Oanda - Visa/Debit

wjk said:
That is only listed for withdraw, not deposit.
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Oh well, I guess its for the best that people aren't allowed to rack up a huge credit card debt to trade forex. It took me quite a while to reach a point where I wasn't losing it all. Fortunately, my credit card limits were quite low while I was going through that losing phase. :)

Now you'll have to wait for some good balance transfer offers. Write yourself a nice balance transfer cheque, deposit it into your bank account, and wire it to Oanda!
 
A year or two ago I had some cash at Oanda that was funded by a bank account that had been since been closed. Oanda simply mailed me a check.

A few weeks ago I wanted to hedge some FX exposure I had personally and funded via debit card. I funded via debit because I didn't want to wait for an ACH xfer to process. No issues at all.
 
thegazelle said:
A year or two ago I had some cash at Oanda that was funded by a bank account that had been since been closed. Oanda simply mailed me a check.

A few weeks ago I wanted to hedge some FX exposure I had personally and funded via debit card. I funded via debit because I didn't want to wait for an ACH xfer to process. No issues at all.
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I guess your address was matching properly. There won't be an issue unless your transaction is declined.
 
The transaction was reversed and the money reappeared in my account last night.

Anyhow, just be warned Canadians using Oanda (Perhaps this applies to other merchants as well), if you use your VISA/DEBIT card to make a deposit, match the address perfectly. If you don't, the transaction will be declined, but your money will still be withdrawn from your account. You likely won't see your money again for well over a week.

I hope this was a genuine reversal and not simply a consequence of me requesting CIBC to investigate the matter. In other words, I hope it isn't a disputed transaction (like a disputed credit card transaction) that causes OANDA to reduce my trading account by $2000.
 
This same thing happened to me two days ago. Waiting now on 1500 that has been withdrawn from my account but Declined in the OANDA trading account. my Heart skipped a beat when I opened my online bank statement and saw 1500 missing with no record of a withdrawal until I contacted OANDA themselves.. Wondering how it would have played out if I did nothing about it. Absolutely Ridiculous
 
I called my bank as well and they said the address had nothing to do with it. Could be a security measure but I still believe that it is the address mismatch that will raise a red flag.
 
Yes, not a big issue once you understand what's happening and that the risk exists. However, when you don't know, it feels like your money has disappeared into thin air. Hope they resolve it quickly for you.
 
wjk said:
Not sure why you would have this issue from Canada, however, card deposits are no longer allowed in the US as of Jan for funding FX accounts. Your not going through an American bank, are you? I'm not sure that would matter, but it's possible. Here is an article regarding the new credit rules for American FX traders, such as myself. I am an Oanda and Tradestation client.

http://leaprate.com/2014/12/breakin...its-to-fx-firms-in-the-us-after-january-2015/
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Update as of Friday 19th, 2017.

We just lost our credit card privileges at Oanda. Looks like they're trying to copy the USA here in Canada.
 
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