Topic: Bitstamp: No withdrawals for Bitcoin related companies - page 2. (Read 14524 times)
Exactly, even though it will cost you a lot of time and nerves in the beginning, having a good banking partner instead of viewing your bank as something that just executes your transaction orders will likely pay off.
When I walked into a bank to open up a business account for my latest venture, I ran into this issue. The representative who helped me filled in my personal info on her screen, verified that I had previously had business and personal accounts with this institution and then asked, "What is the name of your business?"
"Bitcoin General Store," I replied.
She immediately turned away from her keyboard and said, "I'm sorry, we don't allow accounts for any Bitcoin related businesses." It took about twenty minutes of assurances on my part that I would only be selling caps, t-shirts, etc and a phone call to her supervisor before I was allowed to open an account.
Needless to say, I only keep a minimum amount of USD in that account, just in case.
"Bitcoin General Store," I replied.
She immediately turned away from her keyboard and said, "I'm sorry, we don't allow accounts for any Bitcoin related businesses." It took about twenty minutes of assurances on my part that I would only be selling caps, t-shirts, etc and a phone call to her supervisor before I was allowed to open an account.
Needless to say, I only keep a minimum amount of USD in that account, just in case.
This is very sad, but at the same time it let you know that they have almost nothing left in the clip...
In the meantime, better drop 'bitcoin' from business names. If this is the best they can do they surely can't compile a list of actual bitcoin businesses.
You will get into bigger trouble by not informing the bank your business nature.
Better to be upfront and be known of the potential problems than having money either stucked or frozen.
I saw this one coming. It was only a matter of time, since banks were closing accounts related to bitcoin long ago. Bitstamp's main bank has no control over what the intermediary bank does, so it's not really their fault if this initially happens. HOWEVER, if they knowing keep sending the wire to the same bank that blocks the transaction, then they should eat the fees. It should be a given that you don't disclose a business name that is related to bitcoin.
Bitstamp's account just changed to this Raiffeisen Banka d.d. recently, I guess their old account was closed by the original bank, so they are facing the same pressure as bitcoin businesses, it is already amazing such a large exchange still operates under the sight of every bank
Banks are reluctant to provide bitcoin business due to its dangerous nature, not because it is their competition. If legalized, they would also open bitcoin account for normal users who does not command a high level of IT knowledge. Only central bank might worry that bitcoin will affect their monetary policy if it grows too big, but they might just define it as a liquid asset and treat it like gold
The fiat money dominates because it is the money that drive many large projects and hire lots of people, so that people's income is in fiat money's format
Banks are reluctant to provide bitcoin business due to its dangerous nature, not because it is their competition. If legalized, they would also open bitcoin account for normal users who does not command a high level of IT knowledge. Only central bank might worry that bitcoin will affect their monetary policy if it grows too big, but they might just define it as a liquid asset and treat it like gold
The fiat money dominates because it is the money that drive many large projects and hire lots of people, so that people's income is in fiat money's format
When I walked into a bank to open up a business account for my latest venture, I ran into this issue. The representative who helped me filled in my personal info on her screen, verified that I had previously had business and personal accounts with this institution and then asked, "What is the name of your business?"
"Bitcoin General Store," I replied.
She immediately turned away from her keyboard and said, "I'm sorry, we don't allow accounts for any Bitcoin related businesses." It took about twenty minutes of assurances on my part that I would only be selling caps, t-shirts, etc and a phone call to her supervisor before I was allowed to open an account.
Needless to say, I only keep a minimum amount of USD in that account, just in case.
"Bitcoin General Store," I replied.
She immediately turned away from her keyboard and said, "I'm sorry, we don't allow accounts for any Bitcoin related businesses." It took about twenty minutes of assurances on my part that I would only be selling caps, t-shirts, etc and a phone call to her supervisor before I was allowed to open an account.
Needless to say, I only keep a minimum amount of USD in that account, just in case.
This is very sad, but at the same time it let you know that they have almost nothing left in the clip...
In the meantime, better drop 'bitcoin' from business names. If this is the best they can do they surely can't compile a list of actual bitcoin businesses.
A new MtGox coming.
REMOVED
This is actually a 25th Nov 2013 update - someone posted in Trading View trollbox and I did not research enough to see if it is recent! Be careful out there..
A few weeks ago our company requested a wire withdrawal from our Bitstamp corporate account.
After a week the money came back into our bitstamp account (at a $45 cost to us) with bitstamp saying: "The reason for the failure was stated as a breach of a recipients bank's Terms of Service."
