Oanda's withdrawal policy with PayPal | Forex Factory

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Oanda's withdrawal policy with PayPal

  • #1
  • First Post: Nov 4, 2015 8:27am Nov 4, 2015 8:27am
unless you fund your account that way but who funds their account through paypal. here's their message:

Thank you for contacting OANDA.

In regards to your preference for your withdrawal method. Please understand as per OANDA policies funds are returned using the same method as received. Since you only funded your account via wire, you can only use wire as a withdrawal method. We have made exceptions for you before to allow withdrawals via PayPal, however this is no longer allowed for your account. We hope this response assists you further with understanding why you need to use wire withdrawal as your method of choice for your withdrawals.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #2
  • Nov 4, 2015 9:21am Nov 4, 2015 9:21am
Its been like that since forever..
  • #3
  • Nov 4, 2015 12:39pm Nov 4, 2015 12:39pm
I think Oanda's "policies" in that regard are imposed on them by law, in other words it really isn't their fault. They're not being intransigent about it just to be difficult.

Because of international banking and financial transfer regulations designed to combat money-laundering, it's normal now that properly regulated brokers can't allow withdrawals by methods other than the method by which funds were deposited, until a total of at least the amount deposited has been withdrawn to the same source. Exceptions to that (which can arise, for example when people have deposited through a bank account now closed) are - at the very least - going to need a lot of paperwork.
  • #4
  • Nov 4, 2015 3:44pm Nov 4, 2015 3:44pm
Quoting england33
unless you fund your account that way but who funds their account through paypal. here's their message: Thank you for contacting OANDA. In regards to your preference for your withdrawal method. Please understand as per OANDA policies funds are returned using the same method as received. Since you only funded your account via wire, you can only use wire as a withdrawal method. We have made exceptions for you before to allow withdrawals via PayPal, however this is no longer allowed for your account. We hope this response assists you further...
I really cannot get this, why it's no longer allowed?
  • #5
  • Edited 5:41pm Nov 4, 2015 4:22pm | Edited 5:41pm
Quoting asrona
{quote} I really cannot get this, why it's no longer allowed?

Because - as explained just above - these days, for anti-money-laundering regulatory reasons, it's permitted to withdraw only to the source from which the account was funded (which wasn't PayPal, in this case).

In other words, for legal/regulatory reasons, usually. It's not the broker's fault. There are sometimes exceptions (for reasons similar to the one I mentioned above) but these days they increasingly involve compliance which typically causes quite some administrative experience for both broker and client.
  • #6
  • Nov 4, 2015 6:54pm Nov 4, 2015 6:54pm
It's the same as others brokers, you need to withdraw your money you have deposited in by the same method you deposit, and your profit withdraw via Paypal. I deposit and withdraw with Paypal with no problem.
  • #7
  • Edited 9:29pm Nov 4, 2015 8:10pm | Edited 9:29pm
I have a question when I opened an Oanda account 4 years ago, I used my bank account for wire transfer to initially fund my Oanda account. But after that, I discovered Paypal and began to used it to fund my Oanda account in the last 3 years because of lower transaction cost. I closed my bank account two years ago because I have no more used of it. My question is would I have a problem with Oanda in case I withdraw any profits in the future using Paypal?
  • #8
  • Nov 4, 2015 8:51pm Nov 4, 2015 8:51pm
If have a big account you wouldn't fund it with paypal lol. they offer paypal as if it is an option.. it is not an option for withdrawel. i know you say you have to do this and you have to do that.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #9
  • Last Post: Nov 5, 2015 4:55am Nov 5, 2015 4:55am
Quoting england33
they offer paypal as if it is an option.. it is not an option for withdrawel.

No; this is wrong. As explained above, it is an option for withdrawal if the funds were originally deposited that way.

It's about compliance with anti-money-laundering regulations compelling regulated brokers to return funds to their original source.

Unfortunately, people keep responding to the thread giving their own mistaken impressions as if they were factual, and they're just not!
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