to those who trade forex over seas. when u trade in forex lets say in dollar amount and u want to withdrawl do u get it in dollar amount? or it can only be on that country currency?
As far as I know, and I am a newbie to be sure, but I have an offshore account. It depends on the country and the broker. Some require you to have a middle man (bank, crook) which you will have to pay a fee to each time you convert dollars into whatever currency that country or broker uses. I have checked out many offshore brokers in the last 3 months and I have found that it is best to stick with a broker in the UK that has a branch here in the U.S. Your dollars will remain dollars with no conversion fee or middle men. Hope this helps…
I just recieved my first withdrawal from MIG Bank (Swiss) to my US bank. It was $100 and my US account shows $95.36 so my guess is that there is a 4.64% fee on the conversion which I didn’t know would happen (it could be in the small print somewhere.) My account is in dollars on both ends.
If your account is not a USD account it will always change into your local currency and incur the charge.
the reason why i asked this is that i would like to live in another country for a while.
so i was wondering if i trade there but use u.s dollars and or open a broker account there would i receive u.s dollars back or there currency. for example malaysia. i rather get u.s dollars back because its stronger and i can live alot better.
but thanks for the conversion i didnt knew about that either and i was almost about to open an account somewhere over seas.
why, where do u wanna live?
well. dominican republic with my family there… but would like to stay in other countries also but would like to earn income while there.
I live in South Africa. And basically how it works is I need to transfer money into either a UK or USA account (depending on broker) and there are fees there, and then fees when I draw the money back into my local South African account.
So you can’t do several withdrawals a month because it eats into your profits. My plan is to only withdrawal once a month as a salary to limit these costs.
It works out though, because here in South Africa you can live like a King for less than half the cost in the UK or USA. So that’s my plan.
thanks StephenBeak … now i got it cleared away on how it works… yes im a u.s citizen so opening an account here in the u.s is not a big deal. what i was looking or at least thinking a western union card. works internationally and hopefully depending on the broker lets u transfer to the card. once again thanks.
some brokers allow you to deposit money to your account direct from your bank debit card and they send withdrawls back to your bank account via the same debit card with no charges.
yes i saw a broker that transfers fund to ur card. also saw a broker that has there own prepaid cards with its company logo on it… but so far there not the broker im looking for. spreads are wide charts so so… im still searching. im searching for another broker.