InvestSMART

The withdrawal process and timing

time 2wks ago
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By · 23 Mar 2021
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Tom Wilson
By ·
23 Mar 2021
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time 2wks ago

Question

Hi ...when making a withdrawal request ..I understand it can take 5-10 days for funds to land in the linked bank account..but is the request for withdrawal enacted immediately.. ..(based on the balance at time of request )...do requests for withdrawal have to be received by a specific time to avoid the possibility of a drop in investment balance...thanks Dianne - Submitted by Dianne

Answer

The withdrawal requests are not enacted immediately. When a withdrawal request is received before midnight, we endeavor to process the withdrawal by the next business day. In line with keeping fees and costs low, our trading team will conduct the trading during certain parts of the day.

The process is:

  1. A partial or full withdrawal request is made via the Withdrawal Request feature.
  2. The trading team receives this request, and place the required trades the following business day during their trading window.
  3. Funds from the trade(s) settle on a T+2 (standard ASX settlement).
  4. Funds are sent from the brokerage account to the InvestSMART bank account.
  5. Funds are then sent to your bank account.
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