What should I keep in mind before withdrawing funds?
-
As we may sometimes need to contact you about your withdrawals, we encourage you to closely monitor your email inbox (including your junk folder).
-
Whenever you request a withdrawal, please ensure that there are sufficient funds remaining in your OANDA account to prevent margin calls on your existing trades
-
When we request a photo, scan, or screenshot of any document, the submission should meet our guidelines:
-
We can accept PDF or JPEG formats only
-
No edited or altered documentation can be accepted
-
Documents must be legible
-
Downloaded documents are acceptable as long as the entire document (all 4 corners) is visible and provides all the required information
-
We do not accept direct deposit forms or other bank application forms
-
-
Withdrawals are subject to hierarchy rules in order to protect both you and us from fraudulent payment instructions. If you have deposited using multiple methods, you must exhaust the total original deposit amounts in the following order:
-
Debit card
-
Wire transfer
-
Withdrawing by debit card: what should I know?
- OANDA can process up to 100% of the original deposited amount back to a debit card. Any trading profits or amount beyond this limit can be withdrawn via wire transfer.Note: All funds deposited by card before June 3rd, 2023 can only be withdrawn via Wire Transfer (no fees will be charged). If you have funded with a card after this date, any such funds received after this date can be withdrawn back to the card.
- Card withdrawals typically take 1-3 business days for processing. Your debit card provider may take additional time to complete your withdrawal beyond our standard processing time. Withdrawals to debit cards can only be initiated after one day from the time of your deposit and are processed after all your debit card deposits have cleared.
- We do not charge any fees for debit card withdrawals. Your card provider may charge you fees.
- Your withdrawal may be divided into multiple payments to match your original deposit transactions, and as a result may arrive in different batches as processed by your bank.
If I have received a new debit card from my bank, can I add the new debit card and withdraw money to it?
You can add a new card by logging in to the HUB and making a deposit with it. However, due to debit card withdrawal rules it is not possible to withdraw more money than the amount deposited from this new card back to it.
How do I withdraw my money if the debit cards I have used are expired, replaced, lost or stolen, or the account is now closed?
Most banks do accept withdrawals to an expired card, given a replacement card was issued to you and the deposit was made within the last two years. Alternatively, you may contact us to disable the expired card profile and withdraw by wire transfer.
If a card was last used to deposit more than two years ago, you may contact us to disable the card profile and withdraw by wire transfer.
Prior to withdrawing your funds using a wire transfer due to a debit card being replaced, lost/stolen or closed, OANDA requires documentation from your bank verifying that the debit card is no longer in service.
The bank issued document must include the following information:
- Name of the bank debit card owner
- Last four digits of the card number
- A statement citing the card is no longer in service
Please forward this document to us by email at [email protected] and we will contact you back with the next steps within one to two business days.
Withdrawing by wire transfer: what should I know?
For the protection of your funds, withdrawals by wire transfer must meet the following requirements:
- Withdrawals must be processed to bank accounts registered to the same person (or entity) listed on the OANDA account.
- The name and address on your OANDA account must match the name and address on the bank account you would like the withdrawal to be processed to.
- Withdrawals must be sufficient to cover the withdrawal fees as explained in the subsequent FAQs. If the requested withdrawal amount is not sufficient to cover the fees, the request will be canceled and the funds will be returned to your account.
- If you are withdrawing to a bank account that you have not previously made any deposits from, we will require a scan, screenshot, or photo of your bank statement, voided cheque, online banking statement, or stamped bank letter, clearly showing:
Your full name
The bank account number
Your current address (addresses need to match what is on file with OANDA)
The bank's logo or emblem
The date of issue, which should be within the last 3 months.
If you submit screenshots of your online banking (non-editable fields), it must also include the bank URL. If you submit a stamped bank letter, it must also include the bank representative’s name and contact information.
-
If the bank account you deposited from has been closed, and you’d like to withdraw to another bank account, we require proof of closure. You can email us one of the following documents:
-
A bank statement showing zero balance and information that the account is closed.
-
A closure letter from your bank showing the following information:
-
Your full name
-
The bank account number
-
Your current address (addresses need to match what is on file with OANDA)
-
The bank’s logo or emblem.
-
-
When will I get my money?
Withdrawals usually take one to five business days. Your bank may take additional time to complete your withdrawal.
Withdrawal fees
-
Your bank may charge fees, which are outside of OANDA’s control.
- Our withdrawal fees depend on the currency of withdrawal. Refer to the following table:
Sub-account currency First withdrawal processed within calendar month Additional withdrawals processed within calendar month CAD CAD $20 CAD $40 AUD AUD $20 AUD $40 EUR EUR€20 EUR€35 CHF CHF 20 CHF 40 GBP GBP£10 GBP£20 HKD HKD $150 HKD $300 JPY JPY¥2,000 JPY¥4,000 SGD No fee No fee USD USD $20 USD $35
Why am I unable to withdraw funds?
It may be due to one of the following reasons:
- You can only withdraw funds that are fully settled. Instant ACH credits can’t be withdrawn.
- You have requested a withdrawal to a different source (not the source of deposit). We return all funds to source. For instance, if you deposited funds using a debit card, you would need to withdraw those funds to that same card. If your card is no longer valid, please see the ‘+ Withdrawing by debit card’ section above.
- We are unable to verify the source of your funds, which is required under anti-money laundering (AML) regulations. For specifics, email us at [email protected] .
- You did not have enough margin available to cover the withdrawal amount requested.
Can I withdraw cryptos directly?
Your cryptocurrencies are stored in a Paxos wallet.
At this time, you can’t withdraw cryptos directly. You must sell the cryptos and then withdraw your funds.
Still have questions? Chat with an agent.
