I’m looking for some experiences with withdrawing USDs from the major exchanges. As I’m mainly investing in Peercoins I have never withdrawn USDs or Euros from any exchange. For the payment of the Peercoin video I might have to do this in order to pay overkillcoin or his affiliates. I don’t want to make complicated transactions through accounts as they all do attract fees.
I looked into BTC-e which now offers withdrawals onto Visa and Mastercards. Sounds good, and it can go from the exchange directly in any Visa or Mastercard creditcard. Advantage is that no bank accounts need to be involved.
I can only tell you about my experience at https://bitstamp.net where I have an account that allows for fiat deposits and withdrawals. I have used it for both deposits and withrawals and the money was transferred/accounted a few working days later.
I have not yet tested large fiat withdrawals (not like the few thousand USD you are going to transfer for the video), but I guesstimate that it flows smoothly, too.
Bitstamp requires verification before you can withdraw or deposit fiat afair.
As bitstamp only deals with BTC (and Ripple - ieks!) you need a way to exchange the PPC to BTC.
Regarding the exchange of PPC to PPC i recommend to have a look here: http://peercoin.net/resources#buying
There you find exchanges that have PPC/fiat trading pairs as well, but you’ve asked for experiences…
Thanks MoD, It is indeed about experiences, might start the verification process. I hope it doesn’t take as long as Mt.Gox used to. Exchanging PPC to BTC is not too hard, it is just the cost of it. A direct PPC/USD would be cheaper.
Yes, I’m with you on that one. But you need to set up a verified ccount and withdraw money, which is a bit of a hassle. So I already offered to negotiate a bit on this potential issue.
When I had my account at bitstamp verified, I only needed to upload a document to prove my permanent residence (phone bill, utility bill etc.) and after a few days it was done.
At least I can’t remember anything troublesome.
One important note: deposits and withdrawals are only allowed from/to bank accunts which belong to the owner of the bitstamp account.
[quote=“masterOfDisaster, post:5, topic:2238”]When I had my account at bitstamp verified, I only needed to upload a document to prove my permanent residence (phone bill, utility bill etc.) and after a few days it was done.
At least I can’t remember anything troublesome.
One important note: deposits and withdrawals are only allowed from/to bank accunts which belong to the owner of the bitstamp account.[/quote]
Yes, thanks for pointing that out. Therefore I think I now prefer to go through the btc-e route with Visa/Mastercard if nothing better comes up. That route wouldn’t involve my own bank account, which has really nothing to do with the video payments after all.
[quote=“irritant, post:7, topic:2238”]maybe someone wants to buy the peercoins, transfer the money to overkillcoin, i dont know, could also make things more complicated
edit: just saw this ad on the frontpage https://coinomat.com/ dont know if it is useful for this tho[/quote]
Thanks Irritant, but I’m trying to make it as simple and transparent as possible.
Re coinomat, that the same thing btc-e does. Good one. I understand Coinomat has a fixed fee of $15, whereas BTC-e has a 5% fee. So depending on the amount I might go one or the other. Not sure whether Coinomat allows other creditcards (different owner) under a named account. BTC-e does. Will look into it.
I can add an experience with bitstamp.net.
I created a withdrawal request on 17th of April.
Today I was informed about a support ticket. The content reads as follows:
"Dear,
We received your withdrawal request. As your withdrawal request met some of our volume and frequency thresholds, we will have to kindly ask you to help us better understand the nature of your relationship with Bitstamp. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with the processing of your transfer.
We kindly ask you to send us a high resolution image double page of your international passport and answer the following KYC questionnaire:
How did you learn about Bitcoin?
The purpose of trading on Bitstamp?
What is the origin of the deposited Bitcoins? If mining, please specify your hardware specifications and submit a receipt or an invoice for your mining equipment.
What are your future plans and activities planned on our exchange?
Do you plan more withdrawals in the future?
Which bank are you using? Please provide the complete address and SWIFT code.
What is the source of the funds which you are depositing to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
We kindly ask you to submit your answers and documents in a reply to this ticket.
Best regards,"
Some of the questions are nonsense, for some they know the answer and some are plain stupid and others are, how to say… NONE OF THEIR BUSINESS!
I answered them anyway the best I could, told them that my verification was successful and that they should stop bothering me with such embarrassing requests. I received another message with even more nonsense and replied to it.
My withdrawal is still “in process” and I haven’t heard anything after my last message.
Take care when trading with bitstamp - they might hold your money hostage…
The statists are becoming frightened. They seek control, but you seek newness, change and Liberty, so therefore you frighten them.
They must know more about you.
To only open an account with Coinbase, the amount of information I had to give up was many times greater than I have ever had to give any bank before. And, it wasn’t Coinbase that wanted the info on me, it was the u.s. government and its many agencies: fincen, irs, nsa, cia, fbi and all of the other insecure overly aggressive people who thrive on the taxes and fees they can extract from us.
The official line is: they are public servants and they only seek to protect us.
Never had a problem with fiat (EURO) deposits or withdrawals on a UK bank. Been using them since October 2013 with SWIFT transfers. Withdrawals received within 48 hours everytime.
BTC-E
Been using them for a year; again never had a problem. Both fiat and crypto funds have been deposited/withdrawn quickly. I’ve had same day deposits and withdrawals through OKPay, 48 hours on international wire transfer and 48 hours on the VISA withdrawal.
Bittylicious
Not really an exchange; but I find it a very useful way to buy BTC/PPC quickly if needed.
Cybnate since you live in the Netherlands you can also use the dutch btc webshops. You can convert ppc to btc on btc-e for example, withdraw that btc to a dutch site and let them send the money directly to your bank account. bitonic.nl, btcdirect.nl and some others can do this. It might be cheaper than the fee that exchanges are charging.
Thanks for all the responses and experiences, quite interesting. BTW Didn’t need them right now as overkillcoin accepted PPC for the payment in advance. Let’s hope that he also accepts the other 75% as PPC. It saves a lot of fees at least.
@tea42, I’m not living in The Netherlands and besides everything goes in euros. Converting euros to US$ attract even more fees. I’m also under the impression that they offer bad exchange rates when you are selling. They need to make their money somewhere.
ah! I made some wrong assumptions here :-[ And yeah those btc webshops do charge extra, but for euros it’s cheaper than the sepa withdrawal fees from abroad. But yeah you did say USD not EUR
