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Author Topic: Forex Brokers Wire transfer bank fees  (Read 2155 times)

Offline Gooney

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Forex Brokers Wire transfer bank fees
« on: June 07, 2014, 01:22:53 AM »
Hi there, I am trying to find out what my best option is with regards to withdrawing money from my Australian broker(IC Markets and AxiTrader) to a New Zealand bank. From what I gather every time I do a withdrawal i get a fee of around $50. $25 from the Australian bank and then another $25 for the banks to receive it here in New Zealand.

Any other options out there to at least try and slash the fees down to half. I find $50 to be on the high side.

I'm with Kiwi Bank in New Zealand. Any suggestions or is this just something I have to be content with and pay $50 for every wire transfer?

Thanks.

Offline 999cjb

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Re: Forex Brokers Wire transfer bank fees
« Reply #1 on: June 07, 2014, 11:26:10 AM »
Hi there, I am trying to find out what my best option is with regards to withdrawing money from my Australian broker(IC Markets and AxiTrader) to a New Zealand bank. From what I gather every time I do a withdrawal i get a fee of around $50. $25 from the Australian bank and then another $25 for the banks to receive it here in New Zealand.

Any other options out there to at least try and slash the fees down to half. I find $50 to be on the high side.

I'm with Kiwi Bank in New Zealand. Any suggestions or is this just something I have to be content with and pay $50 for every wire transfer?

Thanks.

Wire transfer fees are one of last bastions of bank overcharging still in operation. These charges are ludicrous in relation to the amount of time and effort (virtually zero due to their computer systems) that goes into making them happen.

So I try to only deal with brokers who offer alternatives such as deposit and withdrawal to debit card, PayPal, Skrill etc. Here the charges are usually either zero or based on a percentage of the transfer value.

If you are buying a property overseas perhaps wire transfer fees are acceptable but if you want the flexibility of being able to deposit and withdraw lesser amounts frequently, stay away from them and the brokers who do not offer alternatives.

Offline Gooney

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Re: Forex Brokers Wire transfer bank fees
« Reply #2 on: June 08, 2014, 02:46:51 AM »
Hi there, I am trying to find out what my best option is with regards to withdrawing money from my Australian broker(IC Markets and AxiTrader) to a New Zealand bank. From what I gather every time I do a withdrawal i get a fee of around $50. $25 from the Australian bank and then another $25 for the banks to receive it here in New Zealand.

Any other options out there to at least try and slash the fees down to half. I find $50 to be on the high side.

I'm with Kiwi Bank in New Zealand. Any suggestions or is this just something I have to be content with and pay $50 for every wire transfer?

Thanks.

Wire transfer fees are one of last bastions of bank overcharging still in operation. These charges are ludicrous in relation to the amount of time and effort (virtually zero due to their computer systems) that goes into making them happen.

So I try to only deal with brokers who offer alternatives such as deposit and withdrawal to debit card, PayPal, Skrill etc. Here the charges are usually either zero or based on a percentage of the transfer value.

If you are buying a property overseas perhaps wire transfer fees are acceptable but if you want the flexibility of being able to deposit and withdraw lesser amounts frequently, stay away from them and the brokers who do not offer alternatives.

I quite agree. I will check with IC Markets and Axi trader and see what other withdrawal options they have. Paying $50 for every wire transfer is ridiculous especially on small amounts of money. Thanks for the reply.

Offline Larko62

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Re: Forex Brokers Wire transfer bank fees
« Reply #3 on: June 08, 2014, 06:08:00 AM »
I am also in NZ and withdraw to my Credit Card any of the deposits made, whereas the profits unfortunately have to go to my bank account. I find it a lot easier, and if you talk to the right person at Axi, they usually let you fund for free I have found with CC if long term customer.

