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unable to withdraw from oanda

  • #1
  • First Post: Nov 28, 2014 12:29pm Nov 28, 2014 12:29pm
may be time to leave this borker. i always withdraw b4 the holidays but have been denied as they claim bank issues and cannot provide a time when it will be ready.
Your request has been denied.

We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner.

- so i go w/ wire transfer - to the same acct i used to setup. and received this
Your request has been denied.

We are unforutnately not able to process this withdrawal request as it is being made to a third party account. As you are not the beneficiary of the trust account to which the funds are being sent we will not be able to withdraw funds to this account.

withdraw is a basic requirement. that a borker cannot do this seamlessly indicates to me an operation that is in trouble. i think ill open another acct w someone and see if they can arrange the funds be transferred to them. wonder what excuse oanda will will use.

if u have an acct w these people - i suggest perhaps a 'test' withdraw. see if u get your money.
In trading, there is no bullshit. You either make money or you don't.
  • #2
  • Nov 28, 2014 6:18pm Nov 28, 2014 6:18pm
Withdraw to a 3rd party account is not allowed in any broker. It seems to be your problem here. The broker account and bank account must be at the same name (same person).

Quote
As you are not the beneficiary of the trust account to which the funds are being sent we will not be able to withdraw funds to this account.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Nov 28, 2014 6:59pm Nov 28, 2014 6:59pm
Quoting FerruFx
Withdraw to a 3rd party account is not allowed in any broker. It seems to be your problem here. The broker account and bank account must be at the same name (same person). {quote}
  • #4
  • Nov 28, 2014 7:35pm Nov 28, 2014 7:35pm
the bank acct is the same one i created the acct with many years ago. i'll be closing this oanda acct. things change over the years - unfortunately this borker hasn't changed for the better.
In trading, there is no bullshit. You either make money or you don't.
  • #5
  • Nov 28, 2014 10:12pm Nov 28, 2014 10:12pm
Quoting FerruFx
Withdraw to a 3rd party account is not allowed in any broker. It seems to be your problem here. The broker account and bank account must be at the same name (same person). {quote}
  • #6
  • Nov 28, 2014 10:37pm Nov 28, 2014 10:37pm
I've never had any problems withdrawing money from my Oanda account. You must be trying to do something against NFA and CFTC rules.
  • #7
  • Nov 28, 2014 11:57pm Nov 28, 2014 11:57pm
found what happened. apparently a few years ago my wife added our daughter as beneficiary of the bank accts in the event something happened to us, that appears to be now viewed as a trust for her. it was not an issue till the chk writing mechanism broke down and i was forced to use wire transfer
In trading, there is no bullshit. You either make money or you don't.
  • #8
  • Nov 29, 2014 6:10am Nov 29, 2014 6:10am
Quoting mrgreen
found what happened. apparently a few years ago my wife added our daughter as beneficiary of the bank accts in the event something happened to us, that appears to be now viewed as a trust for her. it was not an issue till the chk writing mechanism broke down and i was forced to use wire transfer
We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner.
Hi, could you explain more clearly your situation, I thought all money need to withdraw through Paypal. I really don't understand the sentence above, are you withdraw by check? Have you chat or call them? Sorry English is not my native language.
Have anyone here trade with Citifx pro, Dukascoppy, Saxobank? Have they got this problem too? Recently, my friend withdraw from Fxcm it take 14 days with 10 days to completed in their system, they say that because some kind of temporary insufficient. What are those market makers doing? Huhm.
  • #9
  • Nov 29, 2014 6:47am Nov 29, 2014 6:47am
i have always used a check as a means of withdrawal. US version of oanda has other options, bank transfer, credit card or paypal. they have this caveat:

You may only withdraw funds by the same method used to deposit money into your account. Please click the link below for fees.

