• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Tallinex/FXChoice Credit/Debit Card funding of Forex account

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



---
who is this answer from?? maybe that 3rd bank will work?
 
I am sorry for not making it plain but this is the detailed answer from Tallinex after further comments to them about the situation.
Sad day, today I was informed by my bank that their Bank Wire processor would not honor the transfer I was requesting. So I told Tallinex to hold the account until things change. This is because I can not make a deposit to Tallinex.
 
Sad day, today I was informed by my bank that their Bank Wire processor would not honor the transfer I was requesting. So I told Tallinex to hold the account until things change. This is because I can not make a deposit to Tallinex.
what bank were you using? are you saying that a wire wont work either? this is getting out of hand?
 
what bank were you using? are you saying that a wire wont work either? this is getting out of hand?
My bank told me that their processor would not do the wire because they were not comfortable and my bank would or could not tell me how I could persue this.. I am with ForexBroker and with TradersWay and they are good. So I am letting this Tallinex situation rest until changes come about. I may look into other banks to see if the wires can be done or if it is a CFTC problem.
 
Some offshore brokers found ways to avoid falling afoul of Dodd-Frank rules. Looks like someone on the US side may be trying to interfere with simple wire transfers to some of the banks involved. :(
 
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.
I'm Sorry off topic Im a US trader, I m really interested in this broker cause the US scene is super ****ed, idk whats going to happen with the Frank-dodd bull****.....this broker looks promising however I'm very nervous about sending money out of the country even more so if they transfer my profits on request...no broker likes a successful trader...any advice thoughts would be welcome
 
Back
Top