Funding and withdrawals
- How much money do I need to deposit to open a City Index CFD trading account?
- How can I fund my account?
- Are there charges for making deposits into my City Index account?
- Can I add additional cards to fund my account?
- Can I deposit funds in another currency?
- How will I know when funds have been added to my account?
- My deposit has been declined. What should I do?
- How do I transfer funds out of my account?
- How much can I withdraw in one time?
- Are there charges for making withdrawals?
- How long do withdrawals take?
- What is my 'available for withdrawal' balance and how is it calculated?
- What payment methods are not accepted for withdrawals?
- How does net deposit affect my ability to withdraw?
- I no longer have access to a particular payment method
- Which currencies can I deposit via PayPal?
- Are there any charges for making PayPal deposits into my City Index account?
- Can I make my first deposit via PayPal?
- Is there a minimum or maximum amount I can deposit via PayPal?
- How much can I withdraw in one time?
- How long do PayPal deposits take?
- How long do PayPal withdrawals take?
- Can I deposit via multiple PayPal accounts?
1. How much money do I need to deposit to open a City Index CFD account?
We recommend the following initial deposit amounts, depending on the trading activity you intend to carry out:
|Intended trading activity||Recommended initial deposit|
|FX / Indices||$2,000|
|Metals, Commodities & other markets||$2,500|
The minimum deposit amount required is $150.
2. How can I fund my account?
You can fund your account using credit or debit cards, EFT, BPAY, PayID or PayPal.
Click on the ‘Funding’ tab on the top-right corner of the trading platform, then select ‘Deposit’, Debit/Credit Card.
EFT, BPAY, PayID or PayPal
You can find our bank details and more information about depositing funds into your account via EFT, BPAY, PayID or PayPal by clicking the ‘Funding’ tab in the trading platform.
Please note we do not accept cash payments paid directly into our bank account.
Please note that we are unable to accept payments from third parties. Any third-party transfers will be returned to the original source.
3. Are there charges for making deposits into my City Index account?
There are no charges for making deposits to your account from a debit/credit card or local bank transfer.
4. Can I add additional cards to fund my account?
Yes, you can have a maximum of three cards registered to your account at any time. To add a new card, please use the funding tab on the platform or visit your MyAccount.
5. Can I deposit funds in another currency?
Funds can only be deposited in the base currency of the account.
6. How will I know when funds have been added to my account?
Once funds have been credited to your account, you will see them available on your trading account. Please note we do not send a confirmation of successful deposits.
7. My deposit has been declined. What should I do?
Your bank may decline your transaction for a number of reasons, but we are not told why. These may include:
- Incorrect Expiry Date
- Incorrect CVC Number (the 3 digit security code on the back of your card)
- Invalid card number
- Insufficient Funds
- Out of date Address details.
- Incorrect 3DS details
- Suspected fraudulent transaction
- To resolve this, you will need to contact your card issuer.
To resolve this, you will need to contact your card issuer.
8. How do I transfer funds out of my account?
To transfer funds out of your account, please visit the funding section of the trading platform and click on "Withdraw" or visit your MyAccount.
For compliance purposes, client refunds can only be returned to the original funding source. Card deposits must be cleared first, followed by PayPal deposits, and then additional/excess funds can be withdrawn to a designated bank account.
For wire withdrawals, we require a bank statement (dated within the last 3 months) displaying your name, bank name, bank account number and residential address. We accept full PDF statements or a photograph of the physical document, but are unable to accept screenshots.
If you require further support, please contact our Client Management Team.
9. How much can I withdraw in one time?
The minimum withdrawal amount is $150, or your available account balance (whichever is lower).
The maximum you can withdraw in a single transaction is $20,000. If withdrawing online to credit cards there is a limit of $20,000 in 24 hours.
If you wish to withdraw more than the limits, please contact our Client Management Team.
10. Are there charges for making withdrawals?
No. Our company does not charge clients for withdrawals.
11. How long do withdrawals take?
Instructions received by City Index for payment request will be processed within three working days. Wire transfers typically take three working days and all telegraphic transfer charges will be borne by the client. Card withdrawal can take up to 10 working days for funds to reach the client. On exceptional cases this may take longer, clients are welcome to contact us for further assistance if funds are not received within the next 10 business days after processing.
12. What is my 'available for withdrawal' balance and how is it calculated?
The maximum amount you can withdraw is called your 'available for withdrawal' balance. 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. If you withdraw all of your funds your account will still remain open for future use.
13. What payment methods are not accepted for withdrawals?
A small number of credit cards (including a few from MasterCard and Visa) will 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. If this is the case we can arrange for your funds to be paid back to the bank account of the credit card.
To minimise the risk of card fraud we may also request some documentation from you before the bank transfer can be processed.
You can withdraw money to any of your registered payment cards, but the card has to have made a successful deposit. There are no fees for withdrawals.
14. How does net deposit affect my ability to withdraw?
Your net deposit amount reflects any deposits carried out with that particular payment method. It is calculated by subtracting your total withdrawals from your total deposits for that payment method.
Net deposits are a facility we have in place to abide by a number of important financial regulations. We also use this for our own internal security measures to combat security issues – such as money laundering, card theft and fraud.
The net deposit on any registered payment method must be at zero before you can remove that payment method, or are able to withdraw any excess funds and gains.
In short, you can only withdraw funds back to the payment method from which they came.
Let's say you have two cards registered and deposit $150 from Card A and $250 from Card B. This gives you a Net Deposit of $400.
You place all that money on a trade that subsequently closes at $500. This means that you will need to withdraw $150 to Card A and $250 to Card B before you can withdraw the remaining $100.
Once those two amounts are withdrawn, the remaining balance must be withdrawn as a wire (In which we will require a bank statement).
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.
15. I no longer have access to a particular payment method
If you no longer have the payment method (such as the card has been cancelled), depending on a number of routine security checks, we may be able to remove the card 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 it.
16. Which currencies can I deposit via PayPal?
You can make a deposit if you have a PayPal account in AUD, USD, GBP, or EUR. The amount will then be converted to the base currency of your City Index account.
17. Are there any charges for making PayPal deposits into my City Index account?
Funding your trading account via PayPal is completely free if depositing in the base currency of your City Index account
If the base currency of your trading account is not the same as the funds being deposited via PayPal, you will be charged a conversion fee. You will see this amount before completing the deposit. In some cases, where applicable, your bank may handle this conversion fee, rather than PayPal. This conversion charge will be applied by your bank.
18. Can I make my first deposit via PayPal?
Yes, you can make your first deposit via PayPal.
19. Is there a minimum or maximum amount I can deposit via PayPal?
The minimum PayPal deposit amount is $150 AUD. The maximum you can deposit via PayPal per transaction is $50,000 AUD.
20. How much can I withdraw in one time?
You can only withdraw up to the same amount deposited via PayPal. You cannot withdraw any higher amount than has been deposited via PayPal.
The minimum withdrawal amount is $150 AUD or the balance of your account (whichever is less).
The maximum you can withdraw via PayPal is $20,000 AUD per transaction, or up to the amount deposited with PayPal, whichever is lower.
21. How long do PayPal deposits take?
Please allow up to 48 hours for any PayPal deposits. However, this process is usually instant.
22. How long do PayPal withdrawals take?
Please allow up to 48 hours for any PayPal withdrawals. However, this process is usually instant.
23. Can I deposit via multiple PayPal accounts?
No. You may only fund your account with one PayPal account. Please note the name on your PayPal account must exactly match the name on your trading account, otherwise the payment could be rejected.
Speak to our friendly customer support team