Thread: Withdrawal FAQ

Withdrawals - Frequently Asked Questions

Please click on the appropriate link below to view the answer to your question:

Withdrawal Status and Timeframes

• What is the status of my withdrawal? Click here.
• Do you always meet your withdrawal timeframes? Click here.
• Why is my withdrawal taking so long? Click here.
• How long does the withdrawal process take? Click here.
• What is the fastest way to withdraw funds? Click here.

How to Withdraw

• How do I withdraw my funds by Debit or Credit Card? Click here.
• How do I withdraw my funds by Bank Wire? Click here.
• How do I withdraw my funds by ACH? Click here.

Other Questions

• Are there fees to withdraw funds? Click here.
• I forgot my account information, how can I withdraw? Click here.
• How can I update my banking information? Click here.

We've aimed to make the withdrawal process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

What is the status of my withdrawal?

You can check the status of a withdrawal online by running a report from myfxcm.com. This is fast and easy! To run your a report, follow these simple steps:

Step 1. Log into MyFXCM and click on "Account Statement".

Step 2. Select the account number and time period that you would like to view. Click Get Report.

Step 3. Find the Account Activity section of the report and search for an activity that matches your withdrawal request. If you do not see any activity that matches your withdrawal request under the Account Activity Section of your report, then the withdrawal request has not been processed yet.

Step 4. Check your email inbox for an email with subject, “FXCM - Withdrawal Request, Additional Information Needed" to see if we have contacted you to request more information to process your withdrawal.

In some cases, a withdrawal cannot be processed until we get more information. The most common reasons are:

• Incomplete Withdrawal Form - If you submit a physical withdrawal form by fax or by email, then make sure all required fields are complete or we may need to request more information.
TIP: To avoid submitting an incomplete form, you can complete the withdrawal form online at MyFXCM.com. Click here to see how.

• Incorrect Withdrawal Method - Funds deposited by credit or debit card are limited to withdrawals by credit or debit card for the principal (initial) deposit amount to avoid the transaction being considered a cash advance. Any additional withdrawal amount can be sent using another withdrawal option. For example, if you deposited $5000 by credit or debit card, you must withdraw $5,000 to your original card before requesting a wire or ACH withdrawal.

• Missing Information - If you are withdrawing by bank wire or ACH, make sure that your banking information or address information are complete and current. To learn more about updating your banking information, click here!

How long do withdrawals take?

We will process your withdrawal request submitted via www.myfxcm.com within 1-2 business days whenever possible. Physical withdrawal requests submitted by fax or email will be processed within 3-5 business days.

The timeframe to receive funds will depend on the method selected. The timeframes are:

• Bank wire – domestic bank wires take about 1-2 business days and international bank wires take about 3-5 business days, often less to arrive.

• ACH – ACH withdrawals can take up to 5 business days to be received, if not sooner.

• Credit or debit card – timeframes will vary depending on the card issuer and generally take up to 5 business days to post back to the credit or debit card used for funding, however they may take up to one billing cycle to appear on your statement.

Do you always meet your withdrawal timeframes?

A vast majority of withdrawals are processed instantly or within 1-2 business days, however there could be situations where a withdrawal request is not processed within the timeline we provided (although this doesn’t happen often).

Sometimes there is additional information we need from you before we can send your funds back. If we need more information, we will contact you by email right away to get the additional information and will continue with the withdrawal process as long as you reply within 5 business days.

I still see the funds in my account and it has been more than 2 business days, when will my withdrawal be processed?

We will process your withdrawal as quickly as possible, and in a majority of cases we can process withdrawals within 1 -2 business days.

How do I know that my withdrawal was received?

You can make sure your online withdrawal was received by checking your email inbox for an email with subject, "My Profile: Withdrawal Request".

If you sent your withdrawal request by fax or by email, then you can contact FXCM by chat or by email at admin@fxcm.com to ask if your withdrawal form was received.

My withdrawal still hasn't posted back to my account, what should I do?

If it has been longer than the typical withdrawal times detailed above and you still have not seen your withdrawal request processed, please contact FXCM by chat or by email at admin@fxcm.com to check on the status of your withdrawal request.

