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Are there any better ways to exchange MTGUSD to real USD with lowest fees and the shortest time?

I had mining some bitcoins and exchange them to MTGUSD at Mt.Gox. But how do I actually use the USD in real life?

I proposed the following solutions but cannot determine which is the best one:

  1. International wire to my local bank, with 15~25 USD as fees. (of course I had more than 50 MTGUSD)

  2. Exchange them to MoneyPak at #bitcoin-otc. Then deposit them to Paypal Dollar.

The first one seems logical, but the fees are so high. If I have only 100 MTDUSD to transfer then the transaction fees will be about 25%.

The second one seems good but it's really complicated. First I have to figure out how bitcoin-otc works, then I'll need to figure out how moneypak -> paypal and calculate the fees (4.5 USD?). Furthermore, I cannot calculate the total fees and the time for transferring.

  • 1
    as long as you deal with trustworthy members of otc, you can just get paypal directly. when selling hard currency like bitcoin or goxusd, you will generally have a much easier time getting willing counterparties. also note that mtgox allows you to withdraw to dwolla directly, which only takes 25cents of transaction fees. from dwolla, you can ACH directly to your bank. – nanotube Jan 22 '12 at 5:12
  • @nanotube: Presumably the OP is not in the US, so Dwolla and ACH are irrelevant. – Meni Rosenfeld Jan 22 '12 at 5:43
  • @MeniRosenfeld: yes, I am in Taiwan, which is an island near China. So Dwolla or ACH are not available to me. – Leonard Huang Jan 23 '12 at 9:32
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You can sell MTGUSD directly at bitcoin-otc or at bitcointalk. If you deal with reputable members, the risk of a receiving a chargeback is minimal.
Note that you don't need to register at bitcoin-otc to do this. Just drop by the channel and announce that you are selling.

Bitinstant used to have paypal withdrawals, but they aren't working at the moment.

  • Seems a good choice. I'll try it as soon as possible! – Leonard Huang Jan 23 '12 at 9:33
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Just found this site recently, looks great: https://www.aurumxchange.com/

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Instead of bitcoin-otc you can find counterparties by posting on bitcointalk.org, which is easier to use. You don't really need to go through Moneypak either - direct Mtgox USD for PayPal USD will work.

The main problem with using PayPal for Bitcoin trades, which is their anti-Bitcoin policies, isn't very salient with person-to-person transactions. The other problem, chargebacks, means you need to transact with someone reputable.

Don't fret if you end up paying a few percentage in fees, they should only amount to a small part of your mining profitability.

Alternatively, instead of using mtgox, you could try selling the bitcoins on cryptoxchange, which are supposed to have more friendly deposit/withdrawal options for international customers.

  • Incidentally, the difficulties of getting money into and out of the big exchanges is why I strongly believe in local Bitcoin exchange services, which I also happen to run. – Meni Rosenfeld Jan 21 '12 at 18:41

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