Bank Wire Forex Brokers
If you're looking to deposit large sums, a bank transfer may be your only option. Compare brokers and online trading sites that accept bank wires in 1 click.
Why deposit through bank wire?
- No limit on the maximum amount you can deposit.
- Cheaper than funding through your credit card.
- Keep your credit or debit card details private.
If you're looking to deposit large sums into your online trading account, we recommend sending the funds through bank wire. Most brokers place no restrictions at all on the amounts you can deposit through bank wire, which makes this payment method best suited for large sums of money.
In contrast, most brokers will either cap the amounts you can deposit through credit card between US$ 10,000 and US$ 15,000 or ask that you hold them harmless in the event of credit card fraud. In practice, a bank wire may be your only option if you are looking to deposit sums above those thresholds.
Note that your bank may restrict the amounts you can transfer on a daily or weekly basis. This may require you to break the payment up into several transactions.
Bank wire fees
Your bank, your broker's bank and any intermediary banks may charge you for the transfer. Bank charges are usually low and fixed regardless of the amount sent. Some banks charge nothing for domestic bank wires but fees are common for international payments. Please speak to your bank if you are in doubt.
HotForex (HotForex.com) will refund any bank wire fees upon presentation of your transfer receipt when you deposit over US$ 250.
In addition, your broker may also levy a charge on incoming bank wire deposits. However, this has become a relatively rare occurence and few brokers charge you for depositing money.
How long will it take?
Approximately one to two business days for domestic payments and between three to five business days for international payments.
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