ICMarkets - Withdrawal to Visa Card not going through

Hamlet

Recruit
Messages
4
Hello everybody.

I am reaching to this court seeking for help with withdrawing money to valid Visa Credit Card via Visa Direct Method from ICMarkets AU.

The thing is that before creating my ICMarkets account, I contacted support to confirm if I was going to be able to withdraw money via the same Visa Credit Card I use to deposit. I explained that if Visa Credit Card withdrawals was not going to be available to me then I was not going to open an account with ICMarkets. This is because I know bank wires are too expensive for me (only my local bank charges US$80 and I do not know if the brokers' bank charges another amount). Support told me that if I make a deposit with an eligible Visa Credit Card via Visa Direct method, I was going to be able to withdraw money using that same method.

On 17 June 2019 I made my first deposit of US$500.... one week later, after providing a copy of my credit card, on 24 June 2019 I made a test withdrawal of US$50 using the same method, and this withdrawal was successful.

---------------
Note:
At some point during this time, I received an email from ICMarktes saying that due to regulatory developments within Australia, ICMarkets could not guarantee that it will be able to provide its services to clients residing outside of Australia, but a few days later they sent me other email saying "following the valuable feedback of all our clients, we are pleased to inform you that we have made the decision to maintain your trading account(s) with International Capital Markets Pty Ltd (IC Markets AU).
---------------

So far so good... I continued trading with the remaining of the money in my account.

One month later, on 29 July 2019 I tried to make a new withdrawal, but the money did not reach my Visa Credit Card account. Instead the money was deposited back to my ICMarkets account. As per an email I received from IC Markets "Please be advised that an attempt to refund back to your credit card account has been declined by the bank as your credit card has expired. Kindly provide an updated copy of your credit card before resubmitting your request". This is not true at all, my credit card was not expired, but still I resubmitted the copy of my card.

I reached ICMarkets support several times and they asked me to:
#1 - submit one more withdrawal request, and contact them if it does not go through.
#2 - They blamed my bank so they asked me to contact my bank directly. I visited my bank and I even escalated the case to a supervisor and a account specialists, and they guaranteed that my bank was not obstructing or declining the transaction. Actually the told that my bank had not even received any signal that there was a transaction coming my way, so they did not have any transaction to reject.
#3 - I reached ICMarkets support again, and they asked my to add other Visa Credit Card, make a deposit of US$1 and after that deposit I was going to be able to withdraw all my money to that other card. I did so, but it failed the exact same way.
#4 - I reached ICMarkest to escalate the problem and the rep told me that she sent a ticket to the accounts department. A few days later, Julie Dinh from IC Markets Accounts Team replied back kind of explaining they send the funds to their bank and that their bank received a rejection from my bank. (blaming to my bank again)... I reached my bank again, escalated the case and provided them with screenshots of what ICMarkets said, but my bank again confirmed that they were not rejecting the transaction, confirmed that my Visa Platinum Credit card was all good to receive money internationally, and that again they had not received any notification of money coming my way that they could reject.

So here I am many months later without my money. Support is not helping at all, I have done everything they told me to do, and lately they just tell me to submit new withdrawal request and contact them back if it does not work. They suggested to use a Bank Wire, but it is too expensive for me (I do not want to pay US$80 to withdraw less than US$500).

Is this something I can get help with in here?

Thanks in advance
 

compu-forex

Sergeant
Messages
149
Hamlet, unfortunately you can't get much help here other than a bit of advice. I trade with IC Markets a lot so I can assure you they are not trying to scam you.

I generally avoid credit card deposits because they are terribly inefficient way to fund your account. You might not be seeing the same $80 wire fee but generally they are still expensive and heaven help you if there is any currency exchange involved.

It is also worth noting(not necessarily in your case), many brokers can only pay your deposits to a credit card and not profits. This is because many of them don't actually transfer funds to your credit card but they simply activate a credit card refund. Obviously they can't refund more than you paid.

I should also tell you that support cannot help as they are there to answer FAQ and nothing more. They will be escalating to a back office. You need to home in on this Julie from the accounts team, as she will be working with your case directly. I would have thought a copy of your card with the expiry date highlighted would be an effective start and ask her if the card looks expired.

I suggest you continue to work through the problem with IC Markets. I know it can be slow and frustrating but it will be the most effective way.
 

FxMaster

Lt. Colonel
Messages
9,556
Hello everybody.

I am reaching to this court seeking for help with withdrawing money to valid Visa Credit Card via Visa Direct Method from ICMarkets AU.

The thing is that before creating my ICMarkets account, I contacted support to confirm if I was going to be able to withdraw money via the same Visa Credit Card I use to deposit. I explained that if Visa Credit Card withdrawals was not going to be available to me then I was not going to open an account with ICMarkets. This is because I know bank wires are too expensive for me (only my local bank charges US$80 and I do not know if the brokers' bank charges another amount). Support told me that if I make a deposit with an eligible Visa Credit Card via Visa Direct method, I was going to be able to withdraw money using that same method.

On 17 June 2019 I made my first deposit of US$500.... one week later, after providing a copy of my credit card, on 24 June 2019 I made a test withdrawal of US$50 using the same method, and this withdrawal was successful.

