Insurance Fees on Withdrawal on Trade Account

Question

The company is called Anvex Trades and they are based out of the UK. I have seen many inconsistencies in this account manager, and I can see it right through her lies. Yes, shame on me for falling for this BS, lesson learned, but a hard one at that. I have since moved on, and I’m trying to clean up the mess that I made because I am severely in debt right now. And I agree that using WhatsApp app to communicate with your investors is a shady way of doing business. TD America, or any other reputable investment company would pick up the phone and call their investors directly and not use what’s up app platform to have conversations. I’m just curious if anyone can answer this question, is there such a thing as an international wire, transfer fee or an insurance fee for a profit to be wired to a bank account?

Answer 1

Yes, transfer fees are normal, especially for international transfers. However, they are either charged to the source account, or taken out of the amount that is transferred.

I don't know of a case where you will have to pay a separate fee (as in, send in money separately) in order to "transfer" or "access" your money.

Answer 2

This seems to be a scam. A reputable company would, as you said, pick up the phone and have a properly staffed customer service department. Traders have to be licensed, and calls be documented and recorded.

There are other trading companies with similar (but not exactly same) names, which this scam is trying to impersonate. The other companies are not based in the UK (I found one in India, and another in UAE - they may both be affiliated, not sure).

Wire fees are usually at around $50 for international transfers or a percentage of the transferred value (which would be at around a similar amount). These are deducted from the funds transferred, not paid up-front as in this seemingly scam. There are no "insurance fees" for international transfers.

See also this question, which seems to describe a situation similar to yours (edit: it is in fact yours, I didn't realize it's the same poster).

Answer 3

If they are asking you to send them a fee, rather than deducting it from what they are sending you, then it is almost certain that there is no money and you are being scammed. Whether or not the fee is legitimate.

And I only say "almost" because an exception may happen once or twice before the heat-death of the universe.

I agree that "insurance" here is completely bogus. Wire transfers are basic bank-to-bank transactions; if they were unreliable the whole international banking system would be in danger of collapse. There is no reason to insure against a failure that simply will not happen.

Answer 4

Although everything was written already, I am still answering now in the hope you do not believe that there is a fee you need to pay to get your money back.

Based on the original question, not sure of you spent 500, or something around 10.000. Either way, do NOT, I repeat NOT, pay them another 2450 so that you think you you get 10.000 back.

If there is a fee, they should deduct it and send you the rest. If you transfer money internationally, there are often fees but you pay them with the money in the account. Say you transfer 100, but only receive 95 because they charges 5 for the service. Revolut for example charges 0.3% of the transfer amount, with a minimum cost of $0.30 and a maximum cost of $6 per transaction.

In case I wasn't clear, do NOT send another 2450 to them (or anyone else). For that sum, you could pick it up personally, flying business class...

EDIT

If you add another 4800 for insurance, you are getting close to flying in a private jet to pick up "your" money...

Start to think rationally! Who on earth would buy/invest in crypto currency (or whatever), if there was a fee / insurance premium that costs a few thousand dollars to get your money back.