Withdrawal to bank cards : anyone with useful experience ? - page 2

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Many users on mql5.com experience this withdrawal issue. It will be better if they can reduce the minimum amount for bank wire and also introduce other flexible payment scheme like payoneer.
 

Here is some information about the withdrawal to bank card, it could be useful to understand what is the specific issue someone is facing.

Depositing money to a credit card is typically known as a credit card refund or credit balance transfer. Here’s how it works when a third-party website (like a freelancing platform) offers to send money directly to your credit card:

How it Works

  1. Card Type Matters:

    • This feature generally applies to credit cards that accept refunds or reimbursements, such as through the card's issuing bank.
    • In some cases, it may work with prepaid cards or debit cards linked to major card networks (Visa, Mastercard, etc.), which can act as receiving accounts.

  2. Processing the Transfer:

    • The freelancing platform initiates the transfer as a refund transaction through the card network.
    • For credit cards, the funds are applied as a credit balance to your account. If you have a negative balance (e.g., you owe money), the payment reduces your debt. If you don’t owe money, the balance becomes positive, and you effectively have extra credit available.

  3. Receiving the Money:

    • If the card ends up with a positive balance, you can:
      • Use the funds for future purchases.
      • Request a refund or withdrawal from your card issuer (if allowed).

  4. Timeframe:

    • These transactions usually take a few business days to process (typically 3–5 days, depending on the platform and card issuer).

Benefits of Depositing to a Credit Card

  • Debt Reduction: If you owe money on your credit card, this payment reduces your outstanding balance.
  • Convenience: You don’t need a separate bank account to access your funds.
  • Versatility: A positive balance can be used for purchases or withdrawn (if your card issuer permits).

Potential Challenges

  1. Fees: Some platforms or card issuers may charge fees for handling such transactions.
  2. Positive Balance Issues: If the credit card ends up with a positive balance, some issuers might flag it or charge inactivity fees if unused.
  3. Limitations: Not all credit cards accept incoming payments not tied to purchases. Some cards are designed only to make purchases or pay off debts.

How to Use This Service

  1. Verify Card Eligibility: Check with your credit card issuer to confirm they allow external funds to be deposited as credits.
  2. Provide Card Details: Share your card number and any required details with the freelancing platform.
  3. Confirm the Transaction: Once the platform sends the funds, monitor your credit card account for confirmation.

Let me know if you'd like help exploring alternatives or understanding the specifics!

 
Oladimeji Ogunseye #:
Many users on mql5.com experience this withdrawal issue. It will be better if they can reduce the minimum amount for bank wire and also introduce other flexible payment scheme like payoneer.

The reasons are various and depends of each specific situation (See previous post).

In my case, mql5.com just see it's refused by VISA as "antifraud measure" (no idea why). My card provider, up to now, said it should work but they didn't receive any request on their side. I still trying to get more information and to find a solution and will update this topic if I get any new useful information.

 
You can also try to create virtual cards in your bank (Visa and MasterCard), they may have different security settings.
 
Taras Slobodyanik #:
You can also try to create virtual cards in your bank (Visa and MasterCard), they may have different security settings.
I will talk with my bank to see. Thanks.
 

Have you (or anyone else in the US) had success with cashing out (withdrawing) to a Visa/MasterCard yet?  I've tried several cards (Visa, MasterCard, debit, credit) and they all result in the exact same message: Declined by issuing bank.

WebMoney isn't an option as it is banned in US and Canada.

Bank Transfer isn't an option because my balance is too low.  I don't know why they set the minimum threshold at $3000—at $1000 or $2000, the $35 charge would be equivalent to a 3.5% or 1.75% fee, respectively.  Their other methods have a 2% fee, so it wouldn't be out of line.

PayPal (which is what I've always used) isn't an option because they took it away (again—it's gone and come back several times over the years).

 
Shalem Loritsch #:

Have you (or anyone else in the US) had success with cashing out (withdrawing) to a Visa/MasterCard yet?  I've tried several cards (Visa, MasterCard, debit, credit) and they all result in the exact same message: Declined by issuing bank.

WebMoney isn't an option as it is banned in US and Canada.

Bank Transfer isn't an option because my balance is too low.  I don't know why they set the minimum threshold at $3000—at $1000 or $2000, the $35 charge would be equivalent to a 3.5% or 1.75% fee, respectively.  Their other methods have a 2% fee, so it wouldn't be out of line.

PayPal (which is what I've always used) isn't an option because they took it away (again—it's gone and come back several times over the years).

Ask MQL5 support. Because it is normal Visa etc (no virtual visa and so on) - no any problem at all.

Because the Visa/Master card should be supported here - because all this payment system is fully supported/related to the US/EU - I know it because I am Russian ("I had no choice").
 
Sergey Golubev #:
Ask MQL5 support. Because it is normal Visa etc (no virtual visa and so on) - no any problem at all.

Because the Visa/Master card should be supported here - because all this payment system is fully supported/related to the US/EU - I know it because I am Russian ("I had no choice").
Sergey, if the card is refused, the Service Desk can not help because they don't have much information about WHY it's refused (it was confirmed by an admin to me). They will just repeat and confirm it was refused by the system. The only way to know more will be if someone of MetaQuotes start to investigate with VISA, MasterCard or whatever "business to business" company is implied. As simple card retailers we can't do nothing.
 
Alain Verleyen #:
Sergey, if the card is refused, the Service Desk can not help because they don't have much information about WHY it's refused (it was confirmed by an admin to me). They will just repeat and confirm it was refused by the system. The only way to know more will be if someone of MetaQuotes start to investigate with VISA, MasterCard or whatever "business to business" company is implied. As simple card retailers we can't do nothing.
It is strange ... if I can help - just tell me ... (but I have no idea how can I help if some card was refused ...).
 
Sergey Golubev #:
It is strange ... if I can help - just tell me ... (but I have no idea how can I help if some card was refused ...).

Thanks, but I don't know how you could help. I just hope MetaQuotes is aware of the issue and will find and propose some solutions.

I can't use any card (tried 3 up to now), I can't use WebMoney (forbidden in Canada) and I can't withdraw to a bank account before I have accumulated 3,000$ here, which is a lot.

If at least we knew WHY the withdrawal to cards is refused !

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