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How to Move Funds in/out of RippleTrade for US Customers


Rippler123
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I know this has been challenging at times, for us American folks to be able to get funds from our banks into RippleTrade.

With the Snapswap and BTC2Ripple gateways closing their doors for US customers, we have to be more creative to move our funds in and out of RT

I would certainly recommend taking the time to get Bitstamp KYC approved. Once you are Bitstamp approved, its easy to move BTC from your favorite bitcoin exchange (Coinbase, Circle, etc.) into Bitstamp and then convert to USD IOUs into your Ripple Account, or BTC IOUs if you want.  I've heard mention the new Gatehub gateway offers USD transfers via wire.

Please let me know of any other methods for getting funds in/out of RT for US customers that you are aware of. Thanks!!!

 

 

Edited by Rippler123
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If you need to move large amount, $50 international transfer fee to foreign gateway would be not a big deal for you. I personally do not see any point to deposit funds into ripple until robust ILP-enabled USD gateway appears in USA.

 

 

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Guest Haydentiff

do they exchange at market rates?

I've only used it twice, but I got good rates (market or very close to it).

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Gatehub still accepts international wire transfers from US based customers. I used it several times and it works great. The wire transfer fee however is hefty; it's about $45 from my bank. So, I'd recommend depositing a significant amount if you take this route to make it worth it.

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I just found this new exchange: LZF.com

They are US based and offer ACH transfers. They operate a little differently when placing orders. Commission is charged when placing the order, and you accumulate "Royalties" which you collect when your order executes.  Volume is extremely low right now, but they still look promising.

Here's an announcement from their site:

LZF is now in public beta! We are thrilled to offer the following new services to everyone:

USD currency support with FDIC insurance on all USD deposits through LZF 
- USD/BTC market 
- Full service availability in 49 U.S. States and internationally 
- Instant KYC verification for most U.S. users - just fill out our form, submit a photo of yourself and you're instantly able to use our fiat services. In some cases, you'll be asked questions which only you should be able to answer 
FREE 15-minute domestic and international wire transfer deposit credits during normal banking hours (9am-3pm EDT) 
$2.00 15-minute domestic wire transfer withdrawal service during normal banking hours (9am-3pm EDT) - Yes, dollars in your bank account within 15 minutes! 
- $50.00 15-minute international wire transfer withdrawal service during normal banking hours - Yes, dollars in your bank account within 15 minutes! 
- FREE ACH deposits (funds credit to account in 3 business days) 
- FREE Next-day ACH withdrawals 
- Instant ACH bank account verification via supported bank login through LZF (30 supported banks) 
- $2,000/week deposit velocity via ACH 
No deposit limits on wire transfers (domestic and international) 
No more deposit limits on crypto currencies 
No withdrawal limits 
No trading limits 
Fully autonomous service

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I have some USD on it's way to them now- if I can buy BTC for less that circle's rate I'll be pleased. But somehow I feel my orders are going to sit around for a few days before they execute- so we'll see how this royalty thing works out. I don't see how they can pull off these 15 minutes wires- or even the 1 day ACH for that matter. They do have a really fast KYC and bank account verification process though.

Edited by LexLuther76
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It's funny how to join the revolution (Ripple) for fast and easy payments around the word, one need to pay huge fee and make 3-4 passages and wait days :)

 

PS: someone should start selling XRP via Paypal.

PPS: you can transfer USD to EUR to gatehub/snapswap using tranferwise or currencyfair. It will take less than international transfer (actually as a SEPA transfer) and with LOOOOT less fees.

Edited by tulo
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Not a good idea due to potential chargebacks.

Yeah, not for the public, but maybe for known people in this forum or other communities. And maybe charging 3-5% for fees that is for sure better than the fee of shapeshift or international transfer for small amounts.

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I have considered the Paypal route since I could use the USD and/or exchange fairly easy (my bank offers US accounts and/ or a fair exchange rate... or I could just go shopping State side), but I would worry about charge backs.

 

I wonder... would an escrow set up even be worth the cost- I imagine to protect or cover the risk the fees would quickly rack up to the same as other payment options and in the end just operate as a gateway (or a MSB and therefor adding to the costs). A better option might be offering a small XRP ATM. Say a $20-50 in a 24h limit... even if someone charge backs the amount the loss is not overwhelming and that user can be blacklisted.

Edited by Mercury
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Some (trustful!) Europeans here can do a non-profit service perhaps ? I wouldn't mind as I'm retired and can spend some time on this ...

You send USD to a PayPaL account (without mentioning Ripple or crypto as PayPal still may not like it) > we can go over Gatehub or Bitstamp to put those USD minus costs on your Ripple account (as USD, you just need to trust that selected Bitstamp/Gatehub gateway) > you can trade the USD for XRP yourself ...

Edited by kanaas
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