- 16 Mar Transferwise: withdraw money without trading commissions
- Withdraw money via paypal from funded accounts
- Transferwise: alternatives to withdraw money from funded accounts
- Do you want to earn money from home?
- Transferwise: multi-currency account
- Advantages of using transferwise
16 Mar Transferwise: withdraw money without trading commissions
Traders, good morning! Today we are going to talk about a very interesting topic that I had not put enough interest in until recently. How to withdraw money from our financed accounts being efficient. We will talk transferwise and other multi-currency accounts to withdraw money without commissions on the same day.
Withdraw money via paypal from funded accounts
Today I like to analyze the situation of a student who has withdrawn money from his account financed through paypal. We will analyze his situation, if it was efficient and what alternative we have for the withdrawal of our earned money.
my student of trading course to make money from home received a bank transfer to Paypal from the financing company Helios for an amount of €322.55 where they have charged a commission of €16.15, practically 5%
Actually, what he did was withdraw $510 but you know that this financing company keeps 20% and they sent him $408. Is there much difference? Is there little difference? Have you received the money correctly? Could he have been more efficient in his withdrawal?
On this withdrawal day, each dollar is €0.8286. If this student has received 480 dollars and we multiply it by 0.8286, it makes a total of €338, which if you realize, he has received €322, that is, he has lost about €16 in the currency exchange rate plus the commission that PayPal has charged him, it is €32 out of 338 that he has to receive, which is the real money that the funding company has sent him.
This way, it has been quite inefficient to withdraw money after earning it with our trading system because only on withdrawal you are losing almost 10%
I have discussed this case with my students from the trading coursesand I’ve been trying alternatives.
Transferwise: alternatives to withdraw money from funded accounts
Transferwise is a payment gateway such as paypal but in which they give us a multi-division account. That is, we can have an account in dollars, euros and other types of currencies with which we can work. They have a very small commission but they change the withdrawn money for us at a real rate at what the currency is trading at.
This is a great advantage of Transferwise because in the case of my trading student, more money would have been saved from that commission for the withdrawal from Paypal since it would have been smaller and if they had done it at what the currency was actually quoting, it would have been I would have saved around €25 Go transferwise!
Do you want to earn money from home?
I hope you liked this video and you know, if you are not profitable with one account you will not be profitable with 5, so be very careful and risk management.
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Transferwise: multi-currency account
If we enter their website we can see a currency exchange in real time. When we fill in the relevant fields to see the value of the coin, they tell us the following:
- For the exchange rate: Depending on the type of transfer we choose, they will charge us only 3 dollars for the conversion, that is, we are saving almost 75% compared to PayPal, it is quite a lot of money and even if we increase the money we want to withdraw, the commission is still very similar.
- We are going to pay based on what the currency is trading at that time and it is very easy to check it.
Advantages of using transferwise
- I have received the money the same day. The day that the American company made the transfer to me, it arrived the same day. They are commission free and they only charged me $7.50 commission.
- You can make a currency exchange to the value that the currency is at that moment.
- In addition to having a multicurrency account, you have a card that when you go to pay something that is in €, it will withdraw the money from the € account, but if I have to pay something that is in dollars, such as evaluations of financed accounts You will withdraw the money from the account that is in dollars, therefore, you will never lose the exchange rate.
- You can use it anywhere in the world.
This solution for traders is brutally positive and recommendable and I recommend it to start working from now on.
You know, for any questions you may have, I remain at your disposal. Save a few dollars and see you in the next video!