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Author Topic: MtGox withdrawal delays [Gathering]  (Read 855800 times)
sturle
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August 29, 2013, 12:28:55 PM
 #1141

I thought processed came after confirmed? That's how all my others have shown while they were being processed.

They have all shown confirmed all this time.
And you haven't had other withdrawals come through the last 10 bank days?  I don't know how other withdrawals affect the SWIFT queue.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
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sturle
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August 29, 2013, 12:52:00 PM
 #1142

By the way I know the bought a company in Poland and so they use their account and so on. But does someone know what are their advantage to stay there? Because usually "brokers" (or similar) use some kind of fiscal paradise like Chypre eg.
AFAIK there is only one advantages with Poland and some other countries: Bank transfers are final. The bank won't return an incoming transfer unless MtGox agree.

Besides from that, it just happend to be where they finally found a bank willing to deal with a Bitcoin exchange, after their French bank threw them out.  They don't get very good terms at the Polish bank, but what can they do?  Not many banks in Europe are willing to do business with a Bitcoin exchange.

The other strategy (bitcoin.de and Bitcoin-Central) is to let each customer effectively have their own bank account tied directly to their exchange account.  We have yet to see how this works out.  It will probably be difficult for Non-EU citizens to get accounts there.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
Serpens66
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August 29, 2013, 01:20:23 PM
 #1143


The waiting time depends on the FIFO queue for SEPA withdrawals, which is 4 days long currently.  I.e. a SEPA withdrawal between 1k and 30k EUR will reach pending state after four business days.

So what about ur withdrawal? Is it "pending" now? I don't think so ^^

and yes after "confirmed" it's "pending" and then "processed".

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joesmoe2012
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August 29, 2013, 02:12:39 PM
 #1144

By the way I know the bought a company in Poland and so they use their account and so on. But does someone know what are their advantage to stay there? Because usually "brokers" (or similar) use some kind of fiscal paradise like Chypre eg.
AFAIK there is only one advantages with Poland and some other countries: Bank transfers are final. The bank won't return an incoming transfer unless MtGox agree.

Besides from that, it just happend to be where they finally found a bank willing to deal with a Bitcoin exchange, after their French bank threw them out.  They don't get very good terms at the Polish bank, but what can they do?  Not many banks in Europe are willing to do business with a Bitcoin exchange.

The other strategy (bitcoin.de and Bitcoin-Central) is to let each customer effectively have their own bank account tied directly to their exchange account.  We have yet to see how this works out.  It will probably be difficult for Non-EU citizens to get accounts there.

THis is simply not true. I currently have a incoming Polish payment to my Polish account and it was fraudulent, so they are in the process of reversing it.

sturle
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August 29, 2013, 02:20:23 PM
 #1145

The waiting time depends on the FIFO queue for SEPA withdrawals, which is 4 days long currently.  I.e. a SEPA withdrawal between 1k and 30k EUR will reach pending state after four business days.
So what about ur withdrawal? Is it "pending" now? I don't think so ^^
Still confirmed.  It will enter pending on Monday if 4 days hold.  Perhaps even tomorrow if the queue is a bit shorter than 4 days (counting hours here).  It will not go anywhere during the weekend, I'm quite sure of that.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
sturle
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August 29, 2013, 02:28:34 PM
 #1146

THis is simply not true. I currently have a incoming Polish payment to my Polish account and it was fraudulent, so they are in the process of reversing it.
In that case there are no advantages with Poland.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
ibox
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August 29, 2013, 02:35:47 PM
 #1147

By the way I know the bought a company in Poland and so they use their account and so on. But does someone know what are their advantage to stay there? Because usually "brokers" (or similar) use some kind of fiscal paradise like Chypre eg.
AFAIK there is only one advantages with Poland and some other countries: Bank transfers are final. The bank won't return an incoming transfer unless MtGox agree.

Besides from that, it just happend to be where they finally found a bank willing to deal with a Bitcoin exchange, after their French bank threw them out.  They don't get very good terms at the Polish bank, but what can they do?  Not many banks in Europe are willing to do business with a Bitcoin exchange.

The other strategy (bitcoin.de and Bitcoin-Central) is to let each customer effectively have their own bank account tied directly to their exchange account.  We have yet to see how this works out.  It will probably be difficult for Non-EU citizens to get accounts there.

THis is simply not true. I currently have a incoming Polish payment to my Polish account and it was fraudulent, so they are in the process of reversing it.

Hmm what do you mean by "fraudulent"? How a money income can be fraudulent? (this is jsut misunderstood, no sarcasm at all!)
joesmoe2012
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August 29, 2013, 02:43:27 PM
 #1148

There is so much misinformation in this thread that it's not even funny.

I just watched a withdraw go from preparing to confirmed. Took about 10 minutes.


ibox: Someone used a stolen bank account to initiate the transfer, thus it was 'fraudulent.'


sturle
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August 29, 2013, 02:50:47 PM
 #1149

There is so much misinformation in this thread that it's not even funny.
I just watched a withdraw go from preparing to confirmed. Took about 10 minutes.
Sounds about right.  It is now in the queue for being sent to the bank.  Next step is pending (sent to the bank) then processed (transfer completed by their bank).

