Bitcoin Forum

Hey all, just was wondering if any support team or people who experienced this can chime in. I have a verified mtgox account and I withdraw $10000 USD pretty often with no problems, I receive it on average in about 3 business days. It has now been 24 days and counting, I withdraw $10000 USD (max I can in one time), and it still hasnt arrived, I contacted the support but they just repeat them selves basically saying its the bank doing an investigation  and they are waiting to process it mentioning it takes about 2 weeks.... I also sent another $10000 USD again and of course hasnt arrived (i sent this about 5-6 days later thinking it was just going to be a normal delay for the previous 10k). I now have about $19000 USD in my account and I am looking for alternative options as I cant afford to wait so long...

If anyone can tell me there experience or opinions on what I can do (to wait or just use another alternative that is preferably low on fees), I would really appreciate it, thank you

Use a mtgox code to send it to a trusted #bitcoin-otc member, and have them send you the funds by an alternate route. (Wire, cheque, etc).

I have a better option: START SPENDING THE FUCKING BITCOINS IN THE ECONOMY!
If he takes my advice I bet no freaking bank will investigate... :P

Similar thing happened to me -sending- to their HSBC account - and now its just happened again with their Japanese account ... (sending)

They put a warning announcement on their news forum and here .. for some reason they thought that was indicative of excellent customer service, instead of letting everyone know directly via login message or email. It then takes 2-3 weeks to get your $$ back .. if you're having issues withdrawing funds, I'd start looking at alternatives ASAP. Its bad enough that sending funds is an issue, if people are can't withdraw their funds ... it starts reeking of cash flow issues.

In what universe is 2 weeks acceptable to obtain a withdrawal?! It should be near instant, 1-2 days at the most. 

Shoulda used AurumXchange  :D

(Shameless advertising for my favourite exchange)

Shoulda used bitcoin. If he sold them, he had them...

Or maybe convince his main drugs supplier to accept them. That way he would've avoided banks altogether ;D

Why thanks BitAvenue :)

ty all for the advice/sharing experience. They updated me on the 18th with a transaction log saying it has been processed at the date of  April 18th, then arrived in bank the following day. I hope from here on it should be smooth and like the previous transactions the past months, (3 business days to arrive) so i withdraw another $10000 USD, the previous (second withdraw) 10 k hasnt arrived yet though.

@Grey- Sorry to hear that, 2-3 weeks is unacceptable, im not sure if it makes  a difference if your a "trusted" member though?

Aurum exchange looks like a great place but i did the calculations on a bank wire and its way too much, imo there should be a fixed rate for higher amounts or at least a lower %, if that was the case i would use them very often

I have done many withdrawals through Sonba on the forum with Mtgox Codes and it has worked flawlessly.
I don't dare request another Mtgox withdrawal through wire anymore :)

Hey playitoff2577 - did your funds come through?

Agree with regard to Aurum exchange - if the rate was lower, I would switch right now.

I've been trying to get onto Cryptoexchange but after sending ID scans, I still haven't been verified after 4 weeks ..

bitdragon - I am unaware of Sonba, what are the limits and how does it work?

Chaang - My last one took 24 days, they used to average 3 buisness days, sometimes receieving in 2, just recently this crazy delay thats really turning me away from them.

Grey - Hey, unfortunately not the rest, the first 10 k just arrived after 24 days, but the other two (one that has been pending for just over 2 weeks, has not arrived) any updates on yours? I keep sending messages to there support team, I really cant afford to be waiting on funds like this.

I contacted Aurum Exchange regarding larger amounts and a fixed rate, so hopefully will get a response soon and post it on here. Maybe if they see there is a demand they will change there rates.

Crypto is good too i have dealt with them and i am verified (not sure what level as they changed there whole system now) only problem is there volume and the withdraw limit at the time (5k max)

I got this reply from Aurum Exchange support


Hello,

Unfortunately, at this time we cannot lower the fees since we have a lot of capital (6 figures) tied up with MtGox for several weeks now. Hopefully when the situation normalizes with them and withdrawals to our company are processed faster, we will be able to lower the fees.

Best regards,



Looks like they are having problems with mtgox themselves

This is scary. Real scary.

I just got a note from Mt Gox saying that my transaction is in their system as "pending". My bank report the funds have cleared at their end. When I asked Mt Gox for a definitive answer as to when/why I got a reply saying that their bank was holding the funds to investigate them .. I'm a legitimate operator and have had no problems in the past with payments like this.

