Transferwise Stop Taking BTC Transfers

[bonker]

This was the neatest way of getting cash into exchanges if you live in the UK! WTF!!??

http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013

Another victory for that obsolete clique of self-serving banking scumbags. The UK jabbers on about innovation,
and the New Economy then frantically stamps out any opportunities that disturb the anachronistic banking system.

[AJS_]

Brilliant. The one relatively easy way to get GBP into places. Now what, any one have any suggestions?

[Its About Sharing]

I imagine there are very very easy ways around that.

For example, here in Germany, bitcoin.de does not yet have a bank account (though they just made a deal with a bank).
Now, when you sign up there, you have to register your bank account. They merely sent you .01 with a code attached. Get that and verify that code through their site - that activates your account.
Next, when you buy a bitcoin you receive the verified sellers account information. You send the money via SEPA or German transfer and mark it as paid (you have 12 hours to mark it).
When the money arrives, the seller marks it as such and the coins, which are locked in their account, are released into your account.

If England allows SEPA transfers to Germany, just sign up with bitcoin.de.

Now, I did have problems with this system. I sold 5 BTC's at 150 Euro and the price tanked shortly there after. The seller, decided not to pay and bitcoin.de automatically cancelled the transaction
after 24 hours. Not much I could do with a selfish crook like that. Anyway, I and probably others, complained and then they changed the confirmation time from 24 to 12 hours. These are just
growing pains. The idea of bitcoin.de getting the bank account will make transactions instantaneous (relatively speaking) and solve this problem.

Anyway, you see my point. If there is an exchange where you are not, per say, sending money to the exchange, but rather an individual, how the heck can a bank know that? Yes, there is more
worry, but by from experience sellers (which I forgot to check and my seller had only 1 star) and just don't buy all from the same person if you are unsure. But if the person has a pefect record, then all is usually good.


IAS

[Birdy]

Now, I did have problems with this system. I sold 10 BTC's at 150 Euro and the price tanked shortly there after. The seller, decided not to pay and bitcoin.de automatically cancelled the transaction
after 24 hours. Not much I could do with a selfish crook like that. Anyway, I and probably others, complained and then they changed the confirmation time from 24 to 12 hours. These are just
growing pains.

Selling Bitcoins has some problems there, but for buying it's alright. You will have to wait some time for the Bitcoins though, so it's nothing for daytrading.

[Its About Sharing]

Now, I did have problems with this system. I sold 10 BTC's at 150 Euro and the price tanked shortly there after. The seller, decided not to pay and bitcoin.de automatically cancelled the transaction
after 24 hours. Not much I could do with a selfish crook like that. Anyway, I and probably others, complained and then they changed the confirmation time from 24 to 12 hours. These are just
growing pains.

Selling Bitcoins has some problems there, but for buying it's alright. You will have to wait some time for the Bitcoins though, so it's nothing for daytrading.

I pretty much agree. But, do you see my point as this method of "payment" goes around an exchange needing a bank. It is then more P2P, albeit slower regarding the purchases/sales part.

[RenegadeMind]

It was very well written. I feel sorry for them.

Another victory for that obsolete clique of self-serving banking scumbags.

"Banker" and "scumbag" are pleonasms.

The UK jabbers on about innovation, and the New Economy then frantically stamps out any opportunities that disturb the anachronistic banking system.

Yup. Same thing in the IP world. Vested interests fight tooth and nail to keep their antique and outdated business models. They recognize that GREAT innovation destroys dinosaurs.

[SuperHakka]

this sucks thats right, but transferwise was just a cheap way of transferring the cash, but nothing is stopping us from doing an ordinary international bank transfer to the exchange though much more expensive, I think Barclays is £25 per transfer. Am I right?

[RenegadeMind]

this sucks thats right, but transferwise was just a cheap way of transferring the cash, but nothing is stopping us from doing an ordinary international bank transfer to the exchange though much more expensive, I think Barclays is £25 per transfer. Am I right?

Barclays? I think they require a first born... But don't quote me on that.

[Endgame]

This is pretty disappointing to see. It seems UK banks are becoming increasingly unfriendly towards bitcoin. At least you can still send SEPA and international wire transfers to overseas bitcoin exchanges.

[barrymac]

This is war!

[Bro]

join the Euro you wankers 

[Herodes]

This was the neatest way of getting cash into exchanges if you live in the UK! WTF!!??

http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013

Another victory for that obsolete clique of self-serving banking scumbags. The UK jabbers on about innovation,
and the New Economy then frantically stamps out any opportunities that disturb the anachronistic banking system.

This doesn't make sense. When a person has money in a bank account, he owns that money. He is free to do whatever he damn please with that money. The banks have no right to decide for what he should use that money. If somebody wants to waste their money on gambling, participate in some dubious get rich scheme, pay for online electronics, buy some frisky stuff for their girlfriend or whatever else, the user is free to do so. The banks are extending their reach and deciding over the head of its customers what they're allowed to do, and what they're not allowed to do.

Kristo Kaarman, TransferWise co-founder,  is a coward. Is there any way I could tell this to him in person ? I would like to have his contact phone number please.

If he had a spine, he would say no, hire lawyers and attack the banks for their decisions that are most likely illegal.

[bonker]

join the Euro you wankers  

Balls to the Euro, I just want transfer my quids without bureaucratic office drones pissing on my chips!

