Any Exchanges Take 'Moneygram'?

[WilderedB]

As a UK resident but living in Malaysia it's pretty awkward to buy btc.

(my bank wants to phone me to confirm a new recipient but I'm not in the UK so can't give a UK phone number)

Moneygram seems a simple way of just going to a local bank, filling in a form and sending someone money. I would love to do this to buy me a bitcoin - but neither gox nor bitstamp seem to accept them? Or am I missing something?

I don't mind a reasonable little fee, a few %.

Bonus Question - If I DO ever manage to get things working with bitstamp, via the 'SEPA' bank transfer thing, does giving them my bank details for exchange withdrawals mean that they could use that bank account info to withdraw FROM my account?

What I DON'T want is for it to be like Paypal, where if I don't have enough funds they can just take some from my bank. I want for me to send, not for them to take, if you get my meaning?


??


Thanks!



Alan

[Walter Rothbard]

You can send Moneygram to bitinstant.com and have them payout with several different options.  You can use this to fund MtGox trades.

[WilderedB]

Thanks but they only deal with 11 countries and Malaysia isn't one of them.

Moneygram is in Malaysia but it seems bitinstant isn't.   



A.

[WilderedB]

Any others? 

[John (John K.)]

There's Bitcoiners in Malaysia you know. 

Alternatively, you can use: https://dgtmkt.com/ or even https://www.fybsg.com/ .
See: https://bitcointalk.org/index.php?topic=134340.0

[WilderedB]

Thanks 

FYBSG is Singapore; they haven't been part of Malaysia for decades 

DGTMKT looks more interesting. I like that they were selling them when the price was $7...

They're pricey though, currently showing 463 RM, which is about $151, while mt.gox is showing $127. Still, that's a lot better than the 35% "spread" when I bought and sold gold in Malaysia!

Still looking for an answer regarding giving an exchange, any exchange, my bank details so they can pay out should I sell any BTC. Giving them that information doesn't allow them to take money, right? Just let's them put money INTO my account, not to take any out?




A.

[John (John K.)]

Thanks 

FYBSG is Singapore; they haven't been part of Malaysia for decades 

DGTMKT looks more interesting. I like that they were selling them when the price was $7...

They're pricey though, currently showing 463 RM, which is about $151, while mt.gox is showing $127. Still, that's a lot better than the 35% "spread" when I bought and sold gold in Malaysia!

Still looking for an answer regarding giving an exchange, any exchange, my bank details so they can pay out should I sell any BTC. Giving them that information doesn't allow them to take money, right? Just let's them put money INTO my account, not to take any out?




A.

You can send a bank transfer to Singapore pretty easily - indeed I know a few guys who have done that successfully. Maybank if I'm not wrong will do this easily. I'm in Malaysia currently too.

[WilderedB]

Yay!  *waves at John*

So could I just walk into Maybank and hand over some cash, like the Moneygram thing, or do I need to use my wife's Maybank account?

And is there any risk to her account in doing so? Could the people at dgtmkt.com take money from her account? Or not?

And if selling or receiving bitcoins, is it just as easy to put money into her account?


Sorry for all the silly questions 

[John (John K.)]

Yay!  *waves at John*

So could I just walk into Maybank and hand over some cash, like the Moneygram thing, or do I need to use my wife's Maybank account?

And is there any risk to her account in doing so? Could the people at dgtmkt.com take money from her account? Or not?

And if selling or receiving bitcoins, is it just as easy to put money into her account?


Sorry for all the silly questions 

Just handing the money over the counter or even doing a bank-in at dgtmkt.com's bank will do. I understand that they accept everything from Maybank to RHB. If you're selling, you can use https://www.fybsg.com/ or even plain PayPal via people -to -people trades - it's much more easier to sell then to buy IMHO.

[WilderedB]

Hi John, not sure how I could sell via that Singapore exchange? Their FAQ says "You may withdraw to any Singapore Bank account.."

Which banks can i withdraw SGD to?

You may withdraw to any Singapore Bank account(You will need your Bank Code, Bank Branch Code, Bank Account number).
Deposits(from)/Withdrawals(to) non-UOB accounts will take 3 business days due to the inefficiency of the banking system.
Cash deposits to FYB should be credited within 24hrs.

