When selling your investment, the proceeds of this sale are classified as Unsettled Cash for a period of 5 business days until they are deemed as settled (“Settlement Period”).
Only once they have settled can you withdraw them to your bank account.
We have introduced an Early Settlement feature on the website. To use the feature, we charge 20 basis points ( 0.2%) of the value we are settling early and the funds will be in your bank account either:
1. That evening if the submission is made before 12h00 (mid-day) on a business day.
2. The evening of the following business day if the submission is made after 12h00 on the preceding business day
Example: You need R4,000 today (Tuesday). You already have R1,000 sitting in available funds, so you sell R3,000 worth of Capitec shares at 09h00 on the Tuesday morning.
Under normal settlement rules, the funds would only be available to withdraw the following Tuesday.
If you opt for early settlement and make the request before 12h00 on the Tuesday, you would pay R6 (0.002 x R3,000) and the funds would be in your bank account on Tuesday evening.
1. The examples above refer specifically to business days. Submissions made on weekends / public holidays will only be processed on the next business day.
2. Funds from early settlement submissions made after 12h00 on a Friday, will only clear on Monday evening
How do I request an early settlement?
Below are the steps to take to get the funds from a sale settled immediately:
- Sale of Investments
- You need to start by selling whatever holdings you have to the required amount you want by clicking on Menu, and under the My Investments section click on Sell (make sure to sell enough to cover the costs of the sale)
Select the holdings to be sold:
Confirm the sale:
Proceeds to the Withdrawal page by clicking on Menu, and under the My Funds section click on Withdrawal
- Choose which of the transactions you want to settle early
- NB: If the unsettled cash amount is zero, there is no need to settle any of the transactions as no amounts are being withheld
- This will be the case if you have recently bought more than you sold, in which case your Unsettled cash balance will be zero
- If there is a balance of Unsettled Cash, then scroll down to the list of unsettled transactions
- You will see both unsettled Buys and Sells, but only the Sell transactions have the option to be early settle
- Select only the Sell transaction/s where the amounts of the “Unsettled Cash After Fee” will together cover the balance of the Unsettled Cash. (for example if the Unsettled Cash Balance is R100 and in the list there are 2 Sell transactions that can be selected each for R100, then only select one to get the Unsettled Cash balance to zero, selecting the second one will not make any more funds available to you but you will still be charged the Early Settlement Fee for it)
- Once you are happy with the transactions selected click on the “Settle” button
- If you are happy with the request, proceed by clicking on the “Confirm” button
- Withdraw the funds
- Once you have confirmed the Early Settlement of the transactions per above, the system will bring you back to the Withdrawal page, where the Unsettled Cash balance and the Withdrawable Funds balances will have been updated to reflect that the proceeds have been early settled and are now available to be withdrawn.
- Please note that the Available Funds balance will also have reduced by the Early Settlement fees charged based on the transactions you selected for Early Settlement
- You can now proceed to make the withdrawal of the desired amount in the normal way, including the confirmation of your bank details.