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Brokers and bank transfer costs

  • #1
  • First Post: May 2, 2018 2:18am May 2, 2018 2:18am
Hi, I took my first bank transfer from Global Prime. I transfered 200 AUD dollar to Norway. When the money arrive at my bank account in Norway I got only
153 AUD. When I check where the money goes I got the following:

My local bank took 12 AUD

Bank in Sydney used by Global Prime took 35 AUD!!

Together 21% of the money is taken.

The bank in Sydney

Westpac Banking Corporation Level 27,
Westpac Place 25 Bligh St Floor 1
Sydney 2000 Au Au-sydney 2000

Global Prime tell me that they take no money for transfer but their bank take a lot for bank transfer. Do you think GlobalPrime is honest
about that they take no money for bank transfer?

Should I change broker or is this the usual cost for bank transfer of money?

How much do you pay for you bank transfer?
  • #2
  • May 2, 2018 5:24am May 2, 2018 5:24am
That sounds about right. Bank wires are expensive, and a ripoff in my opinion. I don't know anything about your broker, but most likely they aren't scamming you on the transfer fees.
My bank charges 25 for an incoming wire.....
  • #3
  • May 2, 2018 5:52am May 2, 2018 5:52am
Quoting Pipfu
That sounds about right. Bank wires are expensive, and a ripoff in my opinion. I don't know anything about your broker, but most likely they aren't scamming you on the transfer fees. My bank charges 25 for an incoming wire.....
Thanks for Info Pipfu. Bye the way, do you know any cheaper options?
  • #4
  • May 2, 2018 6:26am May 2, 2018 6:26am
Quoting kirinda
Hi, I took my first bank transfer from Global Prime. I transfered 200 AUD dollar to Norway. When the money arrive at my bank account in Norway I got only 153 AUD. When I check where the money goes I got the following: My local bank took 12 AUD Bank in Sydney used by Global Prime took 35 AUD!! Together 21% of the money is taken. The bank in Sydney Westpac Banking Corporation Level 27, Westpac Place 25 Bligh St Floor 1 Sydney 2000 Au Au-sydney 2000 Global Prime tell me that they take no money for transfer but their bank take a lot for bank transfer....
Thanks mattbrave, I will check out this.
  • #5
  • May 2, 2018 7:32am May 2, 2018 7:32am
Quoting kirinda
{quote} Thanks for Info Pipfu. Bye the way, do you know any cheaper options?
Find a broker that accepts bitcoin. Set up a gdax account that links to your bank account. Transfer as necessary to and from broker / bank. Low fees, short wait times. Easy peasy....
  • #6
  • May 2, 2018 9:33am May 2, 2018 9:33am
Quoting Pipfu
{quote} Find a broker that accepts bitcoin. Set up a gdax account that links to your bank account. Transfer as necessary to and from broker / bank. Low fees, short wait times. Easy peasy....
Good Idea, Pipfu. Will check out this also.
  • #7
  • May 3, 2018 11:31am May 3, 2018 11:31am
Quoting kirinda
Hi, I took my first bank transfer from Global Prime. I transfered 200 AUD dollar to Norway. When the money arrive at my bank account in Norway I got only 153 AUD. When I check where the money goes I got the following: My local bank took 12 AUD Bank in Sydney used by Global Prime took 35 AUD!! Together 21% of the money is taken. The bank in Sydney Westpac Banking Corporation Level 27, Westpac Place 25 Bligh St Floor 1 Sydney 2000 Au Au-sydney 2000 Global Prime tell me that they take no money for transfer but their bank take a lot for bank transfer....

Use skrill or neteller.
  • #8
  • May 3, 2018 6:14pm May 3, 2018 6:14pm
Quoting kirinda
Hi, I took my first bank transfer from Global Prime. I transfered 200 AUD dollar to Norway. When the money arrive at my bank account in Norway I got only 153 AUD. When I check where the money goes I got the following: My local bank took 12 AUD Bank in Sydney used by Global Prime took 35 AUD!! Together 21% of the money is taken. The bank in Sydney Westpac Banking Corporation Level 27, Westpac Place 25 Bligh St Floor 1 Sydney 2000 Au Au-sydney 2000 Global Prime tell me that they take no money for transfer but their bank take a lot for bank transfer....
d middle bank gets d big portion of swift transfer
unfortunate truth
WaBaS Where are Buyers and Sellers
  • #9
  • May 4, 2018 1:55am May 4, 2018 1:55am
Quoting Supertrader9
{quote} Use skrill or neteller.
Since GlobalPrime support neteller I have created a neteller account, and next withdraw I will test it out.
  • #10
  • May 4, 2018 3:45am May 4, 2018 3:45am
I just withdraw my money $17000 usd from FXGlory, By right the conversion should be S$23200 SGD as that was deducted back then when i deposited but i only got back S$21800 SGD and i was using VISA. Either way, They are outright to eat your money.
  • #11
  • May 4, 2018 5:13am May 4, 2018 5:13am
Quoting kirinda
Hi, I took my first bank transfer from Global Prime. I transfered 200 AUD dollar to Norway. When the money arrive at my bank account in Norway I got only 153 AUD. When I check where the money goes I got the following: My local bank took 12 AUD Bank in Sydney used by Global Prime took 35 AUD!! Together 21% of the money is taken. The bank in Sydney Westpac Banking Corporation Level 27, Westpac Place 25 Bligh St Floor 1 Sydney 2000 Au Au-sydney 2000 Global Prime tell me that they take no money for transfer but their bank take a lot for bank transfer....
rule of thumb:
for small amount dont use wire.
the fees are near similar for 200$ or 2000$ withdrawal.

for example, ICMarkets charges a base 20 AUD for wire withdrawal, independent of the amount. ( top of this your bank also probably charge you, and if you not careful on conversion you may up for further cost/loss)
given this, on 200$ withdrawal the fees will amount close to 10%, that is way more than Paypal, or Skrill, etc, while on 2000$ withdrawal it is only 1%, that is quite acceptable, and it taling about larger the withdrawal the better it will look this ratio till a point ( receiving bank likely has a fix minimum fee to work with also, before the %age surpass that amount)
for my last withdrawal of 3000$ i receiver 2974$....26$ total fees between banks. very similar sot of yours, but on 15x larger withdrawal!!

my other broker, Axitrader now credit back wire costs for deposit, and cover their side for withdrawal, a definite positive.
there is always, always another trade!!
  • #12
  • Last Post: May 11, 2018 5:31am May 11, 2018 5:31am
Hi @kirinda Usually most brokers barring few do charge bank fees to their clients. They pass on the charges that the banks charge them to accept client funds to the clients. But it does hurt to pay 35$ on a 200$ deposits. You choose another means of deposit, if your brokers offers one that doesn’t have charges. My broker FinproTrading does not charge any bank wire fees, that’s what keeps me with them.
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