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Oanda Funding

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Kryzz

Kryzz

shaun
Joined
12 May 2008
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Having some confusion with funding an Oanda account. I'm using the wire transfer option (i use netbank btw)

Send wire transfer to:

Select your currency before proceeding.
Bank: ANZ Banking Corp, Melbourne
Bank Address: 570 Church Street, Richmond VIC, Australia
Bank SWIFT Code: ANZBAU3M
Bank Account Name: JPMORGAN CHASE BANK, N.A. LONDON (SWIFT: CHASGB2L)
Account Number: 218032/00001

In the additional instructions field, you must include:
For Further Credit to
Account Name: OANDA Corporation
Account Number: 32282904 OR IBAN: GB76CHAS60924232282904 (Final beneficiary)
{FXTrade Account Holder's Name and FXTrade Account Number (if a new account, reference the words New Account)}.

***Please instruct your bank to send wire transfer via SWIFT.***

What location am i sending the money to, melbourne or london?
What swift code do i use?
What account number do i send it to the first or second one?

I have spoken to Oandas 'live help', they weren't very helpful.

Cheers,

Shaun
 
I took those instructions to my bank (ANZ) a few weeks ago and the young girl there said it didnt make sense. I emailed them and they sent further instruction which I have yet to take into the bank and have another go.

See if this makes sense - (part of email response)

To summarize, it is a three step process as OANDA has a bank account with JPMorgan Chase London. In turn, JPMorgan Chase London has a bank account with ANZ Banking Corp, Melbourne. You would select 'Australia', because JPMorgan Chase London has a bank account with ANZ Banking Corp, Melbourne.

Therefore, when you send the wire to ANZ, they will credit the funds to JPMorgan Chase London's bank account (218032/00001). Then, JPMorgan Chase London will credit the funds to OANDA's bank account (32282904). After this, the funds are then credited by OANDA to your FXTrade Account.
 
i got told years ago that it made no sense.

glad to see they have made it clearer.

i ended up sending to london.
 
It makes perfect sense.

Oanda isnt a bank.
Its backed by JP Morgan.
JP Morgan dont have an Australian retail banking license, therefore they use ANZ bank as their clearer for Australian dollars.
 
Just transferred funds then, it might make sense, but the instructions are still not user friendly. Will post if i stuffed up and get a rejection fee :p:
 
thought i'd post a follow up, my funds were 'lost' in transit since my last post, only just got them returned today, lesson learnt. take care when sending money overseas!!
 
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