MtGox withdrawal delays [Gathering]

[lclc]

You should have bought a Yubikey. Or do you e-banking with your regular bank without 2FA?

[chura]

SEPA (6.5k) from 2013/09/18 Status: pending
hooray!

[ustone]

10k EUR SEPA withdrawal from 16.9.2013 changed state to pending today...

arrived..

[RaTTuS]

my funds got stolen right away today on Mt. Gox.....am I the only one?   wthdrawn to    1BhTfWEkEB95DbdeDC6HpRVTCyLwCGtfn8..... an adress which only recieves funds

they tell me to go file with the police....and thats it 

1) don't share usernames and passwords with any other site
2) don't share usernames and passwords with people
3) make sure your PC is not compromised
4) use lastpass or keepass
5) don't store lots of BTC / cash on online services

[trdiablo]

my funds got stolen right away today on Mt. Gox.....am I the only one?   wthdrawn to    1BhTfWEkEB95DbdeDC6HpRVTCyLwCGtfn8..... an adress which only recieves funds

they tell me to go file with the police....and thats it 

Did you have OTP or Yubikey enabled?

[chura]

SEPA (6.5k) from 2013/09/18 Status: pending
hooray!

Also arrived today, really strange... it seems once a sepa withdraw changes its state to "pending", it is quickly processed by the polish bank and deposited successfully on the target account within hours!!!

Also I must mention that the 'arrived' amount is exactly 99.0001% of the 'withdrawn' amount, i.e. the mtgox's fee is exactly 1%, rounded down

[sturle]

SEPA (6.5k) from 2013/09/18 Status: pending
hooray!

16th yesterday and 18th today.  Queue is getting shorter as predicted!  Let's hope this continues for at least a week until withdrawals from the beginning of October start processing.

In other news: From reading through some #mtgox logs, it looks like MtGox's Japanese bank has a withdrawal limit as well.  About 1 million USD/day.  (Probably 100 mill JPY.)  The limit applies to USD manual withdrawals as well.  (Manual transfer requires one USD to JPY conversion, JPY withdrawal, and JPY back to USD, which is the reason for the high fee.)  The JPY volume has been close to 4 million USD worth the last week alone, and withdrawal capacity 5 million USD / week.  This means the JPY hose is running close to full capacity (practically all JPY volume has been selling BTC, buying JPY for withdrawal and arbitrage), and is the probable cause of JPY withdrawal delays and the reported delays for manual withdrawals.  I am by no means certain of this, but it does explain a few things.  It means MtGox's total withdrawal capacity is about 25 million USD/month.

[joesmoe2012]

Don't forget about domestic polish withdraws.

[sturle]

Don't forget about domestic polish withdraws.

Those are subject to the same limit as SEPA withdrawals.  Probably the same queue.

[joesmoe2012]

Don't forget about domestic polish withdraws.

Those are subject to the same limit as SEPA withdrawals.  Probably the same queue.

Not sure about that, they are domestic PLN transfers, has nothing todo with SEPA.

[sturle]

Don't forget about domestic polish withdraws.

Those are subject to the same limit as SEPA withdrawals.  Probably the same queue.

Not sure about that, they are domestic PLN transfers, has nothing todo with SEPA.

The EU Payment Service directive does not distinguish between domestic transfers and SEPA payments, as far as I can see.  Opening an account in another country doesn't help either.  The bank will probably allow it, but it will be illegal for MtGox to transfer more money to and from customers without a license, and breaking this law would be very unwise when they are applying for a license.  It applies to all money transfers within the EU.  Do domestic PLN transfers and SEPA transfers originate from different accounts, btw?  Some banks allow multiple currencies in the same account.

[leela]

Alrighty. Been reading this thread for about a month or more, been unable to register for the past month and when I finally DID manage to register I had to hang around for 4 hrs and post 5 posts in the newbie section first. OMG so many roadblocks in place it feels like a MtGox conspiracy to stop people from posting their withdrawal woes on this thread, I swear. I mean could they have made it any harder and made me wait any longer???

I imagine there's a lot of people in my situation who've been unable to post to this thread or haven't been as determined as me. So the majority of people never get to post and we are missing out on an incredible amount of data points that we otherwise could have.

• On August 7 I made a withdrawl for over $6000 USD using SWIFT to my US currency account down in New Zealand. (Yes I deliberately wanted my money in USD)
• Every few weeks I'd contact them and ask what the hell is up, still no money, usual backlog 2 weeks blah blah response.
• Eventually after 2+ months I started googling MtGox USD withdrawal and found this thread. Been reading it since and frustarted as hell I couldn't post.
• On October 21 finally fed up and seeing people requesting the 5% urgent manual withdrawal option I do the same. (I figured it was safer than buying bitcoins and transferring elsewhere at a loss and doing a withdrawal there.)
• After a reponse saying please stand by while we research, a day later I get another post from them stating they can withdrawal to me using NZD instead.
• So I replied okay, FINE, I really wanted USD not NZD but whatever, money is better than no money, right? So I replied and state that the bank account I specified was a USD currency account and i'd have to give them my NZD currency account number instead. This is when they replied with clarification. They can cancel my USD withdrawal and I have to buy bitcoins in USD and sell them in NZD and then do a withdrawal to the correct NZD account.

