Forex brokers provide various deposit and withdrawal methods for their traders to easily deposit and withdraw their profits. Bank wire has become one of the most popular methods of depositing money into a Forex trading account and may also use it as their preferred method of withdrawal from their trading account. The number of people that prefer this payment method is increasing by the day and this is because of the many benefits associated with this choice of withdrawal and deposit. Bank wire has so many inherent advantages, one of them being the higher security of transactions.
The Best Forex trading websites in SA
Another name for bank wire transfer is SWIFT transfer. It is an electronic form of a transaction involving the payment between two different bank accounts: that of the broker and that of the trader. Bank wire can also be sent across the globe from one bank to another, which is yet another factor that contributes to its globally acceptable status as a means of sending and receiving money. Studies even show it to be the single most popular of all methods of international payment and it is very relevant in the financial market today. Its safety and security make it one of the methods you can trust as a Forex trader to fund your trading account and also withdraw money from the trading account.
Which broker accepts bank transfer?
Virtually all the Forex brokers are known to man accept bank transfer. It is a valid form of payment all over the world. Investigations have shown that there are even some brokers that only accept bank wire and no other form of payment. One other form of deposit or withdrawal that is acceptable to these brokers is credit/debit card payment methods, which can also be used for depositing funds and withdrawing your profit.
Banks are well regulated
Virtually all banks are regulated institutions, which is one of the factors responsible for their reliability and why they remain the most secure means of payment for financial transactions of any type. Bank acts in various countries of the world impose certain regulations on banks and these banks are compelled to work in line with the central financial system of that particular country. The IMF also contributes to the regulations imposed on these banks. Virtually all banks the world have uniform codes of conduct in line with the acceptable international payment standards, which make them acceptable to Forex brokers as means of depositing and withdrawing funds. The regulations put in place help to curtail fraudulent activities and financial scams. Every international bank wire transfer is scrutinized by various agencies to ensure accountability and authenticity.
Banks carry out what is known as KYC (Know Your Customer) activities, which means that the identity of every bank customer is known by the bank. As a result, no customer can use the services of that bank for fraudulent activities without being caught. KYC enables the banks to know that they are dealing with legitimate customers, whose identities can be easily proven and traced. As a verified bank count holder, the customer can receive or send funds across the globe from any location he deems fit.
Challenges of bank transfer
A bank transfer may be one of the most used methods of sending and receiving funds between a Forex trader and a Forex broker, but it is not one of the fastest methods. Studies show that bank wires do take a minimum of 2 days before it is processed by the receiving bank. Sometimes, the delay can be as long as 7 days! Some uncomfortable reasons can even further prolong the duration. Things even get worse if the bank transfer is done during a public holiday; the recipient may have to wait for up to 14 days before receiving the said amount.