Here is a quick summary of how to make a withdrawal on the SatrixNOW platform.
1. Once you have sold an investment in your account, you will wait 5 business (working) days for the funds to settle. This is standard and is a result of regulation put in place by the JSE. While those funds are waiting to settle, they’ll show in your account as unsettled funds and you will not be able to withdraw them.
2. Once the funds have settled, you’ll be able to go to the "Withdraw funds" page. Your next step is to click on the box in the ‘Your Banking Details’ block. This will confirm that your banking details are correct. It’s a way for us to be 100% sure that the funds you are withdrawing arrive where they should – in your bank account.
3. If you scroll a little further down the page, you will see a cell that allows you to enter the amount you would like to withdraw. Type the amount you would like to withdraw into the 'withdrawal amount' cell and then click on 'Withdraw’
4. This will take you through to a 'withdrawal processed' page confirming that your withdrawal request has gone through.
5. Like most fund transfers, the amount of time it will take for these funds to reflect is largely dependent on your bank. A realistic timeframe to expect the funds in your bank account is 2-3 business days.
Tip: If you haven’t yet entered your banking details in your profile, you’ll be asked to first verify them before you can make a withdrawal. Here is an FAQ outlining how to verify your banking details.
When you wish to withdraw funds from your SatrixNOW account, the amount you are able to withdraw will be displayed to you as the 'withdrawable funds' amount on the withdrawal page of the website, as explained in the article below.
1. Ensure you are logged into the SatrixNOW website.
2. Choose the SatrixNOW account from which you want to withdraw the funds, by selecting it from the account ribbon that runs horizontally across the top of the screen, just below the SatrixNOW logo. Remember you have 2 (two) accounts as follows:
- SatrixNOW standard account - SatrixNOW in the account ribbon
- Tax-free Savings account (TFSA) - SatrixNOW TFSA in the account ribbon - PLEASE ensure you understand the consequences of making a withdrawal from a TFSA account before making it - visit this TFSA FAQ article for help.
3. Once you've select the specific account you wish to withdraw funds from, click on the stack menu (3 little horizontal lines) to the left of the SatrixNOW logo - as shown by the arrow in the image below.
Please note that you will only see this menu option if you are logged in to the website.
4. Once the menu structure opens up, click on the "Withdrawal" option, under the 'My Funds' group.
5. This action will take you to the "Withdraw funds" page, on which you will see two important large blocks (as shown in the image below)
- Available funds ( or Investable funds) - displays the total amount of funds available for you to invest on the platform.
- Unsettled Cash - represents the funds that are in the process of being settled as a result of the sale of an investment. Funds from the sale of an investment on the platform take 5 business (working) days to settle. While you can invest unsettled funds on the platform, you cannot withdraw them to your bank account until they are settled. For further details on Unsettled cash - visit this FAQ article What is Unsettled Cash?
- Locked funds- represent funds that have come from:
- Debit order - funds paid into your account by debit order are locked up (and therefore not available to withdraw) for a period of 40 days.
- Marketing vouchers - funds in your account as a result of vouchers gifted to you as part of EasyEquities promotional effort are locked-up for a period of 180 days.
- Withdrawable funds - the most important indicator to you on this page, as this is the amount of money you can select to withdraw in your bank account.
- YOUR BANKING DETAILS
These details are displayed to you so that you can make absolutely certain that it is the correct bank account we are paying the funds out to. You MUST confirm the details by clicking on "I confirm" radio button as shown by the red arrow in the image above. You will not be able to submit your withdrawal request without confirming the details. Should the details for some reason be incorrect or they are that of an old bank account, please follow the steps in this FAQ article - How can I change my bank details on SatrixNOW?.Please note, you cannot update these details yourself. We must do it for you.
6. You now need to instruct us on the amount you would like to withdraw.
If you scroll a little further down the page (to just below the blocks shown in the image above), you will see a cell that allows you to enter the amount you would like to withdraw (as seen in the image below)
PLEASE NOTE: If you are unable to see a withdrawal amount cell, but instead see a message saying "We need some information from you", please consult this FAQ article for details on our customer due diligence and what we need from you.
7. Type the amount you would like to withdraw into the 'withdrawal amount' cell and then cllick on the large withdraw button to the right of the cell.
Please note: the amount you enter cannot exceed the total displayed as 'withdrawable funds' at the bottom of the 'Available for withdrawal' block above.
8. If successful, you should be taken to a 'withdrawal processed' page confirming that your withdrawal request has gone through.
Please note: A realistic timeframe to expect the funds in your bank account is 2-3 days.
Withdrawal request submissions made on the SatrixNOW site after 14h00 Monday to Friday, as well as on weekends and public holidays will only be queued for processing the following business day so if you want to have any effect on the speed with which they are processed, please make sure you submit your withdrawal request on working days before 14h00.