We've aimed to make the withdrawal process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

Return to Withdrawal Questions

Do you always meet your withdrawal timeframes?

A vast majority of withdrawals are processed instantly or within 1-2 business days, however there could be situations where a withdrawal request is not processed within the timeline we provider (although this doesn’t happen often).

If this is the reason you're withdrawal has not been processed, we sincerely apologize for the delay and we thank you for your patience.

Most of the time there is additional information we need from you before we can send your funds back. If we need more information, we will contact you by email right away to request additional information and will continue with the withdrawal process as long as you reply within 5 business days.

In some cases, a withdrawal cannot be processed until we get more information. The most common reasons are:

1. Incomplete Withdrawal Form - If you submit a physical withdrawal form by fax or by email, then make sure all required fields are complete or we may need to request more information. The most common fields left blank are the date, signature and amount of the withdrawal. To avoid submitting an incomplete form, you can complete the withdrawal form online at MyFXCM.com. Click here to see how.

2. Incorrect Withdrawal Method - Funds deposited by credit or debit card are limited to withdrawals by credit or debit card for the principal (initial) deposit amount to avoid the transaction being considered a cash advance. Any additional withdrawal amount can be sent using another withdrawal option. For example, if you deposited $5000 by credit or debit card, you must withdraw $5,000 to your original card before requesting a wire or ACH withdrawal.

Example of Credit Card Withdrawal Where Account Balance is Greater than Initial Deposit (Account has Profits):

• A $5,000 credit card deposit is made to open a trading account.
• After one month a profit of $500 is gained and the balance changes to $5,500.
• A withdrawal request of $5,500 is made.
• The principal deposit amount of $5,000 must be withdrawn by credit card and will go back to the initial credit card used for funding.
• The additional balance of $500 due to trading profits will be sent back using one of the other withdrawal methods.
• Please indicate how you would like the additional $500 of profit sent back under Special Instructions:

Example of Credit Card Withdrawal Where Account Balance is Less than Initial Deposit (Account has Losses):

• A $5,000 credit card deposit is made to open a trading account.
• After one month a loss of $500 is realized and the balance changes to $4,500.
• A withdrawal request of $4,500 is made.
• The principal deposit amount of $4,500 must be withdrawn by credit card and will go back to the initial credit card used for funding.
• No additional withdrawal options are available since the beginning deposit of $5,000 was made by credit card. If a withdrawal request is submitted for another option, the withdrawal may be delayed if we cannot send the funds back by bank wire.

3. Missing Information - If you are withdrawing by bank wire or ACH, make sure that your banking information or address information are complete and current. To learn more about updating your banking information, click here!

We've aimed to make the withdrawal process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

Return to Withdrawal Questions

Why is my withdrawal taking so long?

There are 3 reasons a withdrawal request can take longer than 1-2 business days: your withdrawal request was incomplete, never made it to us, or our internal processing time is currently longer than normal.

1. Your withdrawal request was incomplete.

Most of the time there is additional information we need from you before we can send your funds back. If we need more information, we will contact you by email right away to request additional information and will continue with the withdrawal process as long as you reply within 5 business days.

The most common reasons for delay are:

• Incomplete Withdrawal Form - If you submit a physical withdrawal form by fax or by email, then make sure all required fields are complete or we may need to request more information. The most common fields left blank are the date, signature and amount of the withdrawal.
TIP: To avoid submitting an incomplete form, you can complete the withdrawal form online at MyFXCM.com. Click here to see how.

• Incorrect Withdrawal Method - Funds deposited by credit or debit card are limited to withdrawals by credit or debit card for the principal (initial) deposit amount to avoid the transaction being considered a cash advance. Any additional withdrawal amount can be sent using another withdrawal option. For example, if you deposited $5000 by credit or debit card, you must withdraw $5,000 to your original card before requesting a wire or ACH withdrawal.

• Missing Information - If you are withdrawing by bank wire or ACH, make sure that your banking information or address information are complete and current. To learn more about updating your banking information, click here!

2. Your withdrawal never made it to us.

It is possible that a physical withdrawal form sent by email or fax was not received entirely (or at all).

If it has been longer than two business days and you would like to make sure a physical withdrawal form was received, please contact FXCM by chat or by email at admin@fxcm.com to check that your withdrawal form was received and will be processed.

