Family member - SEPA/IBAN send money

[503guy]

I have a family member who lives in Germany.  I would like to convert some of my bitcoin and send the money to a family member's bank account in Germany.  What service could I use to do this?  I have a mtgox verified account, but I'm not sure if I can add a family members bank account to my mtgox account.  Any advice about any available services would be appreciated, thanks.

[AlexC]

Isn't it an option to do a SEPA/IBAN transfer from you bank account to your family members bank account ?

I don't know if your family member is in the bitcoin community.
But (s)he could make an account on bitcoin.de and assign there bank account to that. And then you could send the bitcoins to that bitcoin.de account and then they could sell the bitcoins there and get the euro that way.

Alternatively you could create the bitcoin.de account for them and get the info regarding bank account from your family member.

There are also other option, but that require you trust some outside your family, and that third party trust you to not get involved in some money laundry.
Basically the third party would get the bitcoins from you, sell them, and send the money via SEPA/IBAN to your family member.
I guess I could do that if it is not a to big amount.

And there are properly a lot of other ways to do it.


/AlexC

[Stephen Gornick]

I have a mtgox verified account, but I'm not sure if I can add a family members bank account to my mtgox account. 

That's correct -- you cannot withdraw from Mt. Gox to someone else's account.

The other person is free to create a Mt. Gox account and then withdraw the funds that way, however there's no guarantee they won't be subjected to the requirement of having to verify an account.

There are other SEPA exchanges with less restrictions.   I believe with BITSTAMP you can specify the account for a SEPA withdrawal at the time of the withdrawal, therefore you could enter a family member's account at that time -- presuming it is below their AML restrictions.

Another method is to arrange a local transaction.   For instance, with LocalBitcoins.com you would arrange to have the family member pick up cash from a buyer.  How that would work as a three-way transaction is where you would arrange everything, then release the bitcoins when your family member confirms that the buyer is there with cash in a face-to-face trade and then you release the coins at that time:
 - http://www.LocalBitcoins.com

[503guy]

Thanks for the help.  I think the best option for my needs is to just have them create an account then I'll send them bitcoins to sell and cash out on their own.  It's not large amounts so I think that's the best option.  Thanks again.