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  1. #1
    Elite Yquem's Avatar
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    Faster withdrawal time?

    Do you have anything in mind about the withdrawal time or to speed it up?
    - Get some documentation
    - Pre approval
    - After first withdrawal (takes long time) - the next can be shorter
    Peace - Yq (Twit: http://twitter.com/V_Yquem_P)
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  2. #2
    The most time consuming aspects of processing participant withdrawals are the intensive anti-fraud and anti-money laundering procedures that must be performed for all withdrawals, large or small. In addition, our team must also be sure that PED being withdrawn have been acquired fairly and in accordance with the Entropia Universe Terms of Use and EULA before the withdrawal can be approved.

    Withdrawal requests are placed in a queue based on the date of the request, and the queue is processed as quickly as possible while ensuring that all of the procedures described above are completed sufficiently.

    Regarding your idea for pre-approval, this unfortunately is not practical since we would still need to perform all of the anti-fraud, anti-money laundering and internal security procedures.

  3. #3
    Guardian unufain8's Avatar
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    Consider in hiring some more people in that departement because 50 business days to approve a withdraw its pathethic. You immediately accept any deposit which may be a money laundering but you make the withdraw process so long. This only makes me think it takes that long so you can somehow force the participant to have a second thought or even to cancel the withdraw request. The story youre telling its just a story.

  4. #4
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    Quote Originally Posted by Henrik|MindArk View Post
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    The most time consuming aspects of processing participant withdrawals are the intensive anti-fraud and anti-money laundering procedures that must be performed for all withdrawals, large or small. In addition, our team must also be sure that PED being withdrawn have been acquired fairly and in accordance with the Entropia Universe Terms of Use and EULA before the withdrawal can be approved.

    Withdrawal requests are placed in a queue based on the date of the request, and the queue is processed as quickly as possible while ensuring that all of the procedures described above are completed sufficiently.

    Regarding your idea for pre-approval, this unfortunately is not practical since we would still need to perform all of the anti-fraud, anti-money laundering and internal security procedures.
    These sentences say nothing we haven't heard before. There are three things with this I don't understand:

    1. How do other companies solve this problem? There are no such delays withdrawing Linden Dollars from Second Life. There are seldom delays withdrawing money from any legal betting or gambling outlet (not meaning to throw Entropia in the same pot with them, only looking at the withdrawal process and implying that security and regulation for them must be even stricter). Why is it different only here?

    2. Why are users penalized who exclusively use deposit methods which are safe from the viewpoint of MindArk as receiver of the funds? That is, direct bank transfer (domestic or SEPA or SWIFT) or direct debit cards.

    3. For those using fraud-ridden credit cards, the critical period within which chargebacks can occur starts at the time of DEPOSIT, not request of withdrawal. Once you can be assured of the funds, what obstacles are there to paying them out?

    In essence, what can the user do (or rather, why can't we do anything) to cooperate with your essential security interests in order to speed up the process? How can all those Swedish casinos with their ubiquitous TV ads offer withdrawals within minutes and you can't? When DeepToken was a thing I had hopes that this would address the issue, but it wasn't meant to be.

    Can you perhaps offer tiers depending on the effort and risk with legal remedies available to you? Like instant domestic withdrawals (i.e. with a Swedish personnummer on file), within a day or two in EU/EFTA, within a week to other countries with compatible jurisdictions and legal assistance agreements such as the Anglosphere/Commonwealth, and the rest depending on individual risk (cf. secure deposit methods above)?

    I'm not questioning necessary security measures (like know-your-customer policy etc), but why it is so bad only here. The extreme and even for the industry unusual asymmetry between deposit and withdrawal times keeps me from considering this RCE as an actual business opportunity beyond mere playing/dabbling. This implies no accusation and I know that many do business with Entropia successfully. I have no reason or evidence to distrust that all withdrawals are honored. But the time to liquidate remains an issue. (In more doubtful moments it can raise the suspicion that withdrawals depend on new deposits coming in. This is not the case, I hope.)

