MT Gox Fees...UK based question

[michaelexeter]

Hi,

Just trying to figure out exactly what my fees will be for each transaction.

So far I have calulated it as follows:

£10                         Wire transfer fee (charged by Lloyds TSB)
£7ish (1000yen)         Receiving fee by Japanese bank
0.6%                       Buying (trading) fee charged by MTGOX (so on £1000 trade) is £6
0.6%                       Selling (trading) fee charged by MTGOX (so on £1000 trade is £6

so on a £1,000 investment, it will cost me £29

Also, to get the money back into my English bank account, will I pay any further fees from MTGOX or Japanese bank to get the money back in GBP to my LloydsTSB account?

[digicoin]

29 pound -> 3% So high? 

[evilscoop]

try this :-
http://www.bitcoinuk.blogspot.co.uk/

[jarsugar]

Try another method man

[michaelexeter]

Yes I think this is high.

None of us can avoid the MT Gox fees, so I guess they'll always be there, but I was kinda hoping this post would prompt responses from other UK bitcoin traders who may explain a cheaper/faster way to do this.

[delinquent]

Hold on son...

Would it not make sense to BACS it into a paypal, then whack it over to Japan? At least that way, you get rid of a tenner of the charges.

Also, there's a couple of banks that don't charge as much for wire transfers. Plus, £10 seems more like the charge for a business account. AFAIK the charge for a personal debit with lloyds is £4...

[newman_justin40]

Maybe there is a better UK based bitcoin currency exchange. Perhaps someone can link one.

[michaelexeter]

try this :-
http://www.bitcoinuk.blogspot.co.uk/

Thanks for this info...v helpful.

[evilscoop]

not a problem...tbh seems the best way round the situation, guy who made the site is a member here, but forget who

[michaelexeter]

Maybe there is a better UK based bitcoin currency exchange. Perhaps someone can link one.

Don't think MT GOX accept paypal.

The charge for Llloyds wire trasfers are £20 in branch or £10 if done online. Thats from a personal account.