Comprehensive List of FAQs

Wire transfers are the most common method for clients funding larger accounts, and credit cards or eMerchants are for smaller accounts.

Credit and debit cards and eMerchant services (such as Skrill, Neteller etc etc…) are the fastest deposit method as the transaction is usually instant (although on some occasions these need to be cleared by compliance first).

The downside is that these are usually the most expensive (so you are paying for the convenience).

Contrary to popular belief wire transfers are typically quite quick. Most land within 1 business day (and sometimes the same business day). On rare occasions the transfers can take up to 3 or more business days, depending on the sending bank. But the vast majority of our bank wire transfers land within 1 business day as we use very large and reputable clearing banks as our custodians.

This depends on the size of the transfer, your jurisdiction, and probably the bank you use.

Sending a bank wire transfer is the generally cheapest option for deposits over $5K USD. But this depends on your banking institution. Most client’s banks charge anywhere from $10-$35 for international wire transfers (cheaper for domestic transfers). So on a small transfer this is more impactful, however on a large transaction this is much less significant.

NO!  This is very important: Please note that as per our AML/KYC protocol, we are unable to accept any form of third-party payments. All funds must come from the sender in the same name as your MT.COOK Financial trading account.

Joint bank account payments are accepted if your name is one of the parties listed as a joint account holder.

Any 3rd party payments may be rejected and returned and may incur significant delays and fees which are to be paid at the expense of the client. This applies to both personal and corporate accounts. Thus, please make sure that the sender making the deposit is the same as listed as the account holder at Mt.Cook.

• Hypothetical Example (personal account): An approved trading account at Mt.Cook in the name of Peter Smith, can only be funded from a bank account (or card or payment processor), also held in the name of Peter Smith. It cannot be funded by any other person or company.
• Hypothetical Example (corporate account): An approved corporate trading account at Mt.Cook in the name of company ABC Inc., can only be funded from a bank account (or card or payment processor), also held in the name of ABC Inc.. It cannot be funded by any other person or company.

Mt.Cook reserves the right to require proof of payment at any time to get clarification on the sender.

All of our current funding methods are listed on our deposit page. If you have a request for a specific funding method, please contact us and let us know about it – your feedback matters!

Yes. However take note that if you fund a trading account from your bank account or card or merchant account which is held in another currency, you will be subject to 3rd party conversions and exchange rates. Banks set their own exchange rates, and so do eMerchant providers so it is always best to inquire with them directly for an accurate exchange rate if this is important to you.

While we cannot personally vouch for the service, many clients who are exchanging funds from an unsupported account currency, often find it beneficial to use a 3rd party discount exchange service (to save fees) such as the Transferwise borderless account: https://transferwise.com/borderless/.

Currently you can withdraw funds to a bank account via bank wire transfer, or by Neteller.

Mt.Cook does not charge any fees for withdrawals.

However, please understand that international wire transfers made through banks and the SWIFT system, or 3rd party Merchants are often subject to Merchant fees, and/or may attract banking, intermediary/agent/correspondent transfer fees and/or conversion fees from either party which are charged independently from MT.COOK and are beyond our control. Any such fees will be the responsibility of the client to absorb. Most withdrawal fees cost approximately <= $20 USD.

*NOTE: Withdrawals in AUD currency, to clients with Australian Banks are paid via “Direct Credits” and are free.

Please see the schedule of fees document for more information.

All withdrawal requests are processed daily, in the order they are received. Typically clients receive funds between 1-5 business days (excluding any bank holidays) after their request has been processed. Sometimes faster, and sometimes slower depending on the receiving institution. Generally speaking most wire transfers are transmitted and received very quickly.

All withdrawal requests are processed in the order that they are received. Ensuring that your personal, and banking information is entered as accurately as possible will ensure that there are no problems in having the wire transfer issued. If your bank uses intermediary or correspondent (pass through) banking institutions it may sometimes delay the transit time before reaching your account in our experience. The time of day the requests are received and processed by the bank (whether they make the bank’s daily cut off or not) can all have an impact on processing times.

As a general rule, if your wire does not land in your account after 6 business days, please contact us at [email protected] and we can inquire/investigate, or issue a wire trace on our end with our bank to locate the wire transfer’s (TT) whereabouts to have it properly routed if there were any errors on the transaction which have been preventing it from being placed in to your account.

No. This is very important: Please note that as per our AML/KYC protocol, we are unable to perform any form of third-party payments. All withdrawals must be sent back to the same account beneficiary in the same name as listed on your MT.COOK Financial trading account.

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