When should we use wire transfer?

I am a newbie and I see most broker offering e-money (paypal, skrill, neteller,…) and wire transfer, visa/master?
Please tell me what should we use in deposit and withdrawal and relevant experience… Thanks in advance.

Hello bengi, you are welcome here! By the way, broker offers multiple payment systems thus traders can use according to their personal choice! Honestly, I never used Bank withdrawal even my MasterCard; usually I use popular online payment processors! Actually, I am not interested on Bank withdrawal because it takes long time, when I get instant money by using online payment processors! Hope this help!

As for me, using a card is more comfortable

I’d rather use wire transfer - especially when dealing with what is considered to some as ‘considerable amounts of money’. I personally take comfort in knowing that wire transfers are insured against fraud and lost funds, an important consideration, perhaps?

All that using a third-party payment processor or a credit-card can do is produce [B]additional[/B] delays and expenses (and sometimes problems).

Here’s the thing: you can’t trade forex without having a bank account anyway; whatever your bank charges (if anything) you’re going to have to pay it, one way or another, to get your hands on the money, so there’s not much sense in letting it pass through an [U]additional[/U] party in-between.

Wire transfer, or debit-card, or “Faster Payments” (in countries where the banks are part of that scheme) is the most reliable, fastest and lowest-overall-cost method.

I have usually used debit cards, or, if the broker I am working with has an office in the city I am, I just go there and use cash.

Hi bengi,
Indeed most of the brokers offer multiple deposit/withdrawal methods which is of course great. However you should choose what kind of transfer you prefer better considering two things:

  1. Transaction fees
  2. Needed time for the money to arrive into your bank/live account.
    Usually e-money transfers and card payments are credited you are account faster, so if you are in a hurry use that type of transfer. You should however have in mind that by such transfers there are cost for sure – either % of the transferred amount and/or fixed transaction fee.
    As for the wire transfers they usually take longer (let’s say 1-14 days based on the banks involved). The good part here is, that they could cost you nothing if you are making a SEPA transfer for example.
    So it’s up to you to decide what type is optimal for you :slight_smile:

I think it is better to use wire transfer if bank takes really less commission than other transactions. In otherway it doesn’t matter. Also some banks can demand any documents for transaction.

It depends if you are in a hurry to receive the money or not. If you want fast withdrawal you can use the third party online methods but have in mind that they are more expensive and not that safe. If you prefer security, then use the wire bank withdrawal. Yes, it takes more time but it’s safer and cheaper and the bank will always offer you assistance in case something happens.

I see, wire transfer service is available for me, but till now I never used this service! Usually I use online payment processors! On the other hand, sometimes I also use my MasterCard! I basically don’t use bank withdrawal because of long process! In addition, I like withdraw my profit around the month only for single time!