Interbank FX Debit Card Debut... | Forex Factory

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Interbank FX Debit Card Debut...

  • #1
  • First Post: Edited 1:22pm Jan 8, 2010 1:19pm | Edited 1:22pm
Hey All!

Just wanted to post our exciting news... Interbank FX has launched the Global Debit Card. And a brand new site. Hope we can help to make your new year just a little better!

http://www.ibfx.com/Corporate/post/2010/01/08/Ta-Da!-The-Global-Debit-Card-Makes-Its-Debut!.aspx

Happy Trading,

Abigail~
  • #2
  • Jan 8, 2010 1:34pm Jan 8, 2010 1:34pm
Thanks. Do you know what the maximum balance for the prepaid card is or will be?
  • #3
  • Jan 11, 2010 2:33pm Jan 11, 2010 2:33pm
Does it take 4-7 bus days to load the card from IBFX ? or less ... ?

https://www.payoneer.com/CardholderFees.aspx
  • #4
  • Jan 11, 2010 5:46pm Jan 11, 2010 5:46pm
I think this is coming at the cost of deteriorating other services. It used to take a few minutes to transfer funds between trading account. Now it is almost 2 days. I think they are compelling us to use debit card and pay the transaction costs.
  • #5
  • Jan 11, 2010 6:12pm Jan 11, 2010 6:12pm
so ummm... whats the big deal ... ??
  • #6
  • Jan 11, 2010 6:35pm Jan 11, 2010 6:35pm
hey abigail..... please be sure to tell everyone at ibfx thanks for me..... esp marilyn, we know she has spent many hours on this..........

//---

applying for the Interbank FX Debit Card was just a few easy steps taking a couple minutes max......

setting up the companion payoneer account was just as easy..... once established, all account info like balance, account activity and such only takes a minute to check..... the 'frequently asked questions' link under the general information tab, contains almost every question imaginable..... some i had never even thought of......

i've used mine from Tractor Supply and BassPro Shops to Brookshires and Chevron.... works like a charm....

it should be just as handy for those with small accounts, like me, as it will be for those with large accounts ...... thanks again, i truly appreciate it......h
to trade and code, keep both simple... no call to impress....h
  • #7
  • Jan 12, 2010 4:21am Jan 12, 2010 4:21am
How about you let someone else promote your company!
  • #8
  • Jan 12, 2010 4:32am Jan 12, 2010 4:32am
Quoting mofuniverse
so ummm... whats the big deal ... ??
This is from their email:

==========================================

In the old days it used to be that the only way you could get money out of your forex account was either a check or wire transfer, which could take a couple of days to receive. And if you lived outside of the US, you were limited to expensive wire transfers that could take a week to receive and could easily end up costing over $50 in wire fees and intermediary bank fees.
Welcome to The Future: Withdraw Funds To Global Debit Card

The Interbank FX Global Debit card allows all Interbank FX customers the ability to withdraw funds from their margin account to a debit card sent to them by Interbank FX. Receiving a withdrawal is now a matter of hours, not days, and no longer costs an arm and a leg.

==========================================

So for international customers especially its very good news.
  • #9
  • Jan 12, 2010 7:43am Jan 12, 2010 7:43am
Hi Tjpld,

The Interbank FX debit card allows a total limit of $12,500 with a daily spending limit is set at $2,500. Daily cash withdrawal limit, both at ATM and bank teller, is set to $1,000. You can get more info on our site:

https://www.ibfx.com/Account/Login.a...obalDebit.aspx

Let me know if you have other questions... happy to help .

Abigail~
  • #10
  • Jan 12, 2010 9:11am Jan 12, 2010 9:11am
Quoting tar
Does it take 4-7 bus days to load the card from IBFX ? or less ... ?

https://www.payoneer.com/CardholderFees.aspx
IBFX support told me from 1-2 bus days ...
  • #11
  • Jan 13, 2010 4:35am Jan 13, 2010 4:35am
Quoting aviswana
I think this is coming at the cost of deteriorating other services. It used to take a few minutes to transfer funds between trading account. Now it is almost 2 days. I think they are compelling us to use debit card and pay the transaction costs.
Can't confirm this. Last time ( 2 weeks ago ) it took just 1 minute.

