Oanda withdrawal fee

Yes, there are withdrawal methods at Oanda that are free of charge.

Data updated on July 12, 2024

The first debit/credit card withdrawal in each calendar month is free, but there's a charge for subsequent withdrawals. The withdrawal fee is rather high for bank transfers and PayPal (GBP, EUR, USD only).

THE ESSENCE

• Brokers typically offer several withdrawal methods
• Few brokers offer free withdrawals on all withdrawal methods
• Withdrawal options and associated fees at a broker generally vary by country/region
• At certain brokers profit can only be withdrawn via bank transfer, which may carry a charge
• Withdrawals to credit/debit cards and electronic wallets are generally more comfortable and faster

For a detailed description of how to withdraw funds at Oanda, check out this expert withdrawal guide updated for 2024.

As a forex trader, you need a reliable broker with superb services at affordable costs. See the most important features of Oanda's services in the table below.

Data updated on July 12, 2024

When you close a forex trade (or any other trade for that matter), the proceeds will be credited to your trading account by your broker. First of all, congrats on having made a profit!

Your broker may take a few days to transfer the funds to your trading account, but the money will undoubtedly show up there. If you want to spend this money, you will need to transfer it out of your brokerage account.

Most forex brokers offer several options to access your funds. The most common withdrawal methods include:

1. Bank transfer
2. Transfer to your credit/debit card
3. Transfer to an electronic wallet.

At brokers that accept clients from many countries of the world, the availability of individual withdrawal methods and the associated fees may vary by country/region. Depending on your country of residence, some options will be available to you free of charge, others will carry a price tag and others may not be available at all.

When you log into your account and go to the fund withdrawal interface, you will see the available options but not necessarily the fees.

Withdrawing your funds from your brokerage account is in a way similar to withdrawing money from your bank account. One notable exception is that withdrawal from your broker is rarely instant, it usually takes 1-5 business days for the funds to show up in your account.

Some brokers will not allow you to withdraw the profit you made to your credit/debit card, saying that only the amount of money that was deposited using the card can be withdrawn.

In such instances, you will need to use an alternative method to withdraw your profit, most often a bank transfer. Note that the bank transfer may have a fee, typically between $10-$25 per withdrawal.

There are brokers that will only remit money via the same method and to the same place from which it was received. For example, if you made a deposit using a card, upon withdrawal ensure that you request your funds be returned to the same card.

In our experience, withdrawals to credit/debit card and electronic wallets are the most comfortable and fastest way to access your money.

Yes, Revolut, Wise and Paypal are available at Oanda.

Although Paypal, Revolut and Wise all offer the same services, they do it in different manners and at different costs. You may find that Revolut and Wise are cheaper alternatives, especially when it comes to international and/or multi-currency transactions.

If you are looking for a reliable and excellent broker that offers free withdrawal methods, check out our top list of the best forex brokers with free withdrawal compiled by BrokerChooser's team of brokerage analysts after testing more than 100 brokers globally.

If withdrawal costs are not your main broker selection criteria, take a look at our top list of the best forex brokers in the world.

For more details on Oanda, read our comprehensive Oanda review for 2024.