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Author Topic: Bitmain Bank Transfer Issues  (Read 922 times)
cre8ive
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August 24, 2017, 01:24:10 AM
 #1

I just tried to transfer USD to Bitmain for payment of a Nov batch of miners.

About 12 hours after the transfer the bank asked for a supplier invoice which is strange as they never do this for any other payments I make.

Then a day later they state they are unable to process the transfer and refund me the money. The reason was not because of an invalid account number, but some other issue with Bitmain's account or status or Huh. They said for privacy reasons they could not give me more information.

Has anyone had issues with this before? Is this a sign the Chinese government are intervening in Bitmains operations?

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taxmanmt5
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August 24, 2017, 01:06:22 PM
 #2

I just tried to transfer USD to Bitmain for payment of a Nov batch of miners.

About 12 hours after the transfer the bank asked for a supplier invoice which is strange as they never do this for any other payments I make.

Then a day later they state they are unable to process the transfer and refund me the money. The reason was not because of an invalid account number, but some other issue with Bitmain's account or status or Huh. They said for privacy reasons they could not give me more information.

Has anyone had issues with this before? Is this a sign the Chinese government are intervening in Bitmains operations?



One of the things that people need to learn it's the fact that just because a business or an official tells you something does not make it fact. I have a friend who's an attorney, a criminal attorney, and he tells me that one of the biggest things that amazes him about these cases he deals with is how easily his client just followed along with said to do.

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sublimeguy
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August 24, 2017, 04:29:50 PM
 #3

Making a USD wire transfer to bitmain is notoriously difficult, which is (part of the reason) why they now generally only accept crypto payments. Did you make sure Bitmain's business name (Bitmain Technologies Limited) was spelled correctly on the transfer? Was the reference number exactly right? If not, the payment might get bounced.
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August 25, 2017, 01:41:40 PM
 #4

I just tried to transfer USD to Bitmain for payment of a Nov batch of miners.

About 12 hours after the transfer the bank asked for a supplier invoice which is strange as they never do this for any other payments I make.

Then a day later they state they are unable to process the transfer and refund me the money. The reason was not because of an invalid account number, but some other issue with Bitmain's account or status or Huh. They said for privacy reasons they could not give me more information.

Has anyone had issues with this before? Is this a sign the Chinese government are intervening in Bitmains operations?



Make sure you are using a "Major" bank. These small no name banks generally dont get many international transfer requests and rarely know what they are doing. Secondly, make sure the person you are working with has done an international wire transfer recently. I have done several wire transfers with BITMAIN and have never had an issue. Make sure you pay all the fees your local bank charges you and include another $60-$70 on top of the wire transfer amount to cover the bank fees on BITMAIN's end even if it means you're paying a little bit more than you are required. Its worth it for the peace of mind and quick acceptance on BITMAIN's end. Lastly, upload a copy of the wire transfer information to your order on the BITMAIN site. This usually expedites the process.

If you can, for future purchases i would suggest keeping the cash in an exchange like coinbase until you actually place the order. Then do a quick buy and transfer it directly to bitmain after you place your order. Its much easier to work with BTC than international wire transfers, takes less time and costs you less money per transaction. Bank transfers dont really give you any extra protection either. Once the money has left your bank, they cant do jack squat about it unless you can prove your local bank made a mistake... BTC all the way my friend!
GMPoison
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August 25, 2017, 08:44:16 PM
 #5

I just tried to transfer USD to Bitmain for payment of a Nov batch of miners.

About 12 hours after the transfer the bank asked for a supplier invoice which is strange as they never do this for any other payments I make.

Then a day later they state they are unable to process the transfer and refund me the money. The reason was not because of an invalid account number, but some other issue with Bitmain's account or status or Huh. They said for privacy reasons they could not give me more information.

Has anyone had issues with this before? Is this a sign the Chinese government are intervening in Bitmains operations?



