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Pepperstone Forex

  • #1,961
  • Feb 24, 2013 11:14am Feb 24, 2013 11:14am
CAme to pepperstone thread after a long time..i hope everyone is on this thread is having a good time.
  • #1,962
  • Edited 11:29am Feb 24, 2013 11:15am | Edited 11:29am
What annoys me is a trader complaining publicly about issues regarding a broker, and not providing follow up.

Primi: I understand you're going through the processes of nailing down your particular issue.

pipmyride: never heard anything after your tirade.....

PS:
  • #1,963
  • Feb 24, 2013 11:54am Feb 24, 2013 11:54am
You guys are nuts, lol Nut job factory should be name of this forum, lol. Just kidding. Is it Monday!!!!
Fuck Forex Factory.Wake up people.
  • #1,964
  • Edited 12:41pm Feb 24, 2013 11:54am | Edited 12:41pm
Quoting normtold
Yes good points, thanks for your input.

I am reading through the thread and currently at page 64 mostly reading posts regarding Edge which started last August.
There was talk then of all Pepperstone clients having to move to the Edge server, is that likely to happen in the future?

Do you have any idea of the % of Pepperstone clients still on the original server and the % using Edge?
Hey, Normtold, no I have no idea, but judging from posts I see around think there might still be a pretty big number of you guys still on the old setup. Not sure when they will switch everybody, think they should make sure most of the kinks are worked out, tried and tested a bit more before taking such an action. Might get some people really peeved. In my humble opinion it won’t happen for some while. But, you never know…

As i mentioned, all is good on my end with the new Standard account setup. Besides what happened a couple of weeks back. All brokers have similar issues once in a while. And seeing that not even one person came back to complain about how they were dealt with afterwards, well ,that says something about Pepper. Not all brokers are like that.

If you are unsure about switching take your time and think about it. Pros and cons on either sides. You might even consider opening another account under someone else’s name to test it out a bit. If i remember correctly they don't allow us to have two different setups. Ask them about it.

Hope it helps.
Fuck Forex Factory.Wake up people.
  • #1,965
  • Feb 24, 2013 1:26pm Feb 24, 2013 1:26pm
Quoting Alpha-Bet
What annoys me is a trader complaining publicly about issues regarding a broker, and not providing follow up.

Primi: I understand you're going through the processes of nailing down your particular issue.

pipmyride: never heard anything after your tirade.....

PS:
I have more interesting things to share, possibly enough to draw your own conclussions. So far they thanked me for being patient and are investigating the issue. They said it could take a while.

What annoys me in a way are people with old accounts giving advice to potential new Pepperstone customers. Or those, that are not willing to disclose which of the 4 accounts they are using. Pepperstone these days = Edge. Everybody looking for a broker will have to open an Edge account if he chooses Pepperstone. Therefore it stands to reason that while you can recommend them for being a good broker (and there is no doubt about that) sharing the actual trading experience if you're using old accounts is meaningless in my oppinion. Better or worse does not even matter.
  • #1,966
  • Edited 2:44pm Feb 24, 2013 1:45pm | Edited 2:44pm
Quoting Sujith
Hi friends,

How much do you get charged for withdrawal via international wire transfer? The website states $20, but I got charged an extra $40 ($60 in all) and I have confirmed with my bank that they have not applied any charges for inward remittance. Customer care states they have charged $20. I guess there is an intermediary bank involved but am not sure on whose end it is.
Have not withdrawn any funds, but. A 40.00$ extra charge does seem a bit steep, depending on how much you withdrew. Did you find out who the intermediary is? Maybe it goes through your bank’s central office and they charged for it. One of my banks is setup like that when I receive wires. But, they replied no we don't charge anything in the begining. Took me a while and some questioning before i got an answer. Any currency exchanges from them to you?
Fuck Forex Factory.Wake up people.
  • #1,967
  • Edited 3:06pm Feb 24, 2013 2:54pm | Edited 3:06pm
Quoting ramy3
Have not withdrawn any funds, but. A 40.00$ extra charge does seem a bit steep, depending on how much you withdrew. Did you find out who the intermediary is? Maybe it goes through your bank’s central office and they charged for it. One of my banks is setup like that when I receive wires. But, they replied no we don't charge anything in the begining. Took me a while and some questioning before i got an answer. Any currency exchanges from them to you?
My bank is like this too. They hide behind their "wire department" and say they didn't take any additional fees for incoming wires, yet when I showed them the transaction records of the sending party they changed their tune and said their "wire department" withholds an admin fee for processing but there's nothing the bank branch charged extra. Banks can be tricky this way. . and I live in a country known for having solid banks too, lol.

Every time it happens, I ask my branch to refund the fee, and the branch says they have no control of their back office's fees and cannot undo it. I simply reply: "but you have the ability to put a credit on my account to offset the fee, and you can mark said credit as a customer service related issue with notes about the wire fee." Once in a while they get 'cute' and say it's not possible to credit an account for that, but I just refer them to my account history and say I know full well it's possible since they've done it before. This usually gets me the credit and I'm happy, but it sure pisses off the manager authorizing it.

