With the closure of eToro for Philippine residents, we are left with no option but to close trades and withdraw our investments. But how do you do it?
Steps to withdraw money from eToro
Step 1: Tap on Withdraw Funds from the side panel
Step 2: Input the amount
Since you’re closing your account, I suggest withdrawing everything. Though some people are afraid of making mistakes, they tend to do a test withdrawal first, so I’ll leave that decision to you. That said, I withdrew everything when I placed my withdrawal.
Step 3: Select your method of withdrawal
You have 2 options:
- Local Online Banking – the amount you withdraw is converted to Peso by eToro and will be sent to your preferred local bank.
- Regular Bank Transfer – they will send the exact $ amount to your bank. So the conversion to Pesos will then be made by your bank if you’re using a Peso account.
Step 4: Input your details
This tutorial is for withdrawing money from eToro via Local Online Banking since that’s the one I have made.
Please note that they only have a small list of supported banks which I learned when they reversed my initial request because it was not supported. Here’s the list they gave me:
- Banco de Oro (BDO)
- Bank of the Philippine Islands (BPI)
- BPI Family Savings
- Metrobank
- Rizal Commercial Banking Corporation (RCBC)
- Unionbank
- Security Bank
- Philippine National Bank
- Maybank
- Chinabank (CBC)
- PSBank
- Eastwest bank
- E.T.C
REMINDER!
Ensure that you have all your details entered correctly since there’s no confirmation message once you hit Submit.
Step 5: And you’re done!
As mentioned earlier, the Peso equivalent shown here is what will be sent to your account. Though it says that the amount is approximate and that rate may vary but when I received mine, it’s the exact amount that they posted.
Optional Step:
You can check your request by going to the Account Dashboard. The easiest way to go there is to click on Withdraw Funds again and you will see an option to view the Account Dashboard.
From here, you can reverse your withdrawal request. So if you made a mistake on your bank details earlier, just go to this section and hit Reverse.
The Reverse button is only available for a few hours (roughly 2 hours) before the button is no longer available and the status changes to Processing.
How long does it take to receive the money?
It states that it will be processed within 1-2 business days but I got mine in 3 business days.
Will I receive my money in one transaction?
That depends. Mine was sent in two transactions but I’m guessing it is dependent on the actual amount you’re withdrawing. However, they were reflected at the same time.