Issues with Forex transfers to overseas crypto markets
Hi guys, Does anyone else use forex transfers to overseas crypto markets? I've tried transferring large sums in USD to BitStamp and I've been rejected by a number of forex companies. *TorFX - disabled my account completely. On emailing them to ask why and explaining that I also require forex to my EU bank account, they offered some paltry response which inferred that I was some kind of criminal by using crypto. *WorldFirst - stated they don't accept payments destined for crypto exchanges *OFX - won't touch crypto exchanges *CurrencyFair - won't transfer to crypto exchanges I find this absurd. This is my money which I've attained via legal means and has been taxed. I can appreciate that there may be some potential clients who could use the service for nefarious means, but if the forex business has done their due diligence by checking my government documentation and ID, then it's up to the Federal Government to chase down illegal activity, not forex businesses. Has anyone successfully used a forex service to transfer AUD to USD/EUR on foreign crypto exchanges?
I have a USD account and wish to spend the balance whilst on holiday in the US. I cant find any local banks that have a card attached to a forex account so my next thought was to put the balance on a travel card- I cant see anywhere that mentions if this is possible. Any ideas?
REPORT: China is tightening controls to limit capital outflows. The State Administration of Foreign Exchange (SAFE) has begun vetting transfers abroad worth $5 million or more. Previously, only forex transfers worth $50 million or more needed to be reported to SAFE.
I moved to Australia from the US about a year ago and was unsure how long I was planning to stay (permanent residency, no restrictions). I have been using my US credit cards for larger purchases (and airline miles) and an Australian debit card for more day to day stuff. I applied for a credit card that I thought I would be a shoe in for (and definitely would have received if I was in the US) earlier this year and was declined, stating that I didn't meet the minimum qualifications for the minimum credit line offered for that card ($6000 AUD, not even 10% of my available credit via credit cards in the US). I'm planning on staying for the longer term now and want to get an Australian credit card so that I don't have to do forex transfers quite so often. My US credit is extremely good (no outstanding debt, long average account life, no late payments, etc.). Do any of the Australian credit bureaus use data from overseas when making decisions? If not by default, is there any way I can nudge them in the direction of their overseas counterparts to show I'm credit worthy? Am I just screwed and have to build my credit up from scratch again? EDIT: Another follow up question from the comments I had: when applying for credit, should I include my available credit from the US in my application?
http://twitter.com/forex_in_world/status/1281111487394742273EUR/USD Forecast: Sustained transfer previous mid-1.1300s paves the manner for additonal positive aspects https://t.co/lRZNhy3KYe— FOREX IN WORLD (@forex_in_world) July 9, 2020
Transferring my money to my growth account. Then it's BACK to FOREX
I have two Forex accounts. One to test strategies and one for exponential growth. I've tested 4 different strategies with one garnering superior results. A win % greater than 55% and a Profit Factor over 2. So I'm moving my money around so I can trade this strategy in my growth account. Let's get it!
Of Wolves and Weasels - Day 190 - Guest Post: Creative Destruction
Hey all! GoodShibe... on Vacation! Please enjoy this post by Guest Writer helix09 and tip them well ;D) Note: To tip them directly: +dogetipbot @helix09 xxx doge verify Creative Destruction (Schumpeter's gale) and it’s application for Dogecoin. Creative Destruction has it’s roots in Marxism, which in turn was allegedly inspired by the Hindu God - Shiva who holds the paradoxical position of a creator and destroyer simultaneously. Moving along, this aspect of economics was then applied by Joseph Schumpeter to capitalism and free market economy which is where most of us stand presently. Without getting into any of the myriad details, Creative Destruction can be defined as continuous technological innovation effectively replacing your own products with newer and better ones. And if you can’t manage that, you will not survive and someone else who did, will. Period. Let me give you an example to prove my point. Remember Kodak? The print photography giant which had 90% of USA using it’s products in 1970s. They filed for bankruptcy in 2011. Why? Because they didn’t transition to digital photography fast enough. Others did and they survived. What about Apple? How are they still here? That’s because they innovate internally continuously and ‘destroy’ their older products with their newly ‘created’ updated products. Are you catching the drift now? Champ. Now, let’s get into cryptocurrencies, shall we? Cryptocurrency, by itself, is a disruptive innovation of epic proportions. Nothing, in recent decades, has been developed which challenges such a colossal institution, ie. Money. Bitcoin started it all and they have maintained the First Mover Advantage very well. Now, along with hundreds of other crypto coins, a market has come into existence. The Digital Currency market. And what a ruthless market it is! Can you think of any other market where a hundred new competitors come in everyday and hundred old ones are killed without a trace? The entire market though has been having a net positive gain. So, not only is the growing digital currency market highly innovative to begin with, but also merciless. So, how do we, as Dogecoin enthusiasts (shibes), help our beloved coin survive and, then, grow? Well, I tell you, it’s not going to be easy. It’s not going to be fast. It may not even work. But, we have to try, don’t we? Sure, we need to innovate. But how? I believe we should take a two pronged approach here. A) For Survival (Operation Zinda) Now here comes a conundrum. As such, the fundamentals (Scrypt) can’t be changed often. Maybe, once or twice in the near future. However, once we age a bit, changing algorithms is going to be not only difficult, but almost impossible. So, how do we innovate? Well, we can create different applications based on the blockchain technology. Do you want a few examples? How about encrypted contracts using digital signatures from your wallet? Sounds trivial? Well, then, how