Topic: MtGox International wires - now being queued instead of processed instantly - page 2. (Read 2994 times)

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

I have no idea if it's true or wrong, and why it is, but still, you should contact their support about that issue (and not a standart automated answer).

I'm posting this as a discussion about the available service.

There are now no instant withdraw methods available for USD at MtGox due to limits imposed on SWIFT transfers by their bank.

This is new and as far as I'm aware wasn't the case before.

On the withdraw page it still says this : If you urgently require the withdrawal of your funds please cancel your SEPA withdrawal request and apply for an international bank transfer.

Now there's a separate queue for international bank transfers.

And why don't you ask mt gox?
How are we supposed to answer your question?
Huh.

I did my first SWIFT (International wire) withdrawal from MtGox last week and it went perfectly. The second one has been placed in a queue due to MtGox's bank's withdrawal limits.

I submitted the first request prior to business hours on Wednesday and the $10k arrived in my bank account on the Thursday - this is the kind of timing you expect with a SWIFT transfer.

I then did another one 24 hours after the first transfer was initiated as I would like to withdraw $20k in total and my daily withdraw limit is set at $10k.

This one did not arrive on Friday as expected so I waited until today (Monday 17th) thinking that maybe for some unknown reason it would take an extra day - I know that if you send a wire in the afternoon it can take an extra day to go through depending on when the bank process it - one of the banks I use allows an electronic wire to be sent until 2pm I think. Each bank will have a different cut off time for proessing outgoing payments.

When nothing had arrived by Monday afternoon (Asian time) I contacted MtGox support and they told me this :


I have heard of a similar situation before when people are doing SEPA withdrawals from the MtGox European bank account based in Poland and this is well known. The alternative to SEPA was an international SWIFT transfer paying the fee to do so.

This was NOT a SEPA withdrawal, it was an international wire transfer (SWIFT) for only $10k and it's still in the queue right now even though it should have been sent on Thursday.

So it wasn't sent on Thursday, Friday nor Monday.

Any high volume trader will need to use SWIFT / International wire transfers to move their USD funds around.

This is much more concerning than the SEPA queue issues which were localised to Europe and caused by some obscure rules from what I understand.

Until now there was always the option of not waiting in a queue for a SEPA transfer and paying the 2000 Yen wire transfer fee. This is a standard fee and I've seen much higher charges at other banks so it's a reasonable fee to pay for an international transfer and those who routinely do these kind of transfers will be well aware of this.

SWIFT transfers are what international business rely on to complete their every day payments in the 100's of millions of dollars.

Now these appear to be limited for transfers out of MtGox's Japanese account and you have to sit in the queue to make any withdrawal - there doesn't appear to be any other way to expedite a withdrawal regardless of whether you pay the fee or not.

I know there was no SWIFT / International wire queue last Wednesday as my transfer arrived within 24 hours.

So I guess the question is : What's changed at MtGox (or their bank) since Wednesday the 12th of June ?