Hi guys just wondering for those of you who have followed the AML protocol depositing /withdrawing to the same bank account have any of you ever experience any problems withdrawing back from your broker to your bank account like has your bank ever held up your funds via bank transfer asked you to come in provide a load of paperwork any of you ever withdrawn say a significant sum of money say 50k to 250k usd equivalent
i know people will say oh focus on the money first but i have spent the last 2 years studying the economy and have vastly improved my trading capabilities ( take my word for it no smart answers) to the point where id be very confident manageing a significantly larger amount which is why im asking
anyway have you ever encountered any issues with your bank or spoken to them when recieving a large payment if so how did it go
please note that we are talking about when we are doing everything legally ofc just curious as to how the bank typically responds as we know people mostly lose in this game
please do not answer with the following
regulation
wishful thinking weve been there
and so on
i have worked on my fundamental game tremendously and i am consistent
please answer if you have experience in this stating how long you have been withdrawing and how often via bank transfer
i live in gibraltar ive invested a lot of time into learning like i said and want to invest a larger amount even though everything is legal and i have a job proof of income i would oviously have my trade history blah i kinda go in circles in my head whether to invest the money incase im unable to get it back
its not so much the broker processing the withdrawal that i am worries about but more the bank accepting the withdrawal as i read a lot of horror stories about people on virtually all brokers not been able to withdraw their funds and don’t want to encounter any problems at the same time i feel like talking to the actual bank might sort of raise unnecessary concerns do you make weekly withdraws
i live in a small town and there is literally a handful of banks to choose from and many of the online banks like starling monzo n26 wise dont actually operate in my jurisdiction
I’ve once had a fund transfer into a bank account held up, for about a week, maybe 10 days, because of money-laundering regulations.
I’m confused, though. From the first line of your post, it looks like the context you give for what you want to discuss is “AML regulations” but then you say -
But isn’t that what the whole issue is about? Sorry if I’ve misunderstood!
in that context what i mean by regulation is do not answer with make sure to use a broker which is regulated in your country as that goes into leverage offered blah and the topic of discussion will change as i want to use higher leverage for obvious reasons i understand the risks and understand the economy very well so id like to keep this thread purely about withdrawing funds via bank transfer and if you encountered any problems mainly on the banks side how did you solve them
examples did they ask for proof of funds trading statements did they ask if the broker was regulated did u speak to them in person over the phone hope that clarifies things and best wishes on your trading journey
I did indeed have a problem with exactly that, in that after the bank received the funds they wouldn’t credit them to my account, but the reasons for that arose entirely from something you specifically don’t want to discuss, so my story won’t interest you.
I did resolve it, by taking advice, after a week or so, by threatening the bank with adverse publicity - and at the time some banks were a bit nervous of that as there’d been some bad stories in the media not long before.
I hope you won’t mind my mentioning, Bob, that the two things actually go hand in hand (as Miss Pink-Hat maybe discovered? ): in practice, it’s receiving funds from an offshore broker not regulated in the bank-account country that understandably enough attracts adverse Compliance Department attention from a bank.
(It’s makes sense, from their perspective, doesn’t it? That’s exactly how it would look if someone were trying to launder illicit funds? So you can’t really separate the two things).
Sorry if I’m “intruding” here - my intention is purely helpful!
i do understand haha i just very much get in my head about this just working hard to create a second income as times are tough for everyone out there regardless of where u recide ah rules rules rules lol
yes i can do crypto thats the only other alternative to be honest as most of the other online challanger banks dont really operate in my area as its such a small place its not really worth focusing on for business only 40000 people live here so its not a priority for businesses to reach out and offer all the services you would get maybe in the eu uk us australia there a much bigger audience to reach
i may not encounter any issues but just incase dont really fancy a frozen bank account
spoke to ledger and theyre able to offer one of those nano x things so curently looking into that bitcoin atms are another option with a little travel
It’s not related to that. If you have an account with a cryptocurrency exchange like Coinbase, you can have your broker transfer your cryptocurrency there and convert your crypto into fiat currency and then send your fiat to your bank.
Sorry if I’ve misunderstood!
): in practice, it’s receiving funds from an offshore broker not regulated in the bank-account country that understandably enough attracts adverse Compliance Department attention from a bank.