Mt Gox TO Euro Bank Account - Longest Waiting

[gmantakis]

What was the longest you had to wait in business days to withdraw money from Mt Gox tp your Euro based Bank Account with a SEPA transfer? I initiated already 2 withdrawal requests on different days. The first was on the 9 June 2011. Since then it have already passed 4 full business days and we are already on the 5th business day and i havent received any money in my Bank Account and it is 17 June 2011!!! I must say that i entered ALL the details like Name, Address and IBAN/BIC correctly because i have Screenshots before i initiated the withdrawal. So is this usual for Mt Gox? How long was the longest waiting for ypu in business days???

Thanks

George

[1713533048]

1713533048

[1713533048]

1713533048

[Timo Y]

have been waiting for 5 days too.
I suspect someone at mtgox is processing these manually and is now overwhelmed by the the sharp growth in user numbers.

[gmantakis]

Isnt that unusual???

[Vandroiy]

I'm currently withdrawing some; the first test showed no abnormal delay. 5 Business days is quite a bit though.

Was it a large sum, 5-digit or above? Maybe they're doing money laundering checks or something of the like.

I hope to not see any more strange behavior of MtGox, it's making me nervous enough as is. I'd like to have a firmer handle on information about the people responsible, in case things go haywire there. All we have is a name, a company and address in Japan, a bank in France and some USA stuff. I hope they'll prove to be stable and trustworthy.

[gmantakis]

I have done two withdrawal requests to a Euro based Account in Germany. The first 900 USD and the second was 850 USD. 5 business days have passed and i havent received any money yet.

George

[Jack of Diamonds]

First time ever since I'm waiting unusually long.

I withdrew on last Sunday evening (very early Monday morning, just after midnight) and by today, the wire hasn't appeared in my bank account.

So it's been 5 full business days.. And yes I used correct details as before.

Not even a particularly large transfer, in the 3-digits.

[Justsomeforumuser]

<=48 hours both times I wired out. Oddly enough it was faster than normal wires I do.

That was 2-4 weeks ago though.

Be sure to include an actual and valid address and not to screw up the BIC&IBAN.

[Herodes]

SOLVED

I had one withdrawal taking 8 days. I am now waiting for my latest withdrawal that was issued  1st of June, so I've been waiting 17 days excluding hollidays and weekends, without these we have 11 business days and counting.

I am not very amused by this.

Swift payouts should be done according to their terms (3 business days).

I still suspect it will all be solved in the end, but this is taking long, and I am not too happy about it.

Earlier withdrawals have been swift tough, sometimes they've been issued the very next day. Oddly enough, the larger the withdrawal requests, the longer it has taken, so I wonder if the smaller withdrawals are automated while the bigger ones needs to be done manually.

For a 24/7 exchange like mtGox.com, there should be staff working around the clock on every weekday to process all deposits and withdrawals.

They are the biggest now, but this may not be so in the future. A business must always work extremely hard to be on the bleeding edge and if customer satisfaction is low, customers will leave.

With their current income, they should afford to hire skilled people to work with them by now.

Just wanted to add that I have included correct banking information. I have this stored, and I copypaste it every time I do a withdrawal.

I have of course contacted mtGox in the matter, and I got a message that the withdrawal is processing. What the holdup is, I don't know. But I think they should inform us customers and let us know how the current situation is. I have no problem waiting for funds as long as I know they will eventually come.

The reason I suspect larger withdrawals require manual processing is that I sometimes have issued smaller withdrawals after I have requested a larger one, and then the smaller ones are processed almost immediately and the larger one taking much longer.

So I am a bit worried, but I am not losing sleep over it.

EDIT: Will just say that this case is now solved. I spoke to MagicalTux on IRC, and he fixed it quickly. Seems like the problem was their bank really, as they somehow had delayed the funds.

[rograz]

I think something was mentioned earlier about when the daily volume was over 3k euro in withdraws in slowed things down considerably due to some reason(might be why small withdraws can sometimes be quicker than large ones).

