Silk Road forums

Discussion => Security => Topic started by: lovestory420 on March 13, 2012, 09:04 am

Title: Using Bank Account Funds to send directly to mt.gox? Also help Western Union?
Post by: lovestory420 on March 13, 2012, 09:04 am
1. I have just opened a Wells Fargo account, I am wondering if I can transfer funds directly to mt.gox without that being 'illegal' or like monitored/frowned upon by my new bank (wells fargo sometimes under wachovia)
Or should I add the account to dwolla, then send that money to mt. gox.. then get my coins. I just think this takes a lot longer with dwolla. Its like a long time. And id rather just send it straight to  mt.gox is that do- able/legal for bank account?

2. I could not use a Wells Fargo ATM to withdraw money from my Moneywise Visa Debit Card, it has like $300 dollars on it and I can not get it out of the ATM. Should I Just send the money to myself or something? I don't know how to get money out of account. I was on phone with WU all day. My pin is correct, my information is all correct, unless I am supposed to only use the Western Union ATM to WITHDRAW money, then I have no clue how to get funds out as cash and dont know what to do besides send myself some money in a money transfer. Ugh. Help
Title: Re: Using Bank Account Funds to send directly to mt.gox? Also help Western Union?
Post by: Moon on March 13, 2012, 06:20 pm
You can indeed send money to mt. gox. Go to funding options and choose "International Wire." However, this is quite expensive (because it is very fast). My bank charges $75 for international wires.


I'd recommend adding your bank account to dwolla, waiting for it to be approved, and then put money from dwolla into mt. gox into bitcoin.
Title: Re: Using Bank Account Funds to send directly to mt.gox? Also help Western Union?
Post by: Oldtoker on March 15, 2012, 09:04 am
I agree.  Dwolla is slow to receive money from your bank account (about five working days).   But, what I do is to try and keep a few hundred bucks in Dwolla.  Getting money into Dwolla is what takes time.  Once the money is in Dwolla it's only a short period of time before it gets into Silk Road. 

This way I can buy Bitcoins when the price is low and buy my goods on Silk Road when the price is high. 

Or, if you don't want to try and make money off of the Bitcoins, just wait until you find what you want on SL and then convert the money to BTC.   Then immediately re-fill the Dwolla account so your ready for your next buy.
Title: Re: Using Bank Account Funds to send directly to mt.gox? Also help Western Union?
Post by: tororo on March 15, 2012, 10:30 am
International wire is what I've done the few times I transferred money into my Mt. Gox account. The first time it was great, lost about 6 bucks or so to 3rd party processing fees. This last time, I ended up with a whooping $17 being "lost" along the way to greedy banks processing my int'l wire. I might try the Japanese account next time and see if that makes a difference, but if it doesn't I'm gonna have to go the dwolla way.