Forex Trading with Bank Transfer

May 27, 2013 6:35 am

banktransferWire transfer is one of the oldest methods to send money from one place to another. In the past, these transfers were made via telegraph, but today most banks submit them electronically.

Although the main purpose of this transfer method is to send money from one location to another, it can also be used to deposit funds into a variety of online accounts, and more specifically, into your account on a Forex broker’s website. Traders rarely prefer bank transfer, because this deposit/withdrawal method has some minor setbacks which can be easily avoided by using a credit card or an e-wallet.

Nowadays, bank transfers can be arranged via the telephone or online, so you won’t need to go the bank every time you want to do a transfer. However, you’ll be very dependent on the banks working hours and holidays. While using the services of companies like PayPal or MoneyBookers, you can instantly deposit money into your Forex account.

Best Brokers Accepting Deposits with Bank Transfer

Unfortunately, if you use bank transfer, you’ll need to pay attention to the working hours of your bank, and you’ll need to pay attention to holidays, because banks rarely work during this time.

One of the major problems of bank transfers is the high fee that comes with most transfers. While using the services of PayPal or MoneyBookers, you’ll have to pay a very small or no fee for all money transfers. However, if you want to use the services of a bank, you should be prepared to pay some pretty decent fees, especially if you deposit or withdraw large amounts of money.

If you are a Forex trader and you think of using a bank transfer to deposit/withdraw money, we advise you to take a look at the other alternatives, because they are usually much more affordable and convenient. If you have no other option, but bank transfer, then don’t forget to pay attention to the requirements of your Forex broker, the fees that apply to your transactions and to the working hours and days of your bank. A list of Forex brokers that accept bank transfers:

XM.com
Think Forex
eToro
Markets.com

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