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Author Topic: [ANN] Mt.Gox announced new guideline for all Fiat deposits  (Read 1041 times)
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August 14, 2012, 05:40:56 AM

TOKYO - JAPAN - Aug 15, 2012 - In our never ending effort to simplify our customer's user experience we at Mt.Gox will start implementing new guidelines aimed at streamlining all international deposits.

Starting September 1st, 2012 onward, all international deposits will be automatically credited to customer's accounts matching the currency transferred by their bank rather than being exchanged into the customer's default currency, avoiding any unnecessary conversion fees and exchange rate losses when the funds reach the Mt.Gox account.

For example, if Mr. John Doe (A hypothetical Mt.Gox customer based in Europe) send Euros from his bank account to his Mt.Gox account, the funds sent will be then automatically credited to his Euro Wallet and regardless of his default currency settings.

Of course, customers will still be allowed to own different wallets in different currencies, but in order to fund these wallets they will have now to either send funds in the currency matching their Mt.Gox wallet via an Mt.Gox's partner or convert some of their sent funds from one Mt.Gox wallet to another Mt.Gox wallet minus a conversion fee based on these currencies.

Here as well, if our very same Mr. John Doe based in Europe wanted to fund his Mt.Gox USD wallet, he will have the choice to either to ask his bank to send any funds as USD or choose to send EUR and convert them later via one of Mt.Gox’s partners to fund his USD Wallet.

Now, in the event that our hypothetical Mr. John Doe does not own a EUR Mt.Gox wallet, a new EUR wallet will be automatically created for him on reception of Euros.

Customers should ensure that transfers to be sent in a specific currency are not converted by any intermediate banks or receiving banks in the process in order to avoid any exchange rate losses.

For example, if you wish to receive USD in your Mt.Gox wallet, please instruct your bank for the funds to be sent only in USD and ask the bank to add a bank to bank message, "Do not Convert" to avoid the intermediate bank from converting the funds as well.

Happy Trading!

Mt.Gox Co. Ltd Team.

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