I need someone to help me here. I opened account with BDSWISS broker and through my local bank l founded the account without hitches but when l requested for a withdrawal of $200 it took them 5days to send me $180 and l wrote to notify and ask them why they send me $180, since then they have been in denial that what they send me is $200. My bank have sent me the swift code for the transaction which l sent to them yet they refused to accept.
Now in the transaction details, it shows that there own bank made the deduction while BDSWISS is accusing my own bank unjustifiable.
sound like there are some fees involved on both ends, did you ask your bank if there are any fees for incoming wire transfers and ask your broker if there fees for sending wire transfer
There is absolutely no bank charges from my side. My bank have already sent me swift code (the transaction details) which shows the broker bank deducted $20 from the my money and they refused to accept the fact that their bank is charging me, instead they told me my Bank that is the one that made the deduction
You can certainly argue with your broker first of all. You could say -
they should use a bank that does not make charges
they should pay all or part of the bank charges
they should have told you when you opened the account there would be bank charges
they should have told you when you asked for the transfer what the charges would be
If that doesn’t work, you could try arguing with their bank.
My guess is that somewhere in very small print, the broker did tell you that by agreeing to trade through them you accept their T&C’s regarding transfers. This could be hard to find so ask them to show exactly where this was. If they can’t do it, approach the regulator where the broker is based.
Consider it a learning fee. You should always ask all these questions before you send the broker any money. Then test it and see if they were telling the truth. If this broker lied dont ever use them again and make sure everyone online knows about this hidden charge.
Very unusual. Assuming there is some term & condition to which you have agreed that enables your broker to charge you for the transaction, then upon questioning, why would your broker be in denial of such deduction and shift the responsibility to your bank instead?
There ARE bank fees for wire transactions! brokers like Tickmill or Hotforex reimburse them but other brokers may not. I’m almost sure there is no fault with your broker it is fees! Next time try to use online payment systems for withdrawals and deposits.
You must ask your broker before withdrawing money. It is true that some banks will charge via bankwire. However, your broker is trading and I find the evaluation from many people seems to be not good