GFT funds issue

[revolution.x]

I wonder what the usual form is for getting funds back out of brokers? I tried to get a tiny amount of my account off GFT on Wednesday back to the card they debited the original deposit from and at first they said they couldn't do this due to compliance issues. When I pointed out that was total nonsense they then claimed that because I hadn't made a deposit for more than three months they would not be able to refund the original card. This also is not true from a technical point of view - but I can see may be outside their own internal ops procedures.

Ok - so they were forcing me to pay the charges for a transfer to my Euro account. So I agreed to pay the charge for the same day transfer and told them to close the account and refund all funds. Well I had to keep filling in their form after conversations - not possible to do this without the form apparently.

On Thursday they then informed me that because I was closing the account they would not be able to do any transfer until the 17th at the earliest because they needed to reconcile recent trades - interesting as the last time I traded this account was Tuesday and then on a euro trade (fx) with positive outcome.

By Jesus I exclaimed - just give me what I asked for originally then, I'll pay the damn fee, but I want it tomorrow morning. Filled in the on-line form again for the umpteenth time. Same day transfer confirmation this morning - probably about €50 in fees between them and the bank and guess what - no funds in my account and a note in the email saying I may not receive the funds until the 17th ......

Beware ......

 

[pboyles]

Send them a link to this thread and see what happens. By the way they tried to charge me £300 in fees when I wanted to make a deposit from a euro account. Needless to say that didn't happen. These companies are all the same, they take as much out of you as they can get, by fair means or foul.

 

[loyd]

So I agreed to pay the charge for the same day transfer and told them to close the account and refund all funds. Well I had to keep filling in their form after conversations - not possible to do this without the form apparently.

On Thursday they then informed me that because I was closing the account they would not be able to do any transfer until the 17th at the earliest because they needed to reconcile recent trades - interesting as the last time I traded this account was Tuesday and then on a euro trade (fx) with positive outcome.

thats what happen when you tell a broker "i want to close my account and withdraw all my money" you should have requested a withdrawal to your bank, pay $25 and once the money arrives, close your account, thats what smart people do

 

[forker]

With any bank transfer, it isn't immediate unless the account is with the same bank. Many brokers require forms for withdrawing money and there is always an admin fee however some are more liberal than others. I have found that spread betters are much smoother with this process and requires only a phone call to do so.

 

[6am]

My experience
- igindex, has online form to withdraw, fill it and job done
- worldspreads, does not have online form, however there is a live chat, just ask and job done
- paddypowertrader (capital spreads), do not remember, but it was more complex then withdrawal from their casino
- cmcmarkets (a long time ago), had to fax a signed form

Conclusion, while some companies make it really easy to withdraw money there are companies which make it unnecessary difficult.

 

[revolution.x]

Yes - guess so. Can't see why they should make it hard. Live chat was useful - agreed everything but then made me go and fill in the form again and again. Got funds on Friday in the end - late in the day. Refunding my debit card would have cost about 14p and is immediate - and by far the most compliant process - as thats what I used to put the funds in there .......

My experience
- igindex, has online form to withdraw, fill it and job done
- worldspreads, does not have online form, however there is a live chat, just ask and job done
- paddypowertrader (capital spreads), do not remember, but it was more complex then withdrawal from their casino
- cmcmarkets (a long time ago), had to fax a signed form

Conclusion, while some companies make it really easy to withdraw money there are companies which make it unnecessary difficult.

 

[anley]

Conclusion, while some companies make it really easy to withdraw money there are companies which make it unnecessary difficult.

And the conclusion to that is NEVER do business with a financial firm that makes it hard to withdraw (and pay in) your money.

The year is 2011, not 1970, and ALL companies have the ability to redress payments within a few hours, a day at the most. So if they can't it means one of 2 things -

1. They treat their clients with contempt, or
2. They have invested peantuts in the backoffice (systems and people)

Either way, those sorts of companies should be avoided at all costs because we clients have a wide choice of brokers to use these days.

 

[6am]

- cmcmarkets (a long time ago), had to fax a signed form

Apparently cmcmarkets has an ability to withdraw via online form http://www.cmcmarkets.co.uk/how/opening-account/funding-your-account
I apologise for the incorrect information (I did not use them for a long time).

 

[westdori]

I withdrew $8,000AUD from forex.com via the internet last week. It came through with no problems. There was a bank transfer fee of $35 or so.