eToro - Withdrawal Issue

ukshaun

Back in January 2022 decided to withdraw $775.00 USD with an exchange rate to UK £'s of 1.3731 (rate provided by eToro)
By my calculation that amounts to £564.41 GBP

What i received was £499.99

Having been in touch with eToro, they suggested i contact my bank. Having contacted my bank, they do not appear to offer much in the way of help, as from their end all they can see is a payment of £499.99 going into my account. Black and white. My bank suggested eToro are possibly attempting to shift possible blame/error on to the bank, when possibly eToto have made an error? (maybe?)

eToro like to provide ARN numbers. From what i can gather ARN numbers are of little use to the bank. 

eToro provided a template letter for me to fill out and post to my bank. I mentioned this to my bank and they thought it was rather pointless, as they have nothing to add other that they can see in incoming payment for £499.99 on a particular date.

Any suggestions?

eskbanker

I can't see much merit in pursuing the bank here - the ARN is just a tracing mechanism to locate whether or not a payment has completed, rather than anything to do with the calculation of its value.  I'd have thought that you need to get a clear statement from eToro about exactly what charges applied to the withdrawal and conversion at their end, i.e. what specific GBP value do they claim to have sent to your bank?

ukshaun

Problem solved. I was provided with a document that contained enough info to trace payment.
For some reason eToro (sometimes) divides payments into two. One payment will show up as ETORO the other (second) payment will show up as VISA DIRECT PAYMENT

sapstar

I withdraw into my revolut card and they don't charge for currency conversion. The free account gives you upto £1000 free exchange per month.

Scottex99

sapstar said:

I withdraw into my revolut card and they don't charge for currency conversion. The free account gives you upto £1000 free exchange per month.

You mean withdraw in USD from eToro and then convert into £ on Rev once it's there?

Good shout actually. I only have my UK retail bank linked, wouldn't have thought to potentially withdraw to Revolut

DoctorClifford

Had serious trouble getting cash out of Etoro.
Had to set up a PayPal account in USD, then onward transfer to my bank. Lost at every step. Painful.