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IC Markets - Deposit/Withdrawal using TransferWise.com

  • #1
  • First Post: Jun 24, 2019 2:07pm Jun 24, 2019 2:07pm
Hi Folks!

Just wanted to check with you guys to see if any of you have done a deposit and or withdrawal to your IC Markets trading account using TransferWise.com.

Considering the costs of wiring I had found that this is a significantly cheaper option but then again getting a proper answer from IC Markets support as to whether TransferWise.com would work or not proved to be fruitless from my end at least.

Appreciate your comments and experiences!

Zz
  • #2
  • Jun 24, 2019 7:07pm Jun 24, 2019 7:07pm
Funding using transferwise is considered 3rd party transfer.
But you should check with IC Market.

The model for Tansferwise(or other remittance provider) is as follows.

You send money to someone local (maybe tansferwise or another person).

On the other side of the world, someone local (to the recipient) then send the money to the recipient account. The recipient sees this transfer as from the local source.

It does not go through the banking system, this is how the cost is avoided.

So IC Market sees the incoming transfer as from the local source, hence it is like a 3rd party transfer.

AML rules were made after 11 Sept before all fintech options are available.
  • #3
  • Jun 25, 2019 6:38am Jun 25, 2019 6:38am
Quoting reddevil
Funding using transferwise is considered 3rd party transfer. But you should check with IC Market. The model for Tansferwise(or other remittance provider) is as follows. You send money to someone local (maybe tansferwise or another person). On the other side of the world, someone local (to the recipient) then send the money to the recipient account. The recipient sees this transfer as from the local source. It does not go through the banking system, this is how the cost is avoided. So IC Market sees the incoming transfer as from the local source,...
You are correct about the general model of remittances. The reason why I am asking this question nevertheless is due to the fact that you can have borderless accounts in USD/AUD/etc under your name (Balances with local bank details) with an account number and stuff via TransferWise. So if I were to deposit into IC Markets using the AUD balance, it should technically go off my AUD account into their account. Whether this can be construed as third party is questionable as the borderless account is under my name and is technically mine.

Getting a proper answer on this from IC Markets is difficult unfortunately. The borderless account concept i believe is just catching up.

Zz
  • #4
  • Jun 25, 2019 9:54am Jun 25, 2019 9:54am
Have you tried withdrawing via Paypal?

It's super-easy and quick and it's what I do all the time, no problems at all.
  • #5
  • Jun 25, 2019 9:58am Jun 25, 2019 9:58am
Quoting HairyHarley
Have you tried withdrawing via Paypal? It's super-easy and quick and it's what I do all the time, no problems at all.
Your options for withdrawals are limited to the options you used to make the deposit. I believe with the exception of profits.

The purpose of this thread nevertheless was to gauge the feasibility of using TransferWise for deposit AND withdrawals.

Zz
  • #6
  • Jun 26, 2019 4:52am Jun 26, 2019 4:52am
Hishamzz,
as part of AML, the funds need to be send back to sender via the source. e.g. credit card etc.

For transferwise, what is the source? Since transferwise is not a bank, this will be an issue.

So you asked person A to deposit into IC Market. Person A tells IC market that the money is actually from you.
Even if they accept your deposit, how will they process your withdrawal? Give it to person A and asked him to return it to you?

A scam broker will accept your deposit and find all sorts of excuse why they cannot process your withdrawal.
  • #7
  • Nov 19, 2020 1:26pm Nov 19, 2020 1:26pm
Currently trying this myself but have had no luck and am waiting for a reply from TransferWise support. A shame really as its a fantastic way of moving money around at a reduced cost.
  • #8
  • Nov 19, 2020 2:56pm Nov 19, 2020 2:56pm
Brinol1, you need to ask IC Market, not transferwise since transferwise only follows you instructions. They accept money from anyone.
But ICM only accepts money from you and return to you.
  • #9
  • Jan 18, 2021 11:23pm Jan 18, 2021 11:23pm
Quoting Brinol1
Currently trying this myself but have had no luck and am waiting for a reply from TransferWise support. A shame really as its a fantastic way of moving money around at a reduced cost.

Did it work out withdrawing to Transferwise?
  • #10
  • Last Post: Jan 19, 2021 4:40am Jan 19, 2021 4:40am
They offer a variety of free deposit and withdrawal methods across multiple payment gateways. In which, the bank wire may take longer because it will depend on your bank's policy www.icmarkets.com/global/en/funding
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