A1. NO! Absolutely not. 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.
Joint bank account payments are accepted if your name is one of the parties listed as a joint account holder.
Any 3rd party withdrawal requests will be rejected and in some cases they may incur unnecessary delays or 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 beneficiary making the withdrawal back to their bank account, is the same person listed as the account holder at Mt.Cook and has a bank account in the same name.
• Hypothetical Example (personal account): A withdrawal request from client Peter Smith, can only be processed back to a bank account belonging to Peter Smith. It cannot be sent to any other person or company.
• Hypothetical Example (corporate account): A withdrawal from corporate client ABC Inc., can only be processed back to a bank account belonging to company ABC Inc.. It cannot be sent to any other person or company.
Q2. How soon can I expect my funds to arrive after a withdrawal has been requested?
A2. Typically between 1-5 business days (excluding any bank holidays). Sometimes faster, and sometimes slower depending on the receiving institution. Generally speaking most wire transfers are transmitted and recieved very quickly.
Q3. What effects the speed of my withdrawal?
A3. All withdrawal requests are processed multiple times per day, in the order that they are received. Ensuring that your 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 correspondant (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 recieved and processed by the bank (whether they make the bank's daily cut off or not) can all have an impact on processing times.
Q4. What are the fees associated with a withdrawal?
A4. Mt.Cook does not charge any fees for processing withdrawals. Any Bank Wire / Telegraphic Transfer (TT) / SWIFT Fees are levied by our banking institutions and deducted from the outgoing transfer. Most International TTs cost approximately USD $20. This can vary however, based on the amount, the recieving institution, and any intermediary or correspondant banks used.
Q5. What happens if my wire does not arrive?
A5. As a general rule, if your wire does not land in your account after 6 business days, please contact us at firstname.lastname@example.org 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.