MtGox International wires - now being queued instead of processed instantly

[samson]

I did my first SWIFT (International wire) withdrawal from MtGox last week and it went perfectly. The second one has been placed in a queue due to MtGox's bank's withdrawal limits.

I submitted the first request prior to business hours on Wednesday and the $10k arrived in my bank account on the Thursday - this is the kind of timing you expect with a SWIFT transfer.

I then did another one 24 hours after the first transfer was initiated as I would like to withdraw $20k in total and my daily withdraw limit is set at $10k.

This one did not arrive on Friday as expected so I waited until today (Monday 17th) thinking that maybe for some unknown reason it would take an extra day - I know that if you send a wire in the afternoon it can take an extra day to go through depending on when the bank process it - one of the banks I use allows an electronic wire to be sent until 2pm I think. Each bank will have a different cut off time for proessing outgoing payments.

When nothing had arrived by Monday afternoon (Asian time) I contacted MtGox support and they told me this :

Due to our daily bank withdrawal limit on our Bank account, all withdrawals are queued and will be processed according to the queue. Once your queue is reached, the withdrawal will be processed and I will update you on this. Our apologies once again for the inconvenience caused.

I have heard of a similar situation before when people are doing SEPA withdrawals from the MtGox European bank account based in Poland and this is well known. The alternative to SEPA was an international SWIFT transfer paying the fee to do so.

This was NOT a SEPA withdrawal, it was an international wire transfer (SWIFT) for only $10k and it's still in the queue right now even though it should have been sent on Thursday.

So it wasn't sent on Thursday, Friday nor Monday.

Any high volume trader will need to use SWIFT / International wire transfers to move their USD funds around.

This is much more concerning than the SEPA queue issues which were localised to Europe and caused by some obscure rules from what I understand.

Until now there was always the option of not waiting in a queue for a SEPA transfer and paying the 2000 Yen wire transfer fee. This is a standard fee and I've seen much higher charges at other banks so it's a reasonable fee to pay for an international transfer and those who routinely do these kind of transfers will be well aware of this.

SWIFT transfers are what international business rely on to complete their every day payments in the 100's of millions of dollars.

Now these appear to be limited for transfers out of MtGox's Japanese account and you have to sit in the queue to make any withdrawal - there doesn't appear to be any other way to expedite a withdrawal regardless of whether you pay the fee or not.

I know there was no SWIFT / International wire queue last Wednesday as my transfer arrived within 24 hours.

So I guess the question is : What's changed at MtGox (or their bank) since Wednesday the 12th of June ?

[naphto]

And why don't you ask mt gox?
How are we supposed to answer your question?
Huh.

[samson]

And why don't you ask mt gox?
How are we supposed to answer your question?
Huh.

I'm posting this as a discussion about the available service.

There are now no instant withdraw methods available for USD at MtGox due to limits imposed on SWIFT transfers by their bank.

This is new and as far as I'm aware wasn't the case before.

On the withdraw page it still says this : If you urgently require the withdrawal of your funds please cancel your SEPA withdrawal request and apply for an international bank transfer.

Now there's a separate queue for international bank transfers.

[naphto]

I have no idea if it's true or wrong, and why it is, but still, you should contact their support about that issue (and not a standart automated answer).

[BenTuras]

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

[samson]

I have no idea if it's true or wrong, and why it is, but still, you should contact their support about that issue (and not a standart automated answer).

That wasn't a standard automated answer - it's what came back in the reply after some delay - it wasn't an auto reply. I did try to speak to someone from MtGox directly on IRC but nobody was there over several hours today so I contacted support who replied to me. They also said they'd update me in the future.

International wires are now being queued up instead of processed in a timely manner.

The fact that I haven't received my money confirms this to be the case.

[naphto]

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

That would be utterly surprising. And a major problem for them.
I hope ur wrong.

[naphto]

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

How is that even possible?
All money amount in mtgox accounts came from:
1) direct deposits.
2) sold btc that were bought with a direct deposit, so mtgox took a comission on that.

I think you're wrong. They can be low on btc, but not low on usd, can't they?

[samson]

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

Well they said it was a bank imposed limit and I believe them - however this has serious implications.

There must have been a lot of people doing a lot of withdrawals since last week to delay an international wire for three consecutive days. Due to their very nature any limit on international wires is going to be pretty high.

It's common for businesses to send hundreds of thousands or millions of USD using SWIFT.

[szita2000]

I requested a SWIFT withdrawal to Ireland in EUR on the 23rd of May, and my request is not even processed yet. (almost a month later) WTF???
When I asked support they told me that if I am not happy with the delay I can cancel my request...
Mt Gox is a joke !!!

