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Author Topic: Transfer Fiat Currency Between Exchanges?  (Read 1890 times)
jayc89
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June 22, 2014, 12:13:37 PM
 #1

What's the best way to transfer fiat currencies between exchanges?

The majority seem to only allow withdrawals\deposits to\from bank accounts in your own name, so is the only way;
Withdrawal -> Bank
Bank -> Deposit

To save time, ideally I would like to deposit in to Exchange A by making a withdrawal from Exchange B.

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June 23, 2014, 04:12:58 AM
 #2

Most exchanges will only send funds to a bank account that is titled in the same name as the account holder.

Bank accounts at exchanges are held in the name of the exchange.

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ShakyhandsBTCer
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June 24, 2014, 05:09:41 AM
 #3

Have you tried this?

AFAIK this would not be something that any exchanges allow
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June 24, 2014, 07:54:21 PM
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Exchanges can't to it due to the anti-money laundering laws.
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June 24, 2014, 07:58:29 PM
 #5

remember this is a big reason as to why we use bitcoin.. so we can send money from anywhere to anywhere, that's why we swap fiat for it..

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June 25, 2014, 05:00:01 AM
 #6

Exchanges can't to it due to the anti-money laundering laws.

Eaxactly. Even if they could the regulatory framework would make it a massive ball of red tape. In a perfect world we would be ablr to move our money the way we want to.

The most frictionless way would be to send it in the form of one of the crypto currencies then convert it back. 

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June 25, 2014, 10:53:43 AM
 #7

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
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June 26, 2014, 05:00:06 AM
 #8

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.
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June 26, 2014, 09:02:44 AM
 #9

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.

One way to get around regulation is to have each exchange have bilateral deal.

Each one granting each other certain amount of fiat credit and settle it every few days. Then implement another portal on each exchange to grant user credit.

This will by pass all the AML rules in place and not really violating any existing rules.
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June 26, 2014, 10:09:36 AM
 #10

You're going to have to go to bank, and then transfer into the other exchange.  Better off trying your luck and sending as crypto.
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June 26, 2014, 10:18:24 AM
 #11

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.

One way to get around regulation is to have each exchange have bilateral deal.

Each one granting each other certain amount of fiat credit and settle it every few days. Then implement another portal on each exchange to grant user credit.

This will by pass all the AML rules in place and not really violating any existing rules.


Whil this is true in some countries but it's not true in all. Take Denmark for example, a country in EU that I was living for a year, although Pokerstars permit transfers of funds between accounts, there is not permited and I assume (I don't know for shure, but I imagine it's the same) they will not allow such thing. They have very strict police on money transmiting. Again, this is just my opinion on this, I don't know for shure and I may be wrong, but if you are right, in this way you could transmit fiat directly from Europe to China, America and anywere in the world bypassing all the banks and legislations.
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June 26, 2014, 10:33:41 AM
Last edit: June 26, 2014, 11:03:35 AM by fdiini
 #12

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.

One way to get around regulation is to have each exchange have bilateral deal.

Each one granting each other certain amount of fiat credit and settle it every few days. Then implement another portal on each exchange to grant user credit.

This will by pass all the AML rules in place and not really violating any existing rules.


Whil this is true in some countries but it's not true in all. Take Denmark for example, a country in EU that I was living for a year, although Pokerstars permit transfers of funds between accounts, there is not permited and I assume (I don't know for shure, but I imagine it's the same) they will not allow such thing. They have very strict police on money transmiting. Again, this is just my opinion on this, I don't know for shure and I may be wrong, but if you are right, in this way you could transmit fiat directly from Europe to China, America and anywere in the world bypassing all the banks and legislations.

It will work on country without blocked currency.
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June 26, 2014, 10:52:50 PM
 #13

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.

One way to get around regulation is to have each exchange have bilateral deal.

Each one granting each other certain amount of fiat credit and settle it every few days. Then implement another portal on each exchange to grant user credit.

This will by pass all the AML rules in place and not really violating any existing rules.
The AML rules are not about the exchanges, they are about the people whose money the exchanges are holding.

