MtGox withdrawal delays [Gathering]

[posormo]

I really feel this is more a fractional reserve issue than a bank issue.  Like any fractional reserve situation  you want to be the first one out before they declare insolvency.  Being a pain in their ass as suggested here is good advice.

Why not make your signature a little bigger so the rest of that shit disappears of the screen.

[1713534983]

1713534983

[FreeTrade]

Finally received a 5 figure SEPA transfer from July 4th 

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

[mechs]

Finally received a 5 figure SEPA transfer from July 4th 

Was this in usd or eur?

[cedivad]

Finally received a 5 figure SEPA transfer from July 4th 

Was this in usd or eur?

SEPA = EUR

[N12]

Finally received a 5 figure SEPA transfer from July 4th 

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

They don't even follow the chronological order of withdrawals within a queue that is 2 1/2 months old. What a joke.

[sturle]

Finally received a 5 figure SEPA transfer from July 4th 

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

They don't even follow the chronological order of withdrawals within a queue that is 2 1/2 months old. What a joke.

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

[N12]

Sorry, I made a mistake overseeing it's a SWIFT transfer, probably because it said Europe. SWIFT has people waiting since mid June, so of course he hasn't seen the money yet …

You're providing good info, have you considered creating a thread with up to date facts for people who would like to withdraw via SWIFT/SEPA/Japan domestic?

[sturle]

Sorry, I made a mistake overseeing it's a SWIFT transfer, probably because it said Europe. SWIFT has people waiting since mid June, so of course he hasn't seen the money yet …

You're providing good info, have you considered creating a thread with up to date facts for people who would like to withdraw via SWIFT/SEPA/Japan domestic?

I am trying to convince MtGox to put up an official page, but it is difficult.  Probably due to many special cases and tweaks.  The queue is never processed exactly in order, but optimized to minimize failures.  E.g. some banks return more transfers than other banks for no apparent reason, so don't spend the entire quota trying to re-send to the problematic banks.  Some people try to withdraw to an account under a different name than the account holder, so be careful with new accounts.  Etc.  If they publish official numbers, the numbers will either look very bad, or people negatively affected by the optimizations will complain about the official numbers being wrong.

[User705]

Finally received a 5 figure SEPA transfer from July 4th 

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

They don't even follow the chronological order of withdrawals within a queue that is 2 1/2 months old. What a joke.

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?

[smoothie]

Finally received a 5 figure SEPA transfer from July 4th 

2.5 months is ridiculous. I gave up after 3 weeks.

[sturle]

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?

Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.

[sturle]

Finally received a 5 figure SEPA transfer from July 4th 

2.5 months is ridiculous. I gave up after 3 weeks.

I got mine after less than 2.  Expecting the second by the end of this month (~8k EUR on September 11th).  2.5 months either means he made multiple withdrawals, or the amount was > 30k EUR, or there were special complications.

[User705]

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?

Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.

I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

[bliljerk101]

Anybody recently with completed ABA transfer?

[sturle]

Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.

I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

I have a limit in my bank as well.  I don't usually reach the limit.

Their limit is 120k EUR/day.  I have no idea why the limit is so low.  They are really sending that much, and the situation has in fact improved for SEPA.  In May a SEPA withdrawal took 5 weeks, and I don't think anyone believe MtGox were in a liquidity crunch in May.

[Inedible]

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?

Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.

I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

You either have very limited experience of banking or have preferential access due to substantial wealth, either way, bank transfer limits are very real for the rest of us.

[joesmoe2012]

SEPA is EUR only.  USD is international wire, a different queue.  There are several queues, and you are punished for multiple withdrawals.  For SEPA you are punished for very large withdrawals (> 30k EUR) as well, because MtGox are limited by amount/day.  For other international wires MtGox are limited by number of wires/day.

I'm just curious how can they be "limited by amount/day"?  I understand the various problems as far as different banks having problems but that's pretty instant to figure out.  They send the wire and it comes back so they can inform the client that it came back but if they have funds to send no bank will limit your ability to send these funds or am I missing something?

Someone called their bank in Poland and asked about their limits.  It is somewhere in this thread.  Finding a good bank for a Bitcoin business is hard.

I guess I'll look but again I've never heard of a limit on transactions by a bank.  Now their bank may be holding deposits for certain time and they can't send out withdrawals because of that.   It's called a liquidity crunch but I just can't see a hold on incoming wires longer then 7-10 days.

You either have very limited experience of banking or have preferential access due to substantial wealth, either way, bank transfer limits are very real for the rest of us.

In which country are you referring? There's many businesses in Poland who exceed that limit.

[bitcoinbboyce]

Finally received a 5 figure SEPA transfer from July 4th 

Thanks for the useful info. I'm still waiting on a 4 figure USD wire to Europe from July 2nd.

Sit tight and have ye faith 

[S3052]

Finally received a 5 figure SEPA transfer from July 4th  

2.5 months is ridiculous. I gave up after 3 weeks.

I don't see the issue at all with MtGox withdrawals anymore (yes I am over-simplyfying). There are a few other exchanges where withdrawals work almost instantly, my best experience it with bitfinex. All withdrawals processed within 3 days. I had at least 10 of them in the past 3 months.

It could be that simple: Buy some BTC at MtGox, withdraw BTC, send to another exchange... and MtGox is history...

[zyk]

may I ask you for a referral to bitfinex....sure Gox should be history