Oh and obviously you can sell coins directly to buysellbitco.in and receive INR in your bank account
Cheers
Low rate. I have 3.5 bitcoins. Buysellbitco.in offers very low rate than paypal as well. I use paypal frequently. However, finding trusted and verified person is difficult. Even bitmit support system mentioned that they cant do anything if chargeback. I will try mtgox.
Just want to know that if I sell 3.5 bitcoin on mtgox, how much approx. I will receive in Indian bank (if 1US$=60 and 1 bitcoin = $106)?
Thanks.
Agreed about the rate if you compare MtGox last and convert it to Google USD INR rate.
Lets try to understand this in a bit detail :
3.5 BTC, so lets say its around 373.45 USD as per Mtgox depth at the moment. ( Yes you can not directly use MtGox last or buy rate, you must use mtgox buy side orderbook to accumulate the quantity you want to sell and see how much it gets you )
http://bitcoincharts.com/markets/mtgoxUSD_depth.htmlSell 3.5 BTC for 372.09 USD at 10:40 PM IST and buysellbitco.in 20472 INR.
Now try to add 0.6% exchange fees.
So its 2.23$
So make it 369.86
Ok now the USD to INR part. There are several hurdles here :
1. When you will get money from MtGox ( Try to surf service discussion and Trading discussion subforums, you will find 2 months waiting is kind of normal ). There are few posts which even says that MtGox USD is ignoring any thing less than 5 digit withdrawls at the moment.
2. Lets assume you are lucky enough and all of in point 1 is fud, you are going to receive wire transfer from mtGox in less than 2 weeks ( A very good time frame at this point )
3. So now you will pay fees at MtGox bank for processing your wire + any intermediary bank fees and at the last fees at your bank. Very rough idea it will cost you around 1700 INR in total. ( 1200 INR at Gox bank + 0 INTERMIDIARY Bank fees + 500 at your bank )
4. Now comes the most overlooked part, the currency conversion. Gox will send you USD and your bank will convert it to INR at their rate. Which is always normally 2.5 to 4% spread. The rates you see on google are interbank rates and those are used when banks internally change money with each other, kind of wholesaler rates. We are retailers to banks will add their margin ( spread ) here. At the moment 369.86 US Dollar equals
22339.54 Indian Rupee. Apply 3% spread on it so ( -670 INR ) your INR is now 21669.
5. Now we should not forget to deduct the charges we calculated in step 3
So now it is 21669 - 1700 = 19969
So you should receive around 19969 if you go with Gox route and you may receive it in 2 weeks around if everything goes good ( Lets assume everything is good in you receive it in 1 week )
Now the sad part, you have to trust that Gox is having difficulty in processing payments and you are going with Bitstamp or BTCE. Rates at both the exchanges are around 10% low. So you have to deduct 10% from the 19969 if you go with Bitstamp or BTC E. So you should receive 17973 INR apx.
But good part is I am sure you will receive that money much earlier.
Compare it with local Indian trade. Go with buysellbitco.in and you will receive 20472 same day ( We are paying via NEFT now )
Deal with some reputed member in this forum with escrow, much better rates and payment surety ( If you choose reputable escrow )
In any case dont do any from below :
1. Trade with person who is going to give you Paypal or any other reversible payment
2. Trade without escrow
3. Trade on Gox ( sadly you should not trade at Gox at the moment )
I hope I am able to clear few things. My intention is just to get real calculations in. Everyone has right to disagree and in that case lets just agree to disagree
Also if the amount is say 100 BTC going with exchange is better because the other costs will eat less %.
Cheers