The UK *for once* should be at the forefront of innovation and declare a Bitcoin free for all! No questions asked.

I just know the sort of dicks that are holding things up: pompous jizz-muppets that talk about golf and wine and
play petty one-upmaship with their inane clique of upper-middle-class friends of pseudointellectual toffs and
 champagne socialists.

Basically anyone that wears a tie!  

[matthewh3]

I imagine there are very very easy ways around that.

For example, here in Germany, bitcoin.de does not yet have a bank account (though they just made a deal with a bank).
Now, when you sign up there, you have to register your bank account. They merely sent you .01 with a code attached. Get that and verify that code through their site - that activates your account.
Next, when you buy a bitcoin you receive the verified sellers account information. You send the money via SEPA or German transfer and mark it as paid (you have 12 hours to mark it).
When the money arrives, the seller marks it as such and the coins, which are locked in their account, are released into your account.

If England allows SEPA transfers to Germany, just sign up with bitcoin.de.

Now, I did have problems with this system. I sold 5 BTC's at 150 Euro and the price tanked shortly there after. The seller, decided not to pay and bitcoin.de automatically cancelled the transaction
after 24 hours. Not much I could do with a selfish crook like that. Anyway, I and probably others, complained and then they changed the confirmation time from 24 to 12 hours. These are just
growing pains. The idea of bitcoin.de getting the bank account will make transactions instantaneous (relatively speaking) and solve this problem.

Anyway, you see my point. If there is an exchange where you are not, per say, sending money to the exchange, but rather an individual, how the heck can a bank know that? Yes, there is more
worry, but by from experience sellers (which I forgot to check and my seller had only 1 star) and just don't buy all from the same person if you are unsure. But if the person has a pefect record, then all is usually good.


IAS

Yes the UK is part of the SEPA zone its just that all UK banks charge extortionate fees for sending or receiving SEPA transfers.  

[Its About Sharing]

I imagine there are very very easy ways around that.

For example, here in Germany, bitcoin.de does not yet have a bank account (though they just made a deal with a bank).
Now, when you sign up there, you have to register your bank account. They merely sent you .01 with a code attached. Get that and verify that code through their site - that activates your account.
Next, when you buy a bitcoin you receive the verified sellers account information. You send the money via SEPA or German transfer and mark it as paid (you have 12 hours to mark it).
When the money arrives, the seller marks it as such and the coins, which are locked in their account, are released into your account.

If England allows SEPA transfers to Germany, just sign up with bitcoin.de.

Now, I did have problems with this system. I sold 5 BTC's at 150 Euro and the price tanked shortly there after. The seller, decided not to pay and bitcoin.de automatically cancelled the transaction
after 24 hours. Not much I could do with a selfish crook like that. Anyway, I and probably others, complained and then they changed the confirmation time from 24 to 12 hours. These are just
growing pains. The idea of bitcoin.de getting the bank account will make transactions instantaneous (relatively speaking) and solve this problem.

Anyway, you see my point. If there is an exchange where you are not, per say, sending money to the exchange, but rather an individual, how the heck can a bank know that? Yes, there is more
worry, but by from experience sellers (which I forgot to check and my seller had only 1 star) and just don't buy all from the same person if you are unsure. But if the person has a pefect record, then all is usually good.


IAS

Yes the UK is part of the SEPA zone its just that all UK banks charge extortionate fees for sending or receiving SEPA transfers.  

That is weird. In Germany I don't even pay for SEPA at all (Not that I noticed). Anywhere in the EU it is the same as doing an in Country transfer (free). Probably dependent on the bank,
but that is really unfair what is going on in the UK.

[nak]

I read somewhere that currencyfair could be the new transferwise... Haven't used it myself yet.

Is worth checking out this from reddit:
http://www.reddit.com/r/Bitcoin/comments/1cy8fc/proposition_uk_banks_blocking_transfers_to/

[AJS_]

That is weird. In Germany I don't even pay for SEPA at all (Not that I noticed). Anywhere in the EU it is the same as doing an in Country transfer (free). Probably dependent on the bank,
but that is really unfair what is going on in the UK.

Yeah well many things in the UK don't work as they should thanks to them guys in the ''City''. There needs to be a work around found for this, we need to get more of their bonus' / bailouts into BTC they don't wanna use.

[jubalix]

I liked this

The banks – just like everyone else in the sector – are nervous because they don't know what to think of Bitcoin. The regulators and politicians’ silence on the topic leaves us all in the dark.

[Herodes]

I liked this

The banks – just like everyone else in the sector – are nervous because they don't know what to think of Bitcoin. The regulators and politicians’ silence on the topic leaves us all in the dark.

So banks are putting pressure on Transferwise and transferwise are caving like a bunch of pussies ? If I were the CEO of Transferwise, I would risk my whole business on this, and I would actually sue the banks over this decision. And yes, I would risk my entire business over this.


What's wrong with people these days, nobody got balls ?

[FlappySocks]

If I were the CEO of Transferwise, I would risk my whole business on this, and I would actually sue the banks over this decision. And yes, I would risk my entire business over this.

I would imagine it would kill their business stone dead, as the bank would freeze their UK bank account.  The investors may not be too keen to then fund what is likely to be a long and expensive legal battle.