Bitcoin Forum

Rumor has it that it is possible to withdraw USD from Mtgox by paying a 5% fee.

Has this been confirmed by Mtgox?

Where can I find more information about it?

Is the money collected by Mtgox or their bank?

When did this option start?

How is it actually done? I could find no mention of it in the withdrawal interface.

And that rumor come from where? In any case if this is true we 'll see the gap between gox and bitstamp/btc-e getting smaller....

It's mentioned, for example, in the last few pages of https://bitcointalk.org/index.php?topic=179586.0.

If this were true I would expect the spread between Gox and Stamp to be ~5%. Not 8% as it is now. Otherwise this represents a very easy arbitrage opportunity.

Well, rumor also has it that even those who pay the 5% don't get their funds promptly... And again this is just a rumor, as this thread indicates little is publicly known about it, even if true the market may have not yet absorbed it.

Mtgox sell fee + slippage
MtGox withdrawal fee
Bitstamp conversion fee to USD
Bitstamp buy fee + slippage

And it's barely profitable anymore.

Okay point taken.


They actually charge a fee on top of the 5%? Does Stamp still only accept Euro deposits? This all goes to show I've never bought a single Bitcoin on an exchange :P

Evidence: https://www.facebook.com/photo.php?fbid=10151927060894419&set=p.10151927060894419&type=1

(A screenshot by a reliable person asking Mtgox support about it and receiving a confirmation).

The fact that Mtgox are hiding this fact is obscene.

The backlash they would receive from the community would be monumental, the nerve they have to do such a thing, rather than fix their problem they are profiting from it, makes me rethink that this is a solvency issue and not a banking issue

Somewhere in the thousands of pages of commentary about Mt. Gox's recent issues someone made an argument that a bulk of the fee did not go into Mt. Gox's coffers.  Rather it was largely the charge demanded by a financial institution who was able and willing to perform the fiat transaction.  Said institution is used sparingly by Mt. Gox...for obvious reasons.

I have no idea if there is any truth to this and don't remember who proposed it.  Probably user 'sturle' as he is among the most vocal (and informed) of the Mt. Gox advocates.  In fact he is about the only one here on this forum it seems.

It is also recent scuttlebutt that even with the 5% fee transactions are no longer going through.  At least for some people.  I don't find difficulty imagining that Mt. Gox has relationships with large, important, or historic customers which are not as negatively impacted as their relationships with the small fry.

Yup, I was offered this manual process with a 5% fee on 10/06/2013 in regards to a withdrawal on 07/18/2013. We went back and forth because I wanted a timeline if I were to go the manual process, and I got the same BS I've always gotten.

edit:
I was actually offered this on 10/05/2013. Here's the start of the conversation
http://i210.photobucket.com/albums/bb21/Raralith/mtgoxmanualwithdrawl2.png (http://s210.photobucket.com/user/Raralith/media/mtgoxmanualwithdrawl2.png.html)

http://i210.photobucket.com/albums/bb21/Raralith/mtgoxmanualwithdrawl.png (http://s210.photobucket.com/user/Raralith/media/mtgoxmanualwithdrawl.png.html)

2x withdrawal for $40 vs. $200 "manual" withdrawal which is 5x more. AND no timeline.

This feels like extortion. I've been waiting MONTHS now for my withdrawal request (international). A couple weeks ago I received an option for a "manual" withdrawal at 5% fee. Of course I went for it because something is better than nothing -- well I'm STILL waiting even after agreeing to pay the ransom.

I think someone should go knock on their door with a 12 gauge and renegotiate this policy. If they have anyways to get out money they should do it for free, even if it requires more effort on their part. if they can only get it out by paying a bank a 5% fee they should subsidize it with their profits and be open about whats happening. seriously i think we should donate a few bitcoins a person to have someone apply some pressure or a lawyer (even though i don't think they would do much good). we haven't seen a memo in months they don't give a crap karpleles is on fucking mine craft fuck him

I'd guess that your chances of finding a 12 gauge in Shibuya are about the same as getting one through security at Narita.

5% is close to what western union charges for transferring large amounts

I found the thread on reddit few months back and contact mtgox about this.

They proceeded with the withdrawal for 5% fee. Took a week and a half to receive in my US bank

So have you arbitraged between Stamp and Gox since finding this loophole?

I am sitting on over 2 weeks, and still NOTHING.

So now it's a 2 week + delay for the 5% manual withdraws?! That's craziness!

I have 2 pending, been over a week on one.

I recently requested a withdrawal with the 5% fee. I got a reply that I don't fully understand. Maybe someone can help translate?


Anyone know what 'partnership' they are referring to?

Pffft.  What's the date on that?  IIRC, they said that back in June or maybe earlier.  It's more or less the same bullshit line they apply to all the boilerplate I've seen come out of the place.

November 27. If they are saying they are going to fix the problem of international wire transfer withdrawals soon, I don't believe them either.