Question for ALL brokerage firms about this war

[virtusa]

Let's assume:

• you live in a country that is in war.
• you stay to fight
• your wife and children move to another country
• you have a trading account
• banking in your country does not work anymore

How can you acces and withdraw money from that account in the other country where wife and children reside? As your wife and children need money to survive.
If the wife opens an account in another safe country, can she withdraw money from the trading account? She probably can only open an account on her name, which is maybe not mentioned when the trading account was opened.
Should people not have the opportunity to now already let their broker know who can ask withdrawals besides of the personwho openend the account?

All proposed solutions are welcome.

I hope that many brokers will answer as this hypothetical, but maybe already real for some, situation can soon involve a lot of people in Europe if the war escalates.

 

[zdreg]

Law of unintended consequences exists in every situation.

 

[zdreg]

Let's assume:

• you live in a country that is in war.
• you stay to fight
• your wife and children move to another country
• you have a trading account
• banking in your country does not work anymore

How can you acces and withdraw money from that account in the other country where wife and children reside? As your wife and children need money to survive.
If the wife opens an account in another safe country, can she withdraw money from the trading account? She probably can only open an account on her name, which is maybe not mentioned when the trading account was opened.
Should people not have the opportunity to now already let their broker know who can ask withdrawals besides of the personwho openend the account?

All proposed solutions are welcome.

I hope that many brokers will answer as this hypothetical, but maybe already real for some, situation can soon involve a lot of people in Europe if the war escalates.

If the wife is in a country where the banking system works there is no problem.

 

[virtusa]

If the wife is in a country where the banking system works there is no problem.

I don't think it is that simple.

The banking system in that country might work, but maybe has no access to the original bank account (in the country where is war) from where the money was first send to the broker, because their infrastructure is broken. Or all bank accounts might be blocked (like in Russia with foreign currencies).

If the man has an account on his name only, the wife cannot withdraw money I think. My accounts are all in my name alone, personal acounts.

Next problem is that brokers make big problems if you want to withdraw to an bank account from where the money was NOT send to them. Money normally goes back to where it came from.

It need 100% confirmation for a possible solution from my broker. But I want to know what other brokers would do. Because I might be forced to change broker, depending on the answer I will receive.

 

[M.W.]

How would that fictitious wife open an account in another country. No bank in any developed nation currently dares to get closer to new money from any Russian than 100 yards.

Now I actually understand your name VIRTUALUSA and where you are coming from with your other posts where you list what you "heard" from "friends" in Russia. Getting too hot for you in Moscow?

Let's assume:

• you live in a country that is in war.
• you stay to fight
• your wife and children move to another country
• you have a trading account
• banking in your country does not work anymore

How can you acces and withdraw money from that account in the other country where wife and children reside? As your wife and children need money to survive.
If the wife opens an account in another safe country, can she withdraw money from the trading account? She probably can only open an account on her name, which is maybe not mentioned when the trading account was opened.
Should people not have the opportunity to now already let their broker know who can ask withdrawals besides of the personwho openend the account?

All proposed solutions are welcome.

I hope that many brokers will answer as this hypothetical, but maybe already real for some, situation can soon involve a lot of people in Europe if the war escalates.

 

[M.W.]

How about this:

How about you drop the "let's assume", "let's imagine" in your first post as you already in this post switched to the personal "I" or "my". It's obvious you speak of yourself. Then why make up a grand story how "you heard from some friends who live in Russia"? When you start to be honest and not make up stories then perhaps others see more value in investing their time to come up with ideas.

I don't think it is that simple.

The banking system in that country might work, but maybe has no access to the original bank account (in the country where is war) from where the money was first send to the broker, because their infrastructure is broken. Or all bank accounts might be blocked (like in Russia with foreign currencies).

If the man has an account on his name only, the wife cannot withdraw money I think. My accounts are all in my name alone, personal acounts.

Next problem is that brokers make big problems if you want to withdraw to an bank account from where the money was NOT send to them. Money normally goes back to where it came from.

It need 100% confirmation for a possible solution from my broker. But I want to know what other brokers would do. Because I might be forced to change broker, depending on the answer I will receive.

 

[deaddog]

Yes it is a problem. Even moving money from countries that are not a war, Canada & US, it's a hassle. Can take up to 10 days just to clear a cheque.

It is where I can definitely see an advantage to crypto.

 

[zdreg]

I didn't have the patience to call you out on your hypothetical nonsense. You left out key details as to locations amount involved depending on time frame and methods of withdrawals.

 

[M.W.]

I agree, sometimes things can take a few days to establish a new account or relationship or an initial transfer even in Canada & US. But what to worry? If the funds or account is legit then why worry? I am strictly speaking about your point on Canada and the US. I do see a point in alternative payment methods in war torn countries or nations under despotic leadership. However, western regulators will catch up to this soon because a lot of illegitimate money also moves in the same directions.

Yes it is a problem. Even moving money from countries that are not a war, Canada & US, it's a hassle. Can take up to 10 days just to clear a cheque.

It is where I can definitely see an advantage to crypto.

 

[virtusa]

How would that fictitious wife open an account in another country. No bank in any developed nation currently dares to get closer to new money from any Russian than 100 yards.

Now I actually understand your name VIRTUALUSA and where you are coming from with your other posts where you list what you "heard" from "friends" in Russia. Getting too hot for you in Moscow?

You clearly never read any post from me. YOU are a Russian troll, not me. I am on the other side in this war.
Besides that, my accounts are already many years in the US and the origin of my money can be proven by my brokers. They know my identity, so I will have no problems at all.