I'm in Australia and buy through MtGox, the middleman is technocash I think. MtGox supply the details to use the middleman to get money from the bank into the exchange. The middleman takes just less than a 4% cut and then MtGox takes its 0.6% cut.
So going though MtGox is cheaper than this service. 7.5% is huge! I will not move from MtGox until a competing service can get my AUD to Bitcoin for less than a 4% cut.
Indeed, MtGox deposits via their partner Technocash are cheaper, however, we would point out that it's not really a direct comparison because they differ greatly in terms of speed, convenience and anonymity. Depositing via Technocash takes a minimum three business days, you need to have a verified MtGox account which is no small feat - refer the unforgettable analogy posted by QuestionAuthority: "Gox is slow and pretty much want to do a pap smear on your wife before they deal with you."
Some people highly value the pseudo-anonymity of bitcoin so MtGox transfers does not make sense in this regard. Other people, like first-time users of bitcoin, or very occasional low-volume users, might be reluctant to go through the rigmarole of setting up a Gox account just to save what will turn out to be a couple of dollars. Or there may be occasions even for regular bitcoin users where the three-business-day delay is particularly inconvenient.
Having said that - I see your point. For long term established regular users of bitcoin it makes sense to go through the one-time process to register with MtGox, and that's perfectly fine with us because it's not really our target demographic - all in all, we believe there are certain times for certain situations when it makes most sense to use our service.
cheers
Sam
Sam,
First of all thank you for your site. I probably would not have bought bit coins if it wasn't for your company. I am way to lazy to go down to the bank and deposit money in someones bank account or fill out forms for mt gox. I have not bought from mt gox but from what I have read it still takes time to receive your coins even once you have registered (please correct me if I am wrong about this), so when you say "for long term regular users it makes sense to go though mt gox" I think your selling yourself short. Even if I had a registered account I would still pay the extra few % to just have my coins when I need them. Your service is great because I can easily buy coins online, instantly whenever I need them. I honestly believe that without the "impluse buy" factor of your site it would stop a lot of Australians buying coins (it more than likely would have stopped me). Making any part of the bit coin process easier will help the Australian community grow which will benefit all of us.
Thanks again for providing Australians with a great service. I believe it will help more Australians get involved and I will be telling all my bit coin buddys about it.
