Are there any incidental charges that I should be aware of?
There are a few important points that you must keep in mind to avoid any third-party fees
- You can only fund your account from a bank account in your own name. The names on the Winvesta account and on your bank must match exactly. If you have a doubt, please check with our support team before transferring the money. Wires received from third-party or from accounts with a name mismatch will be charged an $80 return fee by our broker-dealer partner's bank.
- Some banks, especially in the Middle east, use correspondent banks in the US that may charge a fixed fee. This gets deducted from the amount you transfer and the amount that gets credited in your brokerage would thus be lower by that amount. Winvesta or DriveWealth does not charge any fees for incoming wires. You should check with your bank if there would be any third-party fee before the funds reach the beneficiary bank. Many banks in India also offer a guaranteed deposit option which deposits the exact USD amount specified during the transfer.
- Some banks, especially in the Middle East, need an IBAN number to be specified for receiving funds. Before you initiate a withdrawal from Winvesta, please check with your bank if they need the IBAN to be specified particularly along with SWIFT code. If IBAN is not present, such banks may return the transfer and deduct a return fee. If your bank needs an IBAN, please contact our support team to fill a withdrawal form with those details. Tip: We have not seen this issue with any of the Indian banks.