This is quite worrying so we contacted our bank, and no they had not seen or rejected any transfer; and said they'd need to see the SWIFT transfer form (MT103) to check it out further.
Bitstamp then had the nerve to ask us to pay $40 extra just to get the proper receipt of the transfer; which we paid.
The receipt, that we paid $40 for, shows only that they transfer money between Raiffeisen Banka d.d. to Raiffeisen Bank international....and the RBI had rejected to process the transfer saying that they do not execute transfers related to Bitcoin...
Talking to Bitstamp is like talking to a brick wall...in their opinion Raiffeisen Banka is their bank and Raiffeisen Bank international is an intermediary; therefore we have to pay all the costs of this botched transfer and can seemly no longer withdraw funds (because of this intermediary that is supposedly totally unrelated to Bitstamp or their bank)
End of story we paid $85 for a transfer that was never sent to our bank; and we have no way to receive any transfers because bitstamps bank/intermediary will not send to Bitcoin related companies...
HOW CAN A BITCOIN EXCHANGE NOT BE ABLE TO SEND TRANSFERS TO BITCOIN BUSINESSES?
Bitstamp support seems to see no real problem with this situation.
Notes:
- We have previously done many successful wire transfers with the last one being about a month ago with no problem.
- Our company name has "Bitcoin" in it.
Here is a Memo from Bitstamps intermediary (basically Bitcoin hate mail): http://www.reddit.com/r/Bitcoin/comments/22i768/raiffeisen_bank_international_internal_memo/
After a week the money came back into our bitstamp account (at a $45 cost to us) with bitstamp saying: "The reason for the failure was stated as a breach of a recipients bank's Terms of Service."
This is quite worrying so we contacted our bank, and no they had not seen or rejected any transfer; and said they'd need to see the SWIFT transfer form (MT103) to check it out further.
Bitstamp then had the nerve to ask us to pay $40 extra just to get the proper receipt of the transfer; which we paid.
The receipt, that we paid $40 for, shows only that they transfer money between Raiffeisen Banka d.d. to Raiffeisen Bank international....and the RBI had rejected to process the transfer saying that they do not execute transfers related to Bitcoin...
Talking to Bitstamp is like talking to a brick wall...in their opinion Raiffeisen Banka is their bank and Raiffeisen Bank international is an intermediary; therefore we have to pay all the costs of this botched transfer and can seemly no longer withdraw funds (because of this intermediary that is supposedly totally unrelated to Bitstamp or their bank)
End of story we paid $85 for a transfer that was never sent to our bank; and we have no way to receive any transfers because bitstamps bank/intermediary will not send to Bitcoin related companies...
HOW CAN A BITCOIN EXCHANGE NOT BE ABLE TO SEND TRANSFERS TO BITCOIN BUSINESSES?
Bitstamp support seems to see no real problem with this situation.
Notes:
- We have previously done many successful wire transfers with the last one being about a month ago with no problem.
- Our company name has "Bitcoin" in it.
Here is a Memo from Bitstamps intermediary (basically Bitcoin hate mail): http://www.reddit.com/r/Bitcoin/comments/22i768/raiffeisen_bank_international_internal_memo/
its simple really banks have to work within the laws. right now changing BTC to FIAT is a no no. Most any smart person would have told you this would happend. If you are looking to buy BTC with a bank account or even sell BTC and get FIAT for it then playing with a BANK is going to get your burned.
It does not matter if you did not even put the word BITCOIN on the statement. why you might ask because the computer system has already FLAGGED the company that you are exchanging with. Once the computer picks up on that they will close your account and you will be stuck.
I'm sorry for the lost of the $85 but most everyone should have thought it was only a matter of time.
Banks are getting cracked down on for tons of stuff and BTC is just the new thing to add to the list.
BTC = (i.e. money laundering, drug trafficking or fraud) = Thats all folks
MY ADVISE STAY AWAY FROM BANKS
from what i read some of the bank don't allow the word bitcoin on any field.
otherwise: 2 da moon!
otherwise: 2 da moon!
When I walked into a bank to open up a business account for my latest venture, I ran into this issue. The representative who helped me filled in my personal info on her screen, verified that I had previously had business and personal accounts with this institution and then asked, "What is the name of your business?"
"Bitcoin General Store," I replied.