    Thanks to OP for asking a question I also consider among the most important and urgent.
    1. I NEVER post off-topic.
    2. If you disagree, go to 1.

  5. #5
    Elite Yquem's Avatar
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    Quote Originally Posted by Henrik|MindArk View Post
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    The most time consuming aspects of processing participant withdrawals are the intensive anti-fraud and anti-money laundering procedures that must be performed for all withdrawals, large or small. In addition, our team must also be sure that PED being withdrawn have been acquired fairly and in accordance with the Entropia Universe Terms of Use and EULA before the withdrawal can be approved.

    Withdrawal requests are placed in a queue based on the date of the request, and the queue is processed as quickly as possible while ensuring that all of the procedures described above are completed sufficiently.

    Regarding your idea for pre-approval, this unfortunately is not practical since we would still need to perform all of the anti-fraud, anti-money laundering and internal security procedures.
    Is it correct that to keep fee to a minimum you need to withdraw no less than 10.000 ped each time?
    Peace - Yq (Twit: http://twitter.com/V_Yquem_P)
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  6. #6
    The extreme and even for the industry unusual asymmetry between deposit and withdrawal times keeps me from considering this RCE as an actual business opportunity beyond mere playing/dabbling.
    You are not alone.

  7. #7
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    Quote Originally Posted by Yquem
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    Is it correct that to keep fee to a minimum you need to withdraw no less than 10.000 ped each time?
    1% charge or at least 100 ped

    I withdrew my money today. Let's see how long it takes, I have heard something from 6 months

  8. #8
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    Funny explanation and it is completely false.

    You will never be able to fight money laundering without "know your customer" policy used in banks and other financial services providers. All you can ask for is scan of ID and passport which proves nothing besides personal data. You are not a bank nor finance institution to be obliged to follow any anti-laundering money policy.

    Also, you have no system to detect it anyhow. All is done manually by bored and underpaid MA human workers. Banks have their self-learning robots and thousands employees who monitor millions of transactions on a daily basis. You use AML as a simple excuse to delay withdrawals as much as possible.

    If I will transfer 150k USD from my account in Sberbank, then I will close my Sberbank account and then request it to transfer my peds to my offshore bank account on Cayman Islands you will have zero legal force to prevent me from doing so. You are not a bank, not a legal finance institution, not even a real cash economy game. Not withdrawing my money would only undermine playerbase trust in MA. You can't just simply reach out to community and say "We did not withdraw his money coz he looks suspicious for us". You need to have evidence which you cannot legally acquire in any way. I am not gonna have to prove you how I got this money and will never be legally obliged to provide any explanation why I transfer it to Caymans.

    All can launder money here as much as they want. You can use the net of shadow-companies registered on family members, friends or shared identity and their company bank accounts. Sometimes all you need to do is to cycle it once or twice. As long as I do not violate any in-game rules or exploits I am safe.
    Last edited by Geralt; 03-14-2019 at 11:08.

  9. #9
    Prowler Lefty's Avatar
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    Quote Originally Posted by GermanMan View Post
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    1% charge or at least 100 ped

    I withdrew my money today. Let's see how long it takes, I have heard something from 6 months
    Withdrawals take up to 50 Swedish business days. That's two and a half months. My test withdrawal last year came through in one and a half months.

    But your understanding of the fees is very different from mine. The minimum amount to withdraw is $100 USD, which is 1,000 PED; and from $1,000 USD (10,000 PED) up the withdrawal fee is a set %percentage of the amount withdrawn, however I am under the impression that below $1,000 USD there is a set withdrawal fee of $10 US (100 PED), making 10,000 PED the minimum amount to achieve the minimum % fee on withdrawal. I could be wrong, I've been wrong before, but I'm not as interested in picking through the ToS tonight as I am in catching up with new forum activity and logging in.
    .... just one man's opinion

  10. #10
    Quote Originally Posted by Lefty View Post
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    Withdrawals take up to 50 Swedish business days. That's two and a half months. My test withdrawal last year came through in one and a half months.
    my withdrawal from 12th january got commited today, which was a bit faster than my withdrawal last year, which took about 3 months.

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