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Author Topic: Quick BTC from Paypal via Virwox...  (Read 7513 times)
ryanAC
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September 14, 2012, 10:15:17 PM
 #1

Just felt like trying this out... and took about 2 minutes to transact (but costs quite a bit - about 6% plus $2 i think).
Login to virwox.  Buy SLL with PayPal.  Then buy BTC with SLL.  Then withdraw BTC.

Any reason why anyone would do this, other than the curious like myself?

-Ryan



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Stephen Gornick
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September 15, 2012, 12:06:02 AM
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Just felt like trying this out... and took about 2 minutes to transact (but costs quite a bit - about 6% plus $2 i think).
Login to virwox.  Buy SLL with PayPal.  Then buy BTC with SLL.  Then withdraw BTC.

There had been reports that the withdraw isn't instant like that.  Perhaps it varies based on factors such as payment method or customer status (e.g., new account).  But yours could be withdrawn instantly?

ryanAC
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September 15, 2012, 12:58:29 AM
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There had been reports that the withdraw isn't instant like that.  Perhaps it varies based on factors such as payment method or customer status (e.g., new account).  But yours could be withdrawn instantly?

Yes, I recall that it took a day to complete when I tried it 6 months ago.  I also think I got an email from someone mentioning that they had to process the btc withdrawl manually.  Perhaps having a seasoned account puts things into auto mode...


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scintill
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September 15, 2012, 01:24:51 AM
 #4

Today I tried Virwox with a credit card, mostly for curiosity.  After fees and commissions, I've picked up a few bitcoins at ~$17 ea. (maybe could have done better if I put limit orders instead of just using the market rates).  But I'm waiting for some "manual step" on their side for them to allow the withdraw of BTC (I just created the account today.)

P.S. Not being able to buy fractions of bitcoins was annoying.  I ended up with some SLL I didn't need, so I put in an order to buy 1 BTC with the leftover (quite a bit below market), maybe I'll get it someday.

Edit 9/16/2012 5pm: my withdraw went through! Kinda long, but not bad considering the risk they're taking.

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September 17, 2012, 01:37:52 AM
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Today I tried Virwox with a credit card, mostly for curiosity.  After fees and commissions, I've picked up a few bitcoins at ~$17 ea. (maybe could have done better if I put limit orders instead of just using the market rates).  But I'm waiting for some "manual step" on their side for them to allow the withdraw of BTC (I just created the account today.)

P.S. Not being able to buy fractions of bitcoins was annoying.  I ended up with some SLL I didn't need, so I put in an order to buy 1 BTC with the leftover (quite a bit below market), maybe I'll get it someday.

Edit 9/16/2012 5pm: my withdraw went through! Kinda long, but not bad considering the risk they're taking.


So it took around a day to get it done, then?
scintill
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September 17, 2012, 01:44:05 AM
 #6

Today I tried Virwox with a credit card, mostly for curiosity.  After fees and commissions, I've picked up a few bitcoins at ~$17 ea. (maybe could have done better if I put limit orders instead of just using the market rates).  But I'm waiting for some "manual step" on their side for them to allow the withdraw of BTC (I just created the account today.)

P.S. Not being able to buy fractions of bitcoins was annoying.  I ended up with some SLL I didn't need, so I put in an order to buy 1 BTC with the leftover (quite a bit below market), maybe I'll get it someday.

Edit 9/16/2012 5pm: my withdraw went through! Kinda long, but not bad considering the risk they're taking.


So it took around a day to get it done, then?

2 days.  Edit: From ryanAC's post, it sounds like it may be quicker if they trust your account somewhat.

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mobile4ever
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September 17, 2012, 04:25:27 AM
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2 days.  Edit: From ryanAC's post, it sounds like it may be quicker if they trust your account somewhat.


Okay, thanks... if it works, it beats waiting around here for people to stop watching the rate go up on BTC before they decide to respond.  Smiley

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September 17, 2012, 05:34:18 AM
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Fees seem pretty steep with them...

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September 17, 2012, 05:56:09 AM
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This page:

https://www.virwox.com/faq.php#_manual


Says:

Quote
Withdrawals to bank accounts are usually processed on the morning of the next business day. While most withdrawals to PayPal, NETELLER, Moneybookers, and Bitcoin accounts are processed instantly, we manually check some of them for security reasons (for example of new accounts). They will be processed within 48 hours. In any case, you will receive an email confirmation when the withdrawal has been processed.
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September 17, 2012, 06:00:53 AM
 #10

I bought 2 BTC from Virwox back when they were trading at 4.70. I paid 12 dollars total and felt ripped off. It turned out to be better than waiting a month for Dwolla verification. I'd recommend it to anyone in a pinch.
scintill
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September 22, 2012, 01:45:42 AM
 #11

Update on my review from earlier:  I just found a foreign transaction fee on my credit card bill -- $1.04 for the $52 I deposited via MoneyBookers.  The $52 charge says "MB*VIRWOX LONDON GBR" and I'm in the US.  Maybe I could have avoided this somehow, but I wasn't aware of it until I saw it on my bill.

I didn't know you could get fees like this when you're transacting in your card's native currency!  Another win for the truly international Bitcoin. Smiley

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ryanAC
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October 05, 2012, 10:55:52 PM
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Update on my review from earlier:  I just found a foreign transaction fee on my credit card bill -- $1.04 for the $52 I deposited via MoneyBookers.  The $52 charge says "MB*VIRWOX LONDON GBR" and I'm in the US.  Maybe I could have avoided this somehow, but I wasn't aware of it until I saw it on my bill.

I didn't know you could get fees like this when you're transacting in your card's native currency!  Another win for the truly international Bitcoin. Smiley

I feel like I had to specify that I wanted the transaction in USD, like perhaps it wasn't the default.  Could that be why you got hit with a foreign transaction fee?

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scintill
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October 06, 2012, 02:10:39 AM
 #13

Update on my review from earlier:  I just found a foreign transaction fee on my credit card bill -- $1.04 for the $52 I deposited via MoneyBookers.  The $52 charge says "MB*VIRWOX LONDON GBR" and I'm in the US.  Maybe I could have avoided this somehow, but I wasn't aware of it until I saw it on my bill.

I didn't know you could get fees like this when you're transacting in your card's native currency!  Another win for the truly international Bitcoin. Smiley

I feel like I had to specify that I wanted the transaction in USD, like perhaps it wasn't the default.  Could that be why you got hit with a foreign transaction fee?

Maybe.  Something to keep in mind for anyone thinking about doing this.  I probably won't do it again since it was so expensive, at least from CC like I did.

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