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Author Topic: Willing to sell a few coins. Needs advice please.  (Read 1013 times)
lophie
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April 02, 2013, 10:23:59 PM
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Hello guys. I just need some help and I hope someone here could help me (Not another begging for coins thread -_-!).

I want to sell some Bitcoins, But I have no idea would be the best and fastest way to do so. I live in Saudi Arabia in the middle east (Yeah it sux here. Don't come to visit!). Anyway I was wondering what would be best. Which exchange and through what kind of banks or wire services.

My goal is to get the money as fast as possible without losing a lot in fees and banking terrorism. I would pray for the day when we don't have to put up with this and just spend the coins at a local market or mall......

So can anyone help me with any information or suggestions? Thank you all.

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BubbleBoy
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April 02, 2013, 10:27:38 PM
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Mtgox to USD, 6 months from now USD to bitcoin and hold for the next bubble. If you need money now, post an ad to localbitcoins and meet face to face with a fellow saudi.


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lophie
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April 02, 2013, 11:02:31 PM
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Thank you very much for the quick answers guys ^_^. I really appreciate it. Sadly I am already registered in Localbitcoins but any knowledge of Bitcoin is extremely rare to non-existent due to the lack of Arabic content informing of the technology on the web.

The closest people are either in Egypt (Willing to buy only 250$ or less!). Or in Israel which we can't send nor receive from due to ever-lasting political and economical tension between the two nations.

Regarding the Islamic Bank of Bitcoin. The bank is just starting and it is only in the euro-zone. Still not registered as a bank in first place and adding to all that, It doesn't buy Bitcoins!

Of course my first idea was Mt.Gox. But after reading around about how late a transaction will take and how much fees will be taken off due to international wiring and multiple currency conversions... some say it will take up to 45 days and up to 50$ in fees!!!!

So Basically I was thinking maybe one of you knows a trusted website that buys/sells Bitcoin in the euro-zone since it is geographically closer. Or recommend another exchange other than Mt.Gox because of the same reason. I used to buy from BitcoinNordic. I bore the ridiculous  15% fees as my believe in Bitcoin future never wavered but since I want to sell some now.... it doesn't look good...

I even wished to stumble upon a fellow Bitcoiner passing through this Desert of a country and want to buy a few coins. But that is far fetched currently. The camel passed by without a traveler riding it. Sad.

moni3z
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April 02, 2013, 11:20:54 PM
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Best way is create your own Saudi bitcoin exchange, since none exists there and there will be demand eventually, esp for money transferring purposes. Open a bank account and take deposits, keep the bitcoins offline and just manually transfer from the cold wallet sitting in front of your laptop 9-5pm or something.

I'm in Canada and there's a lineup of Saudi students picking up wire transfers everyday at a local shop here. With bitcoin they can avoid those fees and just cash out each other.

To sell find the cheapest bank in KSA that accepts wire transfers good to go. KSA is not on the banned banking list no reason MtGox or BTC-E can't send you bankwires. Everything else costs 1% to cash out like Okpay so you're gonna pay fees anyways.

EDIT:: you should also go talk to currency exchange guys in KSA. Tell them about bitcoin bet they'd be interested in working something out they have correspondent banks in Europe to take local transfers and pay you out in KSA
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April 02, 2013, 11:34:08 PM
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Also, if you're not selling a lot of coins, you can do something like this: https://www.atmcash.com/send-money-to-saudi-arabia.htm

Find helpful American to sell your coins to, he then uses ACH to fund your ATM card. You can also register an offshore corporation in Delaware USA for about $300, then you trade locally with Coinlab/MtGox when it starts up. Cheap ACH withdraw to your Delware bank account, use debit card to withdraw USD in KSA I'm sure there's some usd machines there.
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April 02, 2013, 11:37:11 PM
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Wow thanks guys I really didn't think about expats sending money back home. What an amazing use for Bitcoins! India has many traders on LocalBitcoin in many cities! It would be MUCH cheaper than an international wire!

I had doubts about the idea of making a website to trade Bitcoins locally. Now I am very much up for it!

Still I gotta figure out how to those coins in the near future Sad. Thank you very much guys you were a great help.

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April 02, 2013, 11:39:57 PM
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Also, if you're not selling a lot of coins, you can do something like this: https://www.atmcash.com/send-money-to-saudi-arabia.htm

Find helpful American to sell your coins to, he then uses ACH to fund your ATM card. You can also register an offshore corporation in Delaware USA for about $300, then you trade locally with Coinlab/MtGox when it starts up. Cheap ACH withdraw to your Delware bank account, use debit card to withdraw USD in KSA I'm sure there's some usd machines there.

The $300 turned me away for a second. But this idea seems interesting.

moni3z
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April 02, 2013, 11:55:43 PM
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Also, if you're not selling a lot of coins, you can do something like this: https://www.atmcash.com/send-money-to-saudi-arabia.htm

Find helpful American to sell your coins to, he then uses ACH to fund your ATM card. You can also register an offshore corporation in Delaware USA for about $300, then you trade locally with Coinlab/MtGox when it starts up. Cheap ACH withdraw to your Delware bank account, use debit card to withdraw USD in KSA I'm sure there's some usd machines there.

The $300 turned me away for a second. But this idea seems interesting.

Yeah because as a corporation, you get unlimited funding/withdrawal from Mtgox or anybody else you want, and you can open up a bank account remotely anywhere in the world. If MtGox bank in Poland accepts you, then get internal transfers instead of costly wires. You are also protected from tax problems, protected from liability if selling coins, and nobody is ever going to hold your transfers because it's B2B payments they don't have to report all your transactions like they do individuals.

http://www.thedelawarecompany.com/price_and_services.aspx you probably also need the "Certificate of Formation/ Incorporation w/ Apostille" for another $100, which you can use to remotely open any bank account in USA. There are thousands of these sites, google and find the best one with the best reviews I just randomly found this one.

I'm surprised nobody is offering this service for bitcoins on here, any American can register Delaware corporations for $98 then just add in whatever fees they want for their troubles and act as a mailing address for the corp. I think Oregon LLC's are even cheaper, something like $60 to register.
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April 03, 2013, 12:14:23 AM
 #9

If 300$ is not a barrier is travel out of the question? Bitcoin tourism!
lophie
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April 03, 2013, 12:24:21 AM
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If 300$ is not a barrier is travel out of the question? Bitcoin tourism!

<3 I am so doing this when Bitcoin pay off for my early retirement!! <3

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