i opened the acct w a chk so always withdraw w/ via a chk, delivery time always approx a business week.
In trading, there is no bullshit. You either make money or you don't.
  • #10
  • Nov 29, 2014 7:10am Nov 29, 2014 7:10am
Quoting mrgreen
i have always used a check as a means of withdrawal. US version of oanda has other options, bank transfer, credit card or paypal. they have this caveat: You may only withdraw funds by the same method used to deposit money into your account. Please click the link below for fees. i opened the acct w a chk so always withdraw w/ via a chk, delivery time always approx a business week.
Sorry, I thought you withdraw your profits. Is that today is holiday? How much is your account? I have an account with them too. I tried to chat with them but they're not respond. I strongly recommend you to call them immediately and let me know too
  • #11
  • Nov 29, 2014 7:23am Nov 29, 2014 7:23am
oanda is closed today. yes i did chat with them when i was trying to figure out why i was unable to withdraw. i ended up having them wire to my our credit union, which is where she has her christmas fund. it was for her use anyway. ill know monday if this is going to work. oanda is joint acct
In trading, there is no bullshit. You either make money or you don't.
  • #12
  • Nov 29, 2014 7:40am Nov 29, 2014 7:40am
Quoting mrgreen
oanda is closed today. yes i did chat with them when i was trying to figure out why i was unable to withdraw. i ended up having them wire to my our credit union, which is where she has her christmas fund. it was for her use anyway. ill know monday if this is going to work. oanda is joint acct
Thank god! Nothing serious happen yet, so they said that they will send money to your daughter via bank wire. And you have an joint account, just let us know how long you have to wait before recive your money. If you trade with big amount of money i think you should choose prime brokers or brokers offers insurance for your account. Safety is first!
  • #13
  • Nov 30, 2014 7:16am Nov 30, 2014 7:16am
Quoting Abcxyz77
{quote} We regret to inform you that we are currently experiencing technical difficulties with our check outsourcing service with our banking partner. Hi, could you explain more clearly your situation, I thought all money need to withdraw through Paypal. I really don't understand the sentence above, are you withdraw by check? Have you chat or call them? Sorry English is not my native language. Have anyone here trade with Citifx pro, Dukascoppy, Saxobank? Have they got this problem too? Recently, my friend withdraw from Fxcm it take 14 days with...
I just withdrew some money from my fxcm 2 weeks ago and it took like up to 8 days not counting the weekends and they said that they are processing a lot of orders and its by orders. I don't know anything about insufficient funds. Not vouching for fxcm but I have withdrawn more than 3 times and it has never been a problem that's the reason why I am still with them.
  • #14
  • Nov 30, 2014 8:43am Nov 30, 2014 8:43am
Quoting IveGotQuads
{quote} I just withdrew some money from my fxcm 2 weeks ago and it took like up to 8 days not counting the weekends and they said that they are processing a lot of orders and its by orders. I don't know anything about insufficient funds. Not vouching for fxcm but I have withdrawn more than 3 times and it has never been a problem that's the reason why I am still with them.
I don't know how they're manage money, but i think like you. Some delay days are not a big problem with me if they are apologize and explain it clearly.
  • #15
  • Nov 30, 2014 4:14pm Nov 30, 2014 4:14pm
Quote
Have anyone here trade with Citifx pro, Dukascoppy, Saxobank? Have they got this problem too? Recently, my friend withdraw from Fxcm it take 14 days with 10 days to completed in their system, they say that because some kind of temporary insufficient. What are those market makers doing? Huhm.
Duka and FXCM aren't marker makers.
  • #16
  • Dec 1, 2014 7:13am Dec 1, 2014 7:13am
Quoting Unabletrader
[font=helvetica neue]{quote} Duka and FXCM aren't marker makers.
Thank for correct me, they are Ecn brokers and now i really can't understand why Fxcm has been finned in the past. Ecn brokers make money by spread right?
  • #17
  • Dec 1, 2014 8:18am Dec 1, 2014 8:18am
ECN brokers make money be fees.

Some ECN brokers may include directly the fee into the spread. Others brokers take the comission once the trader has closed his trade : in this model you pay spread + fee.
  • #18
  • Dec 1, 2014 9:29am Dec 1, 2014 9:29am
So -if I understand this right- the headline of this thread should read:

Unable to withdraw money from OANDA to a third party account.

Now it doesn`t sound anymore like "Oanda won`t pay me my moneys" but like "my money is in a secure vault at onada"
  • #19
  • Dec 1, 2014 11:05am Dec 1, 2014 11:05am
had i known all of that prior to open of the thread - perhaps i would have titled it something like "Oanda check writing feature is fubar and they have no idea what is wrong or when it will be fixed - so your fucked if your bank acct also has a beneficiary on it, but if your familiar w/ how to setup a paypal acct- or just happen have an old credit union Christmas club acct around then you can get your money?

is that descriptive enough you .
In trading, there is no bullshit. You either make money or you don't.
  • #20
  • Dec 2, 2014 5:34am Dec 2, 2014 5:34am
Quoting mrgreen
had i known all of that prior to open of the thread - perhaps i would have titled it something like "Oanda check writing feature is fubar and they have no idea what is wrong or when it will be fixed - so your fucked if your bank acct also has a beneficiary on it, but if your familiar w/ how to setup a paypal acct- or just happen have an old credit union Christmas club acct around then you can get your money? is that descriptive enough you .
Have you recieve your money yet? Did they say anything?
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