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Investment Forex Version 21, Foreign Exchange Market Discussion

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GunnersCM P
post Oct 5 2020, 11:35 PM

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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.
GunnersCM P
post Oct 6 2020, 11:26 AM

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QUOTE(year2020 @ Oct 6 2020, 09:53 AM)
I don't think there's any problem if you mentioned it's from trading though? For me, this is more preferable rather than transacting using local bank option that some broker have such as XM. The reason being is that I notice when doing this local transfer the name of the recipient as well as sometimes the reference of that transaction is 'questionable' because they want to avoid the bank to know it's related to deposit/withdrawal to/from forex brokers. It's borderline money laundering.
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Is that ok if I tell the bank money come from forex trading? blink.gif Im not sure is I heard it before that BNM blacklist some foreign forex broker to transfer money to their client account in Malaysia.
GunnersCM P
post Oct 6 2020, 11:30 AM

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QUOTE(Emily Ratajkowski @ Oct 6 2020, 10:54 AM)
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.
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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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