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VIPSr. MemberActivity: 308Merit: 250 [ANN] MT.GOX - SEPA Withdrawals Are Back Again! May 11, 2012, 03:00:22 AM

Last edit: May 16, 2012, 08:16:45 AM by Mt.Gox Support #1 TOKYO, JAPAN - May 11, 2012 - It took some doing, but we have finally sorted out our SEPA Withdrawal conundrum! As of May 10th, our European customers who wish to withdraw funds into their European bank account via SEPA can once more do so thanks to our new Withdraw Center.



All funds will be send through our Polish account and will involve the following fees:



- Withdrawals below 10 are not possible

- Withdrawals come with a 2% fee with a minimum of 1% + 5 PLN 1% fee with minimum of 5.5 PLN



As is standard for SEPA customers should expect a 1 to 5 working day delay from the time the withdrawal is initiated until seeing funds arrive in your personal bank account.



Of course if you have any questions or comments, please feel free to contact any of our support team and open a ticket at :



Regards,

Mt.Gox Co. Ltd Team.

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press@mtgox.com - It took some doing, but we have finally sorted out our SEPA Withdrawal conundrum! As of May 10th, our European customers who wish to withdraw funds into their European bank account via SEPA can once more do so thanks to our new Withdraw Center.All funds will be send through our Polish account and will involve the following fees:- Withdrawals below 10 are not possible- Withdrawals come with a1% fee with minimum of 5.5 PLNAs is standard for SEPA customers should expect a 1 to 5 working day delay from the time the withdrawal is initiated until seeing funds arrive in your personal bank account.Of course if you have any questions or comments, please feel free to contact any of our support team and open a ticket at : support@mtgox.com Regards,Mt.Gox Co. Ltd Team.Media Contacts

Mt.Gox Merchant Solutions : Mt.Gox : The Leading International Bitcoin Exchange.Mt.Gox Merchant Solutions : https://mtgox.com/merchant

miernik



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Sr. MemberActivity: 334Merit: 250 Re: [ANN] MT.GOX - SEPA Withdrawals Are Back Again! May 11, 2012, 09:18:27 PM

Last edit: May 11, 2012, 09:40:22 PM by miernik #8 Quote from: Mt.Gox Support on May 11, 2012, 03:00:22 AM As is standard for SEPA customers should expect a 1 to 5 working day delay from the time the withdrawal is initiated until seeing funds arrive in your personal bank account.



This is bullshit.



According to the EU Payment Services Directive, bank transfers in whole EU+EEA zone have to be credited to the destination bank account latest the next working day (provided they're ordered by some defined cut-off hour). And this actually works.



If you transfer takes more then 1 working day to arrive, don't believe these fake MtGox explanations about bank delays of 5 days - the truth will be that MtGox didn't submit the transfer on they day they told you they did.



Oh, and actually the cut-off time for SEPA in Bank Zachodni WBK is 23:30:



http://indywidualni.bzwbk.pl/przewodniki/polecenie-wyplaty/godziny-graniczne.html



see the table at the very end of this page:



pilny EUR GBP USD PLN 23:30



So I recommend that withdrawals are processed every day around 23:00 polish time (CEST = GMT+2 currently) - that will assure lowest average waiting time.



Actually on that page they write about the directive and that they are fully compliant with it.



And I've tested that Bank Zachodni WBK sends the SEPA transfers SEPA cycle 1, and that is usually credited on the destination account sometime between 12:00 and 14:00 (Central European Time). So That's when it makes sense to log on to your bank account to check if its there (unless your banks sucks and credits them a few hours later, but it has to be there by the end of the day.



To learn more about SEPA (STEP2) clearing, read here:



And I assume the MtGox's withdrawal account is at Bank Zachodni WBK, because the deposit account is there, so its probably the same. This is bullshit.According to the EU Payment Services Directive, bank transfers in whole EU+EEA zone have to be credited to the destination bank account latest the next working day (provided they're ordered by some defined cut-off hour). And this actually works.If you transfer takes more then 1 working day to arrive, don't believe these fake MtGox explanations about bank delays of 5 days - the truth will be that MtGox didn't submit the transfer on they day they told you they did.Oh, and actually the cut-off time for SEPA in Bank Zachodni WBK is 23:30:see the table at the very end of this page:pilny EUR GBP USD PLN 23:30So I recommend that withdrawals are processed every day around 23:00 polish time (CEST = GMT+2 currently) - that will assure lowest average waiting time.Actually on that page they write about the directive and that they are fully compliant with it.And I've tested that Bank Zachodni WBK sends the SEPA transfers SEPA cycle 1, and that is usually credited on the destination account sometime between 12:00 and 14:00 (Central European Time). So That's when it makes sense to log on to your bank account to check if its there (unless your banks sucks and credits them a few hours later, but it has to be there by the end of the day.To learn more about SEPA (STEP2) clearing, read here: https://www.ebaclearing.eu/ And I assume the MtGox's withdrawal account is at Bank Zachodni WBK, because the deposit account is there, so its probably the same. http://bitcoin-otc.com/viewratingdetail.php?nick=miernik

miernik



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Sr. MemberActivity: 334Merit: 250 Re: [ANN] MT.GOX - SEPA Withdrawals Are Back Again! May 13, 2012, 05:46:55 AM #17 Quote from: defxor on May 13, 2012, 01:28:11 AM When I make a SEPA transfer they tell me to expect "3 to 5 days" before it's in the receiver's account.