Nothing there about withdrawing to Malaysian (or UK) banks?

DGTMKT seems more local but the pricing is somewhat silly.

How do you normally buy your coins, if you don't mind me asking?

[John (John K.)]

Hi John, not sure how I could sell via that Singapore exchange? Their FAQ says "You may withdraw to any Singapore Bank account.."

Which banks can i withdraw SGD to?

You may withdraw to any Singapore Bank account(You will need your Bank Code, Bank Branch Code, Bank Account number).
Deposits(from)/Withdrawals(to) non-UOB accounts will take 3 business days due to the inefficiency of the banking system.
Cash deposits to FYB should be credited within 24hrs.

Nothing there about withdrawing to Malaysian (or UK) banks?

DGTMKT seems more local but the pricing is somewhat silly.

How do you normally buy your coins, if you don't mind me asking?

Hmm...ninjaboon seems to have success sending/withdrawing funds from the exchange from the discussion here: https://bitcointalk.org/index.php?topic=159907.0
I'd guess PM'ing Nagato, the operator of FYB would be a good way here to get this clear.

I usually just get my coins when I am overseas, and mined some when the difficulty was low enough with GPU's.

[WilderedB]

I emailed him and he said nope, not at this time.

[Nagato]

I emailed him and he said nope, not at this time.

WilderedB, you may want to give currencyfair a try with a small test amount. They recently opened a Singapore bank account, so they should be able to get SGD to FYB cheaply.

[WilderedB]

Thanks but getting SGD to FYB isn't the problem, it's getting MYR from FYB, see?

If I opt to receive BTC for payment (I have various online businesses but mostly today I'm a copywriter) how do I convert and spend that money, locally, as Malaysian ringgit?

At this stage it looks like DGTMKT is my only option. I know they're expensive to buy coins, I have no idea what it's like trying to get money back out from there?




A.

[Nagato]

Couldn't you sell your BTC on Gox or Bitstamp and wire out the money as USD to Malaysia?

[WilderedB]

If I could do that then I could probably fund Bitstamp or Gox too..

Actually, looking at DGTMKT closer, they clearly only sell BTC to the public, it's not an exchange where you can sell them back to anyone or cash out.

I dunno, maybe it's easier to get Bitstamp to send me money than it is to send them money? My hurdle is the "setting up a new recipient" thing. My bank insists on phoning me to make sure, which is kind of awkward when I'm in a different country/time zone. It tries to phone me with some code, which I'm meant to then type online - but my phone never rings and then it tells me I must have given them a wrong number. Worse, they tell me I have to wait a week before trying again. That was indeed about a week ago, and the price of BTC has risen by about $70 since then. Thanks, bank!

Presumably if I were to sell a coin or two through bitstamp it would be a routine matter to give them my UK bank account and they could pay into it?

But not mt.gox, my understanding is they cannot handle UK stuff, or choose not to.

In my more positive moments I consider the hassles and problems to under-score how useful bitcoins are for international transfers.

At other times it drives home how much hassle and problems there are trying to use bitcoins internationally...

Not sure if the glass is half full or half empty?



AC

[Nagato]

Im kind of confused whether you are looking to buy or sell coins.

When you started the thread, you were looking to buy coins. Which i think you have realised is possible via various ways.
The recipient thing only applies when you are sending money and the bank probably uses your phone as a 2FA.

I think you should be able to sell on MtGox/Bitstamp and withdraw out to your Malaysian bank via wire transfer. But you would need to withdraw a large amount >$5000 to make the wire fees worthwhile. And you would still lose alot when that USD is converted to MYR by your bank. Im sure you can find buyers for coins in Malaysia via localbitcoins, if dgmkt can sell 15-30% above spot, there should be plenty of buyers from you if you are selling closer to market rates.

Again, i might be wrong, im not from Malaysia and might not know of any capital controls there.

[WilderedB]

I've never yet owned a bitcoin, so yes looking to buy. I'm also interested in how to cash out if I receive any, with the Malaysian thing.