She immediately turned away from her keyboard and said, "I'm sorry, we don't allow accounts for any Bitcoin related businesses." It took about twenty minutes of assurances on my part that I would only be selling caps, t-shirts, etc and a phone call to her supervisor before I was allowed to open an account.
Needless to say, I only keep a minimum amount of USD in that account, just in case.
wow! seriously??
from what i read some of the bank don't allow the word bitcoin on any field.
otherwise: 2 da moon!
otherwise: 2 da moon!
When I walked into a bank to open up a business account for my latest venture, I ran into this issue. The representative who helped me filled in my personal info on her screen, verified that I had previously had business and personal accounts with this institution and then asked, "What is the name of your business?"
"Bitcoin General Store," I replied.
She immediately turned away from her keyboard and said, "I'm sorry, we don't allow accounts for any Bitcoin related businesses." It took about twenty minutes of assurances on my part that I would only be selling caps, t-shirts, etc and a phone call to her supervisor before I was allowed to open an account.
Needless to say, I only keep a minimum amount of USD in that account, just in case.
from what i read some of the bank don't allow the word bitcoin on any field.
otherwise: 2 da moon!
otherwise: 2 da moon!
Is this an isolated incident or it's Bitstamps new MO, anyone had problems like this cause soon I'll have to make some withdrawal from stamp and I wouldn't like any surprises...
At the moment it appears to be related to companies with "Bitcoin" in the name (or maybe some other filtered words too).
But IMHO if their banking group is this hostile to Bitcoin it can only be a matter of time until that filters down to Bitstamp themselves.
Is this an isolated incident or it's Bitstamps new MO, anyone had problems like this cause soon I'll have to make some withdrawal from stamp and I wouldn't like any surprises...
At the moment it appears to be related to companies with "Bitcoin" in the name (or maybe some other filtered words too).
But IMHO if their banking group is this hostile to Bitcoin it can only be a matter of time until that filters down to Bitstamp themselves.
I'm not yelling I'm just asking you for a direct answer without links to other posts and avoiding to answer this simple question with yes or no. Is this just FUD?
No I did not make up this story.
Here is the owner (fairly sure Hazek is one of the owners?) of Bitstamp admitting it to be true: http://www.reddit.com/r/Bitcoin/comments/2e9jww/bitstamp_no_withdrawals_for_bitcoin_related/cjxd9lc
Is this an isolated incident or it's Bitstamps new MO, anyone else had problems like this? ...cause soon I'll have to make some withdrawal from stamp and I wouldn't like any surprises...
Exactly there is a war that is happening right now between Bitcoin and Global Banks its a power shift a real game changer, these problems are to be expected.
it would be so much easier if we didn't need banks period.
it would be so much easier if we didn't need banks period.
How $#!ty 
Banks only listen to one thing. If you have an account at this bank and can cancel it, that will make waves. Tell them your interested in a full service bank, not a bank from the last century.
Banks only listen to one thing. If you have an account at this bank and can cancel it, that will make waves. Tell them your interested in a full service bank, not a bank from the last century.
I'm not yelling I'm just asking you for a direct answer without links to other posts and avoiding to answer this simple question with yes or no. Is this just FUD?
No I did not make up this story.
Here is the owner (fairly sure Hazek is one of the owners?) of Bitstamp admitting it to be true: http://www.reddit.com/r/Bitcoin/comments/2e9jww/bitstamp_no_withdrawals_for_bitcoin_related/cjxd9lc
Talking to Bitstamp is like talking to a brick wall...in their opinion Raiffeisen Banka is their bank and Raiffeisen Bank international is an intermediary; therefore we have to pay all the costs of this botched transfer and can seemly no longer withdraw funds (because of this intermediary that is supposedly totally unrelated to Bitstamp or their bank)
They are correct, however it seems reasonable that Raiffeisen Banka (Slovenia) would resend the transaction through some other intermediary.. how can they possibly justify sending Bitcoin related transactions through a bank that they know will reject them? Bitstamp needs to demand a refund on the failed tx from Raiffeisen Banka and make them resend it some other way.
Is this just FUD?
Lot of people yelled at me for "FUD" here too:
https://bitcointalksearch.org/topic/mt-gox-now-adding-1-week-processing-time-to-wire-transfer-withdrawals-225707
Reading back it looks like people actually went back in and deleted their FUD comments.
Anyways just managed to withdrawal all my funds in BTC.
I'm not yelling I'm just asking you for a direct answer without links to other posts and avoiding to answer this simple question with yes or no. Is this just FUD?
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