It would be very difficult for an exchange to verify that when "Person A" is sending fiat to his own account at "exchange2" when he sends fiat to "exchange2"
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June 28, 2014, 01:41:38 AM
 #14

I don't get why it's a thread, one of the main selling points of Bitcoin for me is the very fact that you can't transfer fiat in this way easily; Bitcoins makes this super simple compared to any fiat transfer between third parties.
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June 28, 2014, 03:28:39 AM
 #15

Back in 2013 and  before that was allowed by btc-e and other exchanges, they were accepting mtgox codes and viceversa but now with the regulation thats not allowed.

Internet of things.
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June 28, 2014, 03:46:11 AM
 #16

Back in 2013 and  before that was allowed by btc-e and other exchanges, they were accepting mtgox codes and viceversa but now with the regulation thats not allowed.

So transferring money between customer account is not allowed under AML?
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June 28, 2014, 11:02:24 PM
 #17

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.

One way to get around regulation is to have each exchange have bilateral deal.

Each one granting each other certain amount of fiat credit and settle it every few days. Then implement another portal on each exchange to grant user credit.

This will by pass all the AML rules in place and not really violating any existing rules.
The AML rules are not about the exchanges, they are about the people whose money the exchanges are holding.

It would be very difficult for an exchange to verify that when "Person A" is sending fiat to his own account at "exchange2" when he sends fiat to "exchange2"
The only way around this would be for an exchange to setup a new bank account for each customer. The problem with this is that it would be very expensive to setup (you cannot automate the setting up of bank accounts) and to audit (there will be a lot of bank statements to check for accuracy)

This spot for rent.
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June 28, 2014, 11:29:09 PM
 #18

You could fuse the localbitcoins approach with an exchange, trading is more latent but works.

Traditional order book.

BTC consumed by an order is held in escrow, purchasing entity has bank details provided to them automatically, sends funds, bitcoin released. Do the opposite at another site operating in the same way.

You could probably drop the latency to a few minutes in some cases.

This method assumes entire balance trades.

If you are only trading with a percentage of your stock then you can use caches at each exchange to perform this function easily, then balance your own books in a more latent fashion.

Example: 10 BTC and $5k on two exchanges. Sell 5 BTC on one for $3000. Buy 5 BTC for $2900 on the other. Balance on one exchange is 15 BTC and $2100. On the other 5 BTC and $8000. Not taking in to account fees. You've successfully arbitraged $100 profit. You can either wait until the arbitrage is available the other way, or swap balances in a traditional withdraw/deposit way.

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June 29, 2014, 01:31:00 AM
 #19

You could fuse the localbitcoins approach with an exchange, trading is more latent but works.

Traditional order book.

BTC consumed by an order is held in escrow, purchasing entity has bank details provided to them automatically, sends funds, bitcoin released. Do the opposite at another site operating in the same way.

You could probably drop the latency to a few minutes in some cases.

This method assumes entire balance trades.

If you are only trading with a percentage of your stock then you can use caches at each exchange to perform this function easily, then balance your own books in a more latent fashion.

Example: 10 BTC and $5k on two exchanges. Sell 5 BTC on one for $3000. Buy 5 BTC for $2900 on the other. Balance on one exchange is 15 BTC and $2100. On the other 5 BTC and $8000. Not taking in to account fees. You've successfully arbitraged $100 profit. You can either wait until the arbitrage is available the other way, or swap balances in a traditional withdraw/deposit way.

Arbitrage is usually one way street. Market for bitcoin has been efficient, the condition for arbitrage don't appear that often.
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June 29, 2014, 07:43:52 PM
 #20

The exchanges will never allow transfers directly on another exchanges. They can't because of the law.
This is not necessarily the law, but rather would make it much more difficulty to do AML due diligence so much exchanges would likely prohibit it.

One way to get around regulation is to have each exchange have bilateral deal.

Each one granting each other certain amount of fiat credit and settle it every few days. Then implement another portal on each exchange to grant user credit.

This will by pass all the AML rules in place and not really violating any existing rules.
The AML rules are not about the exchanges, they are about the people whose money the exchanges are holding.

It would be very difficult for an exchange to verify that when "Person A" is sending fiat to his own account at "exchange2" when he sends fiat to "exchange2"
The only way around this would be for an exchange to setup a new bank account for each customer. The problem with this is that it would be very expensive to setup (you cannot automate the setting up of bank accounts) and to audit (there will be a lot of bank statements to check for accuracy)
I don't think this would ever happen because a lot of people open up an exchange account to only use once, or end up never using it.
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