How to get quicker withdrawals from Pepperstone

One of the most common complaints that traders have is that it can take a long time to withdraw your funds from a broker. In this guide we take a look at how long it takes to withdraw money from a Pepperstone account and what you can do to speed up the process.

How long do Pepperstone withdrawals take?

The answer to this question is, it depends. Well, because there are many factors at work here, including the method of withdrawal, the end destination of the funds specified in the withdrawal request, the day of the week and the time of day that the withdrawal request and also the currency that you want to make the withdrawal in.

Bank transfers tend to be processed and paid faster, than withdrawals, to debit or credit cards, for example.

A withdrawal request made on a Monday or Tuesday morning has a better chance of being processed and paid in a couple of days, than one made just ahead of the weekend when Pepperstone’s offices are closed, along with the banks.

And don’t forget that you won’t be the only person making a withdrawal request at any given moment in time.

After all, Pepperstone has more than 400,000 customers worldwide so there may be a queue.

That said, Pepperstone aims to process withdrawal requests as quickly as possible, and in most cases within 3 business days of their receipt.

Pepperstone prides itself on its customer service and as such it tries to process requests as promptly as possible.

However, the broker is not in charge of the payment system which is run and maintained by banks, and third-party payment companies.

Still for most “vanilla” transfers from a client’s trading account back to the card or bank account they opened their brokerage account with.

Then, withdrawals should be processed within a couple of business days, of the request being made, and certainly no more than three days, all things being equal.

However, things can take longer, if, for example, you have a US dollar account balance, but want to receive your funds in sterling.

In that case, you should allow up to a couple of days for the FX conversion to be processed and, settled before a transfer can be made.

Times per different payment providers

Making a withdrawal request can be done by logging into your Pepperstone account, then, selecting the Funds tab, and then choosing the “Withdraw Funds” option to make the request.

Be aware though, that for security reasons you will need to confirm the request by clicking the “Accept Withdrawal” link, in the confirmation email you are sent, once you have made the withdrawal request.

And you need to do that within an hour of making the request.

If you have a Two Factor Authentication (2FA), enabled on your account you will also need to enter the 2FA code you are sent to authorise the transfer.

In terms of the timing for different payment providers, withdrawals to Visa and Mastercard debit and credit cards will take 1 to 3 business days, as will withdrawals made via PayPal.

A domestic bank transfer will take 1 to 2 days to complete. However, a transfer to an international bank could take up to 5 business days to complete.

Are there any AML issues with withdrawals?

Yes, there are.

AML or Anti Money Laundering regulations mean that money can only be withdrawn or sent back to the account or card from which it was first deposited. These rules are designed to prevent the layering and or integration of the proceeds of crime, this means that there are no payments to third parties or to bank accounts in your name that are not known to Pepperstone.

That doesn’t mean that you can’t change bank accounts but it does mean that you have told Pepperstone in advance and then have followed their AML procedures to register your new/additional bank details with the firm.