To avoid the possibility of your withdrawal never being received, you can submit withdrawals online!

Online withdrawals automatically tell you if your withdrawal was received. Once you click submit, the confirmation page will say “Thank you for your online withdrawal request” to acknowledge that your withdrawal request was submitted successfully.

You can also make sure your online withdrawal was received by checking your email inbox for an email with subject, "My Profile: Withdrawal Request".

3. Our processing time is taking longer than normal.

A vast majority of withdrawals are processed promptly, however there could be situations where a withdrawal request is not processed within the timeline we provided (although this doesn’t happen often).

If this is the reason you're withdrawal has not been processed, we sincerely apologize for the delay and we thank you for your patience.

Do you still have questions about the status of your withdrawal?

We are here to help. Please contact FXCM by chat or by email at admin@fxcm.com to check on the status of a withdrawal request.

We've aimed to make the withdrawal process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

Return to Withdrawal Questions

How long does the withdrawal process take?

How long will it take to receive my withdrawal?

Withdrawal requests submitted via www.myfxcm.com will typically be processed by FXCM within 1 to 2 business days and may be instantly debited from your trading account. We make every effort to process your withdrawal request as soon as possible.

Below, you can find the typical time frame to receive your funds:

• Credit or Debit Card: Credit/Debit Card withdrawals will typically post within 5 business days. Time frames can vary depending on the credit card issuer and may take up to one billing cycle to appear back on your credit or debit card statement.

• Bank Wires: Domestic bank wires take about 1-2 business days and international bank wires take about 3-5 business days, often less to arrive.

• ACH: ACH withdrawals can take up to 5 business days to be received, if not sooner.

If you would like to receive funds sooner, bank wire withdrawals are typically received within 1-5 business days, if not sooner.

NOTE: Once the withdrawal has been processed and the funds have been removed from your account, the time frame for the funds to be deposited into your account is largely affected by your bank or card issuer. Contacting your bank or card issuer will give you a better idea of their specific time frames.

My withdrawal still hasn't posted back to my account, what should I do?

If it has been longer than the typical withdrawal times detailed above and you still have not seen your withdrawal request processed, please contact Client Services for further assistance by chat or phone.

We've aimed to make the withdrawal process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

Return to Withdrawal Questions

What is the fastest way to withdraw my funds?

Bank wire is typically the fastest way to withdraw funds. Domestic bank wires take approximately one to two business days and international bank wires take three to five business days, often less to arrive.

If you funded your account with a credit card or debit card, then it is required to withdraw the principal amount (deposit amount) back to the original card. The card issuer may take from five business days to one billing cycle (approximately thirty days) to post back to the credit or debit card used for funding.

How do I withdraw by Bank Wire?

Step 1. Log into MyFXCM.com.

Step 2. Click on Withdraw Funds.

Step 3. Select the “Withdrawal by Wire” option and click Continue.

Step 4: Fill out your current banking information on the withdrawal form and click Continue.

Step 5. Enter the amount that you would like to withdraw and enter your account password.

Step 6. Verify the Withdrawal Information and click on Submit.

Step 7. The confirmation page will say “Thank you for your online withdrawal request” to acknowledge that your withdrawal request was submitted successfully.

Step 8. You will receive a withdrawal confirmation e-mail as a record of your withdrawal request.

Are there any fees?

Yes, there is a small withdrawal fee for all bank wire withdrawals. Wire withdrawal fees are listed below:

How do I know if I will be charged a domestic or international bank wire fee?

USD, CAD and JPY denominated accounts will be charged a domestic or international bank wire fee. The type of wire fee that is charged will depend on where your bank is located and whether sending funds to your bank requires the use of an intermediary bank.

The following examples will help you to figure out if your withdrawal is considered domestic or international:

• Example 1. If you have a USD denominated trading account and your USD denominated bank account is in Canada, then your wire is considered international and would be charged an international wire fee.

• Example 2. If you have a CAD denominated trading account and your bank account is in Canada, then typically you will pay a domestic bank wire fee. If FXCM cannot send funds directly to your bank and has to use an intermediary bank, then your wire is considered an international wire and would be charged an international wire fee. You do not have to reside in Canada to be classified as domestic.

