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I know my bank (HSBC) charges me $20 AUD to make a wire transfer. But how much is charged by MtGox to receive this wire transfer on say $1000 AUD?

I'm tossing up between cryptoxchange and MtGox - MyGox has better prices to buy bitcoins in AUD, but I have to know how much it will cost to send them my money. I can deposit $1000 AUS in cryptoxchange with no fees.

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    Are you withdrawing from Mt. Gox or depositing? It isn't really clear. – Stephen Gornick Aug 16 '12 at 10:14
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From the International Wire Transfers - Deposits section of MtGox's FAQ:

Our bank charges a receiving fee of 1,000 Yen. You can send wires in any currency to our bank in Japan. Funds sent in non-USD will either be added to your wallet in that currency if you have one, or converted to USD with a 2.5% exchange fee. Any fee charged by your bank or an intermediate bank will be deducted.

If you plan to invest more than 50000 USD or equivalent on the long term in bitcoins, we need to know about you. In this case please use our verification system to get your account verified first. Submission of forged documents will result in declaration to the appropriate authorities.

Not following the instructions written below can result in your funds being lost, or handed over to the local authorities while pending investigation.

Also note that International deposits lower than 75 USD (or equivalent) typically result in only a small amount of funds being deposited into the receiving account or may be rejected because the amount of fees went over the amount of sent funds. This is due to intermediaries and banking fees.

Google tells me that 1000JPY is worth about 12AUD.

There is a mention of another method "Technocash" having issues, which likely means it's no longer available. It also mentions that AurumXChange will soon accept Australian bank deposits (no mention of withdrawals, but you could hope!).

  • I think you have mistakenly quoted the fee for a withdrawl, because the "Funding Options" page says: "Funds sent in non-USD will either be added to your wallet in that currency if you have one, or converted to USD with a 2.5% exchange fee. Any fee charged by your bank or an intermediate bank will be deducted. Our SMBC bank charges a 1,000 Yen receiving fee." – deltanine Aug 16 '12 at 5:34
  • @deltanine, sorry, I misinterpreted the question initially, as this bit "to receive this wire transfer" made it sound like you were receiving funds. Re-reading it, it says the opposite. Hopefully my answer pointed you to the right place anyway! – Highly Irregular Aug 16 '12 at 7:33
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Well, I just transferred $1000 AUD and received $987.38, which seems to correspond with a 1000 Yen receiving fee. Transfer was made mid morning Friday via HSBC and I had the funds by COB Tuesday, but apparently there was some delay because my account was not verified so they couldn't release the funds. Support was very helpful in sorting that out, but they really should mention on their website you need to be verified to deposit funds via wire.

I just noticed that they now have a local bank account (Technocash) to deposit in Australia, but it charges 3.95%. Given that HSBC charges $20 AUD to make a wire transfer, and MtGox's local bank charges 1000 Yen ($12) that works out to be about 3.2% on my transfer, so for anything less than $810 AUD it would be cheaper to do the direct bank deposit via Technocash.

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