Hi James, the "advice" of "Mark" from the previous post is not entirely correct.
"The eToro withdrawal rule for security purposes is that you can only withdraw from the card that you first used to invest in eToro, unless you place a note that you will use another card to receive the funds."
Actually, it's not really because of security purposes. They can just request for proof of bank account if that is the case.
The real reason why they want to withdraw your funds only to the same deposit method is because of the so-called "merchant discount rate" for Visa/Mastercard credit/debit cards, or analogously the "merchant fees" for Paypal accounts. When you perform a deposit via card or Paypal, eToro actually pays a percentage of the transaction as fees to the payment processor. It can be anywhere from 1-4%. But they offer "free deposits". So if you were free to deposit with card/Paypal, then withdraw to bank, they are effectively paying for the flow of money.
By comparison, other platforms that allow debit/credit card deposits also usually charge a fee for this (e.g. GCash and Paymaya started with free card deposits, but eventually charged fees as they have been absorbing these fees initially just to help with market adoption; or the local brokerage First Metro Securities which allows debit/credit card deposits but charges 2.95% in "convenience fees"; or even Binance which also allows debit/credit card deposits, but charge the higher of 3.5% or 10 USD in "transaction fees").
But, if they issue "refunds" to your original deposits, the fees they pay to their payment processors are also refunded back to them. This is the main reason why they only allow withdrawal to the same card - so they can save on fees. Not illegal/unethical by any means, but clearly it's not just because of them "valuing security".
*There are certain cases where they can allow withdrawals to other accounts, but they require proof / bank certification that your old card/account was already closed, etc. And even then, they might insist that you simply claim the refund from the bank in case they attempt to push through with the "refund" transaction. So in these cases, it's still very burdensome, especially if your bank won't honor the crediting of the refund or cannot contact you anymore.
Glad they finally acted on returning your missing money. I can clearly see the accountability on both parties--owning up to mistakes and actually doing something to rectify the situation.
Glad they fixed it, but do you think they only acted this way because of your influence? I wonder how different this experience would be for regular people.
Hi James, the "advice" of "Mark" from the previous post is not entirely correct.
"The eToro withdrawal rule for security purposes is that you can only withdraw from the card that you first used to invest in eToro, unless you place a note that you will use another card to receive the funds."
Actually, it's not really because of security purposes. They can just request for proof of bank account if that is the case.
The real reason why they want to withdraw your funds only to the same deposit method is because of the so-called "merchant discount rate" for Visa/Mastercard credit/debit cards, or analogously the "merchant fees" for Paypal accounts. When you perform a deposit via card or Paypal, eToro actually pays a percentage of the transaction as fees to the payment processor. It can be anywhere from 1-4%. But they offer "free deposits". So if you were free to deposit with card/Paypal, then withdraw to bank, they are effectively paying for the flow of money.
By comparison, other platforms that allow debit/credit card deposits also usually charge a fee for this (e.g. GCash and Paymaya started with free card deposits, but eventually charged fees as they have been absorbing these fees initially just to help with market adoption; or the local brokerage First Metro Securities which allows debit/credit card deposits but charges 2.95% in "convenience fees"; or even Binance which also allows debit/credit card deposits, but charge the higher of 3.5% or 10 USD in "transaction fees").
But, if they issue "refunds" to your original deposits, the fees they pay to their payment processors are also refunded back to them. This is the main reason why they only allow withdrawal to the same card - so they can save on fees. Not illegal/unethical by any means, but clearly it's not just because of them "valuing security".
*There are certain cases where they can allow withdrawals to other accounts, but they require proof / bank certification that your old card/account was already closed, etc. And even then, they might insist that you simply claim the refund from the bank in case they attempt to push through with the "refund" transaction. So in these cases, it's still very burdensome, especially if your bank won't honor the crediting of the refund or cannot contact you anymore.
Glad they finally acted on returning your missing money. I can clearly see the accountability on both parties--owning up to mistakes and actually doing something to rectify the situation.
Way to invest using credit card... 🤔#getrichquickschemeneverworks
Here's an online chat link with Etoro https://www.etoro.com/customer-service/chat/ (Available to Club members). Works every time.
Hi James, i funded my account using a credit card, is it possible to request withdrawal via Bank Transfer instead?
Typical pahirapan sa withdrawal sa mga ganyan na sites.
They only took the time to cash you out properly bec of your “celebrity” status.
Sadly pag one of the ordinary madlang people class ka.
Iiyak ka muna ng dugo before you get your money back.
Puro paikot ikot lang thru their customer service emails😖
Glad they fixed it, but do you think they only acted this way because of your influence? I wonder how different this experience would be for regular people.