Make sure you are using a "Major" bank. These small no name banks generally dont get many international transfer requests and rarely know what they are doing. Secondly, make sure the person you are working with has done an international wire transfer recently. I have done several wire transfers with BITMAIN and have never had an issue. Make sure you pay all the fees your local bank charges you and include another $60-$70 on top of the wire transfer amount to cover the bank fees on BITMAIN's end even if it means you're paying a little bit more than you are required. Its worth it for the peace of mind and quick acceptance on BITMAIN's end. Lastly, upload a copy of the wire transfer information to your order on the BITMAIN site. This usually expedites the process.

If you can, for future purchases i would suggest keeping the cash in an exchange like coinbase until you actually place the order. Then do a quick buy and transfer it directly to bitmain after you place your order. Its much easier to work with BTC than international wire transfers, takes less time and costs you less money per transaction. Bank transfers dont really give you any extra protection either. Once the money has left your bank, they cant do jack squat about it unless you can prove your local bank made a mistake... BTC all the way my friend!

Pretty much this. You just need to be very careful when filling out the information for the transfer, and make sure you send enough.

I've only ever purchased from them using transfers, but those were for small amounts, I may actually go into my bank to complete the transfer this time as it's for a hefty amount and simply provide them with Bitmains information to make sure they do it right, and transfer enough to cover fees.
edmoncu
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August 25, 2017, 10:04:19 PM
 #6

I made a USD wire transfer from a Philippine bank last August 3rd and only at August 15th were my transaction was found. Indeed, during those times, I was praying that no money got lost along the way.
Qunenin
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August 26, 2017, 05:17:43 AM
 #7

He said that it seems like some of them just hop in the back of the cop car as soon as it shows up. Now it's hard to force your bank to do a wire transfer, especially if they're going to clean the other account numbers not right. But I would sure as hell make that the moment that I would completely withdraw every dollar I had from that bank loudly and publicly right there in the lobby telling them it's because they refuse to do what I told them to do with my money.

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mrayazgul
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August 27, 2017, 07:50:49 AM
 #8

It's like when you try to make a large withdrawal and they tell you it has to take 48 hours, I guarantee you they can have that money within 2 hours and is simply the fact that people accept what they're told and don't argue that makes him wait 48 hours. If I were you I would talk to an attorney, most of them talk to you for free for an hour.

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August 27, 2017, 12:30:24 PM
 #9

It's a security issue. Their sec advisor says it's a transaction which might make headache for the bank from anti laundering and/or homeland security and/or fbi so they ditched it. Whatever criminal lawyer says the bank has most certainly an obscure clause which let's them do this. So go and find another bank. You cannot fight the system.

Just to stress for the sceptics - the bank in this case is just a front line of the system.. but real trouble is inside the world powers which are feeling uneasy of not having power over this part of the world.

The struggle has just began. You will see more of this pretty soon.. lot more and lot more nasty.
oawan
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August 27, 2017, 08:14:29 PM
 #10

Yep, your bank saw it was for something bitcoin related and likely filed a SAR on you and denied the transaction.
fusion0389
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August 28, 2017, 12:25:26 AM
 #11

honestly, it would be easier for you to wire transfer the cash to coinbase, buy the bitcoin, and pay with BTC. so much easier.... If you do a wire transfer to coinbase, it clears very quickly as opposed to the ACH system that takes 5 business days.
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August 28, 2017, 12:52:59 AM
 #12

Yep, your bank saw it was for something bitcoin related and likely filed a SAR on you and denied the transaction.

That doesn't sound likely. What probably happened was that he entered bitmain's address wrong or he didn't send enough money to cover fees, or he's using a small/local bank that can't handle the risk so they denied.

I know for my bank at least, there isn't enough room to fit their entire address in if you try to do a transfer online. That's why I'm going to go into the bank and have them personally make the transfer, so it's done right, and so enough money is sent. Don't screw around trying to fulfill a bitmain order online or you'll run out of time and miss your chance to purchase, go into your bank to get the transfer done right. 
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