MtGox withdrawal delays [Gathering]

[Abdussamad]

Bitstamp's USD volume is unknown.  They only pubslish their total volume and label it as USD.

They only support USD.

[dzzima]

1 of 10 withdrawal attempts from MtGox bounces due to wrong information (wrong account number, wrong owner, wrong SWIFT address, etc), and all of the bounces have to be handled manually by their bank.  This is what overloaded their old bank.  They will have to work slowly through the queue to avoid too much work at once, but hopefully at a much faster pace.

This is exactly what I call a lame excuse. It sounds ridiculous for anyone who knows how a modern bank works. I can hardly imagine that you can “overwhelm” a bank with wire transfers. Actually, this is the way the banks make money. It is as mtgox would not let you trade because you overload their system with you trades.  

[dzzima]

mtgox's reply to my btc withdrawal problem ticket...........

Hello,

Thank you for contacting us. It appears the error is triggered from the platform for few BTC withdrawals specially, we are currently investigating on the cause and the solution. However please drop a line if you were able to withdraw after a while. We appreciate your patience and sincere apologies for the inconveniences caused.

Best regards,

Mt.Gox Team

[crazy_rabbit]

"Invalid bitcoin address, please confirm your input".

I have it too. What I think will happen:

1. few hours of broken btc withdrawals
2. 5k buy at mtgox driving price @142
3. withdrawals unlocked

thats funny, I just went to withdraw whatever was left (just a tiny tiny amount) and I got the same thing: "Invalid bitcoin address, please confirm your input".

However my balance had changed at the same time, so I'm not sure if the withdraw went through or not. I'll report back.

EDIT: Looks like it sent.

[trdiablo]

I have the same "Invalid bitcoin address, please confirm your input" when trying to withdraw BTC.

The EURO withdraw I did on 16-SEP has also still not arrived.

Why does MtGox suck so much. Why cant they cooperate with 1 bank in every major country in Europe for SEPA payments?

[bobsmoke]

I made a withdraw via SWIFT on the 6 of August. Still didnt got the funds....answer from support:

" Currently, we are processing International wire transfers manually and have a huge backlog of withdrawals to be cleared. We are in the process of forming relationships with new partners, banks, and taking other steps to clear the backlog. We are expecting the withdrawals to be cleared soon. We will let you know once the withdrawal is processed. Sorry for the inconvenience caused."

[NewLiberty]

This is like making a run on a bank.
The US litigation and enforcement actions ignited this, but MtGox may get through it yet.
Unless there is a full out run AND their legal liabilities overtake their aggregate profit.
I hope they do prevail, if only for the story of perseverance it would engender once Hollywood gets a hold of it.

[sturle]

1 of 10 withdrawal attempts from MtGox bounces due to wrong information (wrong account number, wrong owner, wrong SWIFT address, etc), and all of the bounces have to be handled manually by their bank.  This is what overloaded their old bank.  They will have to work slowly through the queue to avoid too much work at once, but hopefully at a much faster pace.

This is exactly what I call a lame excuse. It sounds ridiculous for anyone who knows how a modern bank works. I can hardly imagine that you can “overwhelm” a bank with wire transfers. Actually, this is the way the banks make money. It is as mtgox would not let you trade because you overload their system with you trades.  

So you know how a modern Japanese bank works and do international wires?

My bank is very modern – I have done all my banking online since 1997 – but all international wires still need manual intervention by the bank (ACK/NACK, sometimes routing).  None are handled outside of normal office hours.  If it bounces, they will call me if they can't find an obvious fix (they may call the receiving bank first).  I would be interested to hear how this is done in Japan, since they, according to you, use a different system for international wires.  Please tell us more!

[calian]

When was the last time someone received a manual 5% fee withdrawal?

Gonna repeat this question as there's been no answer. And I suspect no manual withdrawals.

[ManBearPig]

I tried to withdraw a medium-sized chunk of BTC from Gox yesterday at 9:00 UK time.

After 5 hours of being given the "Invalid address lie" it finally let went through at 14:00.

However the BTC didn't arrive until midnight which of course meant I couldn't do much with it until this morning.

So really it was 24 hours. Nice going Gox.

So far my bargepole has to be long enough to keep away from BTC-e and Gox.

About the only exchange of any use and which I trust right now is MCXnow.

[sturle]

However the BTC didn't arrive until midnight which of course meant I couldn't do much with it until this morning.

I have had this problem – delayed BTC transfers due to empty hot wallet or other problems – on every exchange I have tried.  No exceptions.  Usually the hot wallet is empty, and a refill will fix it.  Known cause of the invalid address error on MtGox.  No exchange I ever tried gave me an honest error message indicating empty hot wallet either.

[trdiablo]

I got an e-mail from support about the invalid Bitcoin address error.

