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Author Topic: MT GOX Sepa still not working  (Read 2543 times)
callmeivan
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August 09, 2011, 11:56:59 AM
 #1

Last update on july 27.

https://support.mtgox.com/entries/20314481-an-update-on-euro-transfers-unavailable-until-next-week

What the gox is wrong with them?  Angry
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Jack of Diamonds
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August 09, 2011, 03:52:18 PM
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I emailed them yesterday, they said it would take up to 15 days until SEPA wire transfers are reinstated.

You can sell Mt.Gox USD to other people though & ask them to send wires or western union.
I sold $2k to chinese people & 450 bucks to a guy on these forums in the last 72 hours.

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MagicalTux
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August 10, 2011, 01:26:03 AM
 #3

Just a note, be REALLY careful when accepting wire transfers and/or sepa transfers, as many of those are fraudulent (that's our main issue with banks in Europe right now, especially in France where banks are f****** r******* and have no clue to what kind of fraud exist in this world).

Right now we are using the fact that legally we cannot have no bank account in France as a company (the French laws says we are allowed to have a bank account, the French "central bank" - Banque de France - assigned us a bank, but that bank refused to create the account, so we are assigning it in front of a judge. We have filed on August 8th, had a reply on August 9th, and ruling will happen on August 11th, most likely forcing the bank to follow the law).

In the meantime for Europe we are opening a bank account with a bank which is a bit better at handling large volume of international wires/SEPA in Switzerland. They do however check a lot of details on their customers, which adds some delay in having the bank account opened. Things there are progressing smoothly. We started the procedure on July 1st, and got approval on August 8th. We did the initial deposit on August 9th and it should take no more than 2 weeks from that for us to receive the required elements to access this bank account online.


At the same time we have also progressed with HSBC in Hong Kong. I went there directly to meet HSBC and talk about possibilities of us being able to accept funds from anywhere in the world through the HSBC network. The discussion will take some time, as they want to see how we handle things. We'll have a new bank account in Hong Kong (we already do, in fact, I'm just waiting for the online access token which should be delievered soon via DHL) which will allow us to waive all fees on incoming international wires, and make free outgoing international wires.

GeniuSxBoY
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August 10, 2011, 01:52:41 AM
 #4

Quote
f****** r*******


fucking retarded?
slush
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August 10, 2011, 03:51:37 PM
 #5

Thanks for update, good to hear about progress... Looking forward SEPA transfers soon :-).

sonba
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August 10, 2011, 06:12:24 PM
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Just a note, be REALLY careful when accepting wire transfers and/or sepa transfers, as many of those are fraudulent (that's our main issue with banks in Europe right now, especially in France where banks are f****** r******* and have no clue to what kind of fraud exist in this world).

I went through the SEPA documentation and consulted my bank. I don't see how you could actually fraud with SEPA transfers. If it's sent, it's sent. How can you possibly claim it back? As long as IBAN/BIC were correct I don't see how you could potentially get it back once it arrived at the seller's account. To my understanding, you are not liable, if your customer's account was stolen/hacked whatsoever.

Could you please elaborate on this, as I'm accepting SEPA per default? (Feel free to PM if you don't want to bring people on bad ideas *g*)

Thanks,

sonba
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August 10, 2011, 06:37:51 PM
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Just a note, be REALLY careful when accepting wire transfers and/or sepa transfers, as many of those are fraudulent (that's our main issue with banks in Europe right now, especially in France where banks are f****** r******* and have no clue to what kind of fraud exist in this world).

I went through the SEPA documentation and consulted my bank. I don't see how you could actually fraud with SEPA transfers. If it's sent, it's sent. How can you possibly claim it back? As long as IBAN/BIC were correct I don't see how you could potentially get it back once it arrived at the seller's account. To my understanding, you are not liable, if your customer's account was stolen/hacked whatsoever.

Could you please elaborate on this, as I'm accepting SEPA per default? (Feel free to PM if you don't want to bring people on bad ideas *g*)

Thanks,

sonba

Professional criminals can use stolen EU consumer bank accounts & fund it with illegal cash from another foreign account, then rapidly transfer it to a third party which sends out goods.

By the time authorities catch up & freeze the account for money laundering , it's too late.
All they have is a link to you recieving money as an "unwilling mule", which can still be punishable in some countries and a headache to explain to the police.

The transaction wont be reversed per-se, but you will lose any euros you recieved due to confiscation (even if you are innocent), as well as any goods or services you sent out in return.

This is a rare scenario but it exists. The more valuable items you sell (such as a car or house) the bigger your risk becomes.
Some cautious people will sell big property only for physical cash in the presence of a lawyer or judge who can verify the transaction on the spot.

There are other, difficult methods and legal loopholes for reversing a SEPA wire transfer but I will not post those here.

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sonba
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August 10, 2011, 09:37:06 PM
 #8

Thanks, Jack. Ok, so it's mostly targeting at companies (e.g. wiring 10k EUR to MtGox). Doesn't look like the chance to be scammed as an individual is high. Unless you have a deal for 10k EUR ongoing. But then - most of those deals I've seen on the forum were scam anyways Smiley
MagicalTux
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August 11, 2011, 05:53:22 AM
 #9

The transaction wont be reversed per-se, but you will lose any euros you recieved due to confiscation (even if you are innocent), as well as any goods or services you sent out in return.

