What do you think the ideal minimum Bank Transfer amount for MQL5 account withdrawal should be?

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  • 41% (15)
  • 0% (0)
  • 24% (9)
  • 14% (5)
  • 22% (8)
Total voters: 37
 

In light of PayPal being removed as a withdrawal option, and bank cards/WebMoney not being an option for many of us due to country restrictions, more attention is being focused on the Bank Withdrawal option.  I noticed that MetaQuotes recently reduced the Wire Transfer fee from $35 (a typical amount for those) to $30.  This is a great gesture of good will.  I am hoping that they will also consider reducing the minimum transfer amount from $3000 to something lower (don't forget that even if the minimum is reduced, those earning more and wanting to keep their transfer fee down could still wait and enter a larger transfer amount as before).  While I can't vote in my own poll, I personally feel that $1000 would be a reasonable compromise.  However, I realize that others might still have a hard time reaching even that threshold here, and feel differently as a result.

So, I figured I would ask the community for their input on the matter.  What do you think the ideal minimum Bank Transfer amount for MQL5 account withdrawal should be?  Keep in mind that as the transferred amount goes down, the flat $30 creates an increasing percentage fee (as illustrated in my poll options above).  With PayPal, we had a 2% fee (higher than that of the maximum existing Wire Transfer fee of 1% with the $3000 minimum amount).  Also keep in mind that as the amount goes down, it creates more work for MetaQuotes staff to submit the wire transfers as it enables more frequent account withdrawals.  Perhaps a clear winner will emerge and MetaQuotes be influenced to adjust their policy accordingly.  Or perhaps there's a good reason it's set at $3000 and they could chime in here and enlighten us.  Either way, I believe generating a thoughtful discussion with poll data would be better than the aimless (but understandably frustrated) complaints that are currently happening in other forum threads on the matter.

 

I think a wire transfer for sub 3000usd is missing the real problem. The problem is there is no reliable withdrawal option for small amounts, via bank card, bank account, paypal, western union, etc, there must be some way to send money out, migrant workers sending money back home seem to fair better than MetaQuotes users, Unlimit is really dropping the ball here. Surely there cannot be so many banking restrictions that prevent money outflow from MetaQuotes or their chosen payment processor Unlimit.

Another thought, how is the wire transfer handled? If it's handled by Unlimit then we may be back at square 1.

 

I know a couple people in the US who (like me) could not use any of the other withdrawal options, but they were able to successfully cash out via the Bank Transfer option once they reached $3000.  I believe the bank transfer requests are submitted directly by MetaQuotes bank-to-bank, and one of the reasons the threshold is set so high is to limit the frequency of that extra work for them.

 
Here in the US, my mql5.com Market withdrawal text verification is completely disabled in addition to the minimum amount issue. I changed all of my indicators in the Market to free for the benefit of my customers, and I have several profitable EA's that would be for sale if I could withdraw anything.
 
This assumes people can get it since bank cards don't work,how do you know wires will
MQL5 don't care obviously as ita been 4 months and no fix
 
While I don't know that the Bank Transfer option will work for everybody, I do know that it has worked for several people in the United States (where the only other options—bank cards and WebMoney—are unusable).  To anybody reading this, if the Bank Transfer option worked for you and you're not in the United States, please chime in.
 
Shalem Loritsch #:
While I don't know that the Bank Transfer option will work for everybody, I do know that it has worked for several people in the United States (where the only other options—bank cards and WebMoney—are unusable).  To anybody reading this, if the Bank Transfer option worked for you and you're not in the United States, please chime in.
Dude, most developers haven’t reached $3000, let alone $1000. The fact that there’s a poll on a “minimum” when people can’t withdraw anything is ridiculous. There shouldn’t be a minimum. Charge people a flat $30. That’s it. If I want to withdraw $150 or $150000, leave at $30. 

I just want my money, and other developers too. Can we stop with the games?
 
I vote for $250.  I'll pay the $30 fee.  It's about trust. Once I can trust that I can use MQL as a bank till the $250 limit is reached then my confidence increases that I can use their banking service for higher amounts to lower my fee cost average.
 

For the sake of data collection, I voted for the $250 option. Sometimes I mess up and end up having one of those "oh, s***" moments where I've accidentally run my bank balance too low for comfort and need a quick fix.

Realistically, I'd rather have the fee for a $250 transfer max out at 6%. From there, the surcharge would progressively decrease toward 1% as one gets closer to $3k.

Anyway, as things stand, I won't be able to test the existing wire transfer option until... maybe September.

 

That would make sense from the customer end of the transaction.  From the provider's end however, it's the same about of work regardless of the amount being transferred—hence the flat $30 fee.  And also from the provider's end, the lower the fee, the exponentially more often people might use the feature, creating more manual work for them (the PayPal method was automated, the Bank transfer method is not).  I was hoping to find a lower number that would strike a balance between being practically unable to ever cash out, to cashing out a bit more frequently while not creating tons of bank withdrawal service tickets.  In reality, if the minimum amount were to be removed, they'd undoubtedly want to INCREASE the withdrawal fee (beyond the flat $30) to compensate for all the extra work, not decrease it.

Regarding trust, I finally reached $3000 and was able to withdraw using the Bank transfer option, and I know several other people who were able to do the same—once they reached $3000.  Still would like to be able to use a smaller amount to withdraw more frequently ($1000 being a reasonable compromise to me).  You can withdraw using the Bank transfer method with your IBAN, or your bank's SWIFT code plus your account number.  In the US, I used the latter method without any issue.

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