Personally it has taken me 2-6 days to get my money, currently waiting for 2 withdraws that currently are on their 4th/5th day of waiting so we'll see if they show up after the weekend :<

[Herodes]

As you can see from my previous post, i marked the case as solved. I believed this to be the case as MagicalTux was kind enough to give me personal assitance on IRC (freenode). However, after the mtGox hack I was no longer sure the withdrawal would be processed, as I do not know how the internal systems at mtGox are set up, and for all I knew the payment processing system was also shut down. However, MagicalTux reassured me that the withdrawal in question was already accepted by their bank and in process. Today I recieved it as a SEPA transfer to my scandinavian bank account. It took 21 days from I issued the withdrawal till I had the money in my posession. But as I understand it this is an exception to the rule rather than the norm. MagicalTux seemed surprised when he learned about this and said something about switching banks on their end. I do not know all the details about what went wrong, but somehow the transaction was delayed, and only a manual request from me to mtGox finally solved the problem. If I remember correctly, the bank had ack'd the transfer, but it had not left the mtGox bank account. It might have something to do with me issuing two transfers with the same amount over a weekend (I do not remember the details, and at the moment I do not have access to my mtGox account statement to check the details).

Anyway that kind of waiting time is not something that will instill confidence and trust with customers, so I believe it would be important to have safeguards in place, so that does not happen for anybody else. Also it seems like that the fastest way to resolve an issue is to talk with MagicalTux directly on IRC, as they are probably drowning in e-mail and support tickets. I can't imagine how two persons can possibly handle all that communication, they should expand their team as quickly as possible. Preferably with support representatives that has no access to sensitive systems, but can still check a lot of things and answer questions from customers. Every day that goes by without a customer receiving an answer or a case being resolved adds to anxiety and lack of trust. I think good customer service is paramount to succeed as a business. mtGox was the first BTC/USD exchange, but already next year we will see many competitors in this lucrative market, I would think there are group of developers and investors working on exchanges right now.

I am not complaining, just stating the facts, I still trust mtGox, but I think their customer service in general can be increased to better serve their customers, I've personally received personal messages from other forum members where they state their fear and no-responsiveness on mtGox's part.

I think the mtGox team is a genuine team working hard for their exchange, but as they've already raked in a lot of comission, they should absolutely expand their team. At the moment mtGox is too big for a two man operation in my opinion, not that I think MagicalTux is incapable of solving all the technical problems at hand, but rather that they need to have a PR-person that knows how to handle media and customers, then MagicalTux could focus on the core issues regarding the coding/technical stuff at his exchange. Every other business would at this point look for more staff, and I think mtGox should too. There will always be the trust issue as who to hire, but just lightening the burden of doing customer support off the shoulders of MagicalTux will release a lot of time that he can use for what he really know; technical stuff and coding.

[Jack of Diamonds]

My transfers are still pending for 10+ days now.

[rograz]

My transfers are still pending for 10+ days now.

Same for the my 2 last onea I did just after the crash from 30 > 10 USD, never had a problem before that and they all arrived within 5-6 business days.

Edit: seems the first one of the 2 actually went trough this morning (8 business days since withdraw) might just have been a huge backlog after the "crash" :p

[Jack of Diamonds]

1 wire arrived to the bank this morning so they are processing withdrawals even during the outage.

[MiningBuddy]

Waiting on some 12+ days now, shame really, usually only take 3 or 4 days.

[Chucksta]

I withdrew 1k either the morning of or the day before the bleep hit the fan. That money has not reached my bank account yet

I have a feeling there won't be many people staying with them after this. Shame, because they are the cheapest I have seen for bank transfers

[Herodes]

Chucksta: Did you get the money yet? How many days have you been waiting now?

[rograz]

Got my second that was done on the 15th yesterday so seems they are working their way forward trough their logs and are just behind in general (first transfer was done on the 12th and I received that one last Thursday)

[Chucksta]

Chucksta: Did you get the money yet? How many days have you been waiting now?

Nope, still waiting

Withdrawal request made on the 18th of June, and still no sign of it in my UK HSBC account. The previous withdrawals only took a few days.

I'm reluctant to make any kind of transaction ($ withdrawal,BTC deposit, or buy/sell) on MtGox until I know for sure things are working properly.

[Grouver (BtcBalance)]

For all EU people...

Trade at www.bitmarket.eu

or

Buy at www.liliontransfer.org

[rograz]

Withdrawal request made on the 18th of June, and still no sign of it in my UK HSBC account. The previous withdrawals only took a few days.

If it follow the pattern I have derived from the data collected (from my own 2 transactions, clearly extremely reliable sample size!) you should receive your money Thursday (or maybe even tomorrow if you are really lucky). If I'm right I so deserve a pat on the back, if I'm wrong then maybe I need to read up on statistics and sample size again!