Bitcoin Forum

Hey guys,

Whats the disadvantage of Wiring money to an exchange like coinbase vs. withdrawing money from bank through the exchange which takes a week?

Wiring is traditionally faster than ACH transfer (many users say it take about 24hrs), however the disadvantage is that there is a fee involved-I believe it's $10. ACH transfers are free but can take up to 5 days to complete. In the end, however, both methods can be hit with delays as coinbase and many other exchanges are usually overloaded.

I don't have experience with wire transfers, neither ACH transfers. But you can try to read this article where both methods compared with main their pros and cons:
https://www.thebalance.com/ach-vs-wire-transfer-3886077
I'm don't know what do you need - faster or cheaper transaction. You need to choose yourself.

It also varies from bank to bank, international wires that use swift tend to be quicker with "partner" banks or even within the same bank branch (if the exchange uses hsbc for example, then you'll definitely get it quicker if your bank is also hsbc).

Same I have found for SEPA in Europe. Some banks transfer and have it all received in hours, others take up to 3 business days, mostly dependent on both the sender and receiver banks. End of the day, all these transfers are manually approved.

Still we cannot say fees are less than 10 USD mate. I always prefer to have the banking transfers with the exchanges but why you guys are trying exchanges like Localbitcoins.com.
Here you guys can directly access the transaction with the traders who is available in your location.
Mostly transaction has been done with in 1 hour maximum. So no need to worry about wiring and transferring.

Oh, absolutely, agree with you 100%. I still go p2p whenever I can or when easier, with Localbitcoins my favourite go-to even after finding new exchanges and new ways. Bisq is a close alternative but I don't really like that you need to leave the terminal open and online with it (LBC is more or less set and forget until a new trade is initiated and then I get an alert).

Bank transfers in Malaysia, for example, are instant and cost free, so not always a bad alternative if used with exchangers there. Some exchangers also give free SEPA transfers (BitPanda is one).

Wiring is something which is without a doubt faster then transfering but it is going to incur a fee (this depends on the bank, but it is typically going to be something along the lines of $20-50) And is typically used for large sums of money to get them to an exchange (or any other area a wire is used, like stocks)

So wiring does have a place, it's just not something that most everyday.