Bitcoin Forum

Wow! I have just realized how large these fees are!

Essentially it costs $45 in JUST bank wire fees in order to deposit money to Bitstamp from my US bank account.

~.~

In any case, does anybody know the fees in the reverse direction? If I ask mt. gox to send me a bank wire for $1000, can anybody give me a rough estimate of how many USD I will actually receive?

Thanks.

I don't know whether or not Mt. Gox charges you. Sometimes companies charge you to cover the fee to send a wire transfer.

Banks usually let you receive domestic wires for free. You should check with your bank to know what fees your bank charge.

So, it will cost whatever Mt. Gox charges you, plus whatever your bank charges you to receive.

It depends a little on the fiat exchange rate. The fees average roughly $31 for me.

Also if there are intermediary banks along the way that take a cut...

~$950

MTGOX charges 2000 yen or roughly USD$20 for sending.

Then your bank will charge a fee for receiving as well.   Should roughly you should get back around $950-$960.

That's not what Bitstamp told me.  I was told by Bitstamp support that the wire transfer would cost $15.  I ended up using Coinbase to buy bitcoins instead because their 1% fee ends up being a fair bit cheaper to buy bitcoins than Bitstamp. 

...Or at least, so I thought.  There's enough of a price difference between Bitstamp and Coinbase that it CAN be cheaper to buy bitcoins with Bistamp, but not if you use the wire transfer method.

You can buy bitcoins from Bitstamp for effectively a 1.5% fee if you're willing to use Ripple, this eliminates the need for a wire transfer.  However, there are so many steps to jump through to do this that it's just easier to buy them on another exchange if you don't live in Europe. 

Steps to do this, in case anyone wants to:

1) Get a Bitstamp account
2) Get a Ripple account.
3) Use SnapSwap to transfer money into Ripple.
3) Use Ripple to fund your Bitstamp account.
4) Buy bitcoins.

It's complicated enough that you're probably better off just using either a different exchange, or Coinbase.  Coinbase is the easiest method of buying bitcoins in the US, but it's definitely not the cheapest. 

It looks like CampBX can be funded without wire transfer fees however, if you're wanting an alternative exchange to use that doesn't have this issue.  They use Dwolla primarily.

$50 charge? really? I think it depends on which US bank is in use.