[joesmoe2012]

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

How is that even possible?
All money amount in mtgox accounts came from:
1) direct deposits.
2) sold btc that were bought with a direct deposit, so mtgox took a comission on that.

I think you're wrong. They can be low on btc, but not low on usd, can't they?

Stop Trolling...

You forgot #3

3) Money the goxster lost because of asset seizures in the USA, which could potentially bring their true cash balance below what they actually owe people on their site.

You've posted like 5 times in this thread, and not one post was the least bit constructive.

I have no idea if it's true or wrong, and why it is, but still, you should contact their support about that issue (and not a standart automated answer).

That wasn't a standard automated answer - it's what came back in the reply after some delay - it wasn't an auto reply. I did try to speak to someone from MtGox directly on IRC but nobody was there over several hours today so I contacted support who replied to me. They also said they'd update me in the future.

International wires are now being queued up instead of processed in a timely manner.

The fact that I haven't received my money confirms this to be the case.

You are indeed correct, last week the changed the way the process international wires. I can't confirm this with anybody there however I have 4 wires pending, the last 50 wires I sent all cleared in one day. So something's amiss.

For those of us with large wires that are "pending" now, this is a bit concerning.

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

Well they said it was a bank imposed limit and I believe them - however this has serious implications.

There must have been a lot of people doing a lot of withdrawals since last week to delay an international wire for three consecutive days. Due to their very nature any limit on international wires is going to be pretty high.

It's common for businesses to send hundreds of thousands or millions of USD using SWIFT.

So far as I understand, the SWIFT payments are not limited by their bank, or at least they weren't last week.

[chadqberry]

I'm also still waiting on two swift transfers from Last Wed and Thursday.  It always went very quickly before and now they say they will let me know when they are able to process the transfers.  I keep asking their support WHEN they will process and they will not answer with a date.  This is very concerning and their support conveniently can't speak type English well enough to make sense to me.  They keep telling me they will "intimate" me when they can process the transfers.

[EPiSKiNG]

I've been using MtGox for large wire transfers for years... Every time it's taken less than 24 hours to show up in my USA bank account.  I initiated a wire withdrawal before 8AM on Friday (Japan time) and would normally show the amount in my USA bank account the following day.  It's been 3 business days, and still nothing.

I contacted MtGox support, and they are saying there is a delay with the bank due to wire transfer limits, and that I can expect to wait 2-5 business days.

I'm still on a chat trying to find more information...

I feel like MtGox isn't being as transparent as they used to be.  If there is a major change in the timing for money flow, the customer base should be alerted.

-EP

[Pale Phoenix]

This is definitely cause for concern, as generally, the only limit a bank puts on a client's ability to make payments is the balance in the account. There are some other obscure possibilities (compensating balance requirement due to loan covenants, or even some type of capital controls) but more than likely, this new "policy" is due to cash flow issues.

[EPiSKiNG]

https://bitcointalk.org/index.php?topic=225707.msg2510412#msg2510412

[szita2000]

This is definitely cause for concern, as generally, the only limit a bank puts on a client's ability to make payments is the balance in the account. There are some other obscure possibilities (compensating balance requirement due to loan covenants, or even some type of capital controls) but more than likely, this new "policy" is due to cash flow issues.

Or maybe they removed large amount of fiat from the business in case the US court case turning out bad.

[samson]

This is definitely cause for concern, as generally, the only limit a bank puts on a client's ability to make payments is the balance in the account. There are some other obscure possibilities (compensating balance requirement due to loan covenants, or even some type of capital controls) but more than likely, this new "policy" is due to cash flow issues.

Or maybe they removed large amount of fiat from the business in case the US court case turning out bad.

The silence from MtGox about this issue is deafening.

I suspect that MtGox has a very serious banking issue and it's being played down for now. If the truth was known I suspect there would ba a mass exodus from MtGox.

No wires = no business.

Has their main bank account been frozen ? I see no evidence that it hasn't.

The employees / owner who are usually present in #mtgox and some other channels on IRC have pretty much disappeared since late last week when this problem started.

I'm wondering if this is a worst case senario for MtGox happening right now.

[SGExodus]

For international wire transfer, most banks advised that it may take 2-5 business days to complete.

Although many of my international wires were completed in less than 24 hours too, they shouldn't be treated as the norm.

[samson]

For international wire transfer, most banks advised that it may take 2-5 business days to complete.

Although many of my international wires were completed in less than 24 hours too, they shouldn't be treated as the norm.

The wires are not being sent.

[EuroTrash]

I believe you are being owned. It's called fractional reserve. Your balance is probably trapped in Gox's own Dwolla account and the remainder is being used to pay for legal fees. Withdrawals are delayed because they pay them out with new money coming in.

Now even BTC withdrawals are being "delayed".



It's not like there was an absence of warning signs.
Hope you'll make it to the shore...