If you would like to find out if your bank uses an intermediary bank to receive bank wires from the US, then please contact your local bank and they can let you know. Your intermediary bank wire information may also be located under your Account Information in myfxcm.com.

Are there any restrictions to withdrawing funds by bank wire?

Yes, you will only be able to withdraw to a bank account in the same name as the account holder(s). Withdrawals to third party banking accounts are not allowed.

Keep in mind that funds deposited by credit or debit card are limited to withdrawals by credit or debit card for the principal (initial) deposit amount to avoid the transaction being considered a cash advance. Any additional withdrawal amount can be sent using another withdrawal option.

Example of Credit Card Withdrawal Where Account Balance is Greater than Initial Deposit (Account has Profits):

• A $5,000 credit card deposit is made to open a trading account.
• After one month a profit of $500 is gained and the balance changes to $5,500.
• A withdrawal request of $5,500 is made.
• The principal deposit amount of $5,000 must be withdrawn by credit card and will go back to the initial credit card used for funding.
• The additional balance of $500 due to trading profits will be sent back using one of the other withdrawal methods.

Example of Credit Card Withdrawal Where Account Balance is Less than Initial Deposit (Account has Losses):

• A $5,000 credit card deposit is made to open a trading account.
• After one month a loss of $500 is realized and the balance changes to $4,500.
• A withdrawal request of $4,500 is made.
• The principal deposit amount of $4,500 must be withdrawn by credit card and will go back to the initial credit card used for funding.
• No additional deposit options are available since the beginning deposit of $5,000 was made by credit card.

Do you have additional questions about the withdrawal process? Click here to chat with FXCM or post your question and we will reply soon.

Return to Withdrawal Questions 

How do I withdraw by credit or debit card?

It’s fast and easy to withdraw funds by credit or debit card. For your convenience, withdrawal requests are submitted online in a few simple steps:

Step 1. Log into MyFXCM.com.

Step 2. Click on Withdraw Funds

Step 3. Select the "Withdrawal by Credit/Debit Card" option and click Continue.

Step 4. Enter the amount that you would like to withdraw, enter your account password, and click continue.

Step 5. Verify the Withdrawal Information and click on Submit.

Step 6.The confirmation page will say “Thank you for your online withdrawal request” to acknowledge that your withdrawal request was submitted successfully.

Step 7.You will receive a withdrawal confirmation e-mail as a record of your withdrawal request.

How long do credit or debit card withdrawals take?

We will process your withdrawal request within 1-2 business days whenever possible.

The timeframe to receive your funds back to your credit or debit card will vary depending on the credit card issuer and may take up to one billing cycle to appear back on your credit or debit card statement.

Are there any fees?

There are no fees for withdrawals by credit or debit card.

Are there any restrictions to withdrawing funds by credit or debit card?

Yes. Funds deposited by credit or debit card are limited to withdrawals by credit or debit card for the principal (initial) deposit amount to avoid the transaction being considered a cash advance. Any additional withdrawal amount can be sent using another withdrawal option.

Example of Credit Card Withdrawal Where Account Balance is Greater than Initial Deposit (Account has Profits):

• A $5,000 credit card deposit is made to open a trading account.
• After one month a profit of $500 is gained and the balance changes to $5,500.
• A withdrawal request of $5,500 is made.
• The principal deposit amount of $5,000 must be withdrawn by credit card and will go back to the initial credit card used for funding.
• The additional balance of $500 due to trading profits will be sent back using one of the other withdrawal methods.

Example of Credit Card Withdrawal Where Account Balance is Less than Initial Deposit (Account has Losses):

• A $5,000 credit card deposit is made to open a trading account.
• After one month a loss of $500 is realized and the balance changes to $4,500.
• A withdrawal request of $4,500 is made.
• The principal deposit amount of $4,500 must be withdrawn by credit card and will go back to the initial credit card used for funding.
• No additional deposit options are available since the beginning deposit of $5,000 was made by credit card.

Do you have additional questions about the withdrawal process? Click here to chat with FXCM or post your question and we will reply soon.

Return to Withdrawal Questions

How do I withdraw by Bank Wire?