---------------
Note:
At some point during this time, I received an email from ICMarktes saying that due to regulatory developments within Australia, ICMarkets could not guarantee that it will be able to provide its services to clients residing outside of Australia, but a few days later they sent me other email saying "following the valuable feedback of all our clients, we are pleased to inform you that we have made the decision to maintain your trading account(s) with International Capital Markets Pty Ltd (IC Markets AU).
---------------

So far so good... I continued trading with the remaining of the money in my account.

One month later, on 29 July 2019 I tried to make a new withdrawal, but the money did not reach my Visa Credit Card account. Instead the money was deposited back to my ICMarkets account. As per an email I received from IC Markets "Please be advised that an attempt to refund back to your credit card account has been declined by the bank as your credit card has expired. Kindly provide an updated copy of your credit card before resubmitting your request". This is not true at all, my credit card was not expired, but still I resubmitted the copy of my card.

I reached ICMarkets support several times and they asked me to:
#1 - submit one more withdrawal request, and contact them if it does not go through.
#2 - They blamed my bank so they asked me to contact my bank directly. I visited my bank and I even escalated the case to a supervisor and a account specialists, and they guaranteed that my bank was not obstructing or declining the transaction. Actually the told that my bank had not even received any signal that there was a transaction coming my way, so they did not have any transaction to reject.
#3 - I reached ICMarkets support again, and they asked my to add other Visa Credit Card, make a deposit of US$1 and after that deposit I was going to be able to withdraw all my money to that other card. I did so, but it failed the exact same way.
#4 - I reached ICMarkest to escalate the problem and the rep told me that she sent a ticket to the accounts department. A few days later, Julie Dinh from IC Markets Accounts Team replied back kind of explaining they send the funds to their bank and that their bank received a rejection from my bank. (blaming to my bank again)... I reached my bank again, escalated the case and provided them with screenshots of what ICMarkets said, but my bank again confirmed that they were not rejecting the transaction, confirmed that my Visa Platinum Credit card was all good to receive money internationally, and that again they had not received any notification of money coming my way that they could reject.

So here I am many months later without my money. Support is not helping at all, I have done everything they told me to do, and lately they just tell me to submit new withdrawal request and contact them back if it does not work. They suggested to use a Bank Wire, but it is too expensive for me (I do not want to pay US$80 to withdraw less than US$500).

Is this something I can get help with in here?

Thanks in advance
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: Invitation button will be enabled when your first post reaches 4 days old.
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OP Screen shot.jpg
 

FxMaster

Lt. Colonel
Messages
9,556
Till then you can follow the suggested steps below.
Few steps that you must follow to draw their attention to your issue,
Follow the suggested steps below:

If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.
Go to their website and invite them to here via Live Chat
Invite them to join this thread via email (Send an email to every possible address).

You will find their email and address https://www.icmarkets.com/client-area/contact-us/
Also, Share your story as a review http://www.forexpeacearmy.com/forex-reviews/8264/www.icmarkets.com

You can also share your story on their social media pages mentioned below:


(Click on more and you will find write review option there)

https://twitter.com/IC_Markets

https://www.youtube.com/user/ICMarkets


Note: Don’t forget to update your review/s when you got a solution to your problem, Best Of Luck
 

4evermaat

2nd Lieutenant
Messages
1,980
Hamlet, unfortunately you can't get much help here other than a bit of advice. I trade with IC Markets a lot so I can assure you they are not trying to scam you.

Even the resolved cases here regarding IC Markets, many of the recent ones indicate some foul play on the broker's side.

This does not include the many cases settled with NDAs.

So here I am many months later without my money. Support is not helping at all, I have done everything they told me to do, and lately they just tell me to submit new withdrawal request and contact them back if it does not work. They suggested to use a Bank Wire, but it is too expensive for me (I do not want to pay US$80 to withdraw less than US$500).

Not sure why you allowed this to go on for so long?

Can you comment what country are you a resident of?
What country is your bank located in?

Normally the bank wire is less than 20 AUD. But the receiving end might take additional amount off.

Do you have neteller/skrill? Perhaps you could make a small deposit via these methods, and then withdraw to them.
 

Hamlet

Recruit
Messages
4
Not sure why you allowed this to go on for so long?
I do not know it myself. I think I thought that I ICMarkets was going to rectify the problem but that it was going to take some time, several contacts to support and a lot of patience from me.

Can you comment what country are you a resident of?
What country is your bank located in?
I am located in Costa Rica.
My bank is also located in Costa Rica.

Normally the bank wire is less than 20 AUD. But the receiving end might take additional amount off.
That is correct. My bank takes a good chunk.

Do you have neteller/skrill? Perhaps you could make a small deposit via these methods, and then withdraw to them.
I do have neteller, but transfers from Neteller to my bank are also expensive.
 

4evermaat

2nd Lieutenant
Messages
1,980
I suggest also writing a formal complaint to their compliance department. Let them explain exactly why the visa withdrawal method was withdrawn.

But unfortunately there might not be anything else that can be done. I have PM-ed a possible solution to you for accepting wires, but with less fees.
 
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