RESOLVED - Need Help : HOTFOREX withdrawal problem

HMI42

Recruit
Messages
4
Hi there I have a problem with hotforex withdrawal

I requested a withdrawal for 131.28USD and received email confirmation of successful withdrawal of 131.28 on 27 Aug 2021

When I checked with my local bank back office told me only received 72.28USD. The local bank also informed they do not charge fee or commission for receiving fund oversea

The amount short as now is 59USD but hotforex is not giving me clear explanation on the missing amount

They are blaming it to the bank, which does not make sense the bank only received 72USD what can i Do??

Already contacted them through email and the only response i received is like this

"Kindly note that as per our Terms and Conditions, HF Markets neither applies nor covers withdrawals fees. The charges are applied by the bank and correspondent

bank and for this reason the amount which you received differs from the amount which was sent. However if you wish we can request a SWIFT confirmation of funds

transferred from the bank, where you will be able to see that from our side the funds were sent correctly."

Will I lose 59USD just like that?? Or is this huge amount general for their bank charges? Please help me
 

FxMaster

Lt. Colonel
Messages
10,638
Hi there I have a problem with hotforex withdrawal

I requested a withdrawal for 131.28USD and received email confirmation of successful withdrawal of 131.28 on 27 Aug 2021

When I checked with my local bank back office told me only received 72.28USD. The local bank also informed they do not charge fee or commission for receiving fund oversea

The amount short as now is 59USD but hotforex is not giving me clear explanation on the missing amount

They are blaming it to the bank, which does not make sense the bank only received 72USD what can i Do??

Already contacted them through email and the only response i received is like this

"Kindly note that as per our Terms and Conditions, HF Markets neither applies nor covers withdrawals fees. The charges are applied by the bank and correspondent

bank and for this reason the amount which you received differs from the amount which was sent. However if you wish we can request a SWIFT confirmation of funds

transferred from the bank, where you will be able to see that from our side the funds were sent correctly."

Will I lose 59USD just like that?? Or is this huge amount general for their bank charges? Please help me
Make sure to send the statement where you can see the received fund from Hotforex and then chat with them regarding it. Also, talk with bank customer care that what amount you have received from hotforex?
And what fees you deducted from hotforex.
 

HMI42

Recruit
Messages
4
Note taken thank you sir.

I already talked to customer care and directed me to email hotforex withdrawal which they replied as mentioned in previous message.

Funny thing is I received another email which they returned 59usd back to hotforex wallet as

reimbursement but they keep saying the amount is a regular fee the bank charges hmm..

Guess i just use that USD to trade again.
 

FxMaster

Lt. Colonel
Messages
10,638
Note taken thank you sir.

I already talked to customer care and directed me to email hotforex withdrawal which they replied as mentioned in previous message.

Funny thing is I received another email which they returned 59usd back to hotforex wallet as

reimbursement but they keep saying the amount is a regular fee the bank charges hmm..

Guess i just use that USD to trade again.
So, it means that this issue is got resolved?
 

HMI42

Recruit
Messages
4
Still waiting for them to show the SWIFT confirmation from their bank to show the fees and fund were sent correctly
 

Ng Hun Siew

Recruit
Messages
2
I have no withdrawal issue with Hotforex for the past eight years. When I withdrew USD3k, they made few remittance amount of transactions into my bank in three working days.
 

HeavenLeighRob

Corporal
Messages
73
Glad to see that they resolved the issue for you. I’ve seen so many people having withdrawal problems that don’t receive adequate support and the problem either goes unresolved or it takes way too long for the broker to find a solution. I’m curious, were the support agents outgoing and helpful or did they just try to brush the problem aside? I ask because I’ve considered this broker in the past.
 

Bluefish

Private
Messages
31
Not going into details on how HotForex finance works, but there is a intermediary bank charge.

When you are doing a international bankwire, it is from their bank to a intermedary bank and they then send it to your bank.

That bank might have a charge, but not that much usually 1% to 2%. Nor the broker or your bank has control for that, its what the intermedary bank wants to.

But since you got it back it is werid better to ask hotforex
 
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