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Thread: Pepperstone U.K. back in business

  1. #31
    Quote Originally Posted by ;
    My bank says it comes out of a Pepperstone account from a bank from Melbourne. So no intermediary bank involved.
    You want to understand how money transfer functions.
    Example, you have USD in a Melbourne bank and you want to transfer to a UK bank.
    Melbourne bank will have a connection with an intermediary bank in US , say America express(AE). UK bank will have similar - say Bank of America (BA).

    Melbourne bank will ask AE to transfer money to BA. When BA receive money it will inform UK bank, which will then convert the money and inform recipient.

    AE and BA are intermediary banks. Money Can't come right from Melbourne.

    When sending money, sender could nominate OUR (so sender pays for all fees incl AE and BA) or BEN (so Beneficiary pays all all fees). But typically, sender nominate SHA (sender pays for AE and beneficiary pays for BA to jointly use the price).

    When financing, some broker absorb all of the price. However, once sending broker use SHA or even BEN but never OUR. The main reason behind not using OUR is you have no control on exactly what a few banks in Timbuktu will bill.

    Some Australian broker uses SHA which means you're only charge from the receiving bank. BUt many UK brokers uses BEN, which explains why I avoid them.

    When Launched in GBP, the trade will take place in UK and SGD in Singapore etc..

    Big banks have branches everywhere eg. Barclays has branches in Sing, HK, NY etc just for this purpose and they're institutional banks in these countries instead of retail banks. Bank such as HSBC, Citi are world retail bank that does both.

    Many australian banks are big banks and will control a fixed fee together with themselves and AE(or their intermediary). Small banks might not have this connection e.g. sending money to Russia, they might not have intermediary to take care of ruble. But base currency are usually common currency and will not have this issue.

    Brokers like Vipro, Global Prime uses SHA. They are others. Vipro even refund your SHA price when financing over a specific sum.

    So pepperstone isn't a scam in terms of their withdrawals regardless of your trading experience with them.

  2. #32
    Quote Originally Posted by ;
    Thus pepperstone isn't a scam in terms of their withdrawals irrespective of your trading experience with them.
    Yes it is. Just because every bank has different fees. So how can Pepperstone understand how high my personal fee is?
    And after my commission is paid, I'm missing precisely the quantity of money Pepperstone listed as a fee too?

    How cash transfer works does not disturb me. All that matters is how high my commission is and Pepperstone says NO FEE (except my own bank's you). Which was compensated. 15 Euro. These are listed in my bank statement. But I'm missing 30! Ergo scam.


    Instance:
    I order some wood. The vendor informs me it costs 1000$. When I recieve it, I expect the bill to state 1000$. Not to 1200$, together with all the excuse you understand, the wood must come from somewhere else, it must get shipped locally, then transfered via boat to a different country, loaded up on a truck, shipped to the company and subsequently delivered to me ... No body gives a*struck how things works in the background. You advised me 1000$ will be your price and 1000 it ought to be.

    Seeking to appear to be a good broker with their tricky conditions like low disperse and no penalties is deception.
    Because what they really do is put in slippage to your trades, to cancel their reduced spreads and add made up fees to their cash transfers.

    If I were to do this thing, I'd go to jail!


    Such tactics are the reason why FX has a bad reputation.

    Poor gullible people are exactly what those businesses count on to suck their cash from the pockets. Who make the excuses for them and even worse, believe it.

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