How to withdraw funds from Gatehub

[turdle]

I migrated rippletrade account to Gatehub and now I want to withdraw to my bank, what else do I need to do? It is not obvious on the site at all.

[JoelKatz]

When you migrate the account, your existing funds don't move, only the account (the ownership and control over the funds) does. So there's no change to the withdrawal process. Whatever you would have done before you migrated is still what you do. What kind of funds did you have?

[enej]

1 hour ago, turdle said:

I migrated rippletrade account to Gatehub and now I want to withdraw to my bank, what else do I need to do? It is not obvious on the site at all.

+1 what @JoelKatz said plus:

If you want to withdraw funds via GateHub you need to:

1. Connect to GateHub Gateway on Home Page (if you haven't already)
2. Move funds from your Ripple wallet to one of your Hosted wallet
3. Select Hosted wallet and click: Send Payment > Bank and enter your withdrawal information

Please let me know if you need additional help.

 

[turdle]

Thank you enej I am not sure what a hosted wallet is, I migrated my ripple wallet, how do I create or get a hosted wallet?

Edited March 3, 2016 by turdle

[Twarden]

15 minutes ago, turdle said:

Thank you enej I am not sure what a hosted wallet is, I migrated my ripple wallet, how do I create or get a hosted wallet?

Your default wallet, Primary Wallet, is a hosted wallet.  You can send funds from a ripple wallet that you imported to the hosted wallet by specifying its account number found by going through Wallet > Wallet Drop-down > Primary Wallet > Scroll down to see your Wallet Number to the left hand side.  You can also input Primary Wallet on the payment screen to send funds to the hosted wallet.  

To connect a Gateway, click on the Home tab, click on Connect Gateway, follow the identity verification prompts if you have not done so already (BTW enej, I can't upload a PDF to verify my identity, does the upload form only allow images?), and then follow the prompts to add a trust-line to Gatehub or any other Gateway. 

[enej]

Wow @Twarden thanks for going the extra mile!

By the way I should mention that this intermediary step of first transferring money to hosted wallet and then to your bank is only temporary. We are already testing direct Ripple to Bank payments which will make everything much easier.

Stay tuned!

Edited March 3, 2016 by enej

[Twarden]

@enej By the way, I can't upload a PDF to verify my identity, does the upload form only allow images?

[turdle]

Thanks guys, I ended up creating a new wallet and used send a payment to send money from ripple wallet to new wallet and now I dont see the xrp I transferred, where did it go?

[enej]

5 minutes ago, Twarden said:

BTW enej, I can't upload a PDF to verify my identity, does the upload form only allow images?

Yes, for security reasons we currently only support image files (jpg, png).

 

1 minute ago, turdle said:

Thanks guys, I ended up creating a new wallet and used send a payment to send money from ripple wallet to new wallet and now I dont see the xrp I transferred, where did it go?

Did you click Connect Gateway and follow the process on home page? If not, do that and once GateHub verifies you XRP's will be shown in your hosted wallet.

Sorry for the confusion, this is also one of the things being updated in our next release (a warning to connect gateway first).

[turdle]

Ok I didn't connect gateway unless it reset somehow but under transactions in wallet I moved funds from that the gateway was connected an hour ago.  Hopefully my funds will still be there. I moved 131,000 XP from ripple wallet to new wallet I created and its showing zero balance in new wallet.

Now it says I cannot connect gateway until my profile is updated which I uploaded all documents already. Not sure what this is about making me do this process all over and where my XRP went?

 

Edited March 3, 2016 by turdle

[enej]

33 minutes ago, turdle said:

Ok I didn't connect gateway unless it reset somehow but under transactions it says gateway was connected an hour ago.  Hopefully my funds will still be there. I moved 130000 XP from ripple wallet to new wallet I created and its showing zero balance.

Now it says I cannot connect gateway until my profile is updated which I uploaded all documents already. Not sure what this is about making me do this process all over and where my XRP went?

 

Your funds are safely stored in GateHub's cold wallet.

You have to upload documents on GateHub again because documents that you uploaded on Ripple Trade didn't transfer over to GateHub. Although you have to do this again I can assure that once you do that, you'll be able to connect any gateway coming to our platform in the future (no more uploading!).

In order to use only ripple wallets you don't need to upload documents or connect to GateHub. You only need to connect GateHub if you want to use hosted wallets or withdraw money to your bank account via GateHub. We will be happy to return your XRP if you PM me your email so that I can find your account.

Thanks!

 

 

[turdle]

Ok thanks enaj I contacted support as well so hopefully this gets fixed. 

[Lisieux]

Gatehub staff is always available to help and respond without delay. Nusa help me many times.

[FNetV1]

People wanting to withdraw funds from Gatehub to their bank account might want to check on what country Gatehub's bank resides in order to avoid potential surprises such as bank correspondent fees.  Assuming that this bank is located in EU, and you are located in the USA you might want to check if your particular bank (BoA, Chase, etc) has a correspondent relationship with Gatehub's bank that allows for low to no fees in the transfer, otherwise you might end up paying lots of money in correspondent fees, worse if there is multiple hops of banks each wanting to charge their own correspondent fees before it reaches to your final destination.

So, with all that said, I think that for USA customers that wishes to get rid off as much fees as possible might want to consider creating the following two accounts:

Bitstamp and Coinbase.

Then the Gatehub withdrawal process should be as follows:

Exchange XRP to USD.Bitstamp IOU's by creating a limit order and wait for it to execute, then send the IOU's to your bitstamp's ripple address and your unique destination tag, then exhcange the USD to Bitcoin by creating another limit order and waiting for it to execute, or perform a market order if the price is already low enough and enough liquidity exist there, then send the Bitcoin to your coinbase Bitcoin account (wallet address), and finally withdraw to your bank account.

 

[karlos]

Thanks @enej and everyone else for answering this question!