Jump to content
  • 0

Funds withdrawal issues


Guest Malik-Singapore

Question

Guest Malik-Singapore

What is the minimum period i need to be on IG trading to withdraw to my desired account or card. I faced an issue where the source of my transfer was from my Bank transfer, Visa card and master card tranafers. The sales peraon was so annoying and could not able to exolain why they cannot return the money to my bank which was the source instead they only prefer only wants to return to Visa card though first source of fund was Bank transfer, they keep insisting to transcer back to Visa card even after requesting multiple times.

Strangely they write in a email stating that after while i can withdraw funds to my desired account, but what is after while,no one wants to answer. Ita just ao annoying that i am just planning exit IG and start trading on other platforms.

If any one has similar experience pls share and if possible pls answer what is the minimum peiod IG consider people to be trustworthy to be transfered to their desired, their own money.

Thank you,

Link to comment

9 answers to this question

Recommended Posts

  • 0

Regulations laid out by the FCA require us to send cash back to the same source in which we receive them from. This means we can send funds back to the card used to deposit, however, if you wish for funds to be returned to a different source i.e. directly to your bank account, we would first need to verify the original payment source.

Although from your perspective your card and bank account are linked, they are actually separate things and there is nothing which we can see which link the two. For example if you have a bank account with Barclays and make a deposit into your IG account with your debit card, there is no way that we can link these two without validation. 

I appreciate that this additional step for a withdrawal is frustrating, but it is required to comply with the FCA’s Anti Money Laundering Policy. Unfortunately to reduce this risk requires regulated companies such as ourselves to make these verification checks for all clients.

I also appreciate the frustration in not being able to verify exactly how long you need to be a client before we can accept these verification methods, however once again this is a requirement by the external regulators. 

You should still be able to withdraw funds to the same source you deposited from (for example if you deposit with a card you can withdraw to that same card. If you make a bank transfer in you can make a bank transfer out). 

Link to comment
  • 0
Guest KevinKK

Yes, totally agree to quit IG.  Bull ****, same name, same person, same bank, the only difference is credit card vs savings account, they insist they are stupid enough and unable to verify two accounts from 1 person. 

 

Imagine someone who win double, but IG insist in transferring back to the source, credit card. As everyone knows, once u deposit money to credit card, u cannot withdraw, the only way out is to spend. Ridiculous

Link to comment
  • 0
Guest KevinKK
On 7/10/2018 at 4:09 PM, JamesIG said:

Regulations laid out by the FCA require us to send cash back to the same source in which we receive them from. This means we can send funds back to the card used to deposit, however, if you wish for funds to be returned to a different source i.e. directly to your bank account, we would first need to verify the original payment source.

Although from your perspective your card and bank account are linked, they are actually separate things and there is nothing which we can see which link the two. For example if you have a bank account with Barclays and make a deposit into your IG account with your debit card, there is no way that we can link these two without validation. 

I appreciate that this additional step for a withdrawal is frustrating, but it is required to comply with the FCA’s Anti Money Laundering Policy. Unfortunately to reduce this risk requires regulated companies such as ourselves to make these verification checks for all clients.

I also appreciate the frustration in not being able to verify exactly how long you need to be a client before we can accept these verification methods, however once again this is a requirement by the external regulators. 

You should still be able to withdraw funds to the same source you deposited from (for example if you deposit with a card you can withdraw to that same card. If you make a bank transfer in you can make a bank transfer out). 

Don't believe IG.  I have an account many years ago, at least 4 years. When I login recently, they refused and asked me to open a new account.  When I ask for a withdrawal to my bank account, the first answer is that "you are new client, we can only transferring back to the source, credit card".  

My god, I understand why they asked me to open a new account.  I forward all the emails from IG to prove I am an old user, then they said "that account is inactive, and we are not sure that account belongs to you or not" . 

 

See ! When you stop their excuse, then they have another one.  OK, I insisted I am an old user, he said he cannot transferring money to another account because of regulations.  Haha, then he said after the initial deposit is cleared with the credit card, the remaining balance could be transferred to the savings account.  MY GOD HAHAHAAAA, why at that moment you can verify two accounts from the same person 

All in all, you can see that IG works closely with credit card companies. U transferring money from the card, they charge you, and the fund have to be transferred back without paying you back the charge.  So credit card company can make money without costs 

Link to comment
  • 0
7 hours ago, KevinKK said:

Yes, totally agree to quit IG.  Bull ****, same name, same person, same bank, the only difference is credit card vs savings account, they insist they are stupid enough and unable to verify two accounts from 1 person. 

 

Imagine someone who win double, but IG insist in transferring back to the source, credit card. As everyone knows, once u deposit money to credit card, u cannot withdraw, the only way out is to spend. Ridiculous

Well said brother!

 

 

 

Link to comment
  • 0
Guest max-singapore

i got a problem in withdrawal of my funds to my credit card, i thought it will be 5 days to credit into my account but until now the fund didnt arrive yet, i withdraw last jan.22,2020, now is feb 6, 2020.

any body experienced the same?

thank you for any answers

Link to comment
  • -3
Guest 202925

Hi Malik

 

Probably best not to trade with them in the first place. The Morons they have in the credit dept. cant count, if you don't believe me check their Linked-in Profiles- bottom of the barrel

And there customer service here is a joke. Complaints are ignored. No Manners  when it comes to making applications

Id try another provider, before they con you here

 

Best regards

 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,632
    • Total Posts
      91,901
    • Total Members
      41,916
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    TraderDanielDK
    Joined 25/03/23 21:50
  • Posts

    • Charting the Markets: 24 March The FTSE 100, DAX 40 and Nasdaq 100 slide on renewed banking woes while EUR/USD, EUR/GBP and GBP/USD drop as the US dollar, gold appreciate due to flight-to-quality flows. Crude oil and copper tumble on recession fears.  Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 24 March 2023         This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.  
    • Market Breakdown | WTI Oil, EURUSD, GBPNZD, EURAUDHere are the updates & outlook for multiple instruments in my watchlist.1️⃣ WTI Oil daily time frame️The market is trading in a long term bearish trend .After the last sharp bearish movement, the market is steadily recovering.Ahead, I see a major horizontal supply area.Probabilities are high, that the next bearish wave will initiate from there.2️⃣ EURUSD daily time frameAfter a breakout of a solid daily resistance, the market is preparing for its retest.Watch carefully the underlined zone and look for buying opportunities from there.3️⃣ EURAUD weekly time frameThe pair is currently approaching a weekly horizontal resistance cluster.Taking into consideration, that the pair is quite overbought, probabilities will be high to see a pullback from that4️⃣ GBPNZD daily time frameThe pair is currently retesting a broken neckline of an ascending triangle . As we discussed earlier, the trend line of a triangle and its neckline compose a contracting buy zone now.Chances will be high that the next bullish wave will initiate quite soon.For Additional confirmation use: Divergence Indicators
    • #CHFJPY: Classic Bearish Setup 🇨🇭🇯🇵   🔻CHFJPY has nicely respected a confluence zone based on a horizontal 4H resistance and a 0.5 retracement of the last bearish impulse.   The price formed a double top pattern on that and broke its neckline.   Probabilities will be high that the pair will drop lower soon. Goals: 141.172 / 140.363  
×
×
  • Create New...