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Author Topic: Fastest and cheapest method to withdraw GBP to UK from MtGox IBAN or SWIFT/BIC??  (Read 6173 times)
matthewh3
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August 25, 2012, 06:28:27 PM
 #1

With Intersango UK bank account being closed I need a new GBP withdrawal method for funds to my UK bank account.  Using the MtGox withdrawal wizard it offers me to either enter my IBAN or SWIFT/BIC code.  I have both IBAN and BIC codes which method is the cheapest and fastest and how much does it cost.  HSBC tell me to use both IBAN and BIC codes together - http://www.business.hsbc.co.uk/1/2/international-business/iban-bic - but MtGox offers me the option to enter one or the other.  Also MtGox have a UK Barclay account why can't they process UK GBP withdrawals with that.  Thanks for any advice in advance.

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Stephen Gornick
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August 26, 2012, 01:00:06 AM
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With Intersango UK bank account being closed I need a new GBP withdrawal method for funds to my UK bank account. 

To clarify that, the announcement describes the Metro account being discontinued at the end of the month:

 - http://bitcointalk.org/index.php?topic=63877.msg1122824#msg1122824

Have you any experience with this exchange?

 - http://londonbitcoinexchange.wordpress.com


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salty
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August 26, 2012, 01:25:54 AM
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With Intersango UK bank account being closed I need a new GBP withdrawal method for funds to my UK bank account.  Using the MtGox withdrawal wizard it offers me to either enter my IBAN or SWIFT/BIC code.  I have both IBAN and BIC codes which method is the cheapest and fastest and how much does it cost.  HSBC tell me to use both IBAN and BIC codes together - http://www.business.hsbc.co.uk/1/2/international-business/iban-bic - but MtGox offers me the option to enter one or the other.  Also MtGox have a UK Barclay account why can't they process UK GBP withdrawals with that.  Thanks for any advice in advance.

I would imagine they are using IBAN as a way to avoid what's happening with Intersango? Could be wrong though.
phantomcircuit
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August 28, 2012, 01:51:35 AM
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With Intersango UK bank account being closed I need a new GBP withdrawal method for funds to my UK bank account.  Using the MtGox withdrawal wizard it offers me to either enter my IBAN or SWIFT/BIC code.  I have both IBAN and BIC codes which method is the cheapest and fastest and how much does it cost.  HSBC tell me to use both IBAN and BIC codes together - http://www.business.hsbc.co.uk/1/2/international-business/iban-bic - but MtGox offers me the option to enter one or the other.  Also MtGox have a UK Barclay account why can't they process UK GBP withdrawals with that.  Thanks for any advice in advance.

MtGox will send you an international wire transfer from Japan.

Intersango is currently as far as I know the only exchange which will send a domestic UK transfer.
matthewh3
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August 28, 2012, 08:09:10 AM
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With Intersango UK bank account being closed I need a new GBP withdrawal method for funds to my UK bank account.  Using the MtGox withdrawal wizard it offers me to either enter my IBAN or SWIFT/BIC code.  I have both IBAN and BIC codes which method is the cheapest and fastest and how much does it cost.  HSBC tell me to use both IBAN and BIC codes together - http://www.business.hsbc.co.uk/1/2/international-business/iban-bic - but MtGox offers me the option to enter one or the other.  Also MtGox have a UK Barclay account why can't they process UK GBP withdrawals with that.  Thanks for any advice in advance.

MtGox will send you an international wire transfer from Japan.

Intersango is currently as far as I know the only exchange which will send a domestic UK transfer.

Yeah but isn't Intersango UK bank account being closed?

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August 28, 2012, 02:23:54 PM
 #6

Wow, LondonBitcoinExchange sure is expensive. Surely there's something cheaper? I guess Gox is the only option for the UK now and that means both expense and lack of anonimity for the paranoid.

There is bitstamp but it involves upto $60 transfer fee...

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August 31, 2012, 08:03:40 AM
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This is strange. I can do SEPA transfers with Intersango to Germany, and I sent and accepted SEPA transfer even inside Germany, so I can't see why Intersango should be able to switch from a domestic wire to a UK to UK SEPA, it is at least possible. Hm, how much do you need to transfer and do you need to transfer money often, I might open a polish GBP-Account next monday, which I could offer as a pass through.
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August 31, 2012, 10:37:34 AM
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 You can use a forex service to do SWIFT transfers for ~£7, losing a little bit more on the exchange rate, but only a little.

