Withdrawing Funds on SatrixNOW FAQs

Yes, you can withdraw funds at any time once you have sold your units and the trade has settled (5 business days for ETFs and 2 business days for unit trusts). Withdrawable funds are available for withdrawal, with funds typically reflecting in your account within 2-3 business days, dependent on your banking institution.

To withdraw funds from your SatrixNOW account, follow these steps:

1. Verify Banking Details: Ensure your banking details are accurate by clicking on the box in the 'Your Banking Details' section.

2. Wait for Settlement: After selling an investment, you need to wait for the funds to settle. This takes 5 business days for ETFs and 2 business days for unit trusts. During the waiting period, the funds will show as unsettled and cannot be withdrawn.

3. Initiate Withdrawal: Once funds have settled, go to the 'Withdraw Funds' page. Enter the withdrawal amount and click 'Withdraw.' Please note that withdrawals must be requested on business days before 14h00 to facilitate the payment to be released from our bank before 16h00.

4. Confirmation: A confirmation page will indicate that your withdrawal request has been received.

5. Fund Transfer: The time for funds to reflect in your bank account varies dependent on your bank, and typically takes 2-3 business days.

Withdrawable funds represent the amount available for withdrawal from your SatrixNOW account which are not subject to any lock-ups or are not categorised as unsettled.

Certain deposits, like EFT, Instant EFT, debit orders, and Satrix investment vouchers, have lock-up periods to protect against fraudulent activities. These funds are temporarily unavailable for withdrawal.

The periods for how long different deposit types are locked up are below:

• EFT deposit - 5 business days

• Instant EFT deposit - 5 business days

• Debit order deposit - 40 business days

• Vouchers (SatrixNOW investment vouchers) - 3 years

Settled Cash: Proceeds from the sale of an investment that have completed the settlement period (5 business days for ETFs and 2 business days for unit trusts) and are available for withdrawal.

Unsettled Cash: Proceeds from a sale that hasn't cleared the settlement process and cannot be withdrawn until settlement.

When selling your investment, the proceeds of this sale are classified as Unsettled Cash for a period of 5 business days. Early Settlement allows you to bypass the waiting period and comes with an additional cost of 0.2% of the settlement value.

Important:
Early settlements do not override lock-up periods.

There are two steps to fully processing an early settlement.

Step 1: Sell investments and select the option to settle early during the withdrawal process.

Step 2: Withdraw the funds that are then made available to you early.

Bank accounts must be verified for certain functionalities to be enabled. Automatic verification occurs during registration, while manual verification can be done by submitting confirmation of your bank account details in the form of a stamped bank letter or account statement.

Please Note: Bank account details must be in the name of the SatrixNOW account holder.

A temporary hold may be placed on your withdrawals if there is outstanding information requird on your account, e.g., Customer Due Diligence (CDD) checks, Know Your Customer (KYC) updates, or account status changes. Once this information is provided, the hold would typically be lifted.