Topic: Mt.Gox/AurumXchange Partnership - European Transfers Now Available (Read 3960 times)

We are offering SEPA EUR to MtGox USD @ 1.42 for a limited time! Details here:

http://forum.bitcoin.org/index.php?topic=32912.0

AurumXchange has acted extremely unprofessional on this forum.

No thanks, Gox fucked up a long time ago.

I've sent two support tickets, and got a reply to both after just a few hours.

LOL!Gox will answer your ticket in a month time.

I would stay far away from AurumXchange after seeing them baseless-ly attacking their competitor Paxum in another thread without any solid evidence to proclaimed "facts". Dirty business.
Their credibility is now null in my view.

Yes you can. I did. Send a support ticket to Mt. Gox, and you will get the money back in your account. However, Tradehill SEPA withdrawals are also gone at the moment, until sometime next week.

Hi There!

We are not a service provided by MtGox. We are an independently owned e-currency exchanger providing exchanges between other things of MtGox codes. Since we are based offshore and use the services of a payment clearing house in the UK, we are assessed a fee when we send out SEPA transfers. This fee is charged to us unfortunately, and it is not from us.

We are in the process of securing a bank account in Europe that would be ok with handling exchanges transactions. If we can make that happen, we will not charge any fee for SEPA transfers. However, please note that most European banks have a problem with exchangers of virtual currencies, thus, the problems with SEPA accounts bitcoin exchangers are experiencing. Using our provider we are free to send and receive EUR SEPA transfers, but at a price.

We are also trying to negotiate better rates with the current provider. Hopefully we will be able to bring it down a bit, but not eliminate it all together unfortunately.

Hopes this clears it up!

Thanks
Roberto

This is just not good enough. I have now 500$+ stuck in Mt.Gox SEPA withdraws with a date quickly fleeing away every time it's approaching. I don't really get it - why do you allow people to make withdraws if your system is not working? I wouldn't have traded BTC at your service if I had known that I would have to wait 4 weeks+ for my money! The worst thing is: I can't even trade them back to BTC to take them to TradeHill or another service, since the money is not on my account anymore, it's in a limbo state (withdrawn but not arrived to the bank account). The least you could do is

a) Disable withdraws by SEPA if your service is not working

and
b) Automatically refund the USD to the accounts that have done SEPA withdraws when you know that it's going to take a week+ more, then people can decide for themselves whether to wait or take their business elsewhere

I'm sorry, but this new service you provide just doesn't cut it... 20€ withdraw fees? That's just ridiculous. Where do you get this amount from? The EEC regulation 924/2009 (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:266:0011:0018:EN:PDF) states that

"1. Charges levied by a payment service provider on a
payment service user in respect of cross-border payments of
up to EUR 50 000 shall be the same as the charges levied by
that payment service provider on payment service users for
corresponding national payments of the same value and in
the same currency."

Do your banks charge you 20€ if you do a in-country wire transfer? If they do, I would quickly change banks, if not, then someone's ripping someone off...

Just my 0.02 BTC.

What's the point in mining with all these high freaking fees

Agreed. My broker charges 50 USD

Have you ever sent an international wire transfer? Chase in the US charges $45.

Are you kidding me? $30 fee for a wire transfer?

Hello!

The reason why we charge these transfer amounts is because we use the services of a payment transmitting clearing house and not a direct bank account per se. We actually do not make a dime out of those fees. We have been selling and buying e-currencies for a long time now and we quickly learned something: When your volume is up (really up), banks simply don't like to deal with businesses that deal in e-currencies. Too much risk for them, too little KYC, so at the end of the day they will kindly ask you to take your business elsewhere (best case scenario) or simply close your account. It is really fortunate that Tradehill can offer free SEPA, but if they reach a volume of a few million € a week, they will quickly learn what we did before bitcoin was even a thought . There is a reason why bitcoin is growing up so much and it is so popular after all: Between KYC, and the need of governments to levy more and more taxes, and to squeeze people more and more, moving money is becoming very difficult, and expensive at the same time.

The other reason why we chose to work with segregated accounts through our provider is because we cater to people looking for strong offshore privacy more than onshore economy if that makes sense, and that has a price as well. By not natively having a physical presence in either Europe or the US, we can assure our clients of strict confidentiality and protection against onshore

As our volume increases, we are in negotiations with our providers to lower their fees, but unfortunately there will always be a fee.

In conclusion: We are an independent exchangers. We are a for profit company, so yes, there would be a markup on the exchange rates, but take into consideration that at the end of the days, we need to balance our accounts too, and our bank charge us 2.50% fee on any FX movement. Like Jack of Diamonds said, I don't think midmarket + 2% is a bad rate at all (realistically speaking: you can't go by "pure" XE or google rates).

We are an independent exchangers for several e-currencies and now for MtGox as well. We can instantly exchange to a variety of instruments and we provide a convenience to users for a fee. There is freedom of choice for the user and I don't think having choice is a bad thing . I don't think making this into a TH/MTGOX work is productive for anyone involved. Trust me when I say the more the better, for the customer, and ultimately for the industry. Again, I have seen a lot on the e-currency industry and learned a lot throughout the years.

Thank you!
Roberto

Note that this is more like a temporary solution while we get our own bank back than a permanent solution. We are still actively working on this.

EDIT: and update from AurumXChange: "we got about two or three people who changed MTGOX vouchers instantly for LR, it went without a hitch!" (yep, it works for LR too)

Those exchange rates are just fine, roughly what you would get at a Forex exchange anywhere in the world at the moment (minus the 1% fee, because in reality nobody will exchange at the nominal 0.69€ per $ current ratio because they need their own cut as well)



The only 'wrong' thing I see is the fees,
I'm not going to pay 20€ for anything else than express wire transfers, and even those, very seldom

Yeah, it's not worse than LibertyReserve at least...

It's not that bad, but it isn't SEPA   I'm at Tradehill now.

Sorry not good enough Mt.Gox.
I got a taste of Trade Hill Sepa dealings and I like it so far.
You better pray TH doesn't get more liquidity in the € market.

 

Midmarket plus 2% is not that bad.