We have made some more improvements to the bank wire process. I'll detail these below for you so that you can start using/are aware of the new features: 

  

1) Send for Approval 

Rather than creating a new email and sending it to client success, you can now request for approval within the hub. All you will need to do is press the send for approval button in the hub and it will be sent to clientsuccess@fusionmarkets.com. It will not be sent to the Gleneagle team. 


Note: When sending for approval bank wire withdrawal requests, always put a note in the commenting field on why you are asking for approval from the funding team.



2) Automated comments: Thankfully, anytime now that you send for processing or for approval, it will leave an automated comment from the user. If you see the example above, you can see that at 1:07pm I had sent this withdrawal (as a test) for approval. 

  

PLEASE NOTE: 

The comment section should still be used if there are updates to a bank wire withdrawal much like it is used for clients submitting ID. For example, if Gleneagle have wanted to see a bank statement because the name is abbreviated, the bank wire request should have a comment stating this. We should be able to click into a bank wire withdrawal and know exactly where it's at based on the comments. We do not want to have to go through the withdrawals to understand what the latest update is. 

  

3) Duplicated protection: As we can now log when a withdrawal is sent for approval or for processing, we can check with the user as to whether they wish to continue to send the request despite it having already been sent. This should ideally cause the user to double take and see if this withdrawal needs to be sent again. Here is an example of the message you will see if trying to send a withdrawal for processing/approval  

if it has already been sent:




Note:

please ensure we check the client's details and subaccount balances before sending bank wire requests directly to the cash team. Do not send to GE if the account has a negative balance. 

if the client has not used cc or paypal previously, please decline the request straight away and advise them to transfer funds to bring the account back to 0 or positive. 

If the client has used cc or PayPal before, you can still send to us as usual , but also add in email that they have

If clients are withdrawing to countries that use IBAN, IBAN is the preferred account number to ensure funds arrive. These are typically European countries as well as countries such as Jordan and UAE. You can check the IBAN number using this website if need be https://www.ibancalculator.com/ (one example of many).



SWIFT code is required for all foreign currency withdraws 



Some notes for withdrawal processing:  

  • MT4 account name must match with bank account name 

  • All international payments = Swift code is mandatory 

  • Australia = BSB 

  • United states = Routing number 

  • United Kingdom = Sort code 

  • Canada = beneficiary address 

  • Hungary = beneficiary address 

  • Switzerland = beneficiary address 

  • Russia = beneficiary address 

  • India = IFSC number 


BW and IBAN:

An IBAN is required when sending funds to Romania, which is 24 digits long including the letters “RO” at the beginning.

An IBAN is required when sending funds to Belgium. A Belgian IBAN is 16 digits long including the letters “BE” at the beginning.

An IBAN is required when sending funds to Spain, which is 24 digits long including the letters “ES” at the beginning.

An IBAN is required when transferring funds to Slovenia, the length is 19 digits long including the letters “SI” at the beginning.



I am living overseas. What is a BSB?

A BSB (Bank-State-Branch) is a six-digit number that identifies banks and branches across Australia. It does not apply to international accounts. You will need to provide information such as IBAN, Swift Code and more.  


Bank wire withdrawal from a Rebate Account:

Please send the request directly to GE. No need to send it for approval. 



I am Australian. Do I need an IBAN?

Australian residents with Australian bank accounts do not need IBANs. You only need your BSB, Account Number and Account name to match the name on the trading account.  


Why did my bank wire cost more than I saw on the website?

Unfortunately, at times an intermediary bank can be involved in bank wires, and they charge their own fee for forwarding the funds to yourself. We have no way of identifying when an intermediary bank will be used, and unfortunately, it is out of our control. We apologise for any inconvenience and hope that we may be able to assist you with funding and withdrawing from your account using a different method to avoid this in the future. 


If I fund via bank wire, how much is my withdrawal fee?

 

If you fund via Bank Wire, the withdrawal fee is usually around $20-$30 USD. 

 

Note: If withdrawing via bank wire in Australia, funds are usually credited to your account within a 1-2 business day and usually are free since we use Australian Banking Facilities. If it's international, please allow up to 7 business days and usually have a charge of typically $25.