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Author Topic: How to get USD from the US to Mt.Gox / BitStamp  (Read 973 times)
d4n13
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July 25, 2013, 08:32:28 PM
 #1

I don't know if I'm the only one frustrated, but more and more money transfer options are shutting down.  From what I've seen:

VouchX - Beta closed (whatever that means)
OKPay - US relations on hold
LiqPay - US relations on hold
Dwolla - Bitcoin relations on hold (except for CampBX)
BitInstant - Closed down till who knows when.

Anyone know if any of these services will resume US / Bitcoin relations?

So, assuming they won't, that leaves a few of the sketchier services:
Webmoney WMZ
Qiwi
Telebank

Do any of these services have US relations presently?  Has anyone had positive experiences with them?

If not, this leaves:
International wires ($20-$30 service fee)
Ripple (Pretty huge spread for US to EU IOUs).

Anyone know how you can get money to BitInstant or Mt.Gox for less than 5% (and no, I'm not moving over 10k, it's fairly trivial volume, probably under $1000).

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Duffer1
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July 25, 2013, 11:51:45 PM
 #2

It's become a colossal pain in the ass to get USD into BTC.  Your best and really only options atm are:  

1 - Coinbase (but they cap you at 1 btc first week, then 10 btc first 30 days (or something like that).
2 - Dwolla - transfer money to Dwolla then try to find someone on this forum that will accept it.  (do not do this without escrow).

LocalBitcoins.com is an option as well, but you'll be charged at least a 10% markup over going exchange rate.
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July 26, 2013, 03:15:54 AM
 #3

Sounds like about what I'm doing now.

1) Coinbase... Yep got an account there.  Don't have complex trades, you just buy at the latest ask.
2) Dwolla -> CampBx ... This works with better trading options but crappy volume
3) SnapSwap -> Ripple -> ??? ... Don't quite know about this one.  Looks like Ripple -> Bitstamp has very crappy exchange, something like 1.00:0.84

Hopefully some payment options like OKPay or Dwolla open back up, or maybe even moving to ripple if that thing ever gets liquidity in it.

Sorry to hear I wasn't missing something.  Good old Uncle Sam strikes again.

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Pangia
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July 26, 2013, 06:30:23 PM
 #4

I've wired USD into Bitstamp.  Funds actually arrived into my account the next business day. Bitstamp is strict with their AML/KYC requirements, but that wasn't an issue for me. The fact that my funds were in my Bitstamp account the next business was a nice surprise. They're going a great job filling the void that MTGOX has left. I just hope that they don't eventually go the same route as gox.


 
 
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mccoyspace
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July 26, 2013, 08:52:28 PM
 #5

You also could use the online vendors rather then the face to face vendors at Localbitcoins.  The spread is much tighter and many of them accept a range of funding options. Use the escrow option on the site to do it. The coins are held in escrow by the Localbitcoins site itself and not the vendor. You get a message that the funds are committed to escrow and when they are the vendor can't get them back

Also with campbx, if you are sub-1000 USd a great option is to buy a money order at the post office and Priority Mail it down to them. Takes about  48 hours door to door and total cost is less than 5 bucks. CBX credits those right away.
I find that Dwolla takes a good 4 full business days to get money from the bank into dwolla. 3 days to deposit it back to my bank. Kind of slow.
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July 26, 2013, 08:55:57 PM
 #6

I've wired USD into Bitstamp.  Funds actually arrived into my account the next business day. Bitstamp is strict with their AML/KYC requirements, but that wasn't an issue for me. The fact that my funds were in my Bitstamp account the next business was a nice surprise. They're going a great job filling the void that MTGOX has left. I just hope that they don't eventually go the same route as gox.

Each exchange will have difficulties from time to time. Therefore it's good if there are some alternatives.

Duffer1
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July 26, 2013, 09:16:17 PM
 #7

I've wired USD into Bitstamp.  Funds actually arrived into my account the next business day.

How much did it cost to wire (what service did you use)?
d4n13
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July 26, 2013, 09:52:29 PM
 #8

How much did it cost to wire (what service did you use)?
Exactly, the US banks I've dealt with tend to cost about $20 - $30 to wire to Slovakia.  That's a good deal if you are wiring $9,999, but a real rip if your wiring $100.

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Pangia
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July 26, 2013, 11:10:18 PM
 #9

I've wired USD into Bitstamp.  Funds actually arrived into my account the next business day.

How much did it cost to wire (what service did you use)?

I sent $2500 through my bank in the US (Int wire). Between the cost of the wire in the US and then I believe another cost on the receiving end, I had $2465 arrive in my account.

I don't think that $35 is too much for ensuring that the funds arrive and are deposited into your account expeditiously.  Right now, I'm reading that Gox is telling people that it might take up to 10 days for their funds to be deposited into their respective accounts AFTER Gox has received the funds.  That's unacceptable.


 
 
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Nagle
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July 26, 2013, 11:22:01 PM
 #10

Anyone know how you can get money to BitInstant or Mt.Gox for less than 5% (and no, I'm not moving over 10k, it's fairly trivial volume, probably under $1000).
You probably don't want to send money to Mt. Gox right now. Read the other threads about their problems, and the comments on their Facebook page.

Investigate before you invest. Really.
d4n13
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July 27, 2013, 01:22:24 AM
 #11

I sent $2500 through my bank in the US (Int wire). Between the cost of the wire in the US and then I believe another cost on the receiving end, I had $2465 arrive in my account.

I don't think that $35 is too much for ensuring that the funds arrive and are deposited into your account expeditiously.
Another way to put it... CampBX is good for US investors wanting to play ( aka < $2000 ), BitStamp is good for investors wanting to INVEST ( aka > $2000 ).

That being said, I think your bank is very reasonable on Int Wires.  BitStamp charges $15, and my bank charges $40, so it would be a $55 hit for me.

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Abdussamad
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July 27, 2013, 06:03:11 PM
 #12

International bank wires aka SWIFT wire transfers are only worthwhile for amounts of $1000 or over. Also there is no way to say for certain how much money you will get with SWIFT transfers. You may know how much your bank is going to charge and how much bitstamp's bank is going to charge but you cannot say how much the correspondent bank is going to take.

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