Was wondering if there are any other Aussie traders (and investors) here?
For any aussies looking to open an account here at Darwinex I thought I’d share my experiences when trying to fund my account using a card. As I since found out, we can’t, and can only fund via bank transfer…reasons are as follows (direct reply from my Bank)
"The reason this is being declined is due to the fact that we have placed a block on card transactions for merchants that buy, sell, and broker securities, stocks, bonds, commodities, and mutual funds. We do however still allow transactions to go through to these merchants if they are based in Australia, New Zealand, USA, Canada or France.
This is to reduce and address our customers from being duped into binary trading investment scams and applies to Credit, Debit and Commercial Cards. We have been advised to implement this by the Australian Securities and Investments Commission (ASIC) and the Financial Ombudsman Service."
As usual because some people require ‘nannying’ governments all too well love to force us all to be nannied
Thanks for sharing your experiences.
Now I know why my CC never worked! I really wish they still had Paypal for quick transfers. I haven’t investigated Skrill yet but maybe that’s an option for us.
Have you tried Revolut or Transferwise? I see some threads mention these newer services but I’m not sure if they work currently.
Any other Aussies with more info?
I don’t want to use bank transfer with their ‘old’ technology and higher fee’s.
Actually, when I spoke to my bank (to find out why CC didn’t work) they also told me that the transfer fees would have been higher with CC anyway, it would have been something like $44 compared to only $10 for bank transfer for same amount (also bear in mind that if your deposit is less than $2000 USD Darwinex will charge a $15GBP fee also)
Sorry for the late reply.
It depends on which CC you use, if the fee’s would be higher. There can be several types of fee’s but it’s typically the currency conversion fee that bites when transferring money internationally, especially with a few thousands.
Anyway, they all add up in the end, which is why i’m looking at these other services.
It cost $10 to transfer money overseas using my bank (NAB). I transferred 2500 in USD (just over $4000 AUD) over to South Africa only last month and only paid $10 AUD.
If you can find a cheaper alternative to this let us all know
There’s definitely cheaper alternatives if it’s not a brokerage account transfer. All the banks skim a few % off the top in currency exchange/conversion fee’s (a hidden fee), so you can lose hundreds of dollars if it’s a few thousand you want to convert.
This is what i’m getting at with looking for other fee-free options. I’ll be sure to post if I something works.