Discussion of article "Payments and payment methods" - page 117
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The SWIFT code, sometimes called BIC, is just an international code that identifies your bank when someone sends you money from another country.
In the US, most people only know about routing numbers because those are used for domestic transfers. But if you're receiving money from abroad, your bank will need a SWIFT code to make the transfer work.
You can usually find it on your bank's website or by asking customer service. Some banking apps even show it in your account details.
That’s a good point and it's something many users have wondered about. Technically yes, a company could integrate PayPal just for withdrawals using their payouts system. But in practice, it's not that simple.
PayPal still requires full business verification, strict compliance checks, and approval of the use case even for outgoing payments. It also introduces additional legal, tax, and operational burdens, especially in regions with complex financial regulations.
So while it's technically possible, it's likely not practical for MetaQuotes under their current model. But your suggestion makes sense and has definitely come up before.
That’s a good point and it's something many users have wondered about. Technically yes, a company could integrate PayPal just for withdrawals using their payouts system. But in practice, it's not that simple.
PayPal still requires full business verification, strict compliance checks, and approval of the use case even for outgoing payments. It also introduces additional legal, tax, and operational burdens, especially in regions with complex financial regulations.
So while it's technically possible, it's likely not practical for MetaQuotes under their current model. But your suggestion makes sense and has definitely come up before.
While charging a fee sounds logical, the problem is not just financial. MetaQuotes must comply with AML/KYC laws (such as EU Directive 2015/849 and FATF recommendations), and PayPal complicates that compliance, even for withdrawals alone.
In addition, handling many microtransactions increases operational risk. So it is not just a question of applying 2% or 4%. 😕
Positive update, I got it working, with Revolut in Australia, I was able to withdraw to it's physical Visa card, receive USD, and convert the USD to my local AUD (and with a better rate than paypal).
I had to disable the setting "location based security" on the card, via the app, I did this as a random shot in the dark, attempted a mql5 withdrawal and it worked.
The location based security description sounds like it protects against strange transactions for when the card is stolen, ie someone spending money somewhere strange, but apparently it must also apply to receiving money.
Converting USD to AUD also had a better rate than paypal, Revolut used 0.64350, whereas paypal would use 0.66671.
Note that Revolut cannot send funds to paypal, but from Revolut you can send card transfers, as well as using the Revolut card as you normally would a regular bank card for spending.
Assuming this still works (there is a 1 per day limit on withdrawals so I can't immediately test again), I'd recommend either -
- getting a Revolut account (free setup, physical card for me was 5AUD)
- or temporarily disabling any location based security setting on your existing bank card (only to test withdrawing to card, turn it back on when done), and also checking that your existing bank card can receive card transfers in USD in the first place.
This doesn't work for US customers. You cost me $10. I opened an account, purchased the physical Revolut card ($5) and had it shipped to my home (another $5), activated it and did exactly what you said about the location based security. Still got denied, $10 down the drain.
Somebody should be smart here, such an excellent business opportunity. Customers in US can send you their $ to your Revolut card, you then send those customers the money using paypal and keep 10% for yourself or send them the 90% via crypto on a low fee crypto like LTC, XRP or XLM. Obviously customers will not trust you initially so these transactions will be small bits of $10-$30 till our trust in you increases then the amounts will increase. MQL acts like we're in the 90's letting themselves be controlled by the banking cartel. Hello there is crypto now for instant worldwide payments with ultra low fees, get with the times. There is no excuse.
This doesn't work for US customers. You cost me $10. I opened an account, purchased the physical Revolut card ($5) and had it shipped to my home (another $5), activated it and did exactly what you said about the location based security. Still got denied, $10 down the drain.
Somebody should be smart here, such an excellent business opportunity. Customers in US can send you their $ to your Revolut card, you then send those customers the money using paypal and keep 10% for yourself or send them the 90% via crypto on a low fee crypto like LTC, XRP or XLM. Obviously customers will not trust you initially so these transactions will be small bits of $10-$30 till our trust in you increases then the amounts will increase. MQL acts like we're in the 90's letting themselves be controlled by the banking cartel. Hello there is crypto now for instant worldwide payments with ultra low fees, get with the times. There is no excuse.
A few points-
- I did not cost you anything, you already knew from this thread that US card transfers are not supported, regardless of the card, you attempted it anyway, consider it a cost of business on your end, Revolut still seems to be quite useful as a multi currency account holder/transfer/converter
- I mentioned that it worked for me and that I'm based in Australia, a supported country for card transfers per Unlimit's coverage on their site
- if you are a USA resident, then per Ryan's post, directly under mine, https://www.mql5.com/en/forum/4106/page114#comment_56663567, it sounds like you shouldn't be able to do the text message authentication to attempt the card option in the first place
- with the above point it wouldn't be possible for US mql5 customers to just use another member's card to send money to as a middle man, as the card option isn't available
- for persons in supported countries, the option of a Revolut physical card with location security temporarily disabled to receive a card transfer, seems promising, others have had success with Wise(EU/Ukraine), Skrill(EU/UK), ICICI(India), Discover(South Africa). The key factor seems to be the card's ability to receive card transfers in USD and from possibly suspect regions (which would be why location security may need to be disabled temporarily)
- yes, US customers not being able to withdraw to their card is a real big issue and it sucks
This doesn't work for US customers. You cost me $10. I opened an account, purchased the physical Revolut card ($5) and had it shipped to my home (another $5), activated it and did exactly what you said about the location based security. Still got denied, $10 down the drain.
Somebody should be smart here, such an excellent business opportunity. Customers in US can send you their $ to your Revolut card, you then send those customers the money using paypal and keep 10% for yourself or send them the 90% via crypto on a low fee crypto like LTC, XRP or XLM. Obviously customers will not trust you initially so these transactions will be small bits of $10-$30 till our trust in you increases then the amounts will increase. MQL acts like we're in the 90's letting themselves be controlled by the banking cartel. Hello there is crypto now for instant worldwide payments with ultra low fees, get with the times. There is no excuse.