Thread: Withdrawal FAQ (Residents Outside of the US)

Withdrawals - Frequently Asked Questions
(Residents Outside of the US)

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.

How to Withdraw

• How do I withdraw my funds by Bank Wire? Click here.
• How do I obtain more withdrawal options? 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 bank account 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 will receive an auto-notification once your withdrawal request has been processed and funds have been debited from your trading account.

You may also 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. Select in what format you would like to download the report. 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 reason is:

- Missing Information - When withdrawing via bank wire, please make sure that your banking information or address information are complete and current. To learn more about updating your banking information via MyFXCM.com, click here! (How do I change my contact or banking information?)


How long do withdrawals take?

We will process your withdrawal request submitted via www.myfxcm.com within 1-2 business days whenever possible.

Domestic wires (FXCM Micro clients withdrawing to a UK or US bank) take about 1-2 business days to arrive, often less.
International clients (FXCM Micro clients withdrawing to a non-UK/US bank) take about 3-5 business days to arrive, often less.


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).

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 the normal processing time. 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".

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 Micro.

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. Below is an example of an email requesting more information.

IIn some cases, a withdrawal cannot be processed until we get more information. The most common is:

• Missing Information – When withdrawing via bank wire, please make sure that your banking information or address information are complete and current. To learn more about updating your banking information via MyFXCM.com, click here! (How do I change my contact or banking 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.

Return to Withdrawal Questions

Why is my withdrawal taking so long?

There are 2 reasons a withdrawal request can take longer than 3-5 business days to process: your withdrawal request was incomplete or our internal processing time is currently longer than normal.


1. Your withdrawal request was incomplete, or we are missing your banking information.

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.

When withdrawing via bank wire, make sure that your bank account information is complete and current at www.myfxcm.com.


2. 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 provide (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?

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 Micro.

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.

Domestic wires (FXCM Micro LTD clients withdrawing to a UK bank) take about 1-2 business days to arrive, often less.

International clients (FXCM Micro clients withdrawing to a non-UK bank) take about 3-5 business days to arrive, often less.


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 Micro.

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

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

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 wire withdrawals take?

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

Domestic wires (FXCM Micro clients withdrawing to a UK bank) take about 1-2 business days to arrive, often less.

International clients (FXCM Micro clients withdrawing to a non-UK bank) take about 3-5 business days to arrive, often less.

Are there any fees?

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

• $15.00 USD for the 1st wire issued within a calendar month
• $25.00 USD for the 2nd wire issued within a calendar month
• $35.00 USD for the 3rd and subsequent wires issued within a calendar month

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? Please post your question and we will reply soon.


Return to Withdrawal Questions 

How do I obtain more withdrawal options?

While FXCM UK Micro traders can only withdraw via bank wire, one of the benefits of Upgrading to a Standard Account is more withdrawal options and free withdrawal options!


FXCM LTD Standard Account Withdrawal Options:

• Free Credit Card and Debit Card Withdrawals
• Free BACS (GBP only) and SEPA (EUR only) and ACH (USD only) Withdrawals
• Bank Wire Withdrawals (fees apply (Withdrawal FAQ))

How can I upgrade my account to a Standard account?

To speak with a Live FXCM Standard Account specialist, click here to chat live now!

Return to Withdrawal Questions

Are there fees to withdraw funds?

The fee structure is as follows:

$15.00 USD for the 1st wire issued within a calendar month
$25.00 USD for the 2nd wire issued within a calendar month
$35.00 USD for the 3rd and subsequent wires issued within a calendar month

Are there any free withdrawal options?

FXCM Micro withdrawals have a small fee, but if your account was upgraded to an FXCM Standard Account, you would have the following free withdrawal options:

FREE - Withdrawals via ACH (USD accounts), BACS (GBP accounts) or SEPA (EUR accounts)
FREE - Withdrawals via Credit Card / Debit Card

If you would like to upgrade your account for these additional account features, click here for more information.


