Bitcoin Forum

https://mtgox.com/press_release_20130704.html

Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today, after several days of testing our new system for processing transactions. We want to keep you informed about our progress in this arena, and especially assure our customers that their funds are accessible.

How I can withdraw Indian rupees from Mtgox? What are charges and exchange rate? how many days it to complete transaction?

thanks.

Check here
https://bitcointalk.org/index.php?topic=230924.msg2761461#msg2761461

if you not completely verified with MtGox and do not submited utility bill and passport copy before, you will not be able to withdraw at all. To get verified may take some significatn time too.

Better sale bitcoins on btc-e.com or bitstamp.net for USD and make wire transfer to your India rupees savings account in India. Only you need to know SWIFT code of your bank.USD will be converted into INR automatically. Free service courtesy of RBI.

Another site where you can sell them easily is https://bips.me

Oh and obviously you can sell coins directly to buysellbitco.in and receive INR in your bank account :)

Cheers

isn't bips.me a payment gateway like bitpay.?
AFAIK they are the same people behind walletbit which was discontinued.

Oh one last thing.. am always buying and selling bitcoins at very low rates comparable at btc-e and bitstamp rates. Do feel free to PM me.

Low rate. I have 3.5 bitcoins. Buysellbitco.in offers very low rate than paypal as well. I use paypal frequently. However, finding trusted and verified person is difficult. Even bitmit support system mentioned that they cant do anything if chargeback. I will try mtgox.

Just want to know that if I sell 3.5 bitcoin on mtgox, how much approx. I will receive in Indian bank (if 1US$=60 and 1 bitcoin = $106)?

Thanks.

Agreed about the rate if you compare MtGox last and convert it to Google USD INR rate.

Lets try to understand this in a bit detail :
3.5 BTC, so lets say its around 373.45 USD as per Mtgox depth at the moment. ( Yes you can not directly use MtGox last or buy rate, you must use mtgox buy side orderbook to accumulate the quantity you want to sell and see how much it gets you )

http://bitcoincharts.com/markets/mtgoxUSD_depth.html
Sell 3.5 BTC for 372.09  USD at 10:40 PM IST and buysellbitco.in 20472 INR.

Now try to add 0.6% exchange fees.
So its 2.23$

So make it 369.86

Ok now the USD to INR part. There are several hurdles here :
1. When you will get money from MtGox ( Try to surf service discussion and Trading discussion subforums, you will find 2 months waiting is kind of normal ). There are few posts which even says that MtGox USD is ignoring any thing less than 5 digit withdrawls at the moment.
2. Lets assume you are lucky enough and all of in point 1 is fud, you are going to receive wire transfer from mtGox in less than 2 weeks ( A very good time frame at this point )
3. So now you will pay fees at MtGox bank for processing your wire + any intermediary bank fees and at the last fees at your bank. Very rough idea it will cost you around 1700 INR in total. ( 1200 INR at Gox bank + 0 INTERMIDIARY Bank fees + 500 at your bank )
4. Now comes the most overlooked part, the currency conversion. Gox will send you USD and your bank will convert it to INR at their rate. Which is always normally 2.5 to 4% spread. The rates you see on google are interbank rates and those are used when banks internally change money with each other, kind of wholesaler rates. We are retailers to banks will add their margin ( spread ) here. At the moment 369.86 US Dollar equals
22339.54 Indian Rupee. Apply 3% spread on it so   ( -670 INR ) your INR is now 21669.
5. Now we should not forget to deduct the charges we calculated in step 3 :)  So now it is 21669 - 1700 = 19969
So you should receive around 19969 if you go with Gox route and you may receive it in 2 weeks around if everything goes good ( Lets assume everything is good in you receive it in 1 week )

Now the sad part, you have to trust that Gox is having difficulty in processing payments and you are going with Bitstamp or BTCE. Rates at both the exchanges are around 10% low. So you have to deduct 10% from the 19969 if you go with Bitstamp or BTC E. So you should receive 17973 INR apx.
But good part is I am sure you will receive that money much earlier.

Compare it with local Indian trade. Go with buysellbitco.in and you will receive 20472 same day ( We are paying via NEFT now )
Deal with some reputed member in this forum with escrow, much better rates and payment surety ( If you choose reputable escrow )

In any case dont do any from below :
1. Trade with person who is going to give you Paypal or any other reversible payment
2. Trade without escrow
3. Trade on Gox ( sadly you should not trade at Gox at the moment )

I hope I am able to clear few things. My intention is just to get real calculations in. Everyone has right to disagree and in that case lets just agree to disagree :)

Also if the amount is say 100 BTC going with exchange is better because the other costs will eat less %.

Cheers


 

if you have your ID verified with mtgox and will transfer now, you will get your money by end of August. I have long experience with mtgox, it not an option. Dont look at this rates on mtgox, it is manipulated by traders. Same way you can hold your coins now a sale at better rate on btc-e one month later.

Oh you can also try skrill aka moneybooker it doesn't have any chargeback.

Skrill can be cahrged back if money comes in from stolen CC. Yes as per their agreement they say that skrill takes on the losses on them and does not pass it to customer but its utterly wrong. They will block the account and will not release funds.

Also they can block your account in case they find your account is having too much exposure and business you are doing is considered to be high risk.

Even Neteller can be charged back.

The issue is any company accepting CC as payment medium will allow charge back because they have to as per consumer laws.

I think if you want to use any such method you have to make sure you know the other party well ( He/she is reputed ) and the sum you are dealing with is less than what his/her reputation worth :)

Cheers

That's the main thing, deal with reputed members and cc fraud is not possible with skrill until you have merchant account with them and you are accepting cc payments, but they give some protections for sellers too.

"Sell coins suspended for the timbering as we have bought stock for weekly limit. Please check again in few days to sell coins."

https://buysellbitco.in/

It seems due to price rise in $ and bitcoin, company stopped buying activity of bitcoins... Not good at all... :(

I dont have moneybooker/skrill and cant find any trusted seller who offer skrill service, so cant use it.

Any other fast and reliable option to sell bitcoin at good rate?

Hi,

We have completed few sales in last days. There is huge demand on selling coins at the moment due to increased price and not enough buy request. To control our stock risk we must apply inventory control on the amount of stock we can have.

That is the only reason we are not accepting requests at the moment. We do allow very small amount trades like 5000 INR etc to new users so they can test our services. But in general we are not accepting sale order at the moment as we have more than enough stock to cover our projected sales.

We may start accepting sale orders in next 3-4 days.

Regards,
BuySellBitco.in

There has been a mad rush to sell after the rates at mtgox crossed 100 USD.  We are still buying bitcoins limited to 50k per day per user.  Our pricing mechanism also incorporates the selling pressure