OANDA, founded in 1996, is a privately owned American forex broker. Within the past 25 years, OANDA forex broker has expanded in size from a small group to being noticed as one of the leading brokers with a platform to accommodate online forex and financial asset trading. Having been founded by Dr. Michael Stumm (computer scientist) and Dr. Richard Olsen (economist) with their well-sorted team of individuals who came together to build one of the big-name brokers in the world currently with connections to millions of clients in over 190 countries. Despite being a private firm, its financial services involved in trading are fully controlled by guidelines from top-tier authorities worldwide.
OANDA provides a well-structured and easy-to-use platform for trading, and most importantly, withdrawals are free. A major plus for them considering the intense competition from other brokers in the market in the world over time, even today. However, despite all these facts, some of their customers have registered difficulties in the withdrawal process.
The above screenshots show withdrawal problems encountered by OANDA customers. In the first picture, a deposit is made, then a withdrawal. At the point of the customer sending this, the issue had not been resolved. The second shows the customer’s withdrawal request was rejected. Finally, pictures 3 and 4 clearly show bank account issues. All these will be discussed in this article.
Common Withdrawal Problems
Sometimes, withdrawal methods affect the duration of funds processing before they finally reach your bank account. We will be going straight into some of the problems customers face.
OANDA allows many withdrawal methods. Some of these methods include credit cards, PayPal, and bank wire transfers. Withdrawals from trading accounts under OANDA require specific adherence to laid down international financial guidelines. One of the necessary guidelines for withdrawal is the provision of a customer’s means of identification. This is done to avoid successful hacking of accounts and illegal or illegitimate money transfers from customer trading accounts. Withdrawal methods include debit/credit cards, cheques, bank wire, and automated clearing house (ACH).
How to withdraw funds
Your names on your OANDA trading account must match your bank account for withdrawals through bank transfer. This is 1 to 2 working days for transfer within the US but 1 to 5 days for bank wire transfer. There are rules to follow in the withdrawal process for each method. First, from the menu, you click on ‘manage funds’ to allow you to begin your refund process. The use of multiple withdrawal methods is not advisable if some requirements are not satisfied. Withdrawal is based on an ordered rule; you must have exhausted the total deposit amounts for the debit card first, followed by bank wire. After this, all other withdrawal methods are free for use.
The limit to the total amount you can withdraw from your trading account using debit cards cannot be more than the initial deposit using the same cards. After completing this process, all other funds in your trading account are available for you to withdraw. You can withdraw the remaining funds in your trading account using the bank wire transfer. An approximate 3 working days maximum is expected for you to get your money into your account. Requests are attended to as quickly as possible, even though withdrawal methods can affect the entire process too.
For debit card withdrawal, after all, the deposited amount is refunded first before withdrawing the rest of the funds; it usually takes between 1 to 3 working days from the date of your initial deposit. The duration before the funds finally reach your bank account may differ due to different debit card providers. Withdrawal via debit card doesn’t have any fee attached to it.
Here also, there are no applied withdrawal fees. If a deposit was made via cheque, a bank transfer withdrawal request for the exact amount could be possible. You can withdraw funds using the same method and the same account you made an initial deposit. If you need to add a new bank account due to problems with the current one (inactive or closed), you can add a new bank account as an optional destination for your refund. This will also require a new bank account profile. The process is not as laborious as many may seem. Here, withdrawal fees may be attached. Finding out how the withdrawal fees work will help ease your withdrawal process.
Depending on your country or location, you may enjoy the withdrawal process at a low cost of within $0 to $20.
The withdrawal process doesn’t exceed a reasonable timeframe of 3-5 working days. However, withdrawal methods used also affect the duration of the refund process too. So consider this when placing withdrawals.
Withdrawal using this method requires corresponding names in your OANDA trading account as well as your bank account. This method takes 1 to two working days to withdraw the funds within the USA. Using the ACH method attracts a zero fee charge to your withdrawal request during the processing and sending funds to your account.
Maximum/minimum withdrawal amount
The maximum amount for withdrawal using debit cards is $10,000 per month. Apart from debit cards, other withdrawal methods have no maximum limit. Minimum withdrawal, however, is as low as $1. This applies to all withdrawal methods
Customer Recourse Option
Their Customer Support doesn’t run a 24/7 timetable.
If any of the above suggestions cannot help you, you can contact their support to resolve issues concerning your withdrawal process. In addition, you can follow this link to get information on the withdrawal guidelines and help for your account based on your location.
You can also send an email to them via [email protected]