Its starting to sound like cash flow issues with Mt Gox. I'm going to suspend all activity with them until they pay up.

This isn't how I want my BitCoin experience to be ... 2-3 weeks per transaction .. if we want BitCoin to continue to be successful currency, the major strategic players can't perform like this.


 

Thats the exact same answer I get, the bank is doing an investigation but I just got a new answer after I kept asking them/explaining how I cant afford to wait on funds for that length of time. This is the answer I got


Hello,

We apologize. Please be aware that withdrawals can be delayed depending on the traffic. Due to the US tax day, there are many withdrawals pending and being investigated by banks. We apologize for any inconvenience caused.

Thanks,

MtGox.com Team

Hi Everyone,

I know that you are all upset with the situation and that many of you are really frustrated. To be honest, a lot of small things occurring in a short period of time has caused some withdrawals to be delayed for certain customers. I can assure you that this is not a common issue, and only a small number of people are affected by this.

Now, while this will not help to solve the problem for the affected users, rest assured that we are actively working on improving the speed and reliability of our transactions, since it is for us of the utmost importance! Also we are working on a revamped withdrawal and deposit system that will be not only cheaper but also much faster and far more convenient that what we have today. I have no ETA for you on this, but we are working like crazy to make it happen soon

Once again, we are very sorry for the delays that some of you are suffering from, please remember that we are not stalling or forgetting you, we are working on it case by case!

You can do wires by sending bitcoins directly on Spend Bitcoins. We don't hold any funds at all ever. You send bitcoins, we convert same day. Wires take 1-2 business days to arrive in your bank account. Check out all the options at http://spendbitcoins.com/convert.

What issues? Tell us more. Otherwise it just sounds like a company is about to bust. This is what usually happens just before a foreclosure.

Jeremy, absolutely love your service. Its second to none. Unfortunately it costs a pretty penny for larger transactions. I'm doing things like paying for stock/paying wages/investing into the actual currency itself so it really starts to add up. If you had a fixed fee per month / ceilinged rate for individual transactions, that would help enormously.

Also for anyone else, just heard from a gentleman at Cryptoexchange who is going to assist me with my validation issues personally. I must say, that's great service and thank you.

Grey

Hi Grey,

I presume you're talking about buying bitcoins from us in Australia rather than converting from bitcoins as that is the only thing we charge any premium on whatsoever, and that's simply based on supply and demand. Unfortunately, as counter-intuitive as it sounds, the more you buy, the more it costs us, so we cannot offer any discounts. :(

On the other, hand, for wire transfers out of bitcoins, the only charge is the $15 charge we pass on from our bank. Your bitcoins are converted to fiat currency at the current USD Mt Gox rate. Again, supply and demand: We need bitcoins more than we need dollars, so we charge no premiums whatsoever to spend/convert bitcoins.

EDIT: I should also mention that Aussies and Americans can get money into their bank account without even paying the wire fee as they can use AUD bank transfer (or even bill pay) and dwolla respectively. So--no trading fees and no (or very little in the case of dwolla) withdrawal fees. Yay!

I do not have all details since I am not directly link to this part of Mt.Gox. Anyway rest assure we are far from foreclosure, WAY FAR... Once again everything should go back to normal soon for the few of you how have been touch by this problem.

Regards

I have been affected a lot by this, I cant afford to have to wait for funds like this everytime. In the past, 3 business days was great imo but now its just way too long, until than I am going to try out spendbitcoins.com internetional wire. Can any one chime in there experience using this option? It seems like a great alternative

Once again, we are sorry for your troubles and as you have experienced it in the past our service was usually fast for you (And still very fast for many others untouched by this problem). We are working on a fix right now and our new service for deposit and withdraw will surely win your heart back again!

Thank you

I can vouch for Jeremy and his service 100%.  I recently converted over $35,000 worth of BTC with his service, and the wires were as close to instantaneous as it gets within the financial industry.  He is fantastic with keeping in touch regarding ANY potential problem, responding within a few hours MAX. 

I gotta tell you, after having issues with Tradehill and other exchanges, it is nice to have someone like Jeremy who simply does what he says. 

Yeah I can vouch for him too .. Jeremy is gold. He's a good operator. Even with the higher fees, at least you know you're getting same day service.

