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Author Topic: US bank wire to bitcoin (amazon associates)  (Read 1908 times)
phelix
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May 24, 2011, 09:19:26 AM
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Hi!

is there a way to buy bitcoins by wire transfer? MtGox does not allow it at the moment.

To be more specific, I would like to exchange my payments from amazon associates to bitcoins. I can direct the payments to a US bank account. Otherwise I would have to go by cheque whiche really sucks.

Any ideas?

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May 24, 2011, 03:30:10 PM
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Hi there,

Yes, there are several reputable traders in the #bitcoin-otc IRC channel who will sell you Bitcoins with payment by bank wire transfer.  I myself have done several of these types of trades.  The advantage of a wire transfer is that it is fast and secure, the disadvantage is the high fees.  Generally, both the sender and receiver of a bank wire transfer will be charged $15-$45 fees from both banks.  Since bank wire are a bit out of the ordinary in OTC Bitcoin trading, the guy requesting it will generally be responsible for covering both fees, but if you are in a hurry it might work for you.

Are you sure that Amazon Associates want to pay you by wire transfer?  Are you sure you don't mean direct deposit/ACH xfer?  That is a different thing, which goes slower, usually 3-5 days to clear, but usually incurs no fee to receive.

The trouble you may run into there is that Amazon may not do a direct deposit to an account that is not in your name.  There may also be tax issues.

It sounds to me you're asking about this because you do not have a U.S. bank account.  If you do, simply direct deposit from Amazon and then send the cash to Mt.Gox with Dwolla.

For more info on OTC Bitcoin trading, see http://bitcoin-otc.com

Garrett Burgwardt
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May 24, 2011, 03:35:20 PM
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I can do this, PM for info. No fees on my end, though sending still likely incurs some.
phelix
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May 25, 2011, 08:03:59 PM
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Hi there,

Yes, there are several reputable traders in the #bitcoin-otc IRC channel who will sell you Bitcoins with payment by bank wire transfer.  I myself have done several of these types of trades.  The advantage of a wire transfer is that it is fast and secure, the disadvantage is the high fees.  Generally, both the sender and receiver of a bank wire transfer will be charged $15-$45 fees from both banks.  Since bank wire are a bit out of the ordinary in OTC Bitcoin trading, the guy requesting it will generally be responsible for covering both fees, but if you are in a hurry it might work for you.

Are you sure that Amazon Associates want to pay you by wire transfer?  Are you sure you don't mean direct deposit/ACH xfer?  That is a different thing, which goes slower, usually 3-5 days to clear, but usually incurs no fee to receive.

The trouble you may run into there is that Amazon may not do a direct deposit to an account that is not in your name.  There may also be tax issues.

It sounds to me you're asking about this because you do not have a U.S. bank account.  If you do, simply direct deposit from Amazon and then send the cash to Mt.Gox with Dwolla.

For more info on OTC Bitcoin trading, see http://bitcoin-otc.com

yes you are right. I meant direct deposit and not having a U.S. bank account is the problem. I will try with dwolla.

+1 and selected answer =)

thank you for the offer. I will contact you if it does not work the other way.

I can do this, PM for info. No fees on my end, though sending still likely incurs some.

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