Taking your money out
What you learn in 3 minutesThis lesson shows the route your money takes when you withdraw from a trading account, and how long each step can hold it. If you request ₱10,000 by GCash, the amount that arrives can be smaller than the amount you asked for, because fees and conversion are taken out along the way.
One withdrawal of ₱10,000 by GCash
| Step | Amount | Note |
|---|---|---|
| Amount requested | ₱10,000 | the figure you type into the withdrawal form |
| Broker withdrawal fee | ₱150 | varies between brokers; some charge nothing and some charge a flat fee |
| Payment provider fee | ₱100 | varies between providers and can change without notice |
| Amount after fees | ₱9,750 | ₱10,000 minus ₱150 minus ₱100 |
| Time in broker review | 1 working day | the broker checks the request against your account |
| Time in compliance check | 1 to 3 working days | identity and source-of-funds documents are checked; this varies |
| Time with the payment provider | 1 to 2 working days | the provider moves the money to GCash |
| Total time | 3 to 6 working days | 1 plus 1 to 3 plus 1 to 2 |
The broker may round the amount, charge a currency conversion if your account is not in PHP, or quote a different fee on the day. The times above are examples, not promises.
The mistake people make here
The common mistake is to withdraw the full balance and then trade again before the money leaves, which can make the balance too small for the request. Another mistake is to send a withdrawal to a GCash number or bank account that is not in your own name; the compliance check will stop it. Before you request, leave enough in the account for any open position and any fee, and make sure your identity documents are current. If a withdrawal is held, ask the broker which step it is in, rather than sending the request again.Check yourself
You request ₱8,000. The broker fee is ₱120 and the provider fee is ₱80. How much arrives before any conversion?
₱8,000 minus ₱120 minus ₱80 = ₱7,800.
One pip on one standard lot of EUR/USD is 10 units of the quote currency. At 1.0850, what is one pip in PHP if one unit of the quote currency is worth ₱58?
10 times ₱58 = ₱580 per pip. This is an example rate; the real rate changes.
A withdrawal spends 2 working days in broker review, 2 in compliance and 1 with the provider. What is the total time?
2 plus 2 plus 1 = 5 working days.
In the Philippines
- Regulator
- SEC Philippines
- Common withdrawal methods
- GCash and bank transfer
- Account currency
- often PHP, but some brokers use USD
- Identity check
- a valid ID and proof of address are commonly requested
- Withdrawal name
- the receiving account should match the name on the trading account