I'm wondering if it will really be cheaper for Europe based customers than wire transfer when you have to withdraw 10x 1000 USD (10x 2.45 USD) and 1x 2 USD for the loading of the card plus there is and up to 2.2% fee ontop of the MasterCard Exchange Rate so when the offial EUR/USD rate is at 1.44 it will be converted at 1.44 x 1.022 = 1.47168. Also how do you get excatly 1000 USD out of an european ATM when you don't know the exchange rate and it will always be something like 693.14 Euros.

I might have to make a direct comparison.
  • #12
  • Jan 13, 2010 4:50am Jan 13, 2010 4:50am
wasn't this supposed to come out a long time ago?
  • #13
  • Jan 13, 2010 5:54am Jan 13, 2010 5:54am
Quoting Tjpld
Can't confirm this. Last time ( 2 weeks ago ) it took just 1 minute.

I'm wondering if it will really be cheaper for Europe based customers than wire transfer when you have to withdraw 10x 1000 USD (10x 2.45 USD) and 1x 2 USD for the loading of the card plus there is and up to 2.2% fee ontop of the MasterCard Exchange Rate so when the offial EUR/USD rate is at 1.44 it will be converted at 1.44 x 1.022 = 1.47168. Also how do you get excatly 1000 USD out of an european ATM when you don't know the exchange rate and it will always be something like...
Thanks for that, I didn't notice the 2.2% fee to withdraw at an atm. When I was looking at the fees on the IBFX site it just said $2.45 per withdrawal. If you are buying goods though are there additional fees, it says on the IBFX site that its free when you do that.
  • #14
  • Jan 13, 2010 5:56am Jan 13, 2010 5:56am
So, is this the same thing through Zions Bank or, is it something separate? Do you have to open an account with Zions Bank to use it in other words?
  • #15
  • Jan 13, 2010 6:02am Jan 13, 2010 6:02am
Quoting ecTrade
Is this the same thing through Zions Bank or, is it something separate?
Its different, as far as I know the Zions Bank card is only available to US residents.
  • #16
  • Jan 13, 2010 6:11am Jan 13, 2010 6:11am
Quoting luckylady
Thanks for that, I didn't notice the 2.2% fee to withdraw at an atm. When I was looking at the fees on the IBFX site it just said $2.45 per withdrawal. If you are buying goods though are there additional fees, it says on the IBFX site that its free when you do that.
There is F Exchange rate fee like any ATM when u use it in another country because u will withdraw in your local cc , i think it is around 2.5 %
  • #17
  • Jan 13, 2010 6:20am Jan 13, 2010 6:20am
hey luckylady..... i'm here in the states, so can't say anything about transactions elsewhere....

just double checked to be sure....... for me, there were no additional fees when buying anything.... the card works like a typical mastercard every place i have used it.....

my expereince is limited to stores and the like....... i have not used it at an atm.......

it's handy......h
to trade and code, keep both simple... no call to impress....h
  • #18
  • Jan 13, 2010 6:23am Jan 13, 2010 6:23am
Quoting tar
There is F Exchange rate fee like any ATM when u use it in another country because u will withdraw in your local cc , i think it is around 2.5 %
Jep that's what I meant. They don't charge 2.2% on your requested amount when you make a ATM withdrawal but Payoneer puts 2.2% ontop of the current exchange rate provided by Mastercard. That's actually pretty common if you wanted to trade forex by running to your bank every day the spread would also be a few hundret pips.

It's also stated on they Pricing and Fees site:

"* When a Purchase Transaction or ATM Withdrawal is requested outside of the U.S., up to 2.2% above market rate will be assessed based on current foreign exchange rates."


I'm speaking about ATMs outside the US only with non USD currecies.
Wondering if up to 2.2% depends on your local currency.
  • #19
  • Jan 13, 2010 10:40am Jan 13, 2010 10:40am
Quoting luckylady
Its different, as far as I know the Zions Bank card is only available to US residents.
Well, this is what I have. I'll probably just stick with it though. I have enough damn cards as it is.
  • #20
  • Jan 13, 2010 10:52am Jan 13, 2010 10:52am
I like the idea of having a debit card linked to my trading account. But looking over the prices, IBfx debit card customers are charged for just about everything. I'm sure this idea will take off with other brokers but unless the fee structure is more "user friendly/cost effective for both parties", I don't think many traders will sign up. It's cheaper to stick with your bank's debit card and use that card to fund/withdrawal monies out from your brokerage account.
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