That said, sometimes there's intermediary banks have to be used (if the sending bank has no direct link to the receiving bank when it comes to clearing the transaction, which can come into effect on some international wires...though it's not as common of an issue these days.) And again, with banks being 'tricky' they sometimes don't disclose the use or fees of an intermediary til after the wire is sent.

TL;DR: Bankers are jerks.

To the guy asking about wire fees:

In the future you might be able to find a different wire route (if you have an account with a different bank who doesn't need the intermediary to receive a wire, think internationally present banks who probably have networks everywhere with most remote local banks.) Or you can take advantage of the credit card withdrawal option which is entirely free and appears as an 'imbalanced refund' on your CC account. (I actually use the CC method myself and think it's awesome, tis why I keep mentioning it when people ask about withdrawals.)

The key here is you aren't limited to using CC withdrawals only if you funded by CC, you can use it no matter how you funded, and you can use it beyond the net amount you funded as well. Just select "Credit Card Withdrawal" from their withdrawal form within the client panel or from this form: https://pepperstone.com/clients/withdrawal-form.php

And yeah, Pepper themselves only charge what they've posted on their site, and I don't think they make any money from that since it appears cheaper than a few Aussie banks would charge for sending a wire directly with them.
FXGears.com
  • #1,968
  • Edited 3:43pm Feb 24, 2013 3:02pm | Edited 3:43pm
Yeah, that's what i was going to say too, but not in so many words, lol.

Cheers mate! Glad you're around.

Banks do piss me off, always a hand in my pocket. Record profits my ass. Record surcharge more like it. Just like gas. Pfff, won't even start.

Night all.
Fuck Forex Factory.Wake up people.
  • #1,969
  • Feb 24, 2013 7:50pm Feb 24, 2013 7:50pm
Thanks Ramy and Jack for the replies. From the conversation I had with Pepper, it seems the extra charge was levied by the intermediary bank, Standard Chartered Bank. Now, I don't know much about banking procedures and am not sure on whose end the need for the intermediary bank arises. At the moment, both my bank and Pepper seem to suggest that it is at the other end.
  • #1,970
  • Feb 24, 2013 8:20pm Feb 24, 2013 8:20pm
Quoting Sujith
Thanks Ramy and Jack for the replies. From the conversation I had with Pepper, it seems the extra charge was levied by the intermediary bank, Standard Chartered Bank. Now, I don't know much about banking procedures and am not sure on whose end the need for the intermediary bank arises. At the moment, both my bank and Pepper seem to suggest that it is at the other end.
Usually an intermediary bank is used when the receiving bank does not have the facility to clear international wires from some regions around the world. The receiving bank then gets an account setup with a bank that does have such facility, and routes the wire through them.

http://voices.yahoo.com/understandin...s-1810193.html
http://en.wikipedia.org/wiki/Wire_transfer


--

This is why I mentioned in the other post that you should look into alternative routes, like a bank account with an internationally present/active bank, to do such wires... or use another method for withdrawal.
FXGears.com
  • #1,971
  • Feb 24, 2013 8:26pm Feb 24, 2013 8:26pm
Quoting ramy3
Have not withdrawn any funds, but. A 40.00$ extra charge does seem a bit steep, depending on how much you withdrew. Did you find out who the intermediary is? Maybe it goes through your bank’s central office and they charged for it. One of my banks is setup like that when I receive wires. But, they replied no we don't charge anything in the begining. Took me a while and some questioning before i got an answer. Any currency exchanges from them to you?http://50.22.104.143/~forum/images/b...-highlight.gif
For wiretransfers the fees are credited by the receiving bank. For example I did a 1000$ withdrawal with moneybookers by wiretransfer, they asked me 1.5$ to process it, but my bank in Canada charged me 25$.
If you aim for the stars- but miss, you still get the moon...
  • #1,972
  • Feb 24, 2013 8:38pm Feb 24, 2013 8:38pm
Quoting Jack_Larkin
Usually an intermediary bank is used when the receiving bank does not have the facility to clear international wires from some regions around the world. The receiving bank then gets an account setup with a bank that does have such facility, and routes the wire through them.

http://voices.yahoo.com/understandin...s-1810193.html
http://en.wikipedia.org/wiki/Wire_transfer.

Thanks for the info Jack. Opening an account with an internationally present bank seems to be the best alternative at the moment.
  • #1,973
  • Feb 25, 2013 3:16am Feb 25, 2013 3:16am
Quoting Sujith
Thanks for the info Jack. Opening an account with an internationally present bank seems to be the best alternative at the moment.
That is the wisest course of action. Certainly Pepper do not load fees for money in or out, but that is just a broker level issue not relevant to your problem.

At bank level, where the real crime of dodgy fee structures does occur, in my personal case HSBC (Hong Kong) did remit my money overnight to HSBC (Australia), which are entirely two legally separate companies each working within the local country banking laws.