In actuality I usually see 2-3 days.



Then show them this, if they don't comply, check if the country where your bank is registered has transposed the directive to national law, and if so - find the national law and sue them:



http://ec.europa.eu/internal_market/payments/framework/psd_en.htm

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:01:EN:HTML



Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market



Article 69



Payment transactions to a payment account



1. Member States shall require the payer's payment service provider to ensure that, after the point in time of receipt in accordance with Article 64, the amount of the payment transaction is credited to the payee's payment service provider's account at the latest by the end of the next business day. Until 1 January 2012, a payer and his payment service provider may agree on a period no longer than three business days. These periods may be extended by a further business day for paper-initiated payment transactions.



Then show them this, if they don't comply, check if the country where your bank is registered has transposed the directive to national law, and if so - find the national law and sue them:Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal marketArticle 69Payment transactions to a payment account1. Member States shall require the payer's payment service provider to ensure that, after the point in time of receipt in accordance with Article 64, the amount of the payment transaction is credited to the payee's payment service provider's account. Until 1 January 2012, a payer and his payment service provider may agree on a period no longer than three business days. These periods may be extended by a further business day for paper-initiated payment transactions. http://bitcoin-otc.com/viewratingdetail.php?nick=miernik

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VIPSr. MemberActivity: 308Merit: 250 Re: [ANN] MT.GOX - SEPA Withdrawals Are Back Again! May 14, 2012, 01:14:41 AM

Last edit: June 06, 2012, 05:12:29 AM by Mt.Gox Support #18 A bit of clarification is needed here.



1. 1 to 5 Business Day. Yes we all agree on this point that SEPA transfer as to be done in 1 business day or 24h. However, experience taught us that it can take, depending of the bank and circumstances (Public Holidays and so on) up to 5 business day. Also if the an Intermediary bank is involved in the process, and this happen fairly often, this will take at least 3 days : 24h for our Bank, 24h for the Intermediary Bank and the day after that for your Bank.



2. Fees, oh yes those evil fees! Yep even us are not to fund on them! The fees that has been mentioned earlier are external to Mt.Gox. By this I mean that in this very case intermediaries and Banks are in fact receiving those fees and not us!

And to follow on this very important subject, we are working/negotiating better fees and hope to offer you soon something better in this regards. We have a few solution that we would love to see happening soon!



Cheers!

Mt.Gox Merchant Solutions : Mt.Gox : The Leading International Bitcoin Exchange.Mt.Gox Merchant Solutions : https://mtgox.com/merchant

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LegendaryActivity: 924Merit: 1003Firstbits: 1pirata Re: [ANN] MT.GOX - SEPA Withdrawals Are Back Again! May 14, 2012, 02:03:53 AM #19 Quote from: Mt.Gox Support on May 14, 2012, 01:14:41 AM A bit of calcification is needed here.



1. 1 to 5 Business Day. Yes we all agree on this point that SEPA transfer as to be done in 1 business day or 24h. However, experience taught us that it can take, depending of the bank and circumstances (Public Holidays and so on) up to 5 business day. Also if the an Intermediary bank is involved in the process, and this happen fairly often, this will take at least 3 days : 24h for our Bank, 24h for the Intermediary Bank and the day after that for your Bank.



2. Fees, oh yes those evil fees! Yep even us are not to fund on them! The fees that has been mentioned earlier are external to Mt.Gox. By this I mean that in this very case intermediaries and Banks are in fact receiving those fees and not us!

And to follow on this very important subject, we are working/negotiating better fees and hope to offer you soon something better in this regards. We have a few solution that we would love to see happening soon!



Cheers!



1. There is no intermediary bank in SEPA zone, only SWIFT messaging is used between them. Tranfers show up in the receiver account in 24h and are made effective, can be spent, in 48h.



2. Fees are non-existent but some banks do charge a fixed fee (1,50-2,50 euro) depending if the funds are sent locally or outside national borders. The only reason i can come up with for mtgox to charge such a high fee is if they pass their international wires to SEPA fee onto their customers successfully disabling any advantages the euro zone provides. 1. There is no intermediary bank in SEPA zone, only SWIFT messaging is used between them. Tranfers show up in the receiver account in 24h and are made effective, can be spent, in 48h.2. Fees are non-existent but some banks do charge a fixed fee (1,50-2,50 euro) depending if the funds are sent locally or outside national borders. The only reason i can come up with for mtgox to charge such a high fee is if they pass their international wires to SEPA fee onto their customers successfully disabling any advantages the euro zone provides. BTC itcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep