MtGox withdrawal delays [Gathering]

[Serpens66]

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".

[joesmoe2012]

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]

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.

[sturle]

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.

[ibox]

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]

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]

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).

[solex]

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.
 

[flound1129]

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'.

[Jhantor]

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?

[joesmoe2012]

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.

[bliljerk101]

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.

[joesmoe2012]

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.

[bliljerk101]

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?

[FreeTrade]

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.

[joesmoe2012]

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.

[bliljerk101]

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...

[FreeTrade]

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. 

[bliljerk101]

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. 

I certainly hope that is not the case... I take it you're waiting as well? When did you withdraw? Was it greater than 10k like joesmoe?

I have read there is no issue with transfer to JPY. If it comes down to it, I may consider opening a Japanese bank account. The only problem with Yen is that it is particularly unstable right now and has been declining rapidly since last year because of trade sanctions imposed by China. In the long term, that might be a good thing... Short term, it may result in loss.

[Vezunchik]

Now I can't withdraw even BTC! Watch out - this can be not simple site malfunctioning! May be MtGox started it's collapse. (Details here).