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Can I use wire transfer (bank transfer) to fund my FXChoice account?

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Question
Can I use wire transfer (bank transfer) to fund my FXChoice account?

Answer

Yes, you can. If your profile is verified, the Wire Transfer deposit option should already be in your Backoffice*.

Wire transfers are available to clients in most countries, including the US and UK.

There are a few limitations and a withdrawal fee, which we encourage you to get familiar with below. Please ask your bank representative about fees charged by your bank/intermediary banks.

Fees:

  • No fee on deposits via wire transfers charged by our bank.
  • Fee on withdrawals via wire transfer: 0.25%. Minimum fee amount: EUR 150; maximum fee amount: EUR 1,000.

Processing ETA: up to 5 business days.

Currencies: USD, EUR, GBP, CAD, AUD. It is best to wire funds in the same currency as your trading account. Otherwise banks may charge a conversion fee (please ask your bank representative).

Geo restrictions: unfortunately, this payment option is currently unavailable in the EU and a few other countries*. Available in the UK.

Limits:

  • Minimum deposit amount: USD 3,000 or equivalent. No upper limit on deposit amount.
  • Minimum withdrawal amount: USD 1,000 or equivalent. No upper limit on withdrawal amount.

Bank restrictions: transfers going through either of the intermediary banks below will not go through and will be returned to sender, excluding the fees.

  • Deutsche Bank AG, Frankfurt
  • Deutsche Bank Trust Companies Americas, New York

 

How to deposit via wire transfer:

  1. Log into Backoffice, select ‘Deposit’ from the menu on the left and follow the instructions.
    If you don't see any options in the Deposit section, please make sure your profile is verified.
  2. Select the wire transfer deposit option and submit the form in Backoffice. You will need a live account or a wallet to deposit funds into.
  3. Save the wiring instructions and use them when executing the deposit (show them to your bank representative).
  4. In 5 business days or sooner, the funds will be available in your trading account. We will notify you via email.

 

*Deposits and withdrawals via bank transfer currently unavailable for residents of:
Afghanistan, Austria, Belgium, Belize, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iran, Iraq, Ireland, Italy, Korea, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sudan, Sweden, Syria


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Article Details
Views: 328 Created on: Apr 19, 2019
Date updated: Apr 22, 2019

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Risk warning: Forex, spread bets and CFDs are leveraged products. They may not be suitable for you as they carry a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks.

FXChoice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/19)

FXChoice Limited registration number: 105,968

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