BTC withdrawal:

It appears for some reason this error is triggered from the platform for few BTC withdrawals specially, we are currently investigating on the cause and the solution. We appreciate your patience and sincere apologies for the inconveniences caused. We request you to try after some time and still the issue exists please provide us the BTC address and the Screen shot of the error message or please drop a line if you were able to withdraw after a while.

I am really curious how long you guys had to wait recently to get this EURO withdrawal on your bank account? I know that USD withdrawal can take several months, but I was hoping that EURO withdrawal would take a few weeks at maximum.

[sturle]

I am really curious how long you guys had to wait recently to get this EURO withdrawal on your bank account? I know that USD withdrawal can take several months, but I was hoping that EURO withdrawal would take a few weeks at maximum.

Almost a month now for SEPA.  Extremely high volume of withdrawals have caused the queue to grow again. :-(

[trdiablo]

I am really curious how long you guys had to wait recently to get this EURO withdrawal on your bank account? I know that USD withdrawal can take several months, but I was hoping that EURO withdrawal would take a few weeks at maximum.

Almost a month now for SEPA.  Extremely high volume of withdrawals have caused the queue to grow again. :-(

Thanks for the reply, I don't like it but I could live with 1 month delay. I am just a little worried that I open MtGox.com one day and see a message that they have gone bankrupt or something. That would probably mean I would lose all my money in transition.

What a lot of people also don't know is that you can have your withdrawal limit increased from €1000 a day/€10.000 a month to maximum of €10000 a day / €50.000 a month by e-mailing AML@mtgox.com. That way if you want to withdraw 5000 for example you don't have to enter 5 x € 1000 for 5 consecutive days, but just one time € 5000 withdrawal.

[Rampion]

I am really curious how long you guys had to wait recently to get this EURO withdrawal on your bank account? I know that USD withdrawal can take several months, but I was hoping that EURO withdrawal would take a few weeks at maximum.

Almost a month now for SEPA.  Extremely high volume of withdrawals have caused the queue to grow again. :-(

Thanks for the reply, I don't like it but I could live with 1 month delay. I am just a little worried that I open MtGox.com one day and see a message that they have gone bankrupt or something. That would probably mean I would lose all my money in transition.

What a lot of people also don't know is that you can have your withdrawal limit increased from €1000 a day/€10.000 a month to maximum of €7500 a day / €40.000 a month by e-mailing AML@mtgox.com. That way if you want to withdraw 5000 for example you don't have to enter 5 x € 1000 for 5 consecutive days, but just one time € 5000 withdrawal.

you can have 10.000€ a day/50.000€  a month

[trdiablo]

that's even better, I edited my post, thanks.

[bliljerk101]

Any new withdrawal success people?

[CurbsideProphet]

I tried to withdraw a medium-sized chunk of BTC from Gox yesterday at 9:00 UK time.

After 5 hours of being given the "Invalid address lie" it finally let went through at 14:00.

However the BTC didn't arrive until midnight which of course meant I couldn't do much with it until this morning.

So really it was 24 hours. Nice going Gox.

So far my bargepole has to be long enough to keep away from BTC-e and Gox.

About the only exchange of any use and which I trust right now is MCXnow.

24-hours is lightspeed for MtGox. 

[FlungSpun]

I tried to withdraw a medium-sized chunk of BTC from Gox yesterday at 9:00 UK time.

After 5 hours of being given the "Invalid address lie" it finally let went through at 14:00.

However the BTC didn't arrive until midnight which of course meant I couldn't do much with it until this morning.

So really it was 24 hours. Nice going Gox.

So far my bargepole has to be long enough to keep away from BTC-e and Gox.

About the only exchange of any use and which I trust right now is MCXnow.

24-hours is lightspeed for MtGox. 

Small withdraw ~1btc at about the same time, got the invalid message for about 10 mins, gave up and contracted support. replied 20 mins with a response which sounded like flannel but who knows.
20 minutes later transaction worked 2 hours later 6 confirms in the wallet. So not too bad considering the stories I'm hearing.

+1 on the mcxNOW has been a great exchange since I found it in early May

[sturle]

I don't know if this is good news or bad news, but it is certainly a big WTF regarding Japanese banks..:

Code:

11:05 < sturles> I noticed on the forum that Japanese domestic transfers come 
                 from a new bank.  I keep watching for reports of international 
                 wires from a new bank as well.  That would be a very good sign.
11:08 <@MagicalTux> sturles, the new bank we use for Japanese transfers is a 
                    domestic only bank
11:16 < sturles> Oh. :-(
11:18 <@MagicalTux> they're the first bank we've seen in JApan that can do 
                    domestic transfers without the need for faxes

Fax!  In 2013!  For a simple domestic transfer!  Can you even buy fax machines any more?  Must be years since I saw one of those.  No wonder even Japanese transfers were slow during high volume periods.  People still think SWIFT transfers from the same banks are fully automated?