Cashing out methods

[Milly238]

I am normally a bitstamp user but just recently did a $50 wire transfer and was charged $15....  

the fee schedule says 0.09%, so if I were to theoretically cash out 500k, I’d have to pay a $45,000 wire fee? Am I understanding this correctly?

 

if so, are there cheaper methods so I am prepared next bull run? (Ps, I don’t have anywhere close to 500k, was just a number I choose as example)

 

thanks  

Edited July 9, 2019 by Milly238

[thetamind]

Your math is off, the fee would be 450 dollars at 0.09%

[SGoldstein]

Been using Bitstamp only - for mostly withdrawals and buying. $15 fee for $50 doesn't sound right. Contact them via a ticket to get this resolved.

[Guest]

When you cash out 1M and pay 450k wire transfer fee

[LilBender]

Send all your zerps to me and I will send fiats to the same wallet 

[Guest]

1 minute ago, LilBender said:

Send all your zerps to me and I will send fiats to the same wallet 

I thought that’s what we had to do anyway?  I’m not sure how much longer I can keep on buying $50 worth and then sending it to you though...

[richxrp]

7 hours ago, Milly238 said:

I am normally a bitstamp user but just recently did a $50 wire transfer and was charged $15....  

the fee schedule says 0.09%, so if I were to theoretically cash out 500k, I’d have to pay a $45,000 wire fee? Am I understanding this correctly?

 

if so, are there cheaper methods so I am prepared next bull run? (Ps, I don’t have anywhere close to 500k, was just a number I choose as example)

 

thanks  

This is the withdrawal fee for international transfer from their website:

Quote

Withdrawal

0.09%fee, minimum fee is 15.00 USD/EUR on Bitstamp's end and may incur additional international bank fees

minimum is 15.00 fee. for $500k, the fee would be 500,000 x .09/100 = $450. Your total cost may be more if your bank charges you a fee for the wire transfer as well on their end.

Edited July 9, 2019 by richxrp

[Milly238]

38 minutes ago, richxrp said:

This is the withdrawal fee for international transfer from their website:

minimum is 15.00 fee. for $500k, the fee would be 500,000 x .09/100 = $450. Your total cost may be more if your bank charges you a fee for the wire transfer as well on their end.

Thanks for the math lol. I was doing 500,000x 0.09 lol.  I appreciate everyone’s help

[Zedy44]

You can also do $10k daily withdrawals to a bank account via ACH with Coinbase Pro.  There are a number of ways to cash out, but if you want to do a bulk one time movement you'll need to use a wire transfer most likely.

Also, I advise any US resident cashing out more than $10k to call or email the exchange in advance and let them know of your intention and how much money in total.  In the past there were issues with people's accounts getting frozen due to unusually large cash outs and the exchange either not being prepared to process it in a timely fashion or it triggered additional KYC requirements and this got their account stuck in limbo for weeks/months.

[Milly238]

22 minutes ago, Zedy44 said:

You can also do $10k daily withdrawals to a bank account via ACH with Coinbase Pro.  There are a number of ways to cash out, but if you want to do a bulk one time movement you'll need to use a wire transfer most likely.

Also, I advise any US resident cashing out more than $10k to call or email the exchange in advance and let them know of your intention and how much money in total.  In the past there were issues with people's accounts getting frozen due to unusually large cash outs and the exchange either not being prepared to process it in a timely fashion or it triggered additional KYC requirements and this got their account stuck in limbo for weeks/months.

Good info, but one issue with that, say we have a bull run and i happen to cash out 500k.  Chances of me getting an email response from any exchange during a bull run is slim to none.  it may takes months to get a response, and i would hate to keep 500k usd on the exchange for any length of time.  Maybe emailing now, rather than during a bullrun?

[Zedy44]

1 minute ago, Milly238 said:

Good info, but one issue with that, say we have a bull run and i happen to cash out 500k.  Chances of me getting an email response from any exchange during a bull run is slim to none.  it may takes months to get a response, and i would hate to keep 500k usd on the exchange for any length of time.  Maybe emailing now, rather than during a bullrun?

Check their ToS and see if they offer different tiers of withdrawal or deposit limits based on account value and/or trading activity.  Sometimes exchanges increase limits based on additional KYC filing with them.  You may be able to qualify in advance for larger deposit/withdrawal amounts, but I'd still be looking to email or call them before any big movement of funds so they are aware its coming/going.  It will really depend exchange by exchange.  Just make sure you are exiting with an actual currency and not a tethered trading pair.

[Sharkey]

3 hours ago, Milly238 said:

Good info, but one issue with that, say we have a bull run and...

We probably have some time (a decade?) to think and plan for that...

[richxrp]

3 hours ago, Zedy44 said:

Check their ToS and see if they offer different tiers of withdrawal or deposit limits based on account value and/or trading activity.  Sometimes exchanges increase limits based on additional KYC filing with them.  You may be able to qualify in advance for larger deposit/withdrawal amounts, but I'd still be looking to email or call them before any big movement of funds so they are aware its coming/going.  It will really depend exchange by exchange.  Just make sure you are exiting with an actual currency and not a tethered trading pair.

Another  strategy is to cash out to a stable coin .. and then slowly withdraw $x at a time.. Keep the bulk of coins in your own wallet with your own private key and off the exchange..

Of course, if you really really believe in digital assets supplanting cash... you might want to rethink turning everything into cash.. since digital assets aren't supposed to be affected by inflation risk  (the risk of governments printing more dollar bills). On the other hand, without mainstream adoption taking place, we have speculative risk..

Edited July 9, 2019 by richxrp

[XRP-JAG]

5 minutes ago, richxrp said:

Another  strategy is to cash out to a stable coin .. 

Like XRP?

[XRPboi]

5 hours ago, Zedy44 said:

You can also do $10k daily withdrawals to a bank account via ACH with Coinbase Pro.  There are a number of ways to cash out, but if you want to do a bulk one time movement you'll need to use a wire transfer most likely.

Also, I advise any US resident cashing out more than $10k to call or email the exchange in advance and let them know of your intention and how much money in total.  In the past there were issues with people's accounts getting frozen due to unusually large cash outs and the exchange either not being prepared to process it in a timely fashion or it triggered additional KYC requirements and this got their account stuck in limbo for weeks/months.

I bet these delays and issues often have something to do with exchanges not having the capital on hand to support the influx of withdrawals. "Flagging" accounts for issues seems like a safe way to slow withdrawals down for them while more fiat pours in. Coinbase also offers a withdrawal option directly to a PayPal account (which are instant and free). I would'nt be surprised if that is encouraged, considering it encourages keeping "value" 'inside the system'.