Mtgox, Bitstamp "Let's calm down": 700, 550$. China "I don't give a fuck": 900$.

[zendantom]

If fiat was as easy to move as bitcoin, the exchanges would all be trading at the exact same price...

It's a sales pitch built into the speculation game.

True, it only shows how Bitcoin is usefull, not only speculative investment

[SuperHakka]

cokey dokey, tomorrow I will attempt the bitstamp-btcchina arbitrage. I will buy a small amount of btc in bitstamp. send the btc over to btcchina to fund my account there. then sell the btc at $300 markup. withdraw the RMB to a Chinese bank account (ICBC). here the money stops for now as I figure out a way to bring it out of the country. i think the best way would be to do a bank transfer to their local branch here in the UK  but i don't know if that is allowed and how much the personal quota is. wish me luck!!

[Minor Miner]

bitcoinBull, XRP have all the same properties as BTC (no counterparty risk, limited in amount, pseudonymous). If we are going to use Ripple, why not switch to XRP entirely? Don't forget that Bitcoins within the Ripple system are merely IOUs issued by exchanges, only XRP can be held without counterparty risk, so they are inherently inferior.

I don't understand that.

Betamax had such great color and sound too.

[AndrewWilliams]

How the heck do I get a mainland Chinese bank account! (Honk Kong is doable, but not mainland for me ATM).

Come now, lets crack this nut somehow.

[SuperHakka]

How the heck do I get a mainland Chinese bank account! (Honk Kong is doable, but not mainland for me ATM).

Come now, lets crack this nut somehow.

Its a little bit difficult I would imagine. lucky somebody in my family already has one so i am using that one. btcchina only give the choice of withdrawing funds into a choice of 4 mainland Chinese banks and a service called TenPay which don't know anything about.

[AndrewWilliams]

Interesting. Are any of the four Chinese banks also in Hong Kong?

I can see an account being opened in Hong Kong easily if a branch exists there.

[DeathAndTaxes]

How the heck do I get a mainland Chinese bank account! (Honk Kong is doable, but not mainland for me ATM).

Come now, lets crack this nut somehow.

Simple you get a visa to enter China on business, hop on a flight and you open an account in person.  Of course that still doesn't allow you to convert your Yuan into USD or move it out of the country.

[AndrewWilliams]

Simple you get a visa to enter China on business, hop on a flight and you open an account in person.  Of course that still doesn't allow you to convert your Yuan into USD or move it out of the country.

I would be on that plane tomorrow LOL, but - yeah, I was thinking more along the terms of wire transfer out of the Chinese bank account once I open it.

But I do not think it would be so easy to open a mainland Chinese bank account. Do they even follow US FACTA laws??

[SuperHakka]

Interesting. Are any of the four Chinese banks also in Hong Kong?

I can see an account being opened in Hong Kong easily if a branch exists there.

banks are:
ICBC
Agricultural Bank of China
China Construction Bank
Bank of China
China Merchants Bank

I would have thought all of them have branches in HK.

Just thought of another idea. I know ICBC and Bank of China have branches in UK. Also very recently they started offering accounts in RMB. Maybe open one and then could btc china withdraw to that account?

[AndrewWilliams]

banks are:
ICBC
Agricultural Bank of China
China Construction Bank
Bank of China
China Merchants Bank

I would have thought all of them have branches in HK.

Just thought of another idea. I know ICBC and Bank of China have branches in UK. Also very recently they started offering accounts in RMB. Maybe open one and then could btc china withdraw to that account?

Thanks for listing them.

I am going to make some calls tomorrow and see how easy it is for an American to open a bank account with any of the four.
I doubt they will let me open one via fax (they may though). Worst case scenario it's a plane trip to UK to open an account in person.

Chances are, if those two operate in the UK, they MUST follow US banking laws and they would be open to taking American clients.

[beaconpcguru]

Someone needs to remind China they should be panic selling   They are just letting their bids get filled, nobody scared over there

[AndrewWilliams]

Found the answer:


"Do You Need a Chinese Bank Account?"
Wall St Journal 1-14-2011

As The Wall Street Journal's Lingling Wei reported Wednesday, the Bank of China here in the U.S. has started allowing American customers to open an account and to invest up to $4,000 per day—and a total of $20,000 a year—in Chinese yuan, or renminbi. Until now, you had few options to hold money in yuan, which is a "closed" currency managed, and protected, by Beijing.

The bank has three U.S. branches—two in New York, and one in Los Angeles. You'll have to fill out paperwork to open an account and provide two forms of ID. And there's a minimum deposit of $500.

http://online.wsj.com/news/articles/SB10001424052748704307404576080222812076888

http://consumerist.com/2011/01/19/you-can-now-open-a-chinese-bank-account-and-invest-directly-in-yuan/

KA-CHING!