It is fast and easy to withdraw funds by bank wire. For your convenience, withdrawal requests are submitted online in a few easy steps:

Step 1. Log into MyFXCM.com.

Step 2. Click on Withdraw Funds.

Step 3. Select the “Withdrawal by Wire” option and click Continue.

Step 4: Fill out your current banking information on the withdrawal form and click Continue.

Step 5. Enter the amount that you would like to withdraw and enter your account password.

Step 6. Verify the Withdrawal Information and click on Submit.

Step 7. The confirmation page will say “Thank you for your online withdrawal request” to acknowledge that your withdrawal request was submitted successfully.

Step 8. You will receive a withdrawal confirmation e-mail as a record of your withdrawal request.

How long do wire withdrawals take?

We will process your withdrawal request within 1-2 business days whenever possible. Requests submitted online via www.myfxcm.com may instantly debit from your trading account.

The timeframe to receive funds will depend on the method selected and the time frames are below:

• Domestic Bank Wire – Domestic bank wires will take about 1-2 business days to post, often less to arrive.
• International Bank Wire – International bank wires will about 3-5 business days to post, often less to arrive.

The following examples will help you to figure out if your withdrawal is considered domestic or international:

• Example 1. If you have a USD denominated trading account and your USD denominated bank account is in Canada, then your wire is considered international and would be charged an international wire fee.

• Example 2. If you have a GBP denominated trading account and your bank account is in the UK, then your wire is considered a domestic bank wire. You do not have to reside in the UK to be classified as domestic.

Are there any fees?

A small withdrawal fee will be charged for all bank wire requests. Wire withdrawal fees are listed below:

Are there any restrictions to withdrawing funds by bank wire?

Yes, you will only be able to withdraw to a bank account in the same name as the account holder(s). Withdrawals to third party banking accounts are not allowed.

Do you have additional questions about the withdrawal process? Click here to chat with FXCM or post your question and we will reply soon.

Return to Withdrawal Questions 

How do I withdraw by ACH?

It’s fast and easy to withdraw funds by ACH. For your convenience, withdrawal requests are submitted online in a few simple steps:

Step 1. Log into MyFXCM.com.

Step 2. Click on Withdraw Funds.

Step 3. Select the “Withdrawal by ACH (USD ONLY)” option and click Continue.

Step 4. Fill out your current banking information on the withdrawal form and click Continue.

Step 5. Enter the amount that you would like to withdraw and enter your account password.

Step 6.Verify that all of the withdrawal information is correct and click Submit.

Step 7. A confirmation page will update with, “Thank you for your online withdrawal request” to acknowledge that your withdrawal request was submitted successfully.

Step 8. You will receive a withdrawal confirmation e-mail as a record of your withdrawal request.

How long do ACH withdrawals take?

ACH withdrawals can take up to 5 business days to be received, if not sooner.

If you would like to receive funds sooner, bank wire withdrawals are typically received within 1-5 business days, if not sooner.

Are there any fees?

All ACH withdrawals for standard account holders are free!

Are there any restrictions to withdrawing funds by ACH?

Yes, ACH Withdrawals can only be made for account denominated in USD.

Do you have additional questions about the withdrawal process? Click here to chat with FXCM or post your question and we will reply with and answer!

Return to Withdrawal Questions

Are there fees to withdraw funds?

There are no fees for withdrawals by credit card, debit card, ACH, BACs or SEPA. A small withdrawal fee will be charged for all bank wire requests. Wire withdrawal fees are listed below:

*Only available for clients of FXCM Ltd.

(Domestic wire fees apply when the client's beneficiary bank is located in the same country as FXCM's bank or entity.)

How do I know if I will be charged a domestic or international bank wire fee?

The type of wire fee that is charged will depend on where your bank is located and whether sending funds to your bank requires the use of an intermediary bank.

The following examples will help you to figure out if your withdrawal is considered domestic or international:

• Example 1. If you have a USD denominated trading account and your USD denominated bank account is in Canada, then your wire is considered international and would be charged an international wire fee.

• Example 2. If you have a CAD denominated trading account and your bank account is in Canada, then typically you will pay a domestic bank wire fee. If FXCM cannot send funds directly to your bank and has to use an intermediary bank, then your wire is considered an international wire and would be charged an international wire fee. You do not have to reside in Canada to be classified as domestic.

