MtGox withdrawal delays [Gathering]

[N12]

Currently there is an unusual delay in processing the withdrawals since the banks could not match the pace of BTC transactions.

Really?

WHAT A JOKE.

Sounds like what this retard said.

Guys, it's all ok. The antiquated FIAT BANKING SYSTEM just can't handle the immense and immeasurable growth of the BITCOIN ECONOMY. It overloads their systems.

[1714007639]

1714007639

[1714007639]

1714007639

[bystander]

Sounds like what this retard said.

Probably the most unintentionally hilarious video in the annals of bitcoin history, he doesn't look troubled or under duress at all.  

[sturle]

Why were you able to serve the volume before but now are unable to? I have heard mentioned somewhere that you can only process 10 swift transfers a day - is that true? I have never heard of such a limitation but then again I am not a banking expert. If it is limited to 10 a day how was this never an issue until just after the recent issues with FINCEN? Surely there were more then 10 requests for bank/wire transfers prior to the abolition of DWOLLA.

Did you even read my answer?  Their bank was already struggling before the Dwolla seizure.  All this happened since mid April this year:

https://bitcointalk.org/index.php?topic=179586.msg3120450#msg3120450

Redeemable codes April 13th.  LR/Aurumexchange May 24th.  OKPay May 29th.  Dwolla June 14th.  MtGox were already struggling with timely processing of bank wires then.  This is from June 5th: https://bitcointalk.org/index.php?topic=225707.0

MtGox experienced a tremendous growth during this time as well.  MtGox got 20,000 new users every day in April alone.

[davidspitzer]

Why were you able to serve the volume before but now are unable to? I have heard mentioned somewhere that you can only process 10 swift transfers a day - is that true? I have never heard of such a limitation but then again I am not a banking expert. If it is limited to 10 a day how was this never an issue until just after the recent issues with FINCEN? Surely there were more then 10 requests for bank/wire transfers prior to the abolition of DWOLLA.

Did you even read my answer?  Their bank was already struggling before the Dwolla seizure.  All this happened since mid April this year:

https://bitcointalk.org/index.php?topic=179586.msg3120450#msg3120450

Redeemable codes April 13th.  LR/Aurumexchange May 24th.  OKPay May 29th.  Dwolla June 14th.  MtGox were already struggling with timely processing of bank wires then.  This is from June 5th: https://bitcointalk.org/index.php?topic=225707.0

MtGox experienced a tremendous growth during this time as well.  MtGox got 20,000 new users every day in April alone.

I understand what your saying I just do not accept that explanation absent some substantive, verifiable evidence. Even if it is true, it would not change my recommendation not to risk proceeds with someone that does not have sufficient infrastructure to service it's customers in a timely manner.

[sturle]

...
2. MtGox is the only exchange with a well functioning multi-currency market.  This adds an extra dimension to trading.
...
I still do most of my trading on MtGox due to 1, 2 and 4.  Especially 2.  Mastering it can be very profitable.

hm.. how can mastering 2. be very profitable? GIMMI YAR SECRETS! 

I will not go into any details of my own strategies.  I would make less money if other people copied it.  There are many ways to profit from multi-currency trading.  Just make sure you understand how the currencies relate to each other, and how this changes.

[sturle]

I understand what your saying I just do not accept that explanation absent some substantive, verifiable evidence. Even if it is true, it would not change my recommendation not to risk proceeds with someone that does not have sufficient infrastructure to service it's customers in a timely manner.

Depends what your readers want, of course.  If they are located outside of Japan and want to withdraw fiat, then MtGox may be the wrong choice.  (So far it has worked fine for me in Europe, but I suppose it depends on your expectations.)  For people who just want to trade, and are satisfied with withdrawing BTC in the end, MtGox is a good place.  It is where the action is, and IMHO it is the only trustworthy exchange with interesting volume and liquidity.

[Energizer]

I've contacted MTGox support yesterday asking about the status of my bending USD wire withdraw. Here is the response I've just received:

#######################################
Thank you for contacting us regarding your withdrawal request.
Due to a change in our banking system we are currently experiencing a back-log of withdrawals that we need to process.
Our team is working hard to increase transaction speeds, but there is approximately a few-week back-log we need to overcome.
It will take a few weeks to get back to normal, and we thank you for your patience during this time.
Again, we apologize for the delay and we will contact you once your withdrawal has been processed.
#######################################

Will keep you posted!