Offline Gooney

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Re: Forex Brokers Wire transfer bank fees
« Reply #4 on: June 08, 2014, 12:19:57 PM »
I am also in NZ and withdraw to my Credit Card any of the deposits made, whereas the profits unfortunately have to go to my bank account. I find it a lot easier, and if you talk to the right person at Axi, they usually let you fund for free I have found with CC if long term customer.

Hi Larko, thanks for the advice. I'm trading out of Auckland. We have a trading group on meetups. Check them out if that interests you. Looks like they are meeting up on Wednesday for a chat etc.

With Axi I know they have local bank transfer(Bank of America account)in NZ which helps not to get charged for fees to deposit funds. Would you be able to recommend which bank in NZ has better wire transfer fees in terms of receiving funds from Axi trader? I am currently with Kiwibank and they recieve all their wire transfers through Citi bank with fees of around $25 and that excludes the fees from the bank in Aus. I am looking at trying either Wespac or ANZ as they might have lower fees and/or partnerships with Aussie banks to make it cheaper.

Any suggestions or advice would be appreciated.

Thanks Larko.

Offline Larko62

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Re: Forex Brokers Wire transfer bank fees
« Reply #5 on: June 09, 2014, 06:20:55 AM »
I am also in NZ and withdraw to my Credit Card any of the deposits made, whereas the profits unfortunately have to go to my bank account. I find it a lot easier, and if you talk to the right person at Axi, they usually let you fund for free I have found with CC if long term customer.

Hi Larko, thanks for the advice. I'm trading out of Auckland. We have a trading group on meetups. Check them out if that interests you. Looks like they are meeting up on Wednesday for a chat etc.

With Axi I know they have local bank transfer(Bank of America account)in NZ which helps not to get charged for fees to deposit funds. Would you be able to recommend which bank in NZ has better wire transfer fees in terms of receiving funds from Axi trader? I am currently with Kiwibank and they recieve all their wire transfers through Citi bank with fees of around $25 and that excludes the fees from the bank in Aus. I am looking at trying either Wespac or ANZ as they might have lower fees and/or partnerships with Aussie banks to make it cheaper.

Any suggestions or advice would be appreciated.

Thanks Larko.

I'm with ASB bank myself, but try ANZ as at least that is an aussie bank so you should have better rates assuming Aus and NZ banks will talk to each other, if i iwas a betting man i would say it's going to be better than citibank as they are $$$

Offline Gooney

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Re: Forex Brokers Wire transfer bank fees
« Reply #6 on: June 09, 2014, 01:03:01 PM »
I am also in NZ and withdraw to my Credit Card any of the deposits made, whereas the profits unfortunately have to go to my bank account. I find it a lot easier, and if you talk to the right person at Axi, they usually let you fund for free I have found with CC if long term customer.

Hi Larko, thanks for the advice. I'm trading out of Auckland. We have a trading group on meetups. Check them out if that interests you. Looks like they are meeting up on Wednesday for a chat etc.

With Axi I know they have local bank transfer(Bank of America account)in NZ which helps not to get charged for fees to deposit funds. Would you be able to recommend which bank in NZ has better wire transfer fees in terms of receiving funds from Axi trader? I am currently with Kiwibank and they recieve all their wire transfers through Citi bank with fees of around $25 and that excludes the fees from the bank in Aus. I am looking at trying either Wespac or ANZ as they might have lower fees and/or partnerships with Aussie banks to make it cheaper.

Any suggestions or advice would be appreciated.

Thanks Larko.

I'm with ASB bank myself, but try ANZ as at least that is an aussie bank so you should have better rates assuming Aus and NZ banks will talk to each other, if i iwas a betting man i would say it's going to be better than citibank as they are $$$

Thanks Larko. Both IC Markets and Axitrader bank with NAB. I think IC Markets uses Wespac as well.Bank of New Zealand have some sort of an agreement with with NAB which means wire transfer fees are $15.

Larko, do you fund your trading account via local bank transfer because there are no fees attached to that option?

 

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