Bitcoin Forum

I got tired of waiting for Mt. Gox and Tradehill to re-enable SEPA withdrawals, so I started looking for other methods of withdrawing USD/EUR to my bank account for as low of a price as possible. I saw some members recommending Intersango, but the trade volume is way too low and you don't exactly get competitive prices.

So, here's what I did:

1. Sell your BTC on Mt Gox.
2a. If you want the money as soon as possible: Withdraw as a Mt.Gox redeemable code.
2b. If you want the money as cheaply as possible: Withdraw directly to LibertyReserve. 1% fee.
3. If you chose 2a, redeem your code at AurumExchange (https://www.aurumxchange.com). 2% fee, plus 1% LR fee.
4. Go to ECardOne (https://ecardone.com/index.php) and sell your LR$. Money will be sent to you in 2-5 business days with a SEPA transfer. 1.8% fee.

This method is a bit more expensive than just doing a SEPA transfer directly from Mt. Gox or Tradehill, especially if you choose to go through AurumExchange, but if you need to withdraw your money right now, this is probably the best alternative.

Hope this helps some people.

Why not selling directyl BTC for EUR otc - here or in irc? Or even better: bitmarket.eu

You can't sell on bitmarket.eu without OTC reputation or something else that proves you can be trusted. I have nothing like that, and I'm sure it's the same for many others. And most people on the forum and IRC won't deal with people without any reputation either.

No ebay or anything?
What about trusted 3th parties?
Maybe bit-pay.com or something? There are a few, I don't know their differences and names though;)

Nope, no EBay. I use the Swedish equivalent, Tradera (owned by EBay) but I have only bought/sold 7 things there and non-Swedes may not appreciate me showing a Swedish site which they don't understand :P
That is the only site that I can think of that would show I am trustworthy. So for someone in the same position as me, this is pretty much the only way to withdraw money.

Reputation is more for those who wish to use reversible methods. If you have BTC once transaction is done its done, you can't reverse it - no need for reputation for that; unless i'm not understanding this right.
You are the one who should be looking for reputable buyers and filter out the rest.

True. That would certainly be cheaper, although there is the risk of being scammed and it also takes more time.

is whole Europe basically cutout from MT and TH in more or less direct transfers?

Yes. With Tradehill you used to be able to do a bank transfer for $45 (which is obviously way too expensive anyway), but bank transfers are gone now because of the whole BoA thing. You have to go through either Paxum or LibertyReserve right now, until SEPA comes back.

How old is paxum, I have never heard about it before?
And the fees:
https://www.paxum.com/payment/fees.php?view=views/fees.xsl

The don't really want $50 for "Loading Funds By Wire", do they? This is SEPA, right?

Paxum is pretty new, I think.

The $50 fee is for a wire transfer, a normal bank transfer, not SEPA. But since Paxum doesn't offer SEPA, I think that's the only option for Europeans through Paxum...

I thought it was only buyers that needed reputation. When you make a sale on bitmarket the BTC will be held in escrow and you won't get them back if you don't start a claims process - and if you do the buyer can point to hard banking information (the SEPA transfer) and you will likely not succeed. The normal way is for the BTC-to-sell to go into escrow, the buyer makes a transfer and the seller release the coins when she's received the money.

The reputation part is more about getting rid of bad buyers that never perform the transfers, and thus force the sellers BTC to lie in escrow for some time.

If you're lucky you might even run into a buyer in the same country as yourself, making for really quick transfers.

No, you need to verify your account to buy or sell, and to verify you need reputation.

Ok, there's no account separation between buyers and sellers, but I believe what I wrote is the reason still. From the FAQ:


If you can prove your account maps to your real name etc I'm quite sure that would be enough.


I did.

Other way to transfer from MtGox:

Find someone in the EU who wants to buy your MtGox USD, you transfer the MtGox USD to this person, this person does a SEPA bank transfer to your bank account.

I would buy!!
Could also rate you otc...;)

I have ~$250 Mt. Gox USD for sale (SEPA wire transfer EUR or CHF)

https://bitcointalk.org/index.php?topic=1561.340

It looks like tradehill have SEPA back online but aren't offering it on the site quite yet ???

Just wanted to add that using this method, I got my money from Mt. Gox to my bank account in less than 24 hours.

Using which method? I am asking because our SEPA wires should be received in 24 hours or less :)

AurumXchange