Oanda withdrawal

Broker Discussion Forex Brokers
1

I have a Oanda Primary account wich i have deposit using Bank Wire and a sub account wich i use paypal to deposit funds.The amount of Money i deposit on each account its almost the same.How does it work when it comes to withrawal???

2

How it works is like this…

You will have 1 Login with your Broker
and under that Login you can have Multiple Accounts, both Demo and Live.
as you probably know each Trading account has an Account Number

You will login to your online platform,
Select Withdrawal
Select the Account Number
enter how much you want to withdraw

the money will be credited to you nominated account

Your broker should have told you all this
also
here’s a helpful link
https://oanda.secure.force.com/AnswersSupport?urlName=How-do-I-withdraw-from-my-OANDA-account-1427833080263&language=en_US

3

Thanks for your help but what i was asking is how does it work when it comes to withrawal my Money since i have use Bank Wire and Paypal to deposit my funds.Can i withrawl my Money to both paypal and Bank without limitations???

4

and i answered that. I understand what you mean.

the bottom line is this

  • they will transfer to nominated accounts
  • it’s best to ask your broker to be sure, Have you asked them. Perhaps they offer Muliple Nominated accounts. but due to legal reasons IT MUST BE A NOMINATED ACCOUNT.

i hope that clears it up

5

I dont know what nominated account means this i what it says in Oanda website - f you have deposited using multiple methods, you must exhaust the total deposit amounts in the following order:

  1. Credit/Debit card
  2. PayPal (GBP, EUR, USD only)
  3. Bank transfer

Can you explain what it means?English is not my first language …

6

I think you will find these are regulations put in place to help prevent money laundering. For example if someone credits to their account from a credit card and then withdraws it to a bank account.

If you credit, say, USD 1000 to your broker account from a credit card, then the 1st USD 1000 that you withdraw from your broker account must be paid back to that same credit card. After that withdrawals are paid to your PayPal up to the amount that you had previously credited to your account from there, and after that then by bank transfer.

7

@Lavourah
Nominated means PICKED
Nominated Account Means… the Account that you have CHOSEN, that you have PICKED
but when you NOMINATE something, you are FORMALLY telling the broker,
“I HEREBY CHOOSE TO USE THIS ACCOUNT”

Nominating is more formal that just choosing.

Re what Oanda said

well. it simply means if you deposited to your trading account via CREDIT /DEBIT CARD, you have to withdraw that first

then you can withdraw the funds that you funded from your paypal
then you can withdraw the funds that you funded from bank transfer

apparently they want you to do it in a specific order.

with my broker we don’t have this, but ok, i understand why the want it.
so that’s that
they want you to withdraw in a certain order

does that help you understand it

8

Thanks for the reply.Let see if i get this i have to withdraw the amount i have deposit first using paypal wich is 50% of my deposit and then i have to withdraw the other half using Bank transfer wich is the other 50%.After that all the profits i make i can withdraw either trough paypal or Bank transfer?

9

Yeah, that sounds correct to me.

10

Yes, this will be correct, with Oanda.

Manxx explains it well, above. It’s about anti-money-laundering regulations and laws. You only get a choice about where to withdraw to after “repaying” any original payments-in to the same source,

It can cause problems, especially if the bank account from which you paid in no longer exists. There are, of course, solutions to that issue, too, but they incur a lot of paperwork and delays.

I can’t myself see the point in using PayPal or any other third-party processor, for this purpose: it seems to me to be simply a way of increasing the expense and maybe creating a delay as well. You can’t trade without a bank account, and the easiest and best transfers are in and out of your bank account, generally. Even if they charge. Becuase if you add another third-party processor in to the process, you’re still going to end up paying the banking charges anyway, when you transfer from PayPal back to your bank, just as you would have done if transferring from the broker to the bank account. It’s easy to see why using PayPal has disadvantages. I can’t see so easily why it would ever help anyone, really.

1 Like
11

Thanks all for the help i understand now.I have use paypal because its useful for me to have Money on paypal for other business i have online or simple shopping online.Of course i prefer to use Bank transfer in general.