If for any reason you need to withdraw your funds quickly from eToro, or want to learn everything about the withdrawal process, this article is for you. We go through the 5 most asked questions about fund withdrawal from eToro!
Table of Contents
1. How do I withdraw money from eToro?
This is the obvious question. And one that’s very easy to answer!
Customers can withdraw funds from their eToro account at any time. The amount of withdrawal should match your eToro account balance. This includes a 5 USD withdrawal fee as well.
Placing a withdrawal request is simple. These are the steps:
- Click “Withdraw Funds” on the side menu in the eToro dashboard
- A pop-up will appear with your total and withdrawable account balance
- Enter the amount you want to withdraw
- Complete the electronic withdrawal form with appropriate details
- Click “Submit”
Once your withdrawal request has been accepted, you will receive an email confirmation with information of the payment system used to send your funds. You can also check the status of your withdrawal request in your eToro dashboard.
2. How much is the eToro withdrawal fee?
Despite being commission-free, eToro charges a fixed 5 USD withdrawal fee. This fee is waived if you are a platinum or above eToro Club Tier member.
For Malaysians cashing out in ringgit (MYR), you’ll be charged an additional conversion fee as eToro only uses USD as a trading currency on its platform. The MYR/USD conversion fee is 200 pips (2% of the total withdrawal amount).
3. What are the eToro withdrawal methods?
Depending on your initial deposit method, you can choose to withdraw money via:
- Credit/Debit Cards
eToro supports the following cards: Visa, MasterCard, Visa Electron, Diners, and Maestro. On your statement, look for transactions named: Etoro or www.etoro.com.
Your Paypal account should be active, with funds available in the account balance, or have a credit/debit card linked to the account.
You can create a Neteller account at www.Neteller.com
You can create a Skrill account at www.Skrill.com
- Bank transfer (International)
When possible, try to transfer funds to the bank account in the same default currency you use (USD, EUR or GBP), to avoid additional bank charges.
- Local online banking
This method applies to Malaysia, Indonesia, Thailand, Vietnam, Philippines. You can make instant deposits directly from your bank account. You will need to have access to your online banking to complete the transaction.
Because of anti-money laundering laws, eToro only allows users to withdraw funds the way they deposited it. This is how eToro ensures its withdrawal methods are protected against money laundering, terrorist financing activities, and financial crime.
This means that funds are withdrawn in the same way as they were deposited in the eToro account and transferred back to the same account. For example, if you deposited money with your credit card, then the money will be sent back to your card upon withdrawal.
4. How long is the eToro withdrawal time?
As with most online brokers, withdrawal isn’t instantaneous. That may not be a bad thing, especially if you’re the sort to change your mind halfway (if your withdrawal request is still “Under Review”, you may cancel anytime through your Portfolio). Overall, eToro has reasonable withdrawal time frames.
eToro will take up to one business day to process your withdrawal request. Expect to wait another 2 – 8 business days for the funds to appear in your account. The specific time it will take for you to collect your payment is determined by the payment method you choose:
- Online payment gateways like Paypal and Skrill typically take around 1 – 2 business days to fulfil.
- Traditional banking methods like credit/debit cards and wire transfers may take up to 8 days.
5. Does eToro have a maximum or minimum withdrawal cap?
eToro has a minimum withdrawal limit of 30 USD.
However, the platform doesn’t have a maximum withdrawal cap. The maximum withdrawal cap is the amount of unused funds in your eToro account.
We don’t recommend you to withdraw in small amounts as you will incur high payment fees. Instead, it’s better to reinvest your money or take it out in one lump sum when needed.
This content on this website is intended for general informational purposes only and should not be construed as any advice on any specific facts or circumstances.