If you would like to find out if your bank uses an intermediary bank to receive bank wires from the US, then please contact your local bank and they can let you know. Your intermediary bank wire information may also be located under your Account Information in myfxcm.com.

Do you have additional questions about how to withdraw funds? Click here to chat with FXCM or post your question and we will reply soon!

Return to Withdrawal Questions

Where do I find my login information?

If you need to retrieve your login information, then check your email inbox and locate an email that contains “Account Information” in the subject.

If you can locate this email, scroll down to Login/Username and use the Login/Username as your username for myfxcm.com or the FXCM Trading Station II platform. Please note, your login, account number and username are typically the same number.

Please note, your login, account number and username are typically the same number.

Now that I can login, where do I deposit or withdraw funds?

You can deposit and withdraw funds online at myfxcm.com. To deposit funds, simply click Deposit Funds and select the deposit method you prefer.

The fastest way to deposit funds is by credit card online. For a visual walkthrough of the credit or debit card deposit process, click here.

To withdraw funds, simply click Withdraw Funds and select the deposit method you prefer.

The fastest way to withdraw funds is by bank wire. For a visual walkthrough of the bank wire withdrawal process, click here.

If you need further login help, please post your question and we will reply with an answer or you can contact an FXCM Client Services Specialist by chat.

Return to Withdrawal Questions

How do I update my banking information?

I have two bank accounts in my name, can I withdraw to either?
Yes, the correct bank account information would simply need to be updated online at myfxcm.com. The following will guide you through updating your banking information online:

NOTE: FXCM will not send funds to a third party account so the new account still has to be in the FXCM account holder’s name.

Step 1. Log into MyFXCM.com.

Step 2. Select “Banking Information” under the Account Information options.

Step 3: The Banking Information form will display. Simply update the existing bank account information with your new bank account information. Once you’ve verified the information is correct, click on "Continue" to complete the update.

Note: If you are unsure of your specific bank account information, please contact your bank directly so they can provide this to you. A description of common bank details and how to find them are:

ABA Number - The ABA Number is a nine-digit routing number used in the US, which will appear at the bottom of a US check. You can see this number highlighted on the check below:

What is a SWIFT Code? – The SWIFT Code is a unique identification code for a particular bank used for international wire transfers. Please contact your bank directly so they can provide the Swift Code to you.
What is an IBAN? – An IBAN is required for all bank wires to EUR denominated bank accounts within the European Union. You can locate your IBAN on a bank account statement or you can contact your bank.

Step 4: You have now updated your banking information online. You will get a confirmation email to acknowledge that your bank account information has been updated.

If you need to submit a withdrawal request online, then you can submit one now with updated bank account information.

We've aimed to make the withdrawal process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

Video Demonstration:



Return to Withdrawal Questions

On my account there is no options it only lets me withdraw with check why?

Hello,

Thank you for posting on the FXCM Online Support Forums. I am happy to assist you with your inquiry.

On my account there is no options it only lets me withdraw with check why?

That is an excellent question. From the information you have provided it sounds like you have a Micro Account with FXCM US. Micro Accounts with FXCM US are only able to withdraw funds by check from their trading account.

How familiar are you with our Standard Trading accounts? Our Standard Trading Accounts are able to withdraw funds via bank wire, ACH and as a refund to the credit card the account was funded with.

Why were you looking to withdraw your funds at this time? How has your trading been going on your account?

We do have many resources available to help with your trading needs. Please feel free to contact me if you have any other inquiries.

Hi,

I have funded my account throughout the years using different credit and debit cards.

I spoke to one of the FXCM's staff, she confirmed that any withdrawal will be deposited back into my principal debit card which I initially used several times to deposit into my account, regardless if I have deposited using more than one card.

But recently, my withdrawal was processes into my recent credit card which I used for most recent deposit and not my other card which I initially funded the account.

How do I ensure that going forward all my withdrawals will go into my principal debit card and not into my any other credit cards?

Can the special instructions in the banking information on myfxcm do that? Or all my withdrawals will go into my most recent credit card deposit? (and not any other credit or debit cards of my choice?)

Thanks.