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Investment Forex Version 21, Foreign Exchange Market Discussion

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Emily Ratajkowski
post Oct 6 2020, 10:54 AM

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QUOTE(GunnersCM @ Oct 5 2020, 11:35 PM)
Hi, any trader here using Axitrader, Pepperstone or Avatrade?  Are these broker can deposit & withdrawal via local bank transfer?

Currently I'm using FXCM and ICMarket, the problem im faces is when I'm withdraw using wire transfer method, sometimes bank will call ask me to explain the how the money come from.

Im worry that later the bank will block the money to my bank account.
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In general, if you transfer the money from your bank to broker, then from broker back to same bank, then there is no issue. Because money can trace origin.

Problem start when you bank in to broker using big pay la, or western union la. Then after that from broker send back to your bank. This one money cannot trace sure got problem one. Do it too much and bank negara will call you.

The best is to call your bank's remittance officer and explain your situation. See if it is accepted or not.

What you use your money for outside is none of thier concern. Even if you use it to gamble or forex also it should not be a problem. What bank negara wants to know is where the money come from.
Emily Ratajkowski
post Oct 6 2020, 11:37 AM

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Junior Member
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QUOTE(GunnersCM @ Oct 6 2020, 11:30 AM)
I can tell the bank that the money is from forex trading? Previously I use Paypal and credit card to deposit the money.
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The bank doesn't care what you do with the money. They only care where the money come from. You can tell them money is for investment and trading with offshore broker. But then the most important thing is how can you trace the money back.

In your case credit card and PayPal cannot trace. Or at least very hard to trace. That's why you Kena flag as potential money laundering. That's why so many questions.

Like I mention just now most of the people who use bank to tt to broker, then use broker to tt back to same bank usually no issue.

But to be sure you should call your bank remittance officer to find out.

 

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