When you wish to withdraw funds from an international EasyEquities account (Eg: USD, AUD), there are a few things to keep in mind to make sure you have the fastest, easiest experience.
Get a step by step guide on how to withdraw funds from your different accounts here.
Why can I only withdraw amounts over $20 out of my international account?
When withdrawing money out of one of your international EasyEquities accounts, you'll find that you can only withdraw amounts over $20. This is to make sure that your withdrawal amount is big enough to cover the fees which your bank charges you to release those funds back into your bank account.
If you were to withdraw $10 from your USD account (approx R150 at the time of publishing this article).
The average minimum fee a bank charges to release a USD withdrawal into your bank account is R160.
This can sometimes be more or less – refer to the table below to see a range of different bank fees at the time of publishing this article.
In this instance, a bank will either reject the withdrawal and return your money to EasyEquities, or they will call to ask you how you would like to proceed.
Generally people would prefer the money is returned rather than receive a $0 withdrawal. The returning and reallocating these funds requires additional time and resources. Therefore to avoid disappointment withdrawals from international accounts must be above $20.
I actioned a withdrawal in one of my EasyEquities international accounts but there's nothing in my bank account yet
A realistic timeframe to expect the funds in your bank account is 2-3 business days
We make every endeavor to make this process as quick and Easy as possible on our side, but we are to some extent at the mercy of the banking institutions with whom we deal and cannot make their processes any faster.
Withdrawal request submissions made on the EasyEquities 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.
My bank says they are not going to release my withdrawn funds into my account
Many banks will get in contact with you to verify information before withdrawn funds are released into your bank account. This is because there are certain regulations they need to make sure they adhere to, with regards to the movement of international currency.
If you are asked how you funded one of your EasyEquities international account, it is important to highlight that you did not do so via a credit or debit card.
Our system has no functionality for you to fund any of your EasyEquities international accounts with any type of card. This can only be done via a bank transfer directly into our international bank account or via our EasyFX process. These transactions are thus seen as a Forex Transfer in via our platform and fall within the required regulations.
My bank has asked for a letter from EasyEquities in order to release my withdrawn funds
We are working closely with banks to ensure that they are aware of how our process works. In some instances, you may only receive a call from your bank's Forex team to confirm some of your information before a withdrawal is able to be processed. In other instances, a bank may request a letter from EasyEquities to verify where the funds you have withdrawn have come from.