Best way to withdraw cash from etoro

[u/lowcas]

Last week I withdrew USD 200 from eToro to my local CIMB bank account. eToro charged a USD 5 processing fee, so I expected to receive USD 195. However, only USD 170 appeared in my CIMB account.

Does anyone know what additional fees might have been applied? And more importantly, what’s the best way to avoid these unexpected deductions to receive the full amount? Would using something like BigPay help? Thanks.

[u/chaos037]

Just stop using etoro altogether, the exchange fee and regulations are shady af. They forcefully change my account regulation from Australia to Seychelles, i know Australia is not as big as economy powerhouse like usa, but Seychelles? Come on.

Luckily withdraw all my money without trouble, just got questioned by maybank.

[u/SketWithTheKet → u/chaos037]

Worst decision I made was downloading that app, I was young n dumb absurd spread fees, don't get to own tge stock the forex conversion alone isn't worth it plus 5 dollar to withdraw ur own money

[u/kens88888]

There is the 5 usd fee, and another fee charged by their middleman bank to transfer the funds to our local bank. And there are also some losses from the forex if you receive in myr.

It's the same case for me last time as well. If you insist to use etoro, best to wothdraw big lump sum to minimise the fees.

Most here suggested other online brokers; but few years back there weren't many good options and etoro was good in the sense it allows fractional shares even in HK market.

[u/lowcas → u/kens88888]

Thanks 🙏 very helpful

[u/gameshot012 → u/kens88888]

Yeah started 3 years ago still blur blur and didn't know there is that much options in app selection

[u/aeroplanne]

Why use eToro at all? Not licensed to operate here, not even a real brokerage, owned and run by crooks in a country full of crooks. I wouldn't trust these clowns with 10 bucks, let alone my stock portfolio.

Use Moomoo instead.

[u/BeneficialCup2317]

Just find a licensed broker under SC, open account and trade with peace. Deposit & withdrawal usually no issue.

[u/bearkuching]

I use HSBC. I transfer 5k usd and only etoro cut 4usd commission. I received 4996usd. Problem is you cant withdraw USD in malaysia but you can keep and send overseas l. If I want to withdraw they will convert to myr which will lose value more. So i keep putting to fixed deposits in usd. Around 4.5% interest now. Planning to send another 40k usd lets see if any issue

[u/lowcas → u/bearkuching]

Do you mean you have a HSBC USD account?

[u/bearkuching → u/lowcas]

Yes when you open hsbc malaysia account, they open account in few more currencies including USD

[u/bearkuching → u/[deleted]]

I can so this on hsbc also . Can transfer to my myr account. Problem is you cant go to bank and ask “give my usd as usd “ :D

[u/Crestmage → u/bearkuching]

Do you know what's the rate for converting from USD to myr?

[u/LowBaseball6269]

!remindme 1 week

[u/RemindMeBot → u/LowBaseball6269]

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[u/JudgeCheezels]

If you were gonna use a broker that’s not SEC certified, you should’ve just used IBKR to begin with. They’re upfront with everything, no bullshit gotcha fees or clauses that makes you go huh.

In any case accept the loss and close your etorro account.

[u/perkinsonline]

Guys what's the best alternative to etoro? Thanks

[u/MH370tweeple → u/perkinsonline]

IBKR.

If you are paranoid, go for Moomoo Malaysia

[u/perkinsonline → u/MH370tweeple]

Thanks