Tallinex/FXChoice Credit/Debit Card funding of Forex account

[seth blackstone]

I am confused and worried, my broker in Belize FXChoice put up a message on there website that said they were updating their CC/DC (Credit Card/Debit Card) processing, that was 16 months ago, they still don't have the functionality.

Now my other broker (Tallinex) has done the same thing, I was NOT informed they were taking down this functionality nor will they give any indication when the functionality will be available again. I am not exactly sure when they shut it off, I know that it worked in Jan 2016 because I made a deposit, 3 weeks ago from the date of this writing, I attempted to make another deposit, that is when I saw the message saying the CC/DC was being upgraded. Unfortunately this sounds very familiar.

My bank (Ally Bank) will NOT do outgoing international wires (grrrrr), I love the online nature of the bank and don't want to switch, hell almost all the services are FREE. CC/DC deposits are the only method I have to deposit to my account.

Is this just a USA client thing?? Does anybody know anything?? I am completely dead in the water.

 

[FxMaster]

I am confused and worried, my broker in Belize FXChoice put up a message on there website that said they were updating their CC/DC (Credit Card/Debit Card) processing, that was 16 months ago, they still don't have the functionality.

Now my other broker (Tallinex) has done the same thing, I was NOT informed they were taking down this functionality nor will they give any indication when the functionality will be available again. I am not exactly sure when they shut it off, I know that it worked in Jan 2016 because I made a deposit, 3 weeks ago from the date of this writing, I attempted to make another deposit, that is when I saw the message saying the CC/DC was being upgraded. Unfortunately this sounds very familiar.

My bank (Ally Bank) will NOT do outgoing international wires (grrrrr), I love the online nature of the bank and don't want to switch, hell almost all the services are FREE. CC/DC deposits are the only method I have to deposit to my account.

Is this just a USA client thing?? Does anybody know anything?? I am completely dead in the water.

You talked with customer cares of those brokers yet?

 

[seth blackstone]

Yes I have talked with both of them numerous times, they will not budge on their answers, not even the slightest hint, it is like they are under a threat of death if they let anything slip. I get the standard answer every time, boiled down to "Don't call us we will call you when it is available". As I said FxChoice has been upgrading for 16 months now, it is clear that is/was a lie, they don't even have the message on their website any more about the upgrade, it seems clear that they have no intention of offering Credit/Debit card funding anymore. These are the only non USA Forex brokers that I know of that will accept USA clients, Trading with USA brokers is no longer possible for the small guy anymore with the absurd limitations cooked up by the government.

 

[Pharaoh]

Credit cards are a fail and you can't send outbound international wires. Have you discussed other funding methods with the brokers? More importantly, have you discussed other withdrawal methods?

 

[seth blackstone]

I have discussed every other option that I can think of. Tallinex only offers bank wires as the "other" option. I was mainly wondering if my situation is unique or is this Credit/Debit card funding problem more wide spread? Is it just for USA clients? It seems odd to me that the most popular non-USA brokers that still accept USA clients have all but shutdown. There is clearly something else going on and I was wondering if anybody out there in net land had a clue as to what that might be.

 

[Pharaoh]

Wish I had more info on this. Maybe send the link to this thread to Tallinex and ask them if they'd like to make a comment on the lack of funding alternatives for US clients.

 

[keysharp]

Wish I had more info on this. Maybe send the link to this thread to Tallinex and ask them if they'd like to make a comment on the lack of funding alternatives for US clients.

This is the reply I received from Tallinex, when I inquired about the CC deposit problem.

Hello, John

That is indeed true - a wire does cost about $50, but it doesn't matter whether you are sending $200 or $200,000 - the cost is the same.

Please also consider that card deposits are illegal with US brokers and very few non-US brokers now accept US residents - even fewer accept US residents AND allow card deposits.

We are trying to resurrect the facility, but since your government is responsible for all the issues, perhaps you should direct your ire at them instead of us.

As for "are you telling me to close the account and not do business with you?", I am not sure where you see that instruction.

regards, Support

 

[seth blackstone]

thanks for your efforts, I wonder what this restructuring is. Do you think that they will ever allow CC/debit card deposits again, given this reply? This will kill me, being a USA resident these days is very annoying. my bank will not do out going international wires and any of the brick and mortar banks service charge a person out of existence. I am bummed.

 

[seth blackstone]

This is the reply I received from Tallinex, when I inquired about the CC deposit problem.

Hello, John

That is indeed true - a wire does cost about $50, but it doesn't matter whether you are sending $200 or $200,000 - the cost is the same.

Please also consider that card deposits are illegal with US brokers and very few non-US brokers now accept US residents - even fewer accept US residents AND allow card deposits.

We are trying to resurrect the facility, but since your government is responsible for all the issues, perhaps you should direct your ire at them instead of us.

As for "are you telling me to close the account and not do business with you?", I am not sure where you see that instruction.

regards, Support

I did send a link to both the tallinex and the fxchoice admins here but doesnt look like they even bother checking their accounts anymore it has been years since either of them posted anything.

 

[keysharp]

This is the reply I received from Tallinex, when I inquired about the CC deposit problem.

Hello, John

That is indeed true - a wire does cost about $50, but it doesn't matter whether you are sending $200 or $200,000 - the cost is the same.

Please also consider that card deposits are illegal with US brokers and very few non-US brokers now accept US residents - even fewer accept US residents AND allow card deposits.

We are trying to resurrect the facility, but since your government is responsible for all the issues, perhaps you should direct your ire at them instead of us.

As for "are you telling me to close the account and not do business with you?", I am not sure where you see that instruction.

regards, Support

further details, and it doesn't look good. Traders in US need to start a stink.
Unfortunately, the US government has been making it more and more difficult for US residents to move money abroad, which also prevents US residents from using the global eWallet services of Neteller and Skrill... US regulations forbid those services from allowing USD transfers to account holders based outside of the US, so only domestic transfers are permitted.

In terms of card processing, the excessive rules and regulations that non-US acquiring banks are forced to abide by (coupled with the excessive amount of card fraud by US residents) makes dealing with US residents an unwelcome aspect of business so, over the last two years, we have seen a significant number of non-US acquiring banks simply refuse to handle US transactions, despite being members of the Visa/Mastercard network.

On the occasions that our acquiring bank has made the decision to suspend US transactions, the decision has comes with zero notice to merchants such as ourselves, who then have to go on an emergency hunt for a replacement acquiring bank.

Due to the worsening situation with the US, it is not unusual to find ourselves having to approach 50+ banks (in various countries) to find one willing to handle US transactions, and the volume required to get us fully operational again - a huge waste of time, money and effort as I'm sure you'll appreciate.

At the present time, we are in the final stages of going live with the 3rd acquiring bank since our previous acquirer pulled the plug on US transactions about two months ago - the other two banks both had a last-minute change of heart literally the day before we should have resumed service which wasted weeks of administrative and development time in the process as both other systems had been fully integrated into our back-office :-(

Unfortunately, writing to your representatives is unlikely to make any difference - the only real solution is a total repeal of the Dodd Frank act which was enacted specifically to cause the issues we're now seeing and with the ultimate aim of preventing US residents from trading with non-US firms... and the people who want that outcome are not "the people".

regards, Support



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I did send a link to both the tallinex and the fxchoice admins here but doesnt look like they even bother checking their accounts anymore it has been years since either of them posted anything.