Bitcoin Forum

I have a lot of USD (in the six figures) sitting at Mt. Gox that I want to withdraw.  After setting up the bank wire information, I found out you can only withdraw $1000/day and $10000/month (I think; it wasn't exactly clear.  Decimals and commas in weird places).  WTF?  Apparently, I can wire six figures within a couple of days, but can't withdraw the same.  Not cool.

I also have a Bitstamp account, so theoretically, I could buy bitcoins at Gox, transfer them to Bitstamp, sell them, and then transfer the cash.  But an email to Bitstamp regarding max withdrawals did not get a response.

What's my strategy here?

You can raise the limit to $10K per day ($50K per month) by upgrading the account to "verified" status.
You can further raise the limit to $100K per day ($500K per month) but upgrading to "trusted" status.
https://support.mtgox.com/entries/20919111-AML-Account-Statuses

Verified isn't to tough but it does involve sending KYC/AML related information and my understanding is Mtgox has a backlog right now.  Trusted is a total pain in the ass in the US as you need not only a notarized document but also to have the notary validated by getting an apostle seal.  This involves a three step process: 1) get documents notarized, 2) send notarized docs to state to be apostled, 3) receive apostled documents back and send to Mtgox.  It took me about 2 weeks (and that was without a backlog) from start to finish.

Bitstamp had no upper limit that I am aware of but you must be verified to withdraw or deposit more than $10,000 USD (or equivalent).  

I would offer the services of my company but we do not have wire capability at this time and keeping funds in stock has been a challenge.  Just curious, have you considered bullion?  Depending on your needs we may be able to work out a custom sale of bullion. 

With trusted status you can withdraw 10,000 BTC in a 24 hour period.

With verified status you can withdraw 1,000 BTC in a 24 hour period.

Transferring out Bitcoin and selling them OTC is probably your best way to avoid being caught by withdrawal limits of other services or creating reportable transactions.  There are people who buy large quantities of Bitcoin OTC.

Its not as bad as a month ago with 20k requests pending. Last i heard its being processed within 24h by now.

Translated that says "Exchange websites are mickey mouse. Why are you trying to cook dinner for 12 in an easy-bake oven?"

What is the acronym "OTC?" I haven't heard that one yet...

http://en.wikipedia.org/wiki/Over-the-counter_%28finance%29

Ah, thank you very much!