[gotmilk_]

Nice!
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?

[AndrewWilliams]

Nice!
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?

I found this about opening a Japanese bank account (below).

But to be honest Mt. Gox is such a crap box I would not rely on them to make timely payments, even with a Japanese account. Reading all the horror stories of waiting for withdraws is stressful enough!

Also, it seems more complicated.

You may find that foreign-capital banks (gaishi ginko), like Citibank and Shinsei Bank, are more willing to open an account for resident foreigners than normal Japanese banks. You can also get extra service like English helpline and statements.

You can open an account at a Japanese Bank and open an account at Lloyds bank by mailing the application form to them - no money deposits are required. Once in place, you can tranfer money from your japanese banks to USA through them just by using the ATM. They charge 2000yen per transaction; about 500 yen will be charged by japanese bank and $10 by intermediatary bank (happens to be Wells Fargo). So, You will spend about $4000 yen in transfers. Relatively more convenient if you dont live in Tokyo or Osaka.

http://www.expatforum.com/expats/japan-expat-forum-expats-living-japan/49187-opening-bank-account-japan.html

[gotmilk_]

Thank you! Really helpfull  
I found this on Mtgox site (updated on 8.11.2013).

Polish Domestic Transfer (PLN)
* Deposits
Bank details: Provided to verified Mt.Gox accounts on our website

Please do not send two transfers of equal amounts on the same day to us as it could result in only one deposit being credited.

* Withdrawals
Please make sure to enter YOUR address in the form, and not your bank's address. A fee of 0.5 PLN applies for each withdrawal request.

Japanese Domestic Transfer (JPY)
We've formed a new banking relationship formed with JapanNet Bank, and as a result Mt. Gox customers in Japan must make all domestic Japanese Yen (JPY) deposits to our JapanNet Bank account.

* Deposits
Additionally, all JPY deposits are credited to accounts within one hour when transferred from your bank between 9am and 3pm on banking days. Deposits made from JapanNet Bank accounts can be processed 24/7.

Processing Fee: Free, except for fees charged by your own bank

* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account.

Processing Fee:
Withdrawals to JapanNet Bank accounts:
-52 JPY

Withdrawals to all other domestic accounts:
 - 168 JPY for all amounts up to 30,000 JPY
 - 262 JPY for all amounts from 30,000 JPY and above

I will send them a ticket now, if the JPY or PLN withdraws are working without delays... if they do i will find the nearest japanese/polish bank  

ps. I'm from Europe, I think the thing here shouldn't be so complicated.

[wachtwoord]

Thank you! Really helpfull  
I fount this on Mtgox site (updated on 8.11.2013).

Polish Domestic Transfer (PLN)
* Deposits
Bank details: Provided to verified Mt.Gox accounts on our website

Please do not send two transfers of equal amounts on the same day to us as it could result in only one deposit being credited.

* Withdrawals
Please make sure to enter YOUR address in the form, and not your bank's address. A fee of 0.5 PLN applies for each withdrawal request.

Japanese Domestic Transfer (JPY)
We've formed a new banking relationship formed with JapanNet Bank, and as a result Mt. Gox customers in Japan must make all domestic Japanese Yen (JPY) deposits to our JapanNet Bank account.

* Deposits
Additionally, all JPY deposits are credited to accounts within one hour when transferred from your bank between 9am and 3pm on banking days. Deposits made from JapanNet Bank accounts can be processed 24/7.

Processing Fee: Free, except for fees charged by your own bank

* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account.

Processing Fee:
Withdrawals to JapanNet Bank accounts:
-52 JPY

Withdrawals to all other domestic accounts:
 - 168 JPY for all amounts up to 30,000 JPY
 - 262 JPY for all amounts from 30,000 JPY and above

I will send them a ticket now, if the JPY or PLN withdraws are working without delays... if they do i will find the nearest japanese/polish bank  

ps. I'm from Europe, I think the thing here shouldn't be so complicated.

Especially Polish. Poland is part of the EU, so any European citizen should be able to open a Polish bank account.

[Xer0]

what i heard is that you need to live in China or Japan for at least a specific time to open bank accounts 

[gotmilk_]

Especially Polish. Poland is part of the EU, so any European citizen should be able to open a Polish bank account.

Exactly! Hope for the best  

[AndrewWilliams]

Xero, try reading a few posts above.


Yall let me know how it goes with Mt Gox and the Polish or Japanese accounts.

I'm going to work on the Chinese bank thing 

[Xer0]

Xero, try reading a few posts above.

yeah im investigating that stuff myself since a time too
i understood you can open a HSBC acc as US citizen, but im from Europe
however the other question is if you get a chinese bank account too and can do Yto$ or $toY only