 Some UK banks might offer SEPA but I don't want to open a new account just for that.

 Which exchanges have automation/API but don't require ID for bitcoin withdrawals?

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phantomcircuit
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August 31, 2012, 08:01:15 PM
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This is strange. I can do SEPA transfers with Intersango to Germany, and I sent and accepted SEPA transfer even inside Germany, so I can't see why Intersango should be able to switch from a domestic wire to a UK to UK SEPA, it is at least possible. Hm, how much do you need to transfer and do you need to transfer money often, I might open a polish GBP-Account next monday, which I could offer as a pass through.

It's much more expensive to do SEPA transfers to/from the UK.  The typical charge is 17 GBP to send/receive a EUR transfers (both domestic and internationally).

On top of that there is a conversion from EUR-> GBP with a typical spread of 3%.

So in the end you can be talking 17GBP + 3% in bank fees alone.

Domestic UK bank transfers by contrast cost anything from free to 1GBP (the highest I've yet to see).
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September 04, 2012, 02:16:24 PM
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Have you considered buying bitcoins on intersango and then transferring them to gox and withdrawing them there? You might lose out a little on the exchange pricing but it'll be a lot less painful then the long wait for intersango to fix their banking issues.

phantomcircuit
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September 06, 2012, 03:51:10 AM
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Have you considered buying bitcoins on intersango and then transferring them to gox and withdrawing them there? You might lose out a little on the exchange pricing but it'll be a lot less painful then the long wait for intersango to fix their banking issues.

That makes absolutely no sense.

Bitcoin transfers will continue to work just as rapidly as they always have been.
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September 06, 2012, 11:28:26 PM
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Have you considered buying bitcoins on intersango and then transferring them to gox and withdrawing them there? You might lose out a little on the exchange pricing but it'll be a lot less painful then the long wait for intersango to fix their banking issues.

That makes absolutely no sense.

Bitcoin transfers will continue to work just as rapidly as they always have been.

My bad, I missed a step. I meant, buying coins on Intersango, transferring the coins to Gox, selling the coins on Gox, withdrawing GBP from Gox.

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September 06, 2012, 11:36:36 PM
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www.bitstamp.net But use their International wire transfer option as using the SEPA option will make you go from USD > EUR > GBP and you loose a fair chunk from the currency conversions (this would be ok for small amounts and it is very fast).

MTGOX will only allow you to withdraw GBP via International wire transfer and according to their support guys takes 7 working days to complete.

phantomcircuit
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September 07, 2012, 05:16:01 PM
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www.bitstamp.net But use their International wire transfer option as using the SEPA option will make you go from USD > EUR > GBP and you loose a fair chunk from the currency conversions (this would be ok for small amounts and it is very fast).

MTGOX will only allow you to withdraw GBP via International wire transfer and according to their support guys takes 7 working days to complete.

You can do the same thing at Intersango without the USD -> EUR conversion.
BadBitcoin (James Sutton)
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September 07, 2012, 05:37:43 PM
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www.bitstamp.net But use their International wire transfer option as using the SEPA option will make you go from USD > EUR > GBP and you loose a fair chunk from the currency conversions (this would be ok for small amounts and it is very fast).

MTGOX will only allow you to withdraw GBP via International wire transfer and according to their support guys takes 7 working days to complete.

You can do the same thing at Intersango without the USD -> EUR conversion.

hey phantom, when are you guys going to go into liquidation for bitcoinica? the BFRI are waiting.
phantomcircuit
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September 07, 2012, 05:44:18 PM
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hey phantom, when are you guys going to go into liquidation for bitcoinica? the BFRI are waiting.

When there is news of what is happening/will happen it will be posted to bitcoinica.com
BadBitcoin (James Sutton)
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September 07, 2012, 05:54:38 PM
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hey phantom, when are you guys going to go into liquidation for bitcoinica? the BFRI are waiting.

When there is news of what is happening/will happen it will be posted to bitcoinica.com

you and I both know thats bullshit.
MemoryDealers
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September 08, 2012, 01:22:58 AM
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phantomcircuit,

How about you stop goofing around on the forum and threatening me over IRC and pay me back the ~23,000 BTC you owe me.
They are currently worth over $250,000 and you have owed them to me for months.

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