Zcash to Fiat fees and process

General
1

So we are using Kraken to send money (haven’t actually done it yet)
I am looking for someone with experience sending from Kraken to a Canadian Bank.

So far this is what I have…
Kraken charges a 60 dollar fee to send money.
My bank charges 15 bucks to receive money.

Anything else I may be missing?

2

kraken is much better for EUR transfers 0.09 Euro per sepa transfer for US/Canada would suggest to too look for different trading platform friendly to the US/Canada markets

3

We also use quadrigacx, they dont do zcash though. So now the issue becomes moving a currency from Kraken to quadrigacx (fees) then from there (fees) to a Canadian bank (fees)

Perhaps I need to do some math :slight_smile:
Just seems that there are fees all over the place, I guess it just matters how painful them fees are.

The nice thing is that Kraken fee is fixes, as is my bank fee. So we have been sitting on cash, till we have more to transfer to make the fees less painful, if that makes any sense hehe.
I am thinking our minimum is going to be 5k. Hard to say…

4

at this point i would suggest a credit card charged with some coins would be also a nice option most of the card need to be charged in bitcoin …problem with these card is that visa isnt really happy about crypto so banned all they cards issued by wawecast the rest issuers is ok also other brads like amex or mastercard soo also can have a look whats available in your area

5

Yeah, this is one of the problems. Getting Fiat into altcoin is easy, getting it back costs huge and is more difficult.

I guess we will wait till we have much more Fiat to transfer via wire.

1 Like
6

The fact that your banks charges to receive money is very strange. My first suggestion would be to look for a new bank.
Another suggestion would be paypal and / or coinbase.

7

You would be better off adjusting your expectations a little bit. As a Canadian I do the following:

  1. ZEC to Kraken. (0.0001 ZEC fee)
  2. Trade ZEC to BTC. (Fee but I haven’t paid attention to what it is)
  3. Send BTC to QuadrigaCX (Usually a fee of BTC 0.001)
  4. Sell BTC for CAD. (Another fee for trading. As with the trade from ZEC to BTC, these fees are generally pretty small)
  5. Withdraw CAD to my bank using EFT. Can take up to 7 business days but usually takes 3-4. (Free. Not sure why your bank would be charging you a fee.)

This has been the easiest way I’ve found and also the most reliable. You could essentially trade and sell it all on Kraken and then withdraw it to your bank account but I’ve read too many horror stories. Quadriga has never failed me. I just wish (and I say this too often), they would support ZEC.

8

The advantage here also is that the QuadrigaCX BTC price is normally higher too (in some cases quite meaningfully) so what you spend on fees you’d likely get back with the spread between exchanges. Of course, you do have some exposure to the BTC price while performing the transfer between exchanges.

+1 for ZEC on QuadrigaCX. I heard they are adding Ripple and DASH next :disappointed:

9

Laaaaaaaaaaaame. Lol

10

http://www.rbcroyalbank.com/products/deposits/wire-payments.html
Half way down the page:

Incoming wire payment from another financial institution located anywhere worldwide: Fee
$50 CAD/U.S. and under: Free
Over $50 CAD/U.S.: $17 CAD or $17 U.S. depending on the currency of the incoming wire payment

so it seems 17 bucks not 15. Perhaps this gets omitted based on the type of account you have? I was going to go in and actually talk with someone.

I will go and send to my quadriga account and see how that goes.
So your saying there is no fee from quadriga, honestly I love there site, always fast and reliable. And yes I too wish they supported zec.
Ripple and dash…yeah…

11

I’m with RBC. I use EFT. No fee.

12

@nekkidtruth is that a wire from Kraken? or Quad?
Did they give you any other hassles?

13

I gave my exact procedure a few posts up. I also specifically mention EFT. Not wire. There’s always a fee associated with wiring money.