Coinbase vs Dwolla

[RantinRave]

So for the past couple months while getting acquainted with buying and selling BTC. I've found out that the fees are KILLER after awhile. Still cool to use places like BitInstant and stuff to get started, but man -- gas, time, 3%, etc adds up after awhile.

Recently stumbled across two places: Coinbase and Dwolla.

First was coin base. Apparently on each deposit they charge 1% + .15 fee
Second is Dwolla. They charge freakin 25 cents!

Am I missing something here. I need to withdraw around 20 BTC to my bank account. Are they really only going to charge me 25 cents? Can I do it all at once???

I guess first I need dwolla. so I would most likely sell a mt gox code for dwolla.

Thanks!

[Stephen Gornick]

First was coin base. Apparently on each deposit they charge 1% + .15 fee
Second is Dwolla. They charge freakin 25 cents!

Am I missing something here. I need to withdraw around 20 BTC to my bank account. Are they really only going to charge me 25 cents? Can I do it all at once???

I guess first I need dwolla. so I would most likely sell a mt gox code for dwolla.

A few things you should know.  Withdrawing USDs from Mt. Gox to Dwolla may not be processed right away.  It might be fast (an hour), it might be eight to 24 hours, or it might be days (or weeks), depending on the queue at Mt. Gox.     (I last remember they are at about the one day or so level currently).

Camp BX, the only other exchange that works with Dwolla is usually faster, but even there sometimes it is not immediate.
 - http://www.CampBX.com

If you want a cash-out transaction to your bank, you want ACH withdawal.  Right now, BitMe.com is probably the best place for you to do that:
 - http://www.BitMe.com
There is just a $0.25 fee per ACH direct deposit withdrawal, and there are currently several bids at the same exchange rate or better (when selling) than you would find at Mt. Gox.      They don't have liquidity to handle large amounts yet, but there are usually bids for at least a 20 BTC sized sell order without having to knock down the price too far.   I've had BitMe withdrawals arrive at my bank the second business day .

Also, know that with Dwolla they have a process for setting up a bank account where they send a test deposit to link your bank account.  That will take about five business days to complete.  Only then can you withdraw any funds from your Dwolla account.   Also, they may require that you confirm your identity with them before you can withdraw the funds.   But for just a couple hundred dollar transfer they probably won't require that (assuming you are accessing the site within the U.S.).

Coinbase is very good for cashing out too.  The problem there is the $100 per-day limit [Edit: when buying] (they'll be raising that in the future, but for now, $100 per day.)    [Edit: And, today, their site is not allowing login.  They were featured in a press announcement (as a Y! Combinator company investment) and are probably getting hammered with traffic.]

Another ACH-based cash-out method is FastCash4Bitcoins.com:
 - http://www.FastCash4Bitcoins.com

And if you want same-day deposit, that might be an option as well, depending on what bank you use:
 - http://bitcointalk.org/index.php?topic=82983.0

So for cash-out, that's easy -- you have many options.  Even more described here:
 - http://en.bitcoin.it/wiki/Selling_bitcoins

[bittenbob]

If you would like to withdraw amounts larger than $100/day then you can use WalletBit. Our service is 2.75% with a minimum withdraw fee of $15 for USD accounts. You can set your own minimum withdraw level, giving you control over your fees. Transfers are sent every Monday and are usually processed in less than 24 hours. All you need to do is sign up for a WalletBit account, put your banking information under your account profile and wait for approval. Once approved, any bitcoins sent to your WalletBit account will automatically be converted to USD or many other local currencies.

[Shagnasty]

I think it is a hundred bitcoin limit, not a hundred dollar limit. I just sold 10 bitcoin on coinbase and it worked great. Sent it in late Friday night. They said the money would be in my account by Thursday. The money arrived in my account today, which is Tuesday. Very easy to use and they don't need photo verification like Mt.Gox. If blockchain would go to this system I would use them because of the interface and site in general, but coinbase is where it's at. Very cheap. Cost me like a $1.15 to sell 10 BTC for a profit of $133.00