[Pale Phoenix]

Sounds like what this retard said.

Probably the most unintentionally hilarious video in the annals of bitcoin history, he doesn't look troubled or under duress at all. 

Wasn't it? I fully expected a "Free Roger Ver" movement to rise up and demand his release... with t-shirts and bumper stickers.

[cedivad]

I like your style guys... But gox is still there.
Still ruling the price.

We need a movement. "Free Roger Ver" sound good to me.

[PirateHatForTea]

Thought I'd add another data point to the woeful record of Gox on withdrawals. AUD withdrawal inititated August 21st, still waiting. There's no indicaion anywhere on Gox's site that there were such problems with AUD, but when I asked why they hadn't posted about it or updated their FAQ they maintained that it had been covered in existing press releases. The closest thing to a mention was when they refer to a 2 week backlog, but this is way more than 2 weeks.

I have had a lengthy exchange in my ticket, but nothing new really came out of it. I can post it anyway if anyone is interested. They explicitly stated that they cannot provide information on their throughput ability (ie how many wires per day they are capable of transferring) or on the size of the queue.

They also offered a 'manual wire transfer' with a 5% fee, that supposedly is charged by the bank.

[blackreplica]

Today is the 2 month anniversary of my first fiat withdrawal. Still not happening. I'm seriously thinking of taking up the 5% haircut manual withdrawal option. If anyone has a solid reason for me not doing it, I'd like to hear about it

[bernard75]

Just so you know the alleged EUR limt is total bs:
http://www.bzwbk.pl/firmy/bankowosc-elektroniczna/pakiet-moja-firma-plus/pakiet-moja-firma-plus.html
They can withdraw 100kk PLN or 23.5kk EUR daily.
And thats the limit for small businesses with SMS transaction confirmation.

[mrnejc]

Update from my side:

For now it looks like the claims sturle made are correct at least for EU SEPA withdrawals.

I had my first withdrawal on Aug 14th, and then created a bunch of smaller withdrawals - as per claim that they give you one transaction every 20 days I canceled the smaller ones and created 1 large withdrawal on Aug 27th.

Today (Sep 11th), exactly 21 working-days after first withdrawal, status of newly created went from confirmed to pending.

[ronaldlee0917]

I've contacted MTGox support yesterday asking about the status of my bending USD wire withdraw. Here is the response I've just received:

#######################################
Thank you for contacting us regarding your withdrawal request.
Due to a change in our banking system we are currently experiencing a back-log of withdrawals that we need to process.
Our team is working hard to increase transaction speeds, but there is approximately a few-week back-log we need to overcome.
It will take a few weeks to get back to normal, and we thank you for your patience during this time.
Again, we apologize for the delay and we will contact you once your withdrawal has been processed.
#######################################

Will keep you posted!

Everyone receives the same reply, word by word, from MtGox's support.

[gaston909]

I have been unable to get anywhere with these SEPA Withdrawals, but I heard from someone today that GBP is working just fine,  can anyone else confirm this?

Thanks

[de_xt]

• EUR via SEPA is less than one week
  • smaller than 1000 EUR will get in a priority queue and used to fill the daily quota

I don't think this is currently true, as I have a small EUR withdrawal (631 eur) with confirmed status since Sep 2, more than a week ago. I would have requested a bigger one, though, if I knew it was going to take the same.

[Serpens66]

• EUR via SEPA is less than one week
  • smaller than 1000 EUR will get in a priority queue and used to fill the daily quota

I don't think this is currently true, as I have a small EUR withdrawal (631 eur) with confirmed status since Sep 2, more than a week ago. I would have requested a bigger one, though, if I knew it was going to take the same.

yes, one SEPA every 20 days does also count for withdrawals under 1000€
(see my and mrnejc's post)

[bliljerk101]

As of September, how long are withdrawals to US banks taking using ABA? I have some cash in my Gox account I want to withdraw.

[bnjmnkent]

I asked the other day (per ticket), if the information provided here:
https://bitcointalk.org/index.php?topic=179586.msg3024749#msg3024749

were accurate.

In short, the answer is a clear yes. Sturle is backed up by their answer.
Cheers Benjamin (the one who will soon find out, if that holds)

[Syke]

As of September, how long are withdrawals to US banks taking using ABA? I have some cash in my Gox account I want to withdraw.

They seem to be stuck back at early June withdrawl requests.