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Broker allows 3rd party withdrawal ?

  • #1
  • First Post: Mar 17, 2010 8:28pm Mar 17, 2010 8:28pm
Does anyone knows any forex broker that allows me to withdrawal my money from my account in Forex to a bank account that not with my name ?
  • #2
  • Mar 17, 2010 8:39pm Mar 17, 2010 8:39pm
Oanda (see: http://fxglobaltransfer.oanda.com )

And IB, i believe.
  • #3
  • Mar 17, 2010 11:19pm Mar 17, 2010 11:19pm
Quoting shrike
Oanda (see: http://fxglobaltransfer.oanda.com )

And IB, i believe.
Thank you ,
I have send e-mail to OANDA to ask them about what i want

What IB refers to ?
  • #4
  • Mar 18, 2010 5:28am Mar 18, 2010 5:28am
Quoting Aja
IB = Introducing Broker
I think he may have meant Interactive Brokers
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  • #5
  • Mar 18, 2010 7:42am Mar 18, 2010 7:42am
It may have also been Interbank FX, because they do allow broker to broker funds transfer if the destination broker is on their list of allowed brokers.
Though it depends on what "3rd part withdrawal" means. They probably don't allow withdrawal to an account or trading account that is owned by a totally different person.

But in general, I request people to PLEASE STOP USING THE "IB" ACRONYM because it can mean any of the following:

Interactive Brokers
Interbank FX
Introducing Broker
  • #6
  • Mar 18, 2010 9:04am Mar 18, 2010 9:04am
Thank you All

If anyone else knows that kind of brokers plz say ..
  • #7
  • Mar 18, 2010 9:08am Mar 18, 2010 9:08am
any regulated broker will not allow this UNLESS there is a PoA - which will be fine, and you can do it with any broker. did this once with fxpro
  • #8
  • Mar 18, 2010 9:32am Mar 18, 2010 9:32am
Transferring your account at broker a, to another account under your name at broker b is NOT a 3rd party transfer. Just about any broker will let you do that. 3rd party refers to the funds going to an account with a beneficiary other than you.

POA gives someone the authority to trade your account, not to receive your funds. That is blatantly against the policies of any legit firm that has any respect for AML.

What are you actually trying to do?
  • #9
  • Mar 18, 2010 9:42am Mar 18, 2010 9:42am
And what is PoA ???
  • #10
  • Mar 18, 2010 9:57am Mar 18, 2010 9:57am
Quoting ForexSooth
Transferring your account at broker a, to another account under your name at broker b is NOT a 3rd party transfer. Just about any broker will let you do that. 3rd party refers to the funds going to an account with a beneficiary other than you.

POA gives someone the authority to trade your account, not to receive your funds. That is blatantly against the policies of any legit firm that has any respect for AML.

What are you actually trying to do?
Look , wt am trying to do is that me and one of my friends trying to open a forex account but he is in anther country and we can't open a bank account that have our names together , so i want to open a forex account with my name or with his name and transfer money from it to any bank account , sry for my bad english .
  • #11
  • Mar 18, 2010 10:05am Mar 18, 2010 10:05am
POA is power of attorney - allows someone to trade on your behalf, which doesnt sound like what you want to do.

What you are trying to do is going to be hard to do with a regulated broker. If you cant open a joint bank account because you are in different countries - you are not going to both be able to put funds in/take funds out of a trading account that is only in one of your names.
  • #12
  • Mar 18, 2010 10:48am Mar 18, 2010 10:48am
Quoting ForexSooth
POA is power of attorney - allows someone to trade on your behalf, which doesnt sound like what you want to do.

What you are trying to do is going to be hard to do with a regulated broker. If you cant open a joint bank account because you are in different countries - you are not going to both be able to put funds in/take funds out of a trading account that is only in one of your names.
Is there any brokers allow what i want ?
  • #13
  • Mar 18, 2010 11:03am Mar 18, 2010 11:03am
none that I would trust with my money. NFA and FSA firms have to abide strictly to anti-money laundering procedures which is what is holding you back.
  • #14
  • Mar 18, 2010 11:14am Mar 18, 2010 11:14am
Quoting roreki
Is there any brokers allow what i want ?
I guess if there is he will be a fraud (without a PoA of course)
  • #15
  • Mar 18, 2010 12:50pm Mar 18, 2010 12:50pm
Oanda FXGLOBAL TRANSFER replaied my questions
and yes i can transfer money to any party in the world by them
  • #16
  • Mar 19, 2010 2:46am Mar 19, 2010 2:46am
Quoting ForexSooth
Transferring your account at broker a, to another account under your name at broker b is NOT a 3rd party transfer.
Some brokers consider withdrawal to another broker as a third party withdrawal. When I ask about it that's the reason they give for not allowing it, even though they may accept deposits from another broker. So it depends on the broker and also the regulatory framework that they operate in. You need to ask the broker beforehand.
  • #17
  • Mar 19, 2010 9:55pm Mar 19, 2010 9:55pm
Is it just me or does this sound like a money laundering operation?
  • #18
  • May 25, 2011 12:40am May 25, 2011 12:40am
you can open a JOINT account with the broker, then when withdrawing, at least one of the names must be on the beneficiary account. Both names would not have to be on the bank account, but one of them would.

Confirm this with the broker you are attempting to open account with first.
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  • #19
  • Last Post: Aug 29, 2017 7:24am Aug 29, 2017 7:24am
Hello every body
guys, do you know some brokers like "FiboGroup" that allows internal money transfer between different clients ?

thank you very much
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