I have a problem with Oanda's withdrawal policy | Forex Factory

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I have a problem with Oanda's withdrawal policy

  • #1
  • First Post: Aug 11, 2013 8:49am Aug 11, 2013 8:49am
"Funds are withdrawn using the same method, and to the same account as previously used to deposit"

Is there anyway to get around this to get my money out of Oanda?

http://fxtrade.oanda.com/help/how-to-withdraw-funds
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #2
  • Aug 11, 2013 9:30am Aug 11, 2013 9:30am
Quoting england33
"Funds are withdrawn using the same method, and to the same account as previously used to deposit" Is there anyway to get around this to get my money out of Oanda? http://fxtrade.oanda.com/help/how-to-withdraw-funds
generally speaking, this is to protect against fraud and money laundering so the same person must do the deposit and withdrawal. Another reason is to prevent people from using these brokers as exchanger services.

With Oanda, your best bet is to deposit with credit card and then withdraw through another payment processor such as Paypal. You will have to check up on this as perhaps they may have some specific withdrawal method.

The other way is perhaps a broker to broker transfer. It doesn't look like Oanda offers this, but couldn't hurt to ask.
  • #3
  • Aug 11, 2013 10:37am Aug 11, 2013 10:37am
Quoting jhehe
{quote} generally speaking, this is to protect against fraud and money laundering so the same person must do the deposit and withdrawal. Another reason is to prevent people from using these brokers as exchanger services. With Oanda, your best bet is to deposit with credit card and then withdraw through another payment processor such as Paypal. You will have to check up on this as perhaps they may have some specific withdrawal method. The other way is perhaps a broker to broker transfer. It doesn't look like Oanda offers this, but couldn't hurt to...
What happens if I deposit with a bank account but change banks and want to withdraw my money into the new bank account? It sounds like Oanda is being unreasonable. To be honest I wish I never used them. In fact it seems that forex brokers in general are not very stable.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #4
  • Aug 11, 2013 10:50am Aug 11, 2013 10:50am
Its been like that since forever, and they are only compliant with AML regulation.
  • #5
  • Aug 11, 2013 11:52am Aug 11, 2013 11:52am
Quoting shrike
Its been like that since forever, and they are only compliant with AML regulation.
most brokers don't make it that complicated to withdraw. i wish i never used them.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #6
  • Aug 11, 2013 1:13pm Aug 11, 2013 1:13pm
Quoting england33
{quote} What happens if I deposit with a bank account but change banks and want to withdraw my money into the new bank account? It sounds like Oanda is being unreasonable. To be honest I wish I never used them. In fact it seems that forex brokers in general are not very stable.
if u used a wire transfer from a bank account and then changed banks u can still withdraw funds to any bank account under your name.
  • #7
  • Aug 11, 2013 7:24pm Aug 11, 2013 7:24pm
Quoting england33
{quote} What happens if I deposit with a bank account but change banks and want to withdraw my money into the new bank account? It sounds like Oanda is being unreasonable. To be honest I wish I never used them. In fact it seems that forex brokers in general are not very stable.
then best to make sure that your bank name matches. for example, if you used John Smith for Bank A, and deposited, then make sure you are withdrawing to a John Smith in Bank B. This is pretty much common sense as after all you are opening an account in your name (hopefully). However, there will always be people attempting to deposit under the name John Smith and then withdraw to some Alakbar Osama Abdo.

Also, Oanda has account managers which you can call up or email. If you can prove that both bank accounts are in your name and that you are the same person (show account opening forms) then I don't see why they wouldn't let you.
  • #8
  • Last Post: Aug 12, 2013 10:57am Aug 12, 2013 10:57am
Hello! I am with Oanda many years, never had any problems with them. Just follow the rules.

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