I've sold lots of BTC at spendbitcoins.com.   I always got the market price with zero fees (except the bank's wire fee), no delays and a better price than I would get at the exchanges (no slippage on large orders).  Jeremy is an upstanding guy and one of the few that I would trust.

I think his fees are actually quite competitive. If you take into consideration the cost of selling your BTC at an exchanger, the cost of withdrawal associated with some exchangers, etc... I think it is a pretty darn good deal.

Competitive to a point .. when I buy BitCoin from Jeremy, it can cost near 15-20% (of the total transaction)compared to the same  transaction with Mt Gox. Having said that, Jeremy's service always works and I can rely on the time frames 100%.

 

Oh I see. I was thinking more the fees for selling BTC than buying.

glad to see a lot of people work with Jeremy, so far it has been great communication wise. I tried 5 k to see how it goes than will do the rest.....

I got a confirmation from Mt Gox that they had received the funds I sent them in Yen (I sent in AUD) and they wanted a 2.5% charge to credit my account. I agreed.

They told me they funds would hit my account within 24 hours. Its been over that now.

:(

Strange, it should have been proceed by now, could you please check again? Now regarding the AUD to YEN, as my colleagues told you, this is not our fault, but rather your Bank who decided to convert your AUD into YEN and charged you with conversation rate and other fees. We never received AUD, just YEN. As we advised you please go and complain to your Bank regarding this matter.

Also to anyone, this problem seems to happen time to time where Banks take the decision to convert the money you are sending to Mt.Gox and by doing so they charge you additional fees and other conversion rates. Please make sure before sending any funds that the bank will not do that and if they do go and ask to be refunded for their mistakes. Anyway we are working on solving this problem once and for all and with very competitive fees.

Somehow my $5400 AUD is now $5,025.41 AUD

Consider that BTC was around 4.8 USD when I made the transfer .. look at my loss .. almost 15%

Would you be happy about this?

Sounds like someone is hedging currency .................

PS I double checked the order and it was def made in AUD.

15-20%? That would be bloody fantastic!

In reality, it's much less than that. Our AUD buy rate is set at 24h Mt Gox USD high*1.1 (10%). However, when you take slippage into account, it actually comes out to about 7%. For example, if you were to buy 1000 BTC right now at Mt Gox, according to http://bitcoincharts.com/markets/mtgoxUSD_depth.html, it would cost USD 5142.30 with slippage. According to xe.com, that's AUD 4962.36. Buy on http://spendbitcoins.com right now, and it would cost you AUD 5335.00.  That's a difference of 372.64, or 7.5%. Then subtract wire fees and foreign exchange fees, and at the moment it's actually less than 7%.

Not sure where the 15-20% figure came from, but again, would love to make that much if the market would sustain it. :) -- Just kidding. Or AM I? muhahaha

Hey Jeremy - that was a one off time, which actually prompted me to move. In retrospect, it was probably due to me being on the tail end of BTC moving the wrong way in the market overnight ... it was substantial though and even at 7.5%, that's 5% difference to Mt Gox roughly ... :(

Grey

Totally understandable. Our buying service is not the cheapest, and therefore if price is your number one concern, you should not do your buying through us.

Our selling/spending service, on the other hand, IS the cheapest, so do cashout through us. :)

What about the intermediary Bank? Anyway as my colleagues told you via Support, we recieved the fund in YEN... So someone at one point made the conversion. Can't wait for having our new Deposit and withdrawal system running!

Hope everyone gets fixed with there problems with mtgox, im not sure what is taking so long with them... just a quick update, received the wire from Jeremy @ spendbitcoins.com in 2 days, best communication I have received so far, best service and going to keep on using them for the rest of the amount that is available

Chaang Noi,

I've been waiting since 2012/04/19 for my wire to Bangkok.

Chaang - Yes im pretty sure to USA, not 100 % about Thailand but most likely....

Still nothing from gox as well and its been since 2012/04/08 and 2012/04/19

Any news guys? This is really disturbing.

What's to stop Mt Gox just swallowing up someone's coin and not send out their wires as requested?

It would take local legal action with a Japanese lawyer to pursue any claims.

Assuming the corporate veil exists the same way as it does in western jurisdictions, what's to stop the directors jumping ship and creditors having to go after 5/10 cents in the dollar? Or less. 

Chasing these funds isn't something that we should have to be doing...

