capt.sparrow
New Member
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 isstolen 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?
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
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?