HSBC (Australia) sent it overnight to Pepper's National Australia Bank (NAB) trust account to credit my trading account. NAB is one of the 4 main pillars of Australian banking (ANZ, CBA, and WesPac being the other 3), and NAB has its own subsidiary banks in many countries around the world - so it rarely needs intermediary banks, depending on where you are.

When I withdraw from Pepper, they just send it by the reverse flow of banks; that is NAB via HSBC (Aust) to HSBC (HK) and there is no double dipping or ripping of fees.
  • #1,974
  • Feb 25, 2013 3:26am Feb 25, 2013 3:26am
Quoting Primi
I have more interesting things to share, possibly enough to draw your own conclussions. So far they thanked me for being patient and are investigating the issue. They said it could take a while.
It is most definitely what they do have to say about your issue that will be interesting to us.

Your "nice package" you said you sent to them with their reply combined is what empowers others to make informed decisions.
  • #1,975
  • Feb 25, 2013 4:18am Feb 25, 2013 4:18am
Quoting Sujith
Thanks Ramy and Jack for the replies. From the conversation I had with Pepper, it seems the extra charge was levied by the intermediary bank, Standard Chartered Bank. Now, I don't know much about banking procedures and am not sure on whose end the need for the intermediary bank arises. At the moment, both my bank and Pepper seem to suggest that it is at the other end.
Correct me if I'm wrong, but shouldn't it depend on the account currency of the receiving bank and the currency being deposited?

Eg - Sujith is in India with an Indian Rupee bank account, and his Pepper account is USD:
- if he asks Pepper to convert his USD withdrawal to INR (presuming they can do this) and deposit it in his Indian bank account - no fee charged as no FX conversion done by receiving bank
- if Pepper deposit his USD withdrawal in dollars into his Indian bank account - fee charged by receiving bank as FX conversion required
  • #1,976
  • Feb 25, 2013 4:25am Feb 25, 2013 4:25am
Quoting TheMaxx
Correct me if I'm wrong, but shouldn't it depend on the account currency of the receiving bank and the currency being deposited?

Eg - Sujith is in India with an Indian Rupee bank account, and his Pepper account is USD:
- if he asks Pepper to convert his USD withdrawal to INR (presuming they can do this) and deposit it in his Indian bank account - no fee charged as no FX conversion done by receiving bank
- if Pepper deposit his USD withdrawal in dollars into his Indian bank account - fee charged by receiving bank as FX conversion required
None of what you talk about is business conducted by Pepper.

Rupee to USD in an Australian currency jurisdiction is entirely the banking system at play.

Pepper don't hold the cash. It is in an Australian bank trust account.

He did not ask Pepper to convert anything. The client asked that xyz $ be withdrawn. The banks did what they do, and intermediary banks did a rip and run on him. The issue I believe has been one of excessive fees rather than exchange rate conversions.
  • #1,977
  • Feb 25, 2013 4:57am Feb 25, 2013 4:57am
Quoting TheMaxx
Correct me if I'm wrong, but shouldn't it depend on the account currency of the receiving bank and the currency being deposited?

Eg - Sujith is in India with an Indian Rupee bank account, and his Pepper account is USD:
- if he asks Pepper to convert his USD withdrawal to INR (presuming they can do this) and deposit it in his Indian bank account - no fee charged as no FX conversion done by receiving bank
- if Pepper deposit his USD withdrawal in dollars into his Indian bank account - fee charged by receiving bank as FX conversion required
I requested and received the amount in USD. To convert it to Indian Rupee I had to pay the spread to my bank. This is apart from the intermediary bank fee and the broker's bank fee. Anyways, let's move on.
  • #1,978
  • Feb 25, 2013 5:00am Feb 25, 2013 5:00am
Quoting dancingphil
That is the wisest course of action. Certainly Pepper do not load fees for money in or out, but that is just a broker level issue not relevant to your problem.

At bank level, where the real crime of dodgy fee structures does occur, in my personal case HSBC (Hong Kong) did remit my money overnight to HSBC (Australia), which are entirely two legally separate companies each working within the local country banking laws.

HSBC (Australia) sent it overnight to Pepper's National Australia Bank (NAB) trust account to credit my trading account. NAB...

I hear you.
  • #1,979
  • Feb 25, 2013 5:01am Feb 25, 2013 5:01am
Quoting Sujith
I requested and received the amount in USD. To convert it to Indian Rupee I had to pay the spread to my bank. This is apart from the intermediary bank fee and the broker's bank fee. Anyways, let's move on.
Correct you are to understand the issue Sujith.

Thank you for closing this issue out as not broker related.
  • #1,980
  • Feb 25, 2013 7:12pm Feb 25, 2013 7:12pm
has anyone tried funding/withdrawing using mastercard debit?

im with oanda currently, but i can't really increase capital since they have this rule that you can only withdraw to the original account used for funding. another thing is, they also state that transactions using debit card are not guaranteed to go thru.

how about with pepperstone? hope someone here uses debit with them.
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