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Author Topic: MtGox UK / GBP Withdrawal Transfer times and costs  (Read 1557 times)
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May 15, 2013, 06:13:45 AM

I've seen several discussions here about confusion on how long it takes and how long it costs - and I've just made 2 transfers a few days apart, so I think I can explain this.

If you have intermediary banks, your charges will be higher and transfers will take longer. But if you bank with a UK bank that is big enough to have its own SWIFT code (or is a major bank in other words) like NatWest, Barclays, RBS, Halifax, etc. - read on.

The transfers were made using the INTERNATIONAL wire transfer service for verified users, the fee for which is JPY 2,000.

Transfers take 3 full working days. This means if you initiated the transfer at noon on Monday - do NOT expect the money before noon on Thursday. In both cases, my money came in less than 4 working days.

FEES - As I understand, there are 2 parts to this: 1 is the fee charged by MtGox, which is the JPY 2,000 (which comes to just under £13), and the other is the remittance fee charged by their bank, which the bank passes on to the receiving bank.

Irrespective of the amounts transferred (£1k and £400), the fees on both occasions came to approximately £26. £12 out of this was the remittance fee charge by the sending bank, the remaining to £12.96 and £12.84 coincide with the JPY to GBP conversation rate for MtGox's JPY 2000 fee.

Hope this helps someone!

Asif N
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