Need Eurozone SEPA transfers
Steve1943
Posts: 1 Tin ✭
As a total newbie resident in the Eurozone (France), I tried to make my inital funding deposit (€100) by bank transfer. Imagine my horror when BitGold proposed bank wire transfer to Canada.
1) Typical bank admin charge to send a wire transfer is €30, before any forex charges, OR receiving bank charges. So for any sum below €3000, wire transfers are impractical.
2) Per the ECB, 10% of all wires transfers are misrouted or delayed! So for all the expense, they dont even work properly.
Which is precisely why the SEPA system was created.
SEPA features automated transfers based on IBAN codes specifying the country, bank, branch and account number. Most online banking services allow users to initiate one-time or recurring payments to any payee with an IBAN code.
All BitGold needs to do is specify one receiving bank account in any Eurozone country it chooses; so users throughout the Eurozone could then execute transfers to that account gratis. Users elsewhere in Europe (EEA including Switzerland) could do likewise subject to a modest forex conversion charge. Or preferably, transfer to a nominated receiving bank in their own currency area.
Identification of deposits could be with onetime remittance codes (as at present).
Alternatively, user account ID alone would suffice, provided users use odd amounts for their remittances to make them easily distinguishable. This is what many bitcoin dealers do.
1) Typical bank admin charge to send a wire transfer is €30, before any forex charges, OR receiving bank charges. So for any sum below €3000, wire transfers are impractical.
2) Per the ECB, 10% of all wires transfers are misrouted or delayed! So for all the expense, they dont even work properly.
Which is precisely why the SEPA system was created.
SEPA features automated transfers based on IBAN codes specifying the country, bank, branch and account number. Most online banking services allow users to initiate one-time or recurring payments to any payee with an IBAN code.
All BitGold needs to do is specify one receiving bank account in any Eurozone country it chooses; so users throughout the Eurozone could then execute transfers to that account gratis. Users elsewhere in Europe (EEA including Switzerland) could do likewise subject to a modest forex conversion charge. Or preferably, transfer to a nominated receiving bank in their own currency area.
Identification of deposits could be with onetime remittance codes (as at present).
Alternatively, user account ID alone would suffice, provided users use odd amounts for their remittances to make them easily distinguishable. This is what many bitcoin dealers do.
Comments
SEPA deposits/withdrawals were available, but have been temporarily disabled. See here:
http://community.bitgold.com/discussion/453/sepa-withdrawals
Is there an ETA for when SEPA transactions will be available again?
=> Why doesn't Bitgold just have a EU based bankaccount?
Still you can make a bank deposit to your BitGold account, you don't have to wait when SEPA will available again.
I'm new here and I'm discovering that at the moment, making a deposit from Europe is simply not possible under reasonable conditions : Crazy !
Any news on this ?
Just go to the deposit option. Then choose 'other payment methods' and choose to what vault. Then you choose to deposit in EUR. Now you can choose the sofort service. Here you have to choose your bank and then the online banking stuff... and it's deposited right away directly from your bank account into the Goldmoney vault you have chosen.