USD Bankwire Q's

[KILLDROID]

Is anyone using  Bank of America or Wells Fargo to buy/sell bitcoin?

Is it safe?
To my knowledge you can't reverse a bank transfer like you can Paypal, but it seems more people are selling w Paypal?

Bank transfers are instant so would be MUCH easier than the whole sending cash methods I have seen...

So... what are the pros and cons for transferring with a bank of america or wells fargo bank transfer?



(That being said... anyone want to sell me some bitcoin using a Bank of America transfer?)

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[Hexadecibel]

Funny you should ask. I'm currently waiting for a bank transfer from bank of america to be credited to my mt.gox account.

Currently mt.gox is trying to figure out why it has not been credited to my account by now, as I made the wire transfer over a week ago.


I've made wire transfers before with my credit union and have had no problems... I'm not sure why it has not been as smooth with BoA.

Anyway, Wire transfers cost ~$60 per transfer, and take around 3 Business days to reach your exchange account. It makes little sense to wire small amounts of money (less than $1000) as the wire fee is then higher than the service fee of many providers (Like bitinstant) but you will save money after about $1000.

BUT THEN AGAIN if I had just made my whole transaction with bitinstant I would be way ahead of where I am now, considering that from the time my deposit should have been credited the price has moved more than $2.

Bitinstant is right, time is money....

[KILLDROID]

Thank you for your reply...

I guess my question is this:

Instead of having to use services like that, why not just do a bank transfer from my bank of america or wells fargo account to someone elses (who is reputable of course) and have them send u the bitcoin?

There wouldn't be any fee at all because p2p transfers within the same bank or between wells fargo and BOA are free and instant...
Plus, to my knowledge this is not reversible?

[KILLDROID]

~bump~

seriously though... someone help me out with answers?

[DeathAndTaxes]

Well which is it Bank Wire or internal Bank Transfer?

Bank Wire =/= ACH
Bank Wire =/= Account to Account Transfers, PopMoney, p2p transfer (name may vary by bank or network)

Internal Bank Transfers or ACH are much easier reversed than Bank Wires (which usually require a court order or other legal action).  Just ask Tradehill the risks of ACH reversals.

[KILLDROID]

ok, so u are saying that doing an "internal bank transfer" from my account to another's account (of the same bank)  IS easily reversible?

To my knowledge is wasn't but I really wasn't sure tbh.

[deepceleron]

I googled for you: http://www.warriorforum.com/main-internet-marketing-discussion-forum/267429-accepting-payment-via-bank-transfer.html

Yes, wire transfers are as reversible as anything else. Any movie that shows the spy with the laptop wiring funds for the super-secret microchip is building on a completely false premise. Anything banking is all on a web of trust, and if the originating bank wants their money back they will get it back.  In addition, for this "service", banks often route the wire transfer through several other banks that are part of their network of good ol' boys that take a cut of the transfer - you can have $50 or more taken out of your money transfer from mystery banks along the way.

No banking payments should be be trusted at face value; consider every payment as trustworthy as if it was sent from foreign hackers who have compromised online banking accounts and are looking to liquidate stolen funds, unless the payer can prove otherwise.

[KILLDROID]

wow... Thanks!

[CashGamer]

bank wires are certainly reversible, but since there is a higher burden of proof to actually collect them there are far less reversals than you would think