In order to transfer funds out of your account, please visit the 'Account' section of the trading platform.If you would like further instructions, please contact Client Management using one of the options on the contact us page.
For compliance purposes, client refunds will only be returned to the original funding source.
For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account.
The minimum withdrawal amount is £50 or your remaining account balance whichever is the least.
The maximum you can withdraw in a single transaction is £20,000. We place no restriction on the amount you can withdraw per day, however, please be aware that withdrawals may be subject to our internal approval process.
If you wish to withdraw more than this amount in one transaction, please contact our Client Management team using one of the options on our Contact Us page.
A small number of credit cards – including some international MasterCard’s and Visa cards - do not allow us to pay funds back to your card. If you are using one of these cards you will be notified when you attempt to make a withdrawal and if this is the case we can arrange for your funds to be paid back to the bank account of your choice.
However, to minimise the risk of card fraud we may also request some documentary proof from you before a bank transfer can be processed. These proofs will be confirmed to you upon organising the transfer.
You can withdraw money to any of your registered payment cards, but only to a card which has made a successful deposit. There is no fee for withdrawals back to a payment card.
This is the amount that can be withdrawn to each card, based on the amount you wish to withdraw. The Net Deposit on all registered payment methods must be at zero before you can remove any payment method, or withdraw any excess funds to that particular payment method. You may withdraw all or part of your money from your account at any time as long as it is not already committed to any open trades. The maximum amount you can withdraw is called your 'available for withdrawal’ balance. If you withdraw all your money your account will still remain open for future use.
When all your Net Deposits are zero, you'll then be able to withdraw any extra funds in your balance back to any registered payment method.
Net Deposits are a facility we have in place to abide by a number of financial restrictions or regulations which are placed on us by regulatory bodies. We also use this process as part of our own internal security measures to combat security issues such as money laundering, card theft, fraud etc.
When you're ready to withdraw funds, you'll see a Net Deposit amount next to each registered payment method. Your Net Deposit amount will reflect any transactions carried out with that particular payment method. It is calculated by subtracting your total withdrawals from your total deposits for that payment method and in simple terms, it means you can only withdraw funds back to the payment method from which they came.
Let's say you have two cards registered and deposit £100 from Card A and £150 from Card B. This gives you a Net Deposit of £250.
You then place all that money on a trade that subsequently closes with your account being credited £350. This means that you will need to withdraw £100 to Card A and £150 to Card B before you can withdraw the remaining £100.
Once those two amounts are withdrawn, the remaining balance can then be withdrawn to either card without issue.
Please Note: Net Deposits refer to deposits and withdrawals only. The Net Deposit figure is only affected by deposits or withdrawals to that specific payment method.
If you have received a replacement for the payment method and have already added this to your account, please contact us and we will be happy to remove the old version(s) for you. If you no longer have the payment method, dependent on a number of routine security checks, we may be able to remove the method from your account. However, please be advised that in some cases we may require additional documentation confirming that the payment method is no longer active before we can remove the payment method.
We operate a closed loop policy which enforces the withdrawal of funds back to their source. You will be required to level off any deposits made with the same amount of withdrawals before you can withdraw any excess funds back via another payment source.
This policy protects both us, and our users against fraud and money laundering.
There are numerous reasons why a card withdrawal may not be processed, including:
Withdrawals are free of charge unless you require a CHAPS payment, in which case there is a £25 charge for payments under £5,000.
We can currently only offer this service for card withdrawals. You will receive an email confirming the transaction has been processed to the registered email address on your City Index account.