose some small banks or local banks, as their risk controls are relatively weaker. However, now the difference between small banks, local banks, and the four major banks is minimal. The advantage of local banks and small banks is that if you have connections at the bank, you can communicate more directly with bank staff.

Withdrawal time should preferably be during working hours in the daytime, as large transfers at night are more likely to trigger bank risk controls.

If the amount is large, it is recommended to choose a merchant who can provide verification of transactions (video verification, not screen recording) for withdrawal. It is safer for the buyer’s funds to remain in the card for 5 days or more (some loan funds can also be used, but for large withdrawals, it is highly recommended not to choose funds that enter and exit quickly!)

Furthermore, as mentioned at the beginning of this article: try to choose one transaction to complete, do not split it into multiple transactions. Splitting into multiple transactions will unnecessarily increase the number of transactions and risks! If you are really worried that withdrawing 1 million U at once is too much, you can use multiple cards and withdraw a portion at a time. Alternatively, you can withdraw a portion at regular intervals.

Most importantly! The transaction amount should be as close as possible to the daily flow of this bank card. Avoid situations where the usual flow amount is small, but suddenly there is a large withdrawal! This is easy to be flagged by risk control! Try to avoid using cards for mortgage or daily life to avoid affecting your daily life in case of any issues.

Sometimes, the bank’s risk control is related to the funds and usage in your card on a regular basis. It can be understood that if there is usually a lot of money in your card, the risk control of the bank is more likely to be lifted if there are no major issues. There is a paradox that we often like to use cards with very little money inside to receive payments.

Finally, after receiving the payment, try not to withdraw it immediately, wait for 3 days before making any decisions.

Lastly, here are some tips:

1. Keep all transaction records and chat records for each transaction.

2. Try to avoid offline cash transactions, as there may be money laundering or known risks.

Huobi Xie Jiayin

July 27, 2023

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