The only time I've ever used virwox is if
a. I did already have bitcoins
b. Couldn't wait a week for coinbase.
c. Willing to pay 10% in fee's for a faster payment
Obviously the above doesn't happen very often due to a or b almost never being an issue.
Topic: VirWoX: the fees and limitations of converting Euros to BTC (Read 7050 times)
i've dropped ViwWoX for localbitcoins. The SEPA transfer is just awesome and following common sense people is reliable. It's not instant however, takes some time until the other part receives the bank transfer.
The fees are outrageous and this is why I'm working on something very cool to spread it to the mass.
VirWoX is very uncomfortable. I wouldn't use it, also if it's the only possible method to exchange Paypal to BTC, but the fees are too high, the waiting times too long, the support not very competent, because if they just think that your transaction could be a fraud in any way, they're locking your account.
Updated procedure to convert Euros or common currency to Bitcoin with VirWoX site:
1) Deposit money with PayPal: EUR 0.35 + 3.4%
2) Convert EUR to SLL: SLL 50 + 2.9%. You can't convert fractions of an euro.
3) Convert SLL to BTC: 50 SLL + 2.9%. A minimum of 0.020 BTC is required.
4) Send money from one Bitcoin account to another (they call it withdrawal): BTC 0.002. A minimum transfer of 0.003 is required.
If you didn't use your VirWoX account for more than 12 months, they will start charging 2 euros per month until there's nothing or you use your account again.
To sum up, after loading 10+10 € from my paypal account now I have 15.45€ in a MultiBit wallet on my desktop (where I have the private key, which virwox doesn't allow you to).
https://www.virwox.com/help.php
1) Deposit money with PayPal: EUR 0.35 + 3.4%
2) Convert EUR to SLL: SLL 50 + 2.9%. You can't convert fractions of an euro.
3) Convert SLL to BTC: 50 SLL + 2.9%. A minimum of 0.020 BTC is required.
4) Send money from one Bitcoin account to another (they call it withdrawal): BTC 0.002. A minimum transfer of 0.003 is required.
If you didn't use your VirWoX account for more than 12 months, they will start charging 2 euros per month until there's nothing or you use your account again.
To sum up, after loading 10+10 € from my paypal account now I have 15.45€ in a MultiBit wallet on my desktop (where I have the private key, which virwox doesn't allow you to).
https://www.virwox.com/help.php
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