FAQ Withdrawal

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How can I withdraw money out of my MIG account?

Please fill in the form, sign it, date it (no post-dating, please) and send it to us no later than 3 days from the date on the form. Any withdrawal request received afterwards will be rejected, and you will have to send a new form. Please be aware that fund withdrawals can only be done by bank transfer to your bank account.

How long does it take to process my withdrawal?

If your instructions contain all the required information, your withdrawal request will be processed by us within a maximum of 2 working days, although we do our best to process withdrawal requests within 1 working day.
If you require an "express" withdrawal your request must be sent to us before 12:00 CET. We will then process it within the same day and you will be charged a fee of USD 30.00.
However, please note, that your transfer may involve other banks and we cannot guarantee that those banks will handle the transfer immediately. Nevertheless, you should receive your money within 3-4 business days.

What are the costs involved?

MIG Bank does not charge fee for a standard withdrawals. “Express” withdrawal is subject to a USD 30.00 fee.
However, other banks involved in transfer will charge their fees and these fees will be deducted from the amount of the withdrawal.

Can I withdraw money if I have open positions?

Yes, you can. However, you will not be able to withdraw an amount higher than the free equity on your account.
Also, if you withdraw most of your free equity, please bear in mind that the risk of seeing your open positions being stopped-out increases, due to less margin available.

Is there a minimum amount I am allowed to withdraw?

No, you can withdraw any amount you wish.
However, considering that fees will be charged by other banks involved in the withdrawal process, it makes sense to request a withdrawal for a sensible amount: our recommendation is not to request a withdrawal of any amount less than USD 100.00 (or equivalent).

How often can I withdraw money?

You can withdraw money as often as you like. However, please consider the fact that fees charged by other banks involved in the transfer may occur. In order to minimize these fees we advice you to avoid frequent withdrawals, for example make a larger withdrawal instead of 3 smaller withdrawals.

Can I withdraw funds and leave my account balance under the minimum balance requirements?

Yes, it is possible to do so. However, we do not recommend this, as your open positions may be stopped-out due to a lack of free equity.

Can I request a withdrawal in favor of another person than me?

No, MIG Bank does not accept 3rd party payments. The account owner must be the final beneficiary of the withdrawal request.

What is "BIC"?

"BIC" stands for "Bank Identifier Code", and uniquely identifies a bank within the SWIFT network, the largest network of bank-to-bank instructions used by about 10’000 financial institutions throughout the World.
Providing BIC ensures that your money arrives faster. We urge you to get this information from your bank.

What is "IBAN"?

"IBAN" stands for "International Bank Account Number" and serves as an ID of your bank account.
IBAN is mandatory for payments within European countries; we therefore strongly advise you to check with your bank if an IBAN is provided for your account, as this information will:
a. speed up the settlement of your withdrawal,
b. avoid additional bank fees being charged (no IBAN allows banks to charge extra fees)
c. prevent your withdrawal from being returned to MIG Bank (banks can refuse transfer without warning if no IBAN is provided).