Here is a step-by-step guide on 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. You can however do an early settlement to speed up the process and settle the funds immediately.
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.
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.
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.