Gemini BitCoin: Bank Transfer or Wire Transfer

[dabears34ft]

Basically what the title says. Which one is better? The Wire said it would take 1 business day. The bank said it would take up to 3. Are their any fees I should know about with either?

[eaglesfan371]

Wire costs money, ACH does not. If you withdraw right now, 1:40pm EST and use a major bank yourself, such as BkofAma, chase, Wells Fargo, etc, pretty much guarantee the funds will be in your account, next business day, which would be Monday.

[eaglesfan371]

If I withdraw before 4pm roughly the funds have been in my account next business day from Gemini, Saturday’s and Sunday’s don’t count obv

[senseionline]

Basically what the title says. Which one is better? The Wire said it would take 1 business day. The bank said it would take up to 3. Are their any fees I should know about with either?

Bank transfer is free but it take 5 business days don't know about wire

[dabears34ft]

Ok so stick with Bank Transfer then. Thank you for that quick response. I'm trying out different sites. Coinbase I withdraw to Paypal which is instant, and it is my bank the following day. This was my 1st stab at Gemini

[dabears34ft]

I did use Wire, being that I did this minutes before I posted on here lol. Just looked and the fee is probably 15$. I can live with that mistake

[PD77]

I use wire. Usually takes less than 3 hours. ACH is free but mine is limited to $500.

[TheMoneyShot]

Basically what the title says. Which one is better? The Wire said it would take 1 business day. The bank said it would take up to 3. Are their any fees I should know about with either?

ACH is Free for Gemini... and your bank should be Free also. If you do an ACH before 5PM Eastern on a Monday at Gemini... funds will be available some time the following Friday. (5 business days.)

Most accounts at Gemini start with $500 daily ACH. If you show good business with Gemini... they will bump it up for you. I'm at $2,500 daily.

I don't do wires because my bank charges a fee... and I'm cheap lol Gemini will never charge you for an incoming wire.

[eaglesfan371]

Wait sorry, my advice was for withdrawals only.

If you deposit, ACH is limited to $500 per day, takes 5 business days. If you’re going to send $2000 or more, wire might be worth it ($30 fee at banks, within 3-5 hours added to your account).

[Optional]

Basically what the title says. Which one is better? The Wire said it would take 1 business day. The bank said it would take up to 3. Are their any fees I should know about with either?

Your bank will charge $15-$30 to generate a wire for you. For any amount.

Way better than ACH if you are making larger deposits.

[dabears34ft]

Yeah this is just for withdrawal purposes. I'll likely never load money from my bank to a bitcoin site. Just book to block to (Coinbase, Gemini, etc...). What other good bitcoin sites are there for withdrawals that are easy to use and US Friendly

[dabears34ft]

Your bank will charge $15-$30 to generate a wire for you. For any amount.

Way better than ACH if you are making larger deposits.

My bank said 15 incoming and 30 outgoing. 15 is pennies for the amount you can take out. At times where I want the money now, I'd probably still do wire, but if I'm willing to wait a week, I don't see a problem with bank transfer.

Coinbase has been really nice when paired with PayPal. It goes into PayPal instantly from there. Gemini I used for the 1st time today. It's already in my bank account!!! That is insanely awesome. I'm so late on this bitcoin crap but I like it. Not for investing buy simply for limits of withdrawing from books. Sure beats that 2500 to 3000 a week when you had a run that would take a year to take that shit out.

So I guess my update since I just checked my bank while writing this is that the Wire will go in same day within hours. Neat lol

[Optional]

Yeah this is just for withdrawal purposes. I'll likely never load money from my bank to a bitcoin site. Just book to block to (Coinbase, Gemini, etc...). What other good bitcoin sites are there for withdrawals that are easy to use and US Friendly

Get yourself a https://bitpay.com/card/

Those 3 outs should have you covered. Kraken is another exchange that is less convenient but also ok for US users.


And a few hours for that wire to get to you... I'd be paying the $15 too

Actually, it seems like nothing to me as I have had to regularly use wires for US$ for many years now. But would likely also use ACH if there and just wait overnight.

It's the deposit side that wires are really better.

[baseballstud]

@dabears I use Gemini and only use the wire option because well I’m impatient. Gemini charges no fee for ach Or wire withdrawals. When I do Wire withdrawals I have them send it to Capital One money Market account. They charge $0 to receive a wire. Can withdrawal from ATMs no fee. ATM limit is $1000, but you can call and have it raised. Love Cap1

[danshan11]

Your bank will charge $15-$30 to generate a wire for you. For any amount.

Way better than ACH if you are making larger deposits.

if you have a business account and talk to your local banker at BkofAma or WF they can get the wire fee waived if you do only a few a month

[TheMoneyShot]

@dabears I use Gemini and only use the wire option because well I’m impatient. Gemini charges no fee for ach Or wire withdrawals. When I do Wire withdrawals I have them send it to Capital One money Market account. They charge $0 to receive a wire. Can withdrawal from ATMs no fee. ATM limit is $1000, but you can call and have it raised. Love Cap1

This is a smart way of handling it. I was just going to say... if you have the ability of an online bank acct... there's a lot of Free wire features they will allow you.... unlike a typical local bank in your neighborhood.

Good advice here.

[dabears34ft]

@dabears I use Gemini and only use the wire option because well I’m impatient. Gemini charges no fee for ach Or wire withdrawals. When I do Wire withdrawals I have them send it to Capital One money Market account. They charge $0 to receive a wire. Can withdrawal from ATMs no fee. ATM limit is $1000, but you can call and have it raised. Love Cap1

I've been thinking about getting a CapitalOne Bank Account since I love their Savor Credit Card. Possible the best rewards card for a person who goes out to eat everyday of the week lol.

My withdrawal was in my bank within hours yesterday, and today I got the 15$ fee. I'm not too worried about the fee, but I'll probably look into Cap1 this week. Thanks you all for all the prompt help.

I feel you on being impatient lol. Every second my money floats in the air, I'm biting my nails hoping I didn't mess something up with the Bit Address haha. The sooner it's to me the sooner I lower my blood pressure.

[Roscoe_Word]

Thinking of linking a bank to Gemini. Have previously linked a bank. The first time Gemini required "Bank Name" and "Account Number."

This time I'm linking a major bank; which is in their drop down menu. They ask for "Online User ID" and "Online Password." A pop up appeared ensuring that this information is encrypted, and that even Gemini won't know that data.

Has anybody "linked a bank" at Gemini by submitting their "Online User ID" and "Online Password"?

This seems counterintuitive to me, and I balked.

[Optional]

Thinking of linking a bank to Gemini. Have previously linked a bank. The first time Gemini required "Bank Name" and "Account Number."

This time I'm linking a major bank; which is in their drop down menu. They ask for "Online User ID" and "Online Password." A pop up appeared ensuring that this information is encrypted, and that even Gemini won't know that data.

Has anybody "linked a bank" at Gemini by submitting their "Online User ID" and "Online Password"?

This seems counterintuitive to me, and I balked.

Yes.

I get asked about this a lot.

I'd balk too.

But have heard of no problems and suggest you just change your online banking password after verification to be sure.

It's instantly verified at least.

[Roscoe_Word]

Thanks, Opti.

[RocketMan$$$]

Thanks for the info