Investigations? What sort? By Mt Gox's bank? Isn't Mt Gox a customer of its bank and therefore should take responsibility for its client's funds and not just blame someone else?

Why happened with HSBC?

My funds were released eventually, but took many weeks and a LOT of heartache.

Why are funds taking so long to hit Thailand if its "US Tax related"?

+1

Glad to see that your funds were finally released, unfortunately im still in the same position

This is getting scary to be honest. Am also waiting for 3 weeks for the wire to hit my bank account in Ukraine.

What is happening? :-\

Can you please be more specific? What "small things" can possibly delay a wire transfer for so long?

The message is clear. DO NOT use Mt Gox until they have their issues sorted out.

The lack of response just booms of cash flow issues. They're selectively (based on size of transactions by the looks of things) not paying wire transfers and probably using the funds for their operational costs.

If not, then what? Explain! These aren't small amounts of money and a month without it can really affect fledgling BitCoin businesses!

Shouldnt they be making good interest from the deposits they hold? On the order books alone atm theres $1,234,656 of buy orders and I wonder how much they hold that are not on the order books where people are watching how the market goes before placing their order.
They shouldnt have a cash problem imo but I am no accountant.

The SWIFT system functions in a very straightforward manner. The banks that sent these wire transfers, what have they confirmed? An investigation? That the funds are still in transit? That they've arrived? Don't only get Gox's side of the story. Have your bank pull up the record for the wire and see where it went. Most banks ought to be able to confirm if an investigation is being conducted. Regardless.....Cui bono?

In my case, I did contact my bank.

This is the reply I got:

We refer to your trace request for the above NetBank payment, please be advised that we have
received the following message from our clearer bank, quote:
WE RECEIVED FROM SCBLJPJT AS QUOTE. PLEASE BE ADVISED THAT THE PAYMENT
JPY433,985. WAS EFFECTED BY SCBLJPJT WITH VALUE 18/APR/12 DEDUCTING OUR CHARGE
JPY3,000. UNDER OUR REF 20120417XXXXXXXXX TO RECIPIENT BANK AND THE FUNDS HAVE
BEEN HELD BY RECIPIENT BANK WAITING FOR RECIPIENT INSTRUCTIONS, THAT IS, THE
ARRIVAL OF THE FUNDS WAS INFORMED BY RECIPIENT BANK TO RECIPIENT ON 18/APR/12.
Unquote:
Please advise the recipient to contact their bank if they are still calaiming non receipt of funds, we have
closed our file until further instructions.

So payment arrived less than a day after I sent it. Mt Gox can claim they haven't received the funds all they want or that they are "pending" but the fact is, they got the money. This is for sending money IN - with funds out, they are just not sending them - simple as that.

You know, this transfer was credited to your account more than a week ago, and I can see you already spent & withdrew it. I don't see why you're posting about this today.

Because my money was tied up, twice - for many weeks on end with little more than a "its being held up" and lies by Mt Gox... ie "the funds are pending" when they were received. Other people's cash tied up too. I'm concerned about Mt Gox and the way they aren't paying people. In what universe is that acceptable??????

The fact that you can't see why I'm posting about this today is indicative of the problem. People are withdrawing their cash and they're not getting it. That's just not on and the community should be made aware of it. 

Its the same when a scammer manages to scam someone. Let everyone know that the scammer scammed and what he/she/organisation did and perhaps it will discourage or prevent them from doing it again ...

I finally received my bank wire transfer to Bangkok, checked today, took 12 days. After contacting Mt.Gox support via email it was quickly resolved in a professional manner.

I too have been experiencing difficulties with MtGOX withdraws over the past 3 weeks. It's very frustrating! I did however notice a wire I had pending since April 23rd switch in MTGOX system's from "new" too "processed"  today; although it has yet to hit my bank. Here is hoping these issue will be resolved asap!

the few...well Im one of them, and you guys know who I am. Common get back on track this is too long to take to withdraw

I have finally received the wire. False alarm ;)

how long from request to fulfillment?

3 weeks

Tomorrow will be 14 days after they already said it was processed just waiting to get to my bank when this should be instant once done from their bank....? They said golden week caused the delay, which i'm sure it did but my delays started way before this.... so I';m hoping tomorrow my transfer they said cleared on their end, actually clears

hoping by late tonight the wire hits my account as they said it would..... Please help team mtgox! thank you!