How do you people get fiat into your accounts on overseas bitcoin exchanges without being scalped in the process? Obviously "wiring" money across is a no go due to massive fees from 1. currency conversion rates via the banks are notoriously bad for you (the customer) 2. transfer fees are typically around $25 to $30 3. then there are the 'other' transfer fees which include amounts the intermediary and destination banks scalp you for - this is typically where most of your money is stolen lost in fees. If you count up all the fees in 1, 2 and 3 then you're typically going to lose 10% of your AUD fiat which you started with... more for smaller amounts. So what are the alternatives to bank wire transfers?? 1. OzForex ? Apparently they have recently come out saying they will not allow transfers to destination bank accounts associated with bitcoin exchanges (what the business of the destination account is (as long as it's a legal entity) should be none of their concern) 2. CurrencyFair ? This seems like an excellent option to me! however, i've also found information indicating that - like the case of OzForex - they too are interfering in peoples' business by refusing to allow transfers into bank accounts having any links to bitcoin exchanges??? Can anybody confirm whether this is true?? I actually thought that this must be the method which the "big time" bitcoin players on this site must be using, since they refer to trading arbitrage using overseas exchanges such as btc-e.com, anx.hk and mtgox.com to name a few. This would be very possible if they were using CurrencyFair to move their fiat around ... as they would not lose much in fees this way. However, since i've discovered that CurrencyFair does not allow transfers to bitcoin alligned bank accounts I have to ask HOW do you guys move fiat to/from exchanges?
I can 100% confirm that Ozforex will not accept transfers to businesses that deal with Bitcoin. I just got off the phone with them now.
yeh, bunch of %%%^!!!'s aren't they!!?? I used to use them often for business etc but out of principle i will never use them again! They can get st..d!!!
I don't think stuffed is a banned word, here. I'm pretty sure you can use the word fucked as well, provided you're not insulting others. Example: The exchange rate at my bank fucked me over this morning and I lost a lot of cash. But of course, screwed is a perfectly good substitute.
Well fuck me. This fucking board has a fucking auto censor that changed my fucking word like all fuck to something it fucking wasn't!
Unless you have a local bank account to the exchange then it's likely you'll be hit with wire transfer fees. I haven't seen any way around it as practically nowhere accepts debit/credit cards.
CurrencyFair was a very good way around it ... Since they have decided to side with the bankers and government against freedom loving people who choose to support bitcoin the market now has a gaping hole for an entity to rise up and take over the role formerly occupied by sellout companies such as CurrencyFair and OzForex
Personally, he's not using the word "socialist" enough in his posts as in "those crony-capitalist socialist fascist mafia government banksters".
why should i? With you it's a case of "bugger you Jack - I'm fine!" :lol: Don't stir the pot too much cos i'm making a friggin' fortune here mate :lol: selfish tool
1. Buy BTC locallly 2. Transfer BTC to overseas exchange 3. Wait for BTC/USD to rise to cover losses in steps 1 and 2 4. Sell BTC for USD 5. Profit!
So Captain, did you manage to buy a single coin of any kind? I haven't... Got tangled up seeking ways to feed my accounts with fiat and just doesn't work. Verification processes take more than a week, some say "10 days or longer". I suppose the exchanges don't have the interest to allow us to buy Bitcoin while it's still cheaper than it will be in the future. So they draaaaaaaaag... and by the time they allow us in, Bitcoin will cost 1,000+ $. Couldn't buy a single coin. Terracoin, Namecoin and Primecoin have difficult wallets. Not synchronizing or simply not installing properly.
Sharing is caring. BTW, anyone know a way of avoiding the bitcoin-qt transaction fee? I know it is small but I find it annoying.
Just curious ... if you were going to make use of arbitrage to profit off of differences in prices between local and overseas exchanges (guess whose more expensive :lol: ) then this would obviously not be the way to do it. You could only do it if you could get fund in/out of overseas exchanges with very low fees (eg using CurrencyFair before they stopped this service)... In fact, why bother with step 2 at all? You would make more money by leaving the BTC here in Australia and selling later once prices go up as you wouldn't have to contend with costs of moving fiat to and from overseas exchange..
I share your frustration mate! Actually i did take the plunge and bought a few coins at these current bloated prices :lol:
