Getting $ out of BTC-e.com (or any other overseas exchange)

Posted by on Mar 6, 2014 in Exchanges | No Comments

If you have cash tied up in an overseas exchange, you can liquidate via Bitcoins.  Buy Bitcoins with the cash on the exchange, then instantly send them to Coinjar.

From Coinjar, as long as you have supplied documentation and verified your bank account, you will be able to sell the coins in AUD and have the cash in you bank account within a few days.

Coinjar will charge a 1% fee and the exchange will charge a buy fee and possible a withdrawal fee too.

Example:

BTC-e rate 1BTC = $614USD, $100USD buys 0.16323BTC

Withdrawing costs 0.1%

Coinjar spot price is currently $702AUD,  however sell rate is $695.8617 which yields $112.45 after $1.14 (1%) fee is subtracted.

Googles exchange rate on $100USD = $110.30AUD so much better to use Bitcoins!