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40k Withdraw = ~$3250?

Stephenhawking

Stephenhawking

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Stephen StephenHawking Hawking
Hey,

I've commited part of my EU PEDS so 40 000 PED were withdrawed 4 months ago and received $3250 today. I've called my bank and they responded with there are no charges and you had to receive as much as you are waiting. I'm aware that there are charges but $750??

Could someone advise please? Thanks in advance :)
 
I think back in day i pretty much got what I expected, fees are like 1% or something? should be on MAs website but nothing this substantial.

But I can see you are from London? Maybe its some conversion thing? where somewhere, someone charged stupid amounts of conversion fees? 4k USD is 3400 Euro, or 2920 gbp? Thats the only thing I can think of. Youll probably have to ask support tho :(
 
Well, isn't that the conversion ?

Is it really $3250 you received ? Or £3250 ?
 
That is the main reason I always wanted MA to accept crypto. Banksters are dooshbags. Gouging is evil and MA has never made it harder for them. Would be nice if they tried at least.

Crypto is antithetical to banksters and their sly robbery. Crypto can hump them on wednesday and y'all should be in on it.

ps; Why are you using Euros if you are in London? I'm in Canada and I hate the USD conversion I have to do sometimes. It's like brutal.
 
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he siad he received DOLLAR 3250. in case those were EURO on the account or GBP ....
those are worth different from dollar so the same amount can reflect in a different currency
with a differetn amount as Thark correctly spotted.
if were USD there is an error...
 
Sorry, this is my bad. I've said $3250 but actually I mentioned the amount I've received in $ not in BGN which is 5450 or so :)
It seems I bought some drinks to the banks that coverted my PEDs :D

Thanks guys, I wasn't aware that they charge so much, but still $750... I'm afraid to think waht they'll charge next time if I withdraw around 100k ped...
It just doesn't worth
 
didnt you got 3250 euro which is almost 3900 usd and the 100usd fee?
 
i cannot believe that bulgarian banks charge so much.
it is really outrageous.
you better open an online bank accoutn such as Revolut (i got no interest in this specific bank) that allow a free debit card and a USD account
you just report it in your tax for if required and there is NO charge at all adn if you spend there is a 1% visa charge
GL next time mate
 
Msturlese said:
i cannot believe that bulgarian banks charge so much.
it is really outrageous.
you better open an online bank accoutn such as Revolut (i got no interest in this specific bank) that allow a free debit card and a USD account
you just report it in your tax for if required and there is NO charge at all adn if you spend there is a 1% visa charge
GL next time mate
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Thanks for your advice mate. I have Revolut account but I never thought that there are such such taxes while using bankwire :) Next time I will be better prepared
 
unufain8 said:
didnt you got 3250 euro which is almost 3900 usd and the 100usd fee?
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nope just 5450 BGN which is around $3250. My bank stated that I was supposed to receive wahtever was sent :D
 
I have heard also in canada some TD bank MANAGERS are skimming funds off certain people. it looks like you might have been skimmed - so many hands touch it that way too. Binance and Crypto.com also offer bank transfers of converted crypto - but I would never do it that way if I could help it.

Actually Crypto com allows you to spend cash with a debit card. No need for a bank at all. Only bad thing I see is you convert crypto to cash before spending it (as opposed to spending actual crypto - minor detail considering mass adoption is the goal).

Remember when MA was trying to setup a debit card system - NOW IS THE TIME.
 
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Just incase it helps. Withdrawal exchange rate is fixed at the day you initiate withdrawal.
 
Aloisius said:
I have heard also in canada some TD bank MANAGERS are skimming funds off certain people. it looks like you might have been skimmed - so many hands touch it that way too. Binance and Crypto.com also offer bank transfers of converted crypto - but I would never do it that way if I could help it.

Actually Crypto com allows you to spend cash with a debit card. No need for a bank at all. Only bad thing I see is you convert crypto to cash before spending it (as opposed to spending actual crypto - minor detail considering mass adoption is the goal).

Remember when MA was trying to setup a debit card system - NOW IS THE TIME.
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wth are you talking about. what that even has to do with what he is asking about
 
The devil is in the detail. :devilish:

Your location is apparently 'London.'

Did you ask to withdraw in USD / EUR / SEK / GBP / AUD ?

Name the Bank / Building Society

It is safe to reveal this much, dont put any account details / IBAN / Real Life Names.

Exchange rates at time of withdrawal and currently can be easily accessed.

Mindark takes a cut and your bank will take a cut (mine does anyway)



Mindark have always paid my withdrawals on time and the correct amount, so I would be very surprised if they had stopped doing so.
 
My bank auto converted for me USD > CAD at a 3-4% fee. ( so MA fee + auto conversion by bank) is the Real fee. Lets say around 5% total. Check how your bank handles currency conversions, some are horrible.

MA also has a "Withdraw to currency" option, which I have tried. They would convert the funds directly to what I need, CAD, thus skipping the conversion fee on the bank's end. I assume MA just picks the market rate when they commit the withdrawal. (Can MA confirm?).

You should be able to ask your bank for the original wired transaction Log of funds comming from MA. see where your bank deductions were.

p.s. Some places deal with intermediary banks, and there would be more fees if that's the case.
 
unufain8 said:
wth are you talking about. what that even has to do with what he is asking about
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better ways to transfer money - not too difficult is it?
 
The USD was quite weak with harsh fluctuations over these past few months compared to EUR and GBP. Would be interesting to know when exactly you committed your withdrawal request to make any conclusions.
 
Gladora said:
The USD was quite weak with harsh fluctuations over these past few months compared to EUR and GBP. Would be interesting to know when exactly you committed your withdrawal request to make any conclusions.
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still is a very huge gap
 
MA charges a fee of 1%. So MA sent out 3960USD
If you received less than that your bank or a service provider of your bank charged you a fee.
Ask your Bank how much USD was received and what exchange rate was used to convert to BGN.
 
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Vlooe said:
MA charges a fee of 1%. So MA sent out 3900USD
If you received less than that your bank or a service provider of your bank charged you a fee.
Ask your Bank how much USD was received and what exchange rate was used to convert to BGN.
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uhm 1% of 4000 dollar (40k ped ) = 40 dollar (400 ped) right ?
the OP didnt list alle details on this too...maybe more then 1 banks were involved in the withdraw chain ? and every middleman/bank took a good cut?

my bank charged like 60 dollar around from a 1k dollar withdrawal (some also were lost due to the Euro conversion rate at that time i did that )
 
Edward-James said:
uhm 1% of 4000 dollar (40k ped ) = 40 dollar (400 ped) right ?
the OP didnt list alle details on this too...maybe more then 1 banks were involved in the withdraw chain ? and every middleman/bank took a good cut?

my bank charged like 60 dollar around from a 1k dollar withdrawal (some also were lost due to the Euro conversion rate at that time i did that )
Click to expand...
Ouch, guess my calculator is damaged.
I Fixed the number in my post
 
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