Anyone else slightly tickled by the irony of an exchange rate issue withdrawing funds from a foreign exchange broker
thank you for your reply.Dear adiys,
We wish to clarify that in case of refunds we will send you the exact amount of funds you deposited, as it is not a withdrawal request to which exchange rates apply. That is because the request you made on our system is simply reversed based into your bank account, as opposed to a new request being created.
Moreover when our team contacted you asking if you agree to the refunds you agreed to it.
thank you for your reply.
I initially withdrew 30,000 USD. Then Octafx said that 19,955.98 USD must be returned to my credit card. I didn't ask for it. once again, I didn't ask for it. octafx only gave info, that 10,955.98 USD will send octa fx to my credit card.
can i refuse? can not. how can octa fx say that it was with my agreement? this is the octafx decision. I am in a position to must accept the Octafx decision.
The problem is why the exchange rate follows the deposit time?
from 30,000 USD withdrawal of funds, 19,955.98 USD to a credit card and the balance is sent to the bank. why was it sent to the bank using the exchange rate at that time?
see email from octafx staff. that when conditions occur otherwise, why you use the exchange rate when withdrawing funds/current rate? not the deposit rate? why?
View attachment 55081
how do you explain this email from octafx staff? why can a return from a credit card use the current exchange rate but in my case use deposit exchange rate? its unfair right?
please sir.. give me screen shot that your staff contacted me, and i agree to refund to my card with deposit rate. if you can, i accept and close this case.
sir.. octafx has agreement with me. that refund only 2 conditions.
1. i never give identity document for 1 month
2. i am not satisfied with octafx service.
but this is witdraw case sir. when i deposit to octafx account, octafx use current exchange rate, so my fund at octafx account is in US Dollar. if i withdraw my funds, i withdraw my US dollar sir! so octa fx must give me US Dollar!
once again, give me proof/screen shot that octafx offer me to refund, and i agreed to teke it with deposit rate.
last, i will give you screen shot from you staff email, that octafx will sent US Dollar to my card. not sent Indonesian Rupiah. once again, octafx promised to me to send US Dollar.
View attachment 55082
but.. why octafx sent IDR/indonesian Rupiah to my credit card? why?
my money in octafx account is US Dollar. not rupiah/IDR.
Of course, you could have refused it. And we regret that you feel like this wasn't the case. Moreover, we find it confusing as from your exchanges with our teammates back in March. It appears that you've agreed to the refunds.
As you know, our Finance Department requested that a refund be inquired. That said we must obey the AML policy, which doesn't allow us to withdraw through disproportionate payment methods to the one you used to deposit funds with OctaFX. Meaning, if you used Visa for 90% of transactions, we cannot proceed to refund funds to your local bank account.
We believe the real issue arose when you have mistaken a refund for a deposit or a withdrawal. To which the screenshot you shared referred. Moreover, we cannot refund in a currency different from the one in which you've deposited. As once again a refund is a reversal of the funds to its original account.
We hope this clarifies your concerns.
Yes sir. i was ask to octafx.. i am not problem if octafx consitent with deposit rate. no matter the exchange rate. but when i ask what happened if the exchange rate is otherwise with my case. octafx said they will use current rate. its so unfair.@OctaFX Rep,
You make some valid points, but I do believe you have not addressed the basic issue and that is the exchange rate used for a credit card refund. Telling people that you disadvantaged a trader because he agreed to it is going to raise eyebrows....I'm sure you would want to provide the best deal possible, no?
According to the original post, Octa uses the most punitive exchange rate when refunding a credit card. Now a refund of x amount of USD to INR should either happen at the current rate, or the rate when the deposit was made. It would seem that Octa has the choice of which to use but that is not fair. Can you confirm that this is, in fact, not the case?
All you have to do is confirm, that the rate at time of deposit will be used irrespective of the exchange rate of USD to INR.
but why u use deposit rate? that's the question. when otherwise exchange rate condition, u use current rate.Dear adiys,
To clarify. The refund was sent to your as per exchange rate from the time of your deposit. Which our teammates informed you about on numerous occasions.
but why u use deposit rate? that's the question. when otherwise exchange rate condition, u use current rate.
please just clarify this.
octafx has the word "refund and withdraw" games. "refund" word means to use a deposit rate. and "withdraw" means using the current rate.
I ask to withdraw funds. once again, I said withdraw funds. not refund funds.
then octafx will see the exchange rate that occurs.
1. when the dollar strengthens.
Then octafc will say that my funds will be refunded to my credit card. that is, using a deposit rate.
see my case. This is "refund" games
2. if the dollar weakens
then octafx will say, my withdrawal was approved. and octafx uses the current rate. this is "withdraw" games
I'm both ask withdrawing funds, but your answers are different. one said "refund" which means to use a deposit rate, and one to use the word "withdraw" which means to use the current rate.
its really true octafx?