Return to Withdrawal Questions

I forgot my account information, how can I withdraw?

If you need to retrieve your login information, then check your email inbox and locate an email that contains “Trading Application Information” in the subject. If you did not receive your login details when you submitted your application, you will receive your login information in a separate email with “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.

I cannot locate my login e-mail, how can I retrieve my login?

Retrieving your login information is a quick and easy process when using the online account portal located at MyFXCM.com!

Step 1: Navigate to MyFXCM.com and click on “Forgot Login/Password” on the main page

Step 2: Click on “Forgot Login ID?”

Step 3: Fill in the corresponding information for your account and select “Get Login ID”

Note: Telephone, E-mail and Primary / Joint Account Holder information is case sensitive

Step 4: A confirmation screen will appear informing you that the login details have been sent to your e-mail address

Step 5: Log in to your e-mail account and select the e-mail sent from MyFXCM

NOTE: Some E-mail filters will move auto-generated mail to a Spam or Junk folder. If you do not see the e-mail in your inbox, add FXCM to your e-mail contacts and check these folders!


What if I have forgotten my password?

If you have forgotten your password, the FXCM Trading Station and MyFXCM.com password can be reset via MyFXCM. For a step-by step guide, click here! (MyFXCM.com FAQ)


Now that I can log in, 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 online by credit card. For a visual walkthrough of the credit or debit card deposit process, click here.

To withdraw funds, simply click Withdraw Funds.

For a visual walkthrough of withdrawing via Bank Wire, click here.

If you need further login help, please post your question and we will reply with an answer or you can contact FXCM Micro Support.

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" option.

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 with the subject line “MyFXCM: Bank information change”, to acknowledge that your bank account information has been updated.

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

Step 5. Enter the amount that you would like to withdraw and enter your account password. Once completed, click Continue.

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.


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

hi,

My question is.....

"Your withdrawal request must be processed via credit/debit card due to the fact that your method of funding has been solely credit/debit card. The principle of funds received must be returned back to its original funding source."

can fxcm wire it to my bank account instead returned back to its original funding source?

Hi archaqx,

Welcome to the Micro Forum! Thanks for the post!


What should I do if I receive an email that says "Your withdrawal request must be processed via credit/debit card due to the fact that your method of funding has been solely credit/debit card. The principle of funds received must be returned back to its original funding source"?

For this type of withdrawal email, you simply need to reply to the email and state that you would like to withdraw back to your Credit Card. Once you reply to the email, your withdrawal will be confirmed via email to let you know that it is in process.

Let me know if you have any further questions. Thanks again for the post!


Rob

Originally Posted by archaqx

hi,

My question is.....

"Your withdrawal request must be processed via credit/debit card due to the fact that your method of funding has been solely credit/debit card. The principle of funds received must be returned back to its original funding source."

can fxcm wire it to my bank account instead returned back to its original funding source?

hi,

but rob, i wanted to wire it to my bank account. Can it be done?

Hi archaqx,

I am sorry that there is nothing more I can do for you. Due to the personal nature of the request, you will need to respond to the email you received and explain why you need to withdraw via Bank Wire.

Please let me know when you have sent the email and I can try to have it expedited for you.

Thanks!

Rob

Originally Posted by archaqx

hi,

but rob, i wanted to wire it to my bank account. Can it be done?

Hello,
I have a micro account with FXCM UK, and I am a citizen of Mexico, and while my main residence is there, I shuffle between my country and the US.
I have been funding my account in the UK with a bank account I have in the USA, by debit card; I wish to withdraw some money from FXCM and I want to make sure it's possible to make a wire transfer to the US bank.
In fact, I think that's the only way to get the transfer since you don't send money back to debit cards when it's a micro acct, right?
If that's the case, can you simply tell me if it's OK to make the transfer back to the same US bank acct the money came from? or is there any issue because my main residence is not in the USA?
Thanks for your prompt answer.