Banking provider charging fee for withdrawal?

Brokers seem to use a banking provider. Brokers that don’t charge when withdrawing tell me that it is their intermediary bank or banking provider that charges for international transactions.

Recently I experienced this:
Withdraw 2000 euro with broker A -> recieved 2000 euro
Withdraw 1000 euro with broker B -> recieved 993 euro

Both non-charging-on-withdrawal brokers have offices in the UK and both also have bank accounts at Barclay’s bank. I’m Dutch and I have a euro account. My Dutch bank tells me it’s all SEPA so there shouldn’t be any charges at all and they don’t charge due to SEPA.

When inquiring about this at other brokers than broker B I get answers like

  • The bank might charge 2 to 5 GBP
  • It is your bank that charges, not ours
  • We use different intermediary banks so we don’t know

Broker B at least tells it although it’s odd that I didn’t see this when opening an account there.
[I]Withdrawals to overseas banking institutions will attract a bank transfer fee which is independent of broker B: USD – $15, EUR – €7 and YEN – 1,500 YEN
Wiki says: SEPA no charge allowed.

When I deposit broker A and B pay the 7 euro?
When I withdraw broker A pays 7 euro and broker B let me pay the 7 euro?

I have no clue what is really happening here and I hope someone can tell me.

1 Like

You all deposit only? :stuck_out_tongue:

360 views in 7 days and still not a trader that withdraws to answer this, amazing…

What is there to tell? Your broker charges withdrawals. That is not uncommon. And it is only 0,7%. I can’t think of what should be explained. I don’t know with which banks they work and that those banks indeed charge or that the broker keeps it themselves.

I know I have to pay a withdrawal fee at some brokers. I don’t mind, as long as they pay out.

Sorry, cant help you any further, but you were so dissappointed that noone replied. :slight_smile:

Thanks, one reply makes my day already :slight_smile:

The broker claims they don’t charge but blame it on the bank, that’s the funny part here. All in all I’m satisfied with the broker though so as long it’s 7 euro only I hope they will charge that a lot of times in the future again :wink:

No good broker will charge fees, it won’t make them big… Clients are far more precious than withdrawal fees.

depend of the brokers policy . some of broker charge withdrawal fees , before reduced by bank fees
but some brokers will happily pay the fees depend of their terms and conditions.
for example tickmill , paid the withdrawal fees if you requested big withdrawal via wire transfer
but some broker does not charge any,