about an intuitive instant forex transfer system? And these are just from the top of my singular brain. Imagine what a 90 thousand strong brainstorm can come up with. We need innovations that come from dogecoin; plain and simple. Sadly, there’s hardly any influence dogecoin can show for except a fast growing community. And community will change, reduce, increase. We need stability. We need a niche. So, what can you do? Think. Discuss. Pitch. Develop. No boundaries, no constraints. If you have a good idea, present it, raise funds for it, develop it. No exceptions. Also, provide your full hearted support to the dogecoin core developers. They are the brains behind all this. B) For Growth (Operation Badhna) Now, this part, the community knows too well. Get your friends interested, get your family interested. Ask business owners if they are open to accepting dogecoins. However, don’t hound them once they have responded with a negatory (Coinbase). We, shibes, are good people. Also, accept dogecoins for your business. Open up new businesses. There are so many avenues which we can explore. For example, start a Fiverr like website but with dogecoins. I won’t linger much on this point. Summarising, INNOVATE. DEVELOP. GROW. And, before you know it, we shall weigh 16.5% of our original weight. You know, because we’ll be on the moon. Here’s a Bonus image of Lord Shiva from pop art. http://www.whoa.in/20130801-Whoa/Bholenath-Lord-Shiva-Art-Oil-Paintings.jpg It's 7:11AM EST and we've found 87.57% of our initial 100 Billion DOGEs -- only 12.43% remains until our period of Hyper-inflation ends! Our Global Hashrate is down from ~42 to ~41 Gigahashes per second and our Difficulty is down from ~767 to ~747. I Hope you enjoyed today's Guest Post by helix09! Note: To tip them directly: +dogetipbot @helix09 xxx doge verify GoodShibe
Advice/information on transferring savings overseas and closing bank account
I am moving overseas and need to transfer my savings out of my FNB account. I want to do this after I have moved, since I want to keep my South African bank account active for some months, so that I can get my various security deposits back, and have an account connected to my debit and credit cards that I want to keep using until I get a new bank account. I have a few questions about this:
I am thinking doing this through Forex after I get a new bank account overseas. Will this be simple? They ask for supporting documents to justify the transfer when one applies for a Forex transfer - what should I have to provide, in my case?
Will Forex be cheap? I could only find rates from 2012, it says the commission is 0.5% for outward swift, but there seems to be a cap of R 660. Does this mean that they will not charge more than R 660 in fees, regardless of the amount?
Is it possible to close a bank account remotely from abroad, without walking into a branch?
Is there any way to know when the rand will get stronger again? Then I can wait and transfer the money at an opportune time.
I know I could ask the bank all these questions, but I have had pretty frustrating experiences with FNB over the last few years, so I want to ask reddit first and get some crowdsourced information/experiences in case I get conflicting/inconsistent answers from the bank. Thanks!
Transferring money from Canada and Forex rates : wire transfer versus Transferwise
I plan to transfer more than 100000 CAD from India. Indian rupees(INR) to CAD; Indian bank account flat fees+ foreign exchange rate + a flat fee of 15-20 CAD from Canadian bank account. My service fees for both banks are less than 50 CAD ( 1000 INR + 20 CAD + taxes). Do get a bad exchange rate?YES!!! Approximately for every 100000 CAD transfers not done through Transferwise I loose 1400 CAD ICICI Minimal Remittance Service Charge (B) (Inclusive of GST):
INR 11390.00 for 1 Million INR
INR 2693.00 for 100000 INR
INR 3939.55 for 10207 CAD (max allowed is 10000 USD)
Fees are higher INR2756 more
So for 100000 CAD
you pay 2756 X 10 =27560 INR more
But you also get 200 X 10 = 2000 CAD more
Net gain 2000CAD - 506.71 (27560/54.39)= 1400 CAD
Fee charged by Canadian bank for transfer wise; for Indian bank(ICICI),it is around 16 CAD ~20 CAD
Transferwise caps a maximum f 10000 USD per transfer; I simplified calculation and equated 1USD= 1 CAD ; that’s incorrect.
For every 100000 CAD transferred to Canada from ICICI, you loose 1400$
What forex services do you recommend for a large one-off transfer that AREN'T TransferWise?
I've had a really, really, REALLY bad time with TransferWise lately and can no longer trust them, which is a shame because on the service they seem to offer the best rates and lowest fees. I need to send an inheritance from Australia to the UK for a property purchase. I do have HSBC accounts in Australia and the UK, but their rates are abysmal and will cost me thousands. What are my options? Yes I could Google this but I'd rather some personal recommendations!
Forex challenge/serious question: what would you expect to earn monthly if you had $10k to trade in Forex account? Anything over $10k at the end of the month is transferred to another account and you start all over each month.
I’m thinking about challenging myself to see what kind of income I could generate each month. My target would be $1,000 profit per day with a “quit for the day” threshold of -$500. Thoughts?
Security When Trading Forex With Bank Transfer. One of the main reasons why Forex traders tend to turn their eyes to bank transfer is that this payment solution is inherently secure. What renders this payment processor so reliable is that the transfer of funds is carried out between the bank where you have an account and the bank of the broker. The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another. According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth. An internal memo available in the media space explains that the new guidelines are necessary to review […] CBN Suspends forex Transfer on domiciliary accounts – The Central Bank of Nigeria (CBN) has banned the transfer of Foreign Exchange (FX) from one customer to another. According to the apex bank, FX cash lodgements into domiciliary accounts can only be done by the account owners henceforth. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. An Outward Remittance is a transfer of money in foreign exchange, by a resident in India or an NRI to a beneficiary account outside of India (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act).
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