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Author Topic: The magic of mtgox and international banking system..  (Read 1493 times)
stergium
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March 22, 2012, 07:06:59 AM
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My experience could also be a contest with a prize.
I tried (and succeded as it turned up) to withdraw an astronomic amount of 61.58$ on my bank account via international wire. My account is in euro but that is of no importance.
Can you guess how much of the 61.58$ made it to the account?
...
...
wait...
....
5.54euro which is almost 7.33$.

on my last "attempt" of 28$ before a long time (june 2011), 20 made it...
what is happening? is this common practice that i am not aware of? Do people know that and i somehow missed it?
I can understand that its "petty cash"  for a great deal of people in here but... i cannot find the words to describe this situation without swearing...
your thoughts?
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ColdHardMetal
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March 22, 2012, 08:26:32 AM
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Wire transfers are expensive. No secret there. Don't use them for small amounts of money.

stergium
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March 22, 2012, 08:36:57 AM
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So , no MtGox if you happen to live in europe and want to transfer small amounts.
alrighty then ....
bitcoinTrader
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March 22, 2012, 08:41:10 AM
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May I know the time taken for funds to reach your bank after you initiated withdrawal in mtgox?

stergium
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March 22, 2012, 08:48:16 AM
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although i dont have the swift order in front of me i believe that it took less than 10 days.
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March 22, 2012, 12:24:15 PM
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If your volume isn't that big, why not take your business to Intersango? Their SEPA transfers are ~€1,22. Quick and painless.

International routing can be rather expensive, especially if intermediaries are involved and even more so if small amounts are transferred.
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March 22, 2012, 12:28:44 PM
 #7

My experience could also be a contest with a prize.
I tried (and succeded as it turned up) to withdraw an astronomic amount of 61.58$ on my bank account via international wire. My account is in euro but that is of no importance.
Can you guess how much of the 61.58$ made it to the account?
...
...
wait...
....
5.54euro which is almost 7.33$.

on my last "attempt" of 28$ before a long time (june 2011), 20 made it...
what is happening? is this common practice that i am not aware of? Do people know that and i somehow missed it?
I can understand that its "petty cash"  for a great deal of people in here but... i cannot find the words to describe this situation without swearing...
your thoughts?


i'm curious to know what would have happened if you had tried to withdraw $54.

would you get $0 or would you be asked to pay the extra 25 cents?
gusti
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March 22, 2012, 12:32:43 PM
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Wire transfers are expensive. No secret there. Don't use them for small amounts of money.

international wires are usually $20-30 and are cleared in 24-48 hs.

If you don't own the private keys, you don't own the coins.
stergium
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March 22, 2012, 12:45:45 PM
 #9

If your volume isn't that big, why not take your business to Intersango? Their SEPA transfers are ~€1,22. Quick and painless.

International routing can be rather expensive, especially if intermediaries are involved and even more so if small amounts are transferred.

already did... Wink
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March 23, 2012, 05:46:19 AM
 #10

the bummer is also that you can´t tell what the routing will be and so what the charges will be
joe82
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March 23, 2012, 11:27:57 PM
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the answer is inside this question: "did you w/d from $mtgox to your EUR bank account?"
molecular
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March 23, 2012, 11:41:50 PM
 #12

My experience could also be a contest with a prize.
I tried (and succeded as it turned up) to withdraw an astronomic amount of 61.58$ on my bank account via international wire. My account is in euro but that is of no importance.
Can you guess how much of the 61.58$ made it to the account?
...
...
wait...
....
5.54euro which is almost 7.33$.

You should've used bitcoin.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
Nefario
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March 24, 2012, 12:22:14 AM
 #13

My experience could also be a contest with a prize.
I tried (and succeded as it turned up) to withdraw an astronomic amount of 61.58$ on my bank account via international wire. My account is in euro but that is of no importance.
Can you guess how much of the 61.58$ made it to the account?
...
...
wait...
....
5.54euro which is almost 7.33$.

You should've used bitcoin.

Thats going to become a saying in the future.

You paid how much for your mortgage? Should have used bitcoin mate.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
PatrickHarnett
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March 24, 2012, 12:54:45 AM
 #14

I do international transfers reasonably frequently.

I normally lose:
$20 to initiate
4% in exchange costs (from the mid-point)
$20 at the receiving end

They are expensive and impractical for small volumes.

