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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,

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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). 

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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

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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 

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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!

 

 

 

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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

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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

 

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