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What are the steps to withdrawing from a MtGox account to a bank account in USD?

Mt Gox's Dwolla account is currently (Aug 2013) frozen or shut down.

Are there international transfer, money order, wire transfers that can occur be used?

Can the steps be better defined?

Dominic Tancredi
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  • This is related, but specifically involves Dwolla and is semi-outdated or historical (http://bitcoin.stackexchange.com/questions/5719/how-to-withdraw-dollars-to-dwolla-from-mt-gox) – Dominic Tancredi Aug 05 '13 at 17:28
  • The fastest way is withdraw in bitcoin. And the easiest one. –  Aug 05 '13 at 18:08
  • @ramjet "withdraw dollars" – Nick ODell Aug 05 '13 at 19:35
  • Well if you have a workaround to define steps from Mt Gox -> ??? -> Dollars in Bank account, could you please define the steps? (i.e. Converting to BTC, transfer to another exchange (which), and then ??? – Dominic Tancredi Aug 05 '13 at 22:19

1 Answers1

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One Method

1.0) Using Coinbase, (coinbase dot com) is currently my preferred way. Create an account there and do your homework. They have made the process rather straight forward once you are verified.

1.1) The fastest way to get verified is to link your US based bank account to their service. I would suggest buying a small fraction of one BTC to get verified more quickly, rather than having Coinbase send a couple transactions to your US bank account for you to verify.

1.2) Answer the Coinbase security verification questionnaire quickly. They are following the Know Your Client (KYC) rules. If you take long to answer the questions your verification will fail and you will need to wait 24 hours to try again. In this context KYC refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them in the USA.

2) Convert your USD at MtGox to BTC and send it to your account at Coinbase.

3) After you have been verified you can convert your BTC to USD and transfer the USD into your US bank account rather quickly.

Note that the price you are selling the BTC at Coinbase is less then what you paid for them at MtGox which can be $ignificant if you have many BTC to sell for USD. There are other ways but this is one that has been working well for me. . .

Tornado
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    This is reverse arbitration. You are losing ~$15 by transferring mtgox coins to coinbase and selling there. This is not a good idea. – Eli Oct 18 '13 at 22:47
  • @Eli if there isn't a better idea, then this is the best idea available. Please suggest a better alternative. – BlueMonkMN Nov 06 '13 at 14:34
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    @BlueMonkMN At post time, doing this on just about any exchange other than Coinbase would have been a better idea. Now, coinbase's price is actually very close to MtGox's so this makes sense now. Point is: transfer your BTC to whatever exchange you can cash out on that has the highest sell price at transfer time. Don't just blindly go with Coinbase. – Eli Nov 07 '13 at 20:11
  • I used http://www.bitcoin-brokers.org/ and it worked out pretty well. – BlueMonkMN Nov 11 '13 at 13:59