FXCM wthdraw times

[Husam_Yusuf]

Hey Jason

i have been trading with FXCM for 2 Years now

but this is the first time i will withdraw money

i made a withdrawal request to the same bank account i deposited from but the amount is more than the initial amount i deposited. For example, i deposited $150 and after making profit i make request to withdraw $500 to the same bank account and this is my first time

How much time it is going to take to receive the money in my bank account

Thank you very much

[Jason_Rogers]

Hey Jason

i have been trading with FXCM for 2 Years now

but this is the first time i will withdraw money

i made a withdrawal request to the same bank account i deposited from but the amount is more than the initial amount i deposited. For example, i deposited $150 and after making profit i make request to withdraw $500 to the same bank account and this is my first time

How much time it is going to take to receive the money in my bank account

Thank you very much

Hi Husam,

Welcome to the forum and congratulations on your profitable trading :35:

The time frame for you to receive your funds will depend on the withdrawal method you select.

[ul]
[li][B]Bank Wires:[/B] Domestic bank wires take about one to two business days and international bank wires take about three to five business days, often less, to arrive.
[/li][li]
[/li][li][B]Paper Check:[/B] Domestic checks take about ten business days and international checks take about fifteen business days, often less, to arrive.
[/li][li]
[/li][li][B]Credit or Debit Card:[/B] Time frames will vary depending on the card issuer and may take up to one billing cycle to post back to the credit or debit card used for funding.[/ul]
[/li]We have aimed to make the withdrawal process as easy as possible. To find further answers to withdrawal questions, visit our website.

Jason

[Beijin]

Hi Aimann,

What this is saying is that if you deposit funds using a credit card, then when you make withdrawals in the future, you must first withdraw those same funds back to that same card before choosing other withdrawal options. For example, if you deposit $5000 by card, and then in the future, the first $5000 in withdrawals you make would go back to that same card. This is because credit card companies don’t want people to deposit money into their trading accounts and then immediately withdraw it by check to use as a free cash advance.

You can make withdrawals of smaller amounts. For example, if you deposit $5000, then your first withdrawal could be of $1000, but it would go back to the original card instead of being sent to you by check or bank wire.

Jason

Hi Jason:

If I deposited $5,000 using my credit card.

Later I added $20,000 using bank wire.

And I have gained $10,000 in profits (account balance is now $35,000)

Now I want to make my first withdrawal.

I must first withdraw $5,000 to my credit card (even though my account has money deposited via bank wire, and money I gained in trading)?

Thanks in advance for your help!

[Jason_Rogers]

@Beijin

Hi Jason:

If I deposited $5,000 using my credit card.

Later I added $20,000 using bank wire.

And I have gained $10,000 in profits (account balance is now $35,000)

Now I want to make my first withdrawal.

I must first withdraw $5,000 to my credit card (even though my account has money deposited via bank wire, and money I gained in trading)?

Thanks in advance for your help!

Thanks for your question, Beijin :57:

You would have the choice of either withdrawing via credit card or bank wire, since you deposited funds using both methods.

Credit card withdrawals are free, however, you would not be able to withdraw more than $5000 back to your credit card, since that’s the amount you originally deposited from that card. There is normally a fee* for withdrawing funds via bank wire, but you’ll be interested to know that trading accounts with a balance of $25,000 or more qualify for our Active Trader program which provides free wire withdrawals in addition to lower spreads for high volume traders.

• The exact withdrawal fee depends on the currency denomination of your trading account, the location of your bank account and whether your trading account is with FXCM US, UK or Australia. Please log into MyFXCM.com to see the exact bank wire fee for your account type.

[Beijin]

@Jason_Rogers

Thanks for your question, Beijin :57:

You would have the choice of either withdrawing via credit card or bank wire, since you deposited funds using both methods.

Credit card withdrawals are free, however, you would not be able to withdraw more than $5000 back to your credit card, since that’s the amount you originally deposited from that card. There is normally a fee* for withdrawing funds via bank wire, but you’ll be interested to know that trading accounts with a balance of $25,000 or more qualify for our Active Trader program which provides free wire withdrawals in addition to lower spreads for high volume traders.

• The exact withdrawal fee depends on the currency denomination of your trading account, the location of your bank account and whether your trading account is with FXCM US, UK or Australia. Please log into MyFXCM.com to see the exact bank wire fee for your account type.

Thanks for your reply!

1. I had deposited money via credit card and bank wire only (never ACH).

Can I withdraw by ACH?

2. Can I withdraw to a different account from which I didn’t make the deposit?

For example:

I sent bank wire from Bank of America, can I withdraw via ACH to a different account in HSBC (I am the holder of both accounts)?

3. Suppose I had deposited only by credit card (never by bank wire) $5,000, and my account had $4,000 in profits.

Can I first withdraw $4,000 (or less) by bank wire?

I will leave always $5,000 (amount I deposited by credit card) in my account, and will withdraw these $5,000 in the future when I decide to close my account.

Thanks again.

PS: I like the way you explain and answer the questions.

I will post questions about Active Trader and other issues in next days.

[Jason_Rogers]

1. I had deposited money via credit card and bank wire only (never ACH).

Can I withdraw by ACH?

ACH is an electronic transfer method used for bank accounts in the US. If you have a bank account in your name in the US, we can send funds to it via ACH from your individual trading account with FXCM.

2. Can I withdraw to a different account from which I didn’t make the deposit?

For example:

I sent bank wire from Bank of America, can I withdraw via ACH to a different account in HSBC (I am the holder of both accounts)?

Yes as long as both accounts are in your name as is your trading account with FXCM.

3. Suppose I had deposited only by credit card (never by bank wire) $5,000, and my account had $4,000 in profits.

Can I first withdraw $4,000 (or less) by bank wire?

I will leave always $5,000 (amount I deposited by credit card) in my account, and will withdraw these $5,000 in the future when I decide to close my account.

If your only deposit method was via credit card, then with your first withdrawal, the funds must be sent back to that same card. In this example, you originally funded your account by card with $5000. That means the first $5000 you withdraw would be sent back to the same card. Any additional withdrawals over that amount can be sent via bank wire to a bank account in your name.

One of our account specialists can provide you with more specific details about your deposit and withdrawal options, if you give them specifics about the amount you wish to deposit, where your bank account is located and what transfer methods you prefer. Let me know if you’d like me to arrange for one of them to follow up with you to discuss your account.

[erock747]

Can i withdraw via mastercard debit card if that was my deposit method