How do I deposit and withdraw margin funds?

Depositing funds

There are a number of different ways to deposit funds to your account.

• Bank Transfers
• Credit Card
• Cheque
• Cash

Please always quote your Velocity Trade account number on payment reference. For added security and efficiency please also advise us of your deposit by email at trading@velocitytrade.co.nz after it has been sent.

We recommend bank transfers whenever possible as this normally incurs no fees and is relatively fast. Remember you can only trade with cleared funds that have been deposited to your account.  Some methods take longer to process than others and you should take this into account when making your payment. In particular if you are depositing funds to meet a margin call, your positions may still be closed if funds have not been cleared or have not been deposited to your trading account.  If you are in doubt please contact us before making a payment.

The fastest way to deposit funds is via credit card and are processed instantly 24 hours a day, however the credit card companies charge a merchant fee and this will be deducted form the amount you deposit.  See Credit Card information below.

Your margin trading account has a base currency which was specified when you first opened your account. You should deposit funds in that currency to avoid any banking or conversation fees. See table below to find out how to deposit funds in each currency.

If you want to deposit funds in another currency we can help you avoid your bank charges and poor exchange rates with our LatitudeGT service. Please contact us for more information.

Bank Transfers

• NZD - New Zealand dollars
• AUD - Australian dollars
• USD - United States dollars
• EUR - Euro
• GBP - British Pounds
• HKD - Hong Kong dollars
• CAD - Canadian dollars
• Other Currencies

Credit Cards

If you have a Terminal Velocity trading account, you can deposit money into your account using our DPS secure credit card payment system. This is the fastest way to transfer funds into your account since funds will be credited to your trading account immediately. If you have an MT4 trading account and would like to make a credit card deposit, please call us on 0800 TRADING (+64 9 918 8800).

Your credit card transaction may be treated as a purchase, not a cash advance. If you're unsure of the applicable charges please check with your card issuer. The deposit will deducted from your credit card in NZD.

The credit card companies charge a merchant fee of 3% on every transaction which will be deducted from the amount of the deposit. Please take this into account when making a deposit and see the Velocity Trade Credit Card transfer and refund policy for more information.

Click here to make a credit card deposit to my Terminal Velocity trading account now.

The same username and password you use for your Terminal Velocity trading account can be used to login to the credit card payment system and this will ensure your credit card payment gets credited to your trading account. 

Cheques

Due to the time it takes for cheques to clear, we recommend that you avoid using cheques whenever possible in favour of one of the other payment methods. In New Zealand and Australia cheques will take 3 business days to clear after receipt.

International cheques can take up to 21 business days and we strongly recommend you avoid using these because of the time it can take to clear.

You can only trade with cleared funds so you will have to wait until the cheque has cleared before the funds are credited to your trading account.

If you want to deposit funds to your trading account please make them payable to

Velocity Trade Limited Segregated Funds

Write your Velocity Trade account number on the back and send to:

Accounts Dept
Velocity Trade Limited
PO Box 6045
Wellesley Street
Auckland 1141
New Zealand

Cash

You can deposit cash in NZD at any branch of ASB in New Zealand or AUD at Commonwealth bank in Australia.  Please include your Velocity Trade client number with your deposit.

Time

Cash deposits to an ASB branch are processed intra-day and will typically be credited to your account within a few hours.  Cash deposited at Commonwealth bank are typically credited to your account overnight.

Fees

For cash deposits to the Velocity Trade Segregated Funds Account our bank may charge a 'cash handling fee'. In general, Velocity Trade will cover this cost. However we reserve the right to pass on this fee to clients that make regular cash deposits to their account.

Any restrictions?

We are unable to accept cash at our offices.
For cash amounts greater than $10,000 we may require you to complete a declaration.
We are obliged to report to the authorities any suspicious behaviour by an individual or company, which we could construe as money laundering.

Instructions

Please include your Velocity Trade client number on the deposit slip. Failure to do this may cause a delay in your trading account being credited.
Deposit funds to the appropriate account for your currency.
 

Withdrawing funds

To withdraw funds, simply fill out the online form by clicking this link: Online Withdrawal Form

Or email a completed withdrawal form to admin@velocitytrade.co.nz. We will act on the email immediately and let you know when it’s complete.

Timing and fees

Domestic withdrawals in NZD and AUD are free of charge and will typically receive these overnight.  International withdrawals can take one or more days to arrive in your bank account and are subject to the following fees;