ARRRGHHH!H#!@#!! I HATE YOU MTGOX.


Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox. AUD is maybe an option but not NZD as NZ already has a better bitcoin exchange operated locally within the country. I COULD buy bitcoins on MtGox and sell on the local exchange in NZ for NZD but it has very little trades too and I fear it'll take forever to cash out without dropping the price here too much.

Don't know what to do anymore. I really really hate MtGox now.

[solex]

ARRRGHHH!H#!@#!! I HATE YOU MTGOX.
....
Don't know what to do anymore. I really really hate MtGox now.

It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.

The best option to get fiat is to buy btc on mtgox and sell on localbitcoins where the prices are good, or, if in a hurry, sell on bitstamp instead.

[tvbcof]

It is important to remember that the mtgox btc valuation is artificially high because of them being blacklisted by as much of the fiat banking system the USG can influence. So, transferring the btc to another exchange and selling it is only realizing what the btc are really worth.

It's also important to realize that prices on other exchanges which are less impacted by the aformentioned harassment, or are perceived to be, are used by persons who are under more pressure to make sales and are thus the spot price is likely depressed.  So 'are really worth' is not likely to be an entirely accurate statement either.

The best option to get fiat is to buy btc on mtgox and sell on localbitcoins where the prices are good, or, if in a hurry, sell on bitstamp instead.

Or at least sell by some other means.  Bitcoin-brokers.org being no longer an option for me, I choose Coinbase and am so far pretty happy with the decision.  My experimental sale was between Mt. Gox and Bitstamp pricing while the first installment of my real sale came in closer to Bitstamp spot (though still notably above.)  Another cool thing is that USD goes directly into a bank account so I don't have to dick with withdraw requests, wire fees, USPS parcels full of green, meeting people to exchange chump-change, etc.

Best, however, is that I did not seem to have to entrust my identity docs to Coinbase.  Since, unlike Bitstamp, Coinbase uses real names and don't seem to use domain cloaking and foreign shell companies I would have done so, but it turned out that it was not necessary.  Yet.

[andy-bc]

The EU Payment Service directive does not distinguish between domestic transfers and SEPA payments, as far as I can see.  Opening an account in another country doesn't help either.  The bank will probably allow it, but it will be illegal for MtGox to transfer more money to and from customers without a license, and breaking this law would be very unwise when they are applying for a license.  It applies to all money transfers within the EU.  Do domestic PLN transfers and SEPA transfers originate from different accounts, btw?  Some banks allow multiple currencies in the same account.

They come from different account numbers (but have the same bank/branch identifier, of course).
Domestic PLN withdrawals have currently even longer delays than SEPA, though.
Still, they might be in the same queue and experience some additional problems (like lack of PLN in stock, for example).

[sturle]

Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox.

Don't worry about trading BTC for NZD on MtGox.  The order books are connected at +/- 2.5%.  When you sell to a bid, the bid can be in any currency.

[RedBill]

Nevermind I can't do that even if I WANTED to because NO BODY trades bitcoin in NZD on MtGox.

Don't worry about trading BTC for NZD on MtGox.  The order books are connected at +/- 2.5%.  When you sell to a bid, the bid can be in any currency.

You can even sell BTC for NZD to yourself and buy the same BTC in USD. It is a form of converting currencies and taking the hit of the spread. I did this converting some JPY to USD some time ago; it was a mistake by me but it worked.

[RedBill]

• So I replied okay, FINE, I really wanted USD not NZD but whatever, money is better than no money, right? So I replied and state that the bank account I specified was a USD currency account and i'd have to give them my NZD currency account number instead. This is when they replied with clarification. They can cancel my USD withdrawal and I have to buy bitcoins in USD and sell them in NZD and then do a withdrawal to the correct NZD account.

I had exactly the same response but with AUD rather than NZD. I also wanted USD so I cancelled, bought BTC and transferred to BTC-E, sold for USD and transferred to OK Pay. Lost out on the rates but at least I got the USD out of Gox.

[leoragraves666]

My SEPA from 28.8. arrived

[joesmoe2012]

My SEPA from 28.8. arrived

August 28 or Sept 28?

We should be way further along the queue than aug 28th.

We are nearly upto Sept 28th by now...Must have been an issue with your bank or something.