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Author Topic: www.BITSTAMP.net Bitcoin exchange site for USD/BTC  (Read 205943 times)
boozezela
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November 27, 2013, 08:14:03 PM
 #921

If i can only withdraw in a few currencies, don't I need a foreign bank account for them?
Can someone answer this.

The currency you are withdrawing funds in does not matter. It all comes down to your bank and your current account: your bank will convert everything that comes in, in the currency you are using with your account, no matter if the funds are coming in as Yen, Zloty or Rupees.

This unless you have a multi-currency account: in this case - if you have for instance balances in EUR and USD - amounts coming in as EUR will be credited as EUR and amounts coming in as USD will be credited as USD without conversion.
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November 27, 2013, 08:21:23 PM
 #922

@bitstamp: any chance of upgrading the chart system on the site? or even better launch mt4 support?

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November 27, 2013, 08:22:24 PM
 #923

The currency you are withdrawing funds in does not matter. It all comes down to your bank and your current account: your bank will convert everything that comes in, in the currency you are using with your account, no matter if the funds are coming in as Yen, Zloty or Rupees.

This unless you have a multi-currency account: in this case - if you have for instance balances in EUR and USD - amounts coming in as EUR will be credited as EUR and amounts coming in as USD will be credited as USD without conversion.

Well I was told by a few people that I'd need such an account. I guess they're mistaken?
I've also thought that this would be very inconvenient if it was the case.


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boozezela
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November 27, 2013, 09:05:24 PM
 #924

Well I was told by a few people that I'd need such an account. I guess they're mistaken?
I've also thought that this would be very inconvenient if it was the case.

Multi-currency accounts are not common and not offered by all banks.
If you don't need to receive funds in currencies different from the one thay you use daily, than yes the few people were mistaken.

A multi-currency account would make sense if you are operating on the stock market. You could keep balances - for instance -  in EUR, GPB, and USD and operate at the same time on any stock exchange operating in EUR, on the London Stock Exchange and on the NYSE/NASDAQ.

This would greatly reduce profit erosion because you would eliminate the conversions needed if the account was "single currency" (you would fund the trading platform, usually offered by the bank, without worrying about conversions).

I hope all of this makes sense to you.
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November 27, 2013, 09:09:02 PM
 #925

Update:

My situation is finally solved.. It took longer than it should though..

Bitstamp credited those 400 USD rightfully.. It's a relief because i had some thoughts I lost that dough...

I still have to thank support for helping me out.. But BITSTAMP really need to speed things up....

Caio
boozezela
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November 27, 2013, 09:32:41 PM
 #926

@bitstamp: any chance of upgrading the chart system on the site? or even better launch mt4 support?

With the APIs that lag up to 30 seconds compared to the order book data available in the limit order page? Let's be serious... Smiley
accord01
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November 27, 2013, 09:35:41 PM
 #927

Does bitstamp process deposits tomorrow?  (11/28, thanksgiving)
bernard75
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November 27, 2013, 09:46:06 PM
 #928

Does bitstamp process deposits tomorrow?  (11/28, thanksgiving)
There is no holiday like that in Europe.
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November 27, 2013, 09:56:07 PM
 #929

Does bitstamp process deposits tomorrow?  (11/28, thanksgiving)
There is no holiday like that in Europe.

So banks are still open on Thanksgiving, as well as everday jobs?
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November 27, 2013, 10:23:24 PM
 #930

Multi-currency accounts are not common and not offered by all banks.
If you don't need to receive funds in currencies different from the one thay you use daily, than yes the few people were mistaken.

A multi-currency account would make sense if you are operating on the stock market. You could keep balances - for instance -  in EUR, GPB, and USD and operate at the same time on any stock exchange operating in EUR, on the London Stock Exchange and on the NYSE/NASDAQ.

This would greatly reduce profit erosion because you would eliminate the conversions needed if the account was "single currency" (you would fund the trading platform, usually offered by the bank, without worrying about conversions).

I hope all of this makes sense to you.

It does make sense. I'm just trying not to make a mistake.
It is not a multi-currency account, just a normal one. So basically if I've to input the correct information and withdraw in EUR even if my bank was example AON - (random from online list), it would get converted and my deposit received in AON?

What does bitstamp do if you don't correctly input a detail or two? Doesn't process it, support contacts you or?


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camu6
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November 27, 2013, 10:27:56 PM
 #931

Does bitstamp process deposits tomorrow?  (11/28, thanksgiving)
There is no holiday like that in Europe.

So banks are still open on Thanksgiving, as well as everday jobs?

Well yea, since there is no Thanksgiving here in Europe. Your bankers will be busy eating turkey though, so if your money is allready flying through the atlantic tubes you might have a chance Smiley
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November 27, 2013, 10:29:17 PM
 #932

So basically if I've to input the correct information and withdraw in EUR even if my bank was example AON
Why would you withdraw in EUR when you are not in Europe?
It gets converted to EUR by Bitstamps bank and back to your currency by your bank and both take their cut.
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November 27, 2013, 10:33:34 PM
 #933

So basically if I've to input the correct information and withdraw in EUR even if my bank was example AON
Why would you withdraw in EUR when you are not in Europe?
It gets converted to EUR by Bitstamps bank and back to your currency by your bank and both take their cut.
I said example. I'm located in Europe obviously. The currency of my country is not EUR though.

Also i'm inputing my bank account number right? I know that there is another number which you can request so that a someone can send you a payment (not sure how it is called though, sadly can't explain it better). I have both.


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bernard75
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November 27, 2013, 10:36:05 PM
 #934

So basically if I've to input the correct information and withdraw in EUR even if my bank was example AON
Why would you withdraw in EUR when you are not in Europe?
It gets converted to EUR by Bitstamps bank and back to your currency by your bank and both take their cut.
I said example. I'm located in Europe obviously. The currency of my country is not EUR though.
The question still remains why would you exchange it twice?!?
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November 27, 2013, 10:37:17 PM
 #935

The question still remains why would you exchange it twice?!?
Huh? I don't think that you have understood what I have said (I haven't said it clearly anyways..)
I can't withdraw in my currency, as it is not listed on the exchange.


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November 27, 2013, 10:41:03 PM
 #936

Let me straighten this up:
Does your mystery country accept SEPA?
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November 27, 2013, 10:45:33 PM
 #937

Let me straighten this up:
Does your mystery country accept SEPA?
I'd message you in private, but don't want to bother you. You probably have better things to do.
No it does not have/use SEPA.


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November 27, 2013, 10:49:04 PM
 #938

Then your obvious choice for international transfer is USD.
Because otherwise:
It gets converted to EUR by Bitstamps bank and back to your currency by your bank and both take their cut.
Ill leave it at that. Kinda sleepy indeed.
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November 27, 2013, 10:49:44 PM
 #939

Then your obvious choice for international transfer is USD.
Because otherwise:
It gets converted to EUR by Bitstamps bank and back to your currency by your bank and both take their cut.

Ill leave it at that. Kinda sleepy indeed.
Oh now I get it. So Bitstamps bank operates in USD (my bad) --> withdraw in USD. Thank you.
It is late here as well.


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boozezela
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November 27, 2013, 10:57:20 PM
 #940

No it does not have/use SEPA.

Just provide Bitstamp with IBAN and SWIFT/BIC (which predates SEPA) for your bank account and you'll be fine.

- Bitstamp will instruct their bank Unicredit to transfer you xx.yy USD
- Unicredit will perform a USD>EUR conversion at almost zero costs
- Unicredit will send EUR to your bank
- Your bank will convert EUR to your local currency keeping a chunk of it for proving the conversion service

The end.
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