I live in Indonesia, but I want to try using a foreign broker. Can I withdraw funds through a local bank later? And what are the risks?
@ Huda Solikhin:
Yes, but if you want to withdraw via a local bank, the deposit must also be via a local bank, through a payment forwarding service company. A fairly popular payment forwarding service company in Indonesia is Fasapay.
However, you must choose a broker that offers deposit and withdrawal methods via Fasapay, because not all brokers cooperate with Fasapay.
For more complete information, please read:
How Fasapay Works and How to Create a Fasapay Account
Besides Fasapay, are there any other alternatives so they can easily send money to me, if they want to WD?
@ Huda Solikhin:
If you mean easy in terms of funds arriving quickly, you can use e-currency like WebMoney. The transfer process can be instant as long as the withdrawal process has been approved by the broker. Funds can be transferred directly to your account at a local bank, via an exchanger that offers buying and selling WebMoney.
Also read:
Getting to Know WebMoney and How to Register
Or you can use a credit card, as long as the terms in your broker accept deposits / withdrawals via credit card.
To our knowledge, for brokers to transfer funds easily, as long as the withdrawal requirements are okay. With wire transfer (T/T) it's also easy because it's transferred directly from the broker's bank to your local bank account. But the transfer process does take some time, usually around 5 days.
@ Andy Machmud:
You probably mean the processing time. It depends on the broker.
For deposits, most are instant. For withdrawals, some are instant, some are 1 hour, 1 day to 2 days.