How can I convert Bitcoins for withdrawal to PLN

Question

For years we've been paying exorbitant fees just to transfer our own hard-earned money from one country to another. I'm in Poland at the moment and find I need to transfer funds from my US checking account to a local one (mBank) regularly to pay family bills etc.

Citibank for instance quietly dings me over 2.5% lower exchange rate than the current central bank rates, and about an additional 3% for "foreign transfer fee" against my account. No credit card--That's just using my ATM/debit card at a "local" Citibank S.A. teller. I would prefer a bank-to-bank xfer (not an expensive wire xfer) rather than have to drive to the city anyway, only during that one ATM's operating hours etc. Paypal is not much better.

Can Bitcoin be used as an intermediary?

USD --> BTC --> PLN

I like the idea of going through two exchanges ACH'd to my bank accounts on each side, but do their transaction fees and currency conversion rates make it worth the while?

Also, apparently last year 2011 there was still one online service able transfer PLN to/from your Bitcoin address, now they are shut down. Anyone know others methods to cash out of BTC in PL?

MtGox took that exchange over, and they seem to also own their bank account (in BZWBK I think), so it might be an option, although an unconfirmed one. — ThePiachu, Jan 19 '12 at 23:58

score 11 · Answer 1 · answered Jan 19 '12 at 22:54

11

Intersango trades BTC/PLN and offers free domestic withdrawal as PLN.

answered Jan 19 '12 at 22:54

Stephen Gornick

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ACH & Dwolla support, via local USA account (@JPMorgan Chase). On Polish side: advertise free xfers but from London-based account (@Bank Zacodni). mBank.PL fees are likely.

Marcos

Jan 19 '12 at 23:13

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Also their Bid/Ask tables for USD and PLN show very large spreads, on order of 10%, and low volume. ==> Illiquid. Maybe this is due in part to nature of BTC – Marcos Jan 19 '12 at 23:19

Not free trading anymore. Recent fee changes: 0.65% of all trades. – Marcos Feb 16 '12 at 22:28

https://www.facebook.com/events/194390124098344/199472600256763/?comment_id=199525860251437 – Marcos Jan 12 '14 at 09:35

score 4 · Answer 2 · answered Jan 19 '12 at 22:31

The answer is yes, if:

1) You can find local sources to convert to and from Bitcoins;

2) The total cost of those two conversions is competitive; and

3) The risk, delay, inconvenience and other such factors are favorable or at least manageable.

I think in many cases, point 3 may be the killer.

score 2 · Answer 3 · edited Jan 20 '12 at 13:45

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This is not an answer to your question, but an alternate way.

Where I live I can get an ATM card for free (no yearly fee) but with a withdraw fee if abroad ($5?). I tranfer this card and its code to the relative that needs money (I brought it with me when I visited last time); this is most probably not approved/legal from the bank's view.

Now the relative can get ~$200 (maximum withdrawal amount per withdrawal) for ~$5, a "fee" of 2.5%.

edited Jan 20 '12 at 13:45

o0'.

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answered Jan 20 '12 at 09:40

Anonymous A

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For a short period around 2006-07 I was able to have my fam in PL use my one and only permitted Citibank ATM card withdraw PLN from Citibank S.A tellers completely free, and at mid-market rates better than at kantors(xchange kiosks everywhere). Eventually they started charging 2%, then 3.x%, then plus other junk fees, etc. Good suggestion but our trouble is in finding dispensers of USD not PLN--just doesn't happen around Kielce. – Marcos Jan 23 '12 at 09:52

How can I convert Bitcoins for withdrawal to PLN

3 Answers3