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
solex
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August 30, 2013, 02:48:20 AM
 #1150

There is so much misinformation in this thread that it's not even funny.
I just watched a withdraw go from preparing to confirmed. Took about 10 minutes.
Sounds about right.  It is now in the queue for being sent to the bank.  Next step is pending (sent to the bank) then processed (transfer completed by their bank).

This is the correct sequence. Unfortunately, "confirmed" just means that Mt Gox have deducted the funds from the trading account and are waiting to action the transfer, which could be days, weeks or months later.

My problem with MtGox is simply that there is no way of knowing whether they are actually improving their banking situation, or whether they are treading water and may be forced to shut up shop at any time. Their early August communique had nothing to indicate that they are really making progress on the fiat transfer problem, and nothing about whether they are even attempting to get the MSB licences to get FinCen off their backs.
 

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August 30, 2013, 05:20:51 AM
 #1151

There is so much misinformation in this thread that it's not even funny.
I just watched a withdraw go from preparing to confirmed. Took about 10 minutes.
Sounds about right.  It is now in the queue for being sent to the bank.  Next step is pending (sent to the bank) then processed (transfer completed by their bank).

The issue isn't status not changing, it's the indefinite wait between 'confirmed' and 'pending'.

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August 30, 2013, 06:20:04 AM
 #1152

I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.
What's this?

MtGox's bank will do one manual transfer a day for them, at an eye-gouging rate of commission.

How do you set this up? Wouldn't it still be profitable with the 8% spread between Bitstamp and Mtgox?
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August 30, 2013, 07:30:53 AM
 #1153

I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.
What's this?

MtGox's bank will do one manual transfer a day for them, at an eye-gouging rate of commission.

How do you set this up? Wouldn't it still be profitable with the 8% spread between Bitstamp and Mtgox?

Not really, the wires take days to go through.

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August 30, 2013, 07:52:05 AM
 #1154

Anybody withdraw to USD (USA bank) in the past 2-3 weeks? I mean a brand new request within the last 2-3 weeks, and received the withdrawal timely?

I intend to start a number of withdrawals soon. Just waiting for my account to finish processing through the verification queue.
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August 30, 2013, 08:15:58 AM
 #1155

Anybody withdraw to USD (USA bank) in the past 2-3 weeks? I mean a brand new request within the last 2-3 weeks, and received the withdrawal timely?

I intend to start a number of withdrawals soon. Just waiting for my account to finish processing through the verification queue.

Still waiting from June 17th from my USD withdraw.

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August 30, 2013, 09:18:28 AM
 #1156

Anybody withdraw to USD (USA bank) in the past 2-3 weeks? I mean a brand new request within the last 2-3 weeks, and received the withdrawal timely?

I intend to start a number of withdrawals soon. Just waiting for my account to finish processing through the verification queue.

Still waiting from June 17th from my USD withdraw.

Jeez... Is this for more than $10,000 USD? Are you notary verified?
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August 30, 2013, 09:39:50 AM
 #1157

Waiting since 2nd July 2013 06:54:11 for USD withdrawal to European Bank.

Support have not been able to provide a date when they expected to be able to process the withdrawal.
You should cancel it and withdraw EUR via SEPA instead.  You will have your money in less than a week.

Well I tried to do this. MtGox told me I should cancel the transfer, buy Bitcoins on their exchange (at the 10% markup, and commission), then sell on their exchange for Euro (another MtGox commission) and try to do a SEPA withdraw.

Now I understand a company can have problems, and those problems might very well be caused by someone else . . but their reaction to it is to try to push those losses on their customers, and profit from it through additional commissions. It wouldn't surprise me if MtGox was doing arbitrage on their own exchange.  Pretty shabby behaviour.

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joesmoe2012
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August 30, 2013, 09:41:28 AM
 #1158

Anybody withdraw to USD (USA bank) in the past 2-3 weeks? I mean a brand new request within the last 2-3 weeks, and received the withdrawal timely?

I intend to start a number of withdrawals soon. Just waiting for my account to finish processing through the verification queue.

Still waiting from June 17th from my USD withdraw.

Jeez... Is this for more than $10,000 USD? Are you notary verified?

Yes and Yes. I actually had apostilled docments mailed off to japan ages ago.

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August 30, 2013, 09:52:09 AM
 #1159

Yes and Yes. I actually had apostilled docments mailed off to japan ages ago.

Perhaps this is the reason it has taken so long for you then, on top of their behind schedule, of course. Their FAQ says that withdrawals over $10k can take several weeks.



Is it possible to divide withdrawals into multiple smaller chunks less than $10k? That is what I was hoping to do ever since I read their FAQ...
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August 30, 2013, 09:58:08 AM
 #1160

Is it possible to divide withdrawals into multiple smaller chunks less than $10k? That is what I was hoping to do ever since I read their FAQ...

I wouldn't believe anything they tell you.

As far I can see, they're trying to get USD holders to take a 10% writedown to compensate MtGox for the funds they had confiscated by the US.

They might well be blacklisted from doing any trades in USD - maybe because of of money laundering considerations, or maybe because of US trade protectionism (favouring US exchanges).

Anyway, I'm not sure there is a 'queue' at all . . . maybe just a pool of dummies like you and me who haven't accepted the 10% writedown yet. 

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