RESOLVED - Xforex withdrawal - Bank closed in Cyprus

[xingloon]

Hi FPA

Im a xforex user from Malaysia. I have recently made 2 withdrawal request on 18th & 25th March 2013 from xforex amounted $6000 & $8000 respectively. I have received the fund that is bank in to my credit card on first withdrawal request totaling $5550, the remaining funds are my profit, according to them they will bank into my bank account thru wire transfer which will take 10 working days. Is the wire transfer take so long to process? Until today I have yet to receive my fund the status shows "in process" like it takes forever.

They never replies my email when I ask about my withdrawal status. Their online customer service emailed me once to provide the correct swift code on 26 march and I replied at the same day cos I have wrongly filled in the branch number while the other information is correct.

I m aware that the banks in Cyprus were closed since 16th March for 2 weeks due to their debt crisis problem, will this affects the withdrawal cos xforex originally from there and wire transfer cannot be performed while bank closes?

 

[GOR FX]

Xinlong,
even if banks are closed in Cyprus most of the brokers have their deposits in International banks and
you should be able to withdraw your money with no hitches.

 

[FringFX]

Xingloon,
make sure that you monitor the developments in Cyprus. Things could get nastier.

 

[f-man]

The Banks in Cyprus are now open, but there is a long way to go till the situation is clear. At the moment, the Banks work with limitations on transactions and there are many restrictions as to Transactions with Banks abroad. Bank Transfers do not take so long, but with the current situation in Cyprus, it could take even longer.

 

[xingloon]

The Banks in Cyprus are now open, but there is a long way to go till the situation is clear. At the moment, the Banks work with limitations on transactions and there are many restrictions as to Transactions with Banks abroad. Bank Transfers do not take so long, but with the current situation in Cyprus, it could take even longer.

So it is true that the broker delays my withdrawal due to Cyprus banks' restrictions? aren't they have other offices e.g. Israel or Canada?

Need some advise for what to do next......

 

[f-man]

So it is true that the broker delays my withdrawal due to Cyprus banks' restrictions? aren't they have other offices e.g. Israel or Canada?

Need some advise for what to do next......

Many Brokers have Business in different Countries, but usually every Country is working independently. Some Brokers even "rent" their name for marketing purposes.
I would advise a few days of patience for now.

 

[quicksilver]

So it is true that the broker delays my withdrawal due to Cyprus banks' restrictions? aren't they have other offices e.g. Israel or Canada?

Need some advise for what to do next......

xingloon, looks like you are caught up in the crisis. Check the payment they made to your CC and see from where it originates from. Xforex, to the best of my knowledge isn't a big broker (compared to fxpro), and it is likely that their funds are in Cyprus banks. If it is true (I hope i'm wrong, for your sake) then you might have problems getting funds because of the capital restrictions in Cyprus. I'm not sure if the rule is the same for corporate clients, but to the best of my knowledge there is a daily cap on funds and I 'think' overseas bank WIRE's from Cyprus are currently prohibited. On their website they say client funds are segregated into 'reputable EU financial institutions' and it is too vague.

You might want to get on the phone and speak to someone at xforex. Hope things get sorted for you.

 

[Pharaoh]

The most important thing is to not give up. Keep in contact with XForex and keep this thread up to date.

 

[xingloon]

Hi quicksilver & pharaoh

yes, I have checked my credit card statement the fund is actually from Cyprus. Im gonna follow up closely. Today is the first working day after Easter holiday. Will keep update the status. Thanks for ur all kind replies.

 

[xingloon]

Hi all

I have received my money today, after a very patient wait. Thanks all for the concern.