A similar example: I recall while on holiday a few years back a tourist from the USA complaining about the exchange rate.  They exchanged US$100 but didn't think the $10 fixed fee would reduce the value of the exchange (he was an idiot). 
malevolent
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March 24, 2012, 03:03:43 AM
 #15

If your account is in EUR doesn't your bank support SEPA transfers, they are usually around 1.25€.
molecular
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March 24, 2012, 03:15:07 PM
 #16

My experience could also be a contest with a prize.
I tried (and succeded as it turned up) to withdraw an astronomic amount of 61.58$ on my bank account via international wire. My account is in euro but that is of no importance.
Can you guess how much of the 61.58$ made it to the account?
...
...
wait...
....
5.54euro which is almost 7.33$.

You should've used bitcoin.

Thats going to become a saying in the future.

You paid how much for your mortgage? Should have used bitcoin mate.

half-naked girl behind screen: "Ugh, this guy pulled a chargeback on me", "Well, honey, you should've used bitcoin"
guy on phone: "Maaan, I'm in jail, got caught dealing dope on the street", "Jo homie, you shoulda used bitcoin!".

Well, it seems bitcoin makes most sense in areas that are either disreputable (porn, prostitution) or criminal (drug trade, banking).


PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
marked
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March 24, 2012, 10:57:51 PM
 #17

Thats going to become a saying in the future.

You paid how much for your mortgage? Should have used bitcoin mate.

half-naked girl behind screen: "Ugh, this guy pulled a chargeback on me", "Well, honey, you should've used bitcoin"
guy on phone: "Maaan, I'm in jail, got caught dealing dope on the street", "Jo homie, you shoulda used bitcoin!".

Well, it seems bitcoin makes most sense in areas that are either disreputable (porn, prostitution) or criminal (drug trade, banking).



on BTC-e yesterday, I posted something along the lines of

"whatchoo after then, I've got your basic hashes, yer MD4, MD5, SHA and the like, but as a deal for ya, you can have your choice of SHA3 specials before they become popular, skein is slamming right now,... "

"well, yer, crypto-coin i see, well, you've got ya SHA- based, then your scrypt based, ... "

"bitcoin, going fast, running out of devcoin, ltc and the like. ... "

"solidcoin?, wouldn't touch it with a bargepole mate, all sorts of unexpected things with that."

"pleasure doin' bizness wiv' ya, guv"

marked, who has had a somewhat alcoholic beverage
MagicalTux
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March 24, 2012, 11:24:55 PM
 #18

Just a note for European users, we will resume SEPA withdraws "soon" (next week, or the week after that), with a much lower fee than regular international transfers (it'll probably be the same fee we used to apply). We are working on the withdraw UI right now.

We also have limited international withdraw amount to at least $75, since a lot of fees can be taken from that. We used to send small amounts from HSBC (cheaper since they can route through their branches worldwide), but due to fraudulent payments (inbound), HSBC asked us to stop doing bitcoin-related business with them for now, so we have no choice but to send from Japan (more expensive).

gusti
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March 24, 2012, 11:46:01 PM
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Just a note for European users, we will resume SEPA withdraws "soon" (next week, or the week after that), with a much lower fee than regular international transfers (it'll probably be the same fee we used to apply). We are working on the withdraw UI right now.

We also have limited international withdraw amount to at least $75, since a lot of fees can be taken from that. We used to send small amounts from HSBC (cheaper since they can route through their branches worldwide), but due to fraudulent payments (inbound), HSBC asked us to stop doing bitcoin-related business with them for now, so we have no choice but to send from Japan (more expensive).

what about wire withdraw delays ? can you give a copy of swift transaction to customers ?

If you don't own the private keys, you don't own the coins.
MagicalTux
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March 25, 2012, 01:49:06 AM
 #20

Just a note for European users, we will resume SEPA withdraws "soon" (next week, or the week after that), with a much lower fee than regular international transfers (it'll probably be the same fee we used to apply). We are working on the withdraw UI right now.

We also have limited international withdraw amount to at least $75, since a lot of fees can be taken from that. We used to send small amounts from HSBC (cheaper since they can route through their branches worldwide), but due to fraudulent payments (inbound), HSBC asked us to stop doing bitcoin-related business with them for now, so we have no choice but to send from Japan (more expensive).

what about wire withdraw delays ? can you give a copy of swift transaction to customers ?


We are also working on the delays, and should be able to provide real time transfers for verified users within a couple of months (or more, if we encounter any issue).

In the meantime transfers are processed manually by our bank, especially since our activity is seen as "high risk". We will improve this with the new withdraw system we are working on (should go live next week).

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