AMP deposits/withdrawals

Discussion in 'Retail Brokers' started by ranger64, Feb 17, 2021.

  1. AMP have changed their withdrawing/funding policies.

    - You are not able to fund your AMP account through Transferwise any longer.

    - withdrawals can only be made to the same account you used to fund your AMP account. So you can not withdraw to any account in your name.

    I funded my account mainly through transfer from my previous broker (Mirus Futures, not in business anymore). So to which account can I withdraw funds now?

    I have made several smaller deposits from multiple accounts, could I withdraw funds to any of those accounts?

    Really annoying is that I just set up US bank details for my transferwise account, hoping that I could use free ACH withdrawals. But transferwise US bank details are only for receiving funds, so because I am unable to fund my AMP account through this channel, ACH wire withdrawals will not be permitted.

    Money Transfer Services - Not Accepted – AMP Global (USA) Support Forum

    Withdrawals (Closed Loop) – AMP Global (USA) Support Forum
    Last edited: Feb 17, 2021
  2. heispark


    Yes, indeed annoying. You could already have closed the account used for deposit or your account could not accept U.S. dollar. They request a bank account statement when I want to withdraw fund to other account other than the one used for deposit.
  3. virtusa


    Theoretically you can withdraw your money to any account on your name. But it should be known by your broker that the bank account they have to wire to is yours.
    It is to do with money laundry, but it is also protection to avoid that your money would be wired to an account from a hacker who managed to make a fraudulous demand for the wire transfer.

    They cannot force you to use the same account from which the initial payment came. Because that would mean that if you change from bank, you can never get your money back. Same problem if you would move to another country, closing your bank account in the first country and opening a bank account in your new country.

    Make a small transfer from the bank account you wish to receive the wire transfer on, so that the account is know at your broker, and ask the refund on this bank account.

    This is mentioned by AMP and confirms that you can get the money on another bank account:
    If for any reason, the original funding bank account is unavailable for withdrawal you will be required to provide supporting documents to be verified BEFORE you proceed with submitting a withdrawal request to new bank account. (Please note, this new verification process will take extra time to process your withdrawal. We will process same day supporting documents submitted are verified)
  4. virtusa


    If you have several bank accounts on your name,I don't see how money laundry can happen? No matter on which bank account the money is refunded, they are all on your name.
    Money laundry means that the money would not go back to the same person who deposited the money, but to another one.