Regular wire transfer is the transfer you can make from all over the world and it may take up to 5 days till the fund arrives to the iForex’s side.
Real-time transfer is the transfer for the residents in:
- United Kingdom
As iForex has its own bank account in each country, and you can deposit into these bank account and reflect the amount to your account faster than the regular wire transfer.
Merit of wire transfer
Making a deposit through bank transfer may not be the most convenient way of deposit, as it could take more days and commissions for a transfer.
But it is the most secure deposit method as you can get the original of transaction statement and details of your transfer.
If you don’t have other deposit methods available for yourself, you can wire transfer from your bank account.
How to deposit through “Regular Wire Transfer”
You will fist need to login to the online trading platform, FXnet Trader and go to “Deposit” section.
Then select the “Regular Wire Transfer”.
In this page, you will need to choose the country you prefer to send the fund to, and the amount.
Local Bank Wire is the transfer you can make to any country you want, to deposit into your iForex FXnet trader account.
In this case, you are going to use the service of “Global Collect” to make a deposit.
International Bank Wire is the transfer you can make directly to the bank account of iForex.
This would be an international transfer to another country, so it would take more time and commissions from the bank(service provider).
After selecting all the options and typing the transfer amount, please click on “Submit”.
Then you will see the bank account detail where you will need to make a deposit into.
In case of selecting “Local Bank Transfer”, it will show a bank account of Global Collect.(as the picture below)
If you have chosen “International Wire Transfer”, it will show a bank account of iForex itself.
Now, you just need to make a deposit by following the instruction though, please note that an international transfer may take up to 5 days to arrive to iForex and your account.
How to deposit through “Real-Time Wire Transfer”
To make a transfer through “Real-Time Wire Transfer”, you will need to login to the online trading platform, FXnet trader.
Then go to the “Deposit” section and check the “Real-Time Wire Transfer”.
As already mentioned above, only the clients residing in Austria, Belgium, Switzerland, Germany,United Kingdom, Netherlands, Poland are able to use this deposit method.
So please select the country where you reside in here.
Then the payment method supported in each country will appear.
Here, you need to fill in the necessarily field and click on “Next”.
Then you will be directed to the secure payment page of each website of the provider, so you just need to follow the instructions and the deposit is done.
This real-time wire transfer could take up to 24 hours until iForex confirms the transfer.
Wrong information and error
One important thing that you need to pay attention is the bank account details.
Unlike the other online payment method, you will need to type in a lot of information for one wire transfer.
If you have put any information wrong, the banks will:
- process the transfer anyway by collating the information
- send back the fund to the original account
- contact you and require for more details
In this case, there will be more time/days needed for the transfer, also there would be an extra commissions charged.
Commissions and fees
For a usual bank transfer, it may cost about a few dollars depending on the bank you use.
But in case of an international transfer, it may cost more than 20 dollars charged from the banks.
This cost is fully charged from the banks and iForex is not charging any, so you will need to contact your bank to find out how much is the commissions for a transfer, but not to iForex.