Mtgox bank transfer withdraw USD?

[ragingazn628]

Hi I have about some money that I would like to withdraw. I have been using their code method and withdrawing to PayPal. But now the fees there is 9%!!!

Anyone know the roughly the total cost to withdraw via bank transfer from mtgox? $1000? $10,000? Is it a flat fee or percentage?

How long will it take?

Any horror stories?

[Stephen Gornick]

Anyone know the roughly the total cost to withdraw via bank transfer from mtgox? $1000? $10,000? Is it a flat fee or percentage?

Are you in the U.S.?  If so, withdrawing to Dwolla cost just $0.25 per transaction and then from there withdrawing to your bank is free (as an ACH transfer).

If you do a bank wire, it can cost a certain amount from Mt. Gox (roughly in the ~$20 range) and your bank may charge for an incoming wire as well (also about $20 or less).

There are multiple cash-out methods available to you:
 - http://en.bitcoin.it/wiki/Selling_bitcoins

Wire transfers may incur delays before Mt. Gox sends the funds out.

[ragingazn628]

Yes I'm in the US so I should just withdraw with Dwolla?

[Stephen Gornick]

Yes I'm in the US so I should just withdraw with Dwolla?

You'll need to have a verified account at Mt. Gox to use Dwolla as a withdrawal method (if I remember correctly), but yes -- Dwolla is a fantastic and inexpensive withdrawal method.  There is one caveat in that you never know how long the withdrawal will take.  It could be hours, or days (and weeks even, when there is an imbalance).    Worst case scenario your withdrawal request is queued up, you cancel it and figure out some other method.

[ragingazn628]

Yes I'm in the US so I should just withdraw with Dwolla?

You'll need to have a verified account at Mt. Gox to use Dwolla as a withdrawal method (if I remember correctly), but yes -- Dwolla is a fantastic and inexpensive withdrawal method.  There is one caveat in that you never know how long the withdrawal will take.  It could be hours, or days (and weeks even, when there is an imbalance).    Worst case scenario your withdrawal request is queued up, you cancel it and figure out some other method.

Is it safe? I'm verified and just added my Dwolla account and that's verified too. Only 25 cents to withdraw? What's the catch? Bitinstant charges you 9% to withdraw to paypal lol I withdrew $50 as a test... How do I cancel queues?