In the exciting, highly liquid world of foreign exchange (forex) trading, collecting and depositing your earnings and dividends from or to abroad can be more challenging than predicting the next big swing in the USD/JPY rate. Traditionally, globally dispersed traders collect their earnings and dividends by paper check or wire transfer, which can be costly and time consuming. Fortunately, one forward thinking forex dealer is leveraging the efficiencies of the credit card networks to transfer profits to its customers on demand.
In the Forex world, traders work all over the world trading major currencies, yet this very global distribution caused difficulty in collecting profits. Forex brokers, offering mostly paper check or wire payments pose obvious problems. Checks must be produced and mailed, a very slow process for many living abroad. What’s more, waiting for a foreign check to clear could easily take as much time as it took to arrive. Lost and stolen checks are extremely inconvenient. And when the check finally reaches its destination, the local banks charge expensive conversion and service fees. International wire transfer, while better, tends to be extremely expensive and in some countries is quite paperwork intensive.
Today there are different options for traders. Such an option includes prepaid debit cards. Branded with the logos of the major credit card networks, this withdrawal option enables fast, affordable and safe transactions. Traders can receive their funds in a couple of hours, while using the card to withdraw earnings in their local currency from over a million cash machines (ATMs) in any country. These prepaid cards can also be used at more than 30 million merchants accepting Debit MasterCard worldwide, or can even be used to buy more positions with their Forex Broker.
Payoneer, an innovative, New York based international payments distribution firm we encountered in a growing number of Forex brokers, is quickly becoming a standard solution for global e-commerce companies. Currently Payoneer is partnering with all of the leading Forex brokers and it won’t be long before any trader will have this payment option available to them. Start inquiring within the community spaces available to trader if you feel this product assists your lifestyle.
Payoneer is one example of a new trend in the Forex market enabling easier withdrawal solutions for the FX trader. Among the long and detailed list of factors one considers when choosing an FX broker is payment and withdrawal options. With solutions like Payoneer, traders can benefit from an all around better Forex experience including better customer support and a much easier way to access and withdraw their funds. This type of solution fills a very important and much needed option in the world of Forex trading.