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1  Economy / Trading Discussion / MtGox UK / GBP Withdrawal Transfer times and costs on: May 15, 2013, 06:13:45 AM
I've seen several discussions here about confusion on how long it takes and how long it costs - and I've just made 2 transfers a few days apart, so I think I can explain this.

If you have intermediary banks, your charges will be higher and transfers will take longer. But if you bank with a UK bank that is big enough to have its own SWIFT code (or is a major bank in other words) like NatWest, Barclays, RBS, Halifax, etc. - read on.

The transfers were made using the INTERNATIONAL wire transfer service for verified users, the fee for which is JPY 2,000.

Transfers take 3 full working days. This means if you initiated the transfer at noon on Monday - do NOT expect the money before noon on Thursday. In both cases, my money came in less than 4 working days.

FEES - As I understand, there are 2 parts to this: 1 is the fee charged by MtGox, which is the JPY 2,000 (which comes to just under 13), and the other is the remittance fee charged by their bank, which the bank passes on to the receiving bank.

Irrespective of the amounts transferred (1k and 400), the fees on both occasions came to approximately 26. 12 out of this was the remittance fee charge by the sending bank, the remaining to 12.96 and 12.84 coincide with the JPY to GBP conversation rate for MtGox's JPY 2000 fee.

Hope this helps someone!
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