Here are some suggestion for those currently invested or planning to invest in eToro to speed up your withdrawal process or to prevent delays in withdrawals:
- Better use a debit card and not a credit card. The eToro withdrawal rule for security purposes is that you can only withdraw from the card that you first used to invest in eToro, unless you place a note that you will use another card to receive the funds. They only allow depositing of withdrawn funds to cards that you used to fund for security purposes. If you use a credit card that would be a hassle as the money will come in as a credit card refund and you need to swipe away that money just to use it or ask for a manager’s check from the bank which can take long.
- Make sure that the card you are using is named after you and not a joint account, eToro values security and does not want payments to be made to joint accounts because the money might be withdrawn by someone else
- You can check the eToro withdrawal status in your account dashboard, if it says Processed it means the money has been sent to the Philippine bank, sometimes it is the PH bank who is delaying the payment
- Withdrawal is usually 3 days processing with eToro and another 5-20 days with the Philippine bank depending on what bank you use.
- If you think email is not responsive use the chat support of eToro so you get immediate response
- Check if the bank you are using is friendly with crypto or better yet for starters Invest first in stocks
- Make small withdrawals so you can test the withdrawal process and how long it will usually take so you know the process in the future withdrawals and you can anticipate the speed of the payout
***Remember when dealing with foreign currency the payout can be slow as you are moving money from one country to another. As reference, when you issue a USD check the clearing can take as much as 30-45 days just to encash your USD check.