It depends on a lot of things. In some cases your bank is forced to reverse the transaction.

Also most of the fraudulent funds we have received so far are in the range of 200~600 euro, mostly because of our AML conditions which limit the maximum volume of exchanged funds.

callmeivan
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August 14, 2011, 10:35:12 PM
 #10

.
NetTecture
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August 15, 2011, 04:10:19 AM
 #11

Right now we are using the fact that legally we cannot have no bank account in France as a company (the French laws says we are allowed to have a bank account, the French "central bank" - Banque de France - assigned us a bank, but that bank refused to create the account, so we are assigning it in front of a judge. We have filed on August 8th, had a reply on August 9th, and ruling will happen on August 11th, most likely forcing the bank to follow the law).

This is the most fucked up account opening I ever heard of. I also never hard a cental bank assining a  bank in the first place. Can you point me to some site with those regulations, just out of pure interest? This sounds so retarded from a central point it is really something i want to read up on.

Coming from germany it seems to me whenever I hear from other countries their european bnking systems (dont even get me started on the US) are 3rd world grade.
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August 15, 2011, 10:39:12 AM
 #12

Just a note, be REALLY careful when accepting wire transfers and/or sepa transfers, as many of those are fraudulent (that's our main issue with banks in Europe right now, especially in France where banks are f****** r******* and have no clue to what kind of fraud exist in this world).

I went through the SEPA documentation and consulted my bank. I don't see how you could actually fraud with SEPA transfers. If it's sent, it's sent. How can you possibly claim it back? As long as IBAN/BIC were correct I don't see how you could potentially get it back once it arrived at the seller's account. To my understanding, you are not liable, if your customer's account was stolen/hacked whatsoever.

Could you please elaborate on this, as I'm accepting SEPA per default? (Feel free to PM if you don't want to bring people on bad ideas *g*)

Thanks,

sonba

You could also enter the account numbers of someone you dislike and send them small amounts. at least here in germany fees can apply for foreign originated SEPA-transfers and the customer has to pay them. even if the amount is smaller than the fees
sonba
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August 15, 2011, 05:14:02 PM
 #13

Just a note, be REALLY careful when accepting wire transfers and/or sepa transfers, as many of those are fraudulent (that's our main issue with banks in Europe right now, especially in France where banks are f****** r******* and have no clue to what kind of fraud exist in this world).

I went through the SEPA documentation and consulted my bank. I don't see how you could actually fraud with SEPA transfers. If it's sent, it's sent. How can you possibly claim it back? As long as IBAN/BIC were correct I don't see how you could potentially get it back once it arrived at the seller's account. To my understanding, you are not liable, if your customer's account was stolen/hacked whatsoever.

Could you please elaborate on this, as I'm accepting SEPA per default? (Feel free to PM if you don't want to bring people on bad ideas *g*)

Thanks,

sonba

You could also enter the account numbers of someone you dislike and send them small amounts. at least here in germany fees can apply for foreign originated SEPA-transfers and the customer has to pay them. even if the amount is smaller than the fees

*lol* But that would be purely destructive. The "attacker" would not gain anything out of this. Plus: I think (or hope) that you should be able to not accept a transfer and give it back instead.
callmeivan
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August 16, 2011, 05:31:43 PM
 #14

"Withdraws will not be executed until we get the new EUR bank account, tentative August 5th."

"We have filed on August 8th, had a reply on August 9th, and ruling will happen on August 11th, most likely forcing the bank to follow the law"


So?

This is getting quite annyoing  Angry, if you are unable to procure a suited bank account for SEPA transfers please let us know. I dont want to create a Paxum account but if there is no other option i will do so.

Some people are waiting around a month already.....

Please create an option to cancel pending bank transfers, thanks.
aq
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August 16, 2011, 09:01:32 PM
 #15

Please create an option to cancel pending bank transfers, thanks.
+1
That would be great to have anyway!
Jack of Diamonds
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August 17, 2011, 01:29:08 PM
 #16

Please create an option to cancel pending bank transfers, thanks.
+1
That would be great to have anyway!


If you email Gox they will cancel a SEPA bank transfer. I did that a while ago.

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sonba
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August 17, 2011, 03:36:29 PM
 #17

And if you wanna sell MtGox USD for SEPA EUR (@ current ECB rate) I can help on that Smiley
callmeivan
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August 17, 2011, 07:49:12 PM
 #18

And if you wanna sell MtGox USD for SEPA EUR (@ current ECB rate) I can help on that Smiley

Great,

please provide MT Gox with a bank account, thanks.
sonba
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August 17, 2011, 09:49:33 PM
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And if you wanna sell MtGox USD for SEPA EUR (@ current ECB rate) I can help on that Smiley

Great,

please provide MT Gox with a bank account, thanks.

I was more thinking in the terms of a bilateral OTC transaction. (i.e. I buy MtGox USD from you and pay you via my personal bank account via SEPA). My bank account is a private account, hence, it cannot be used for/from a company...
callmeivan
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August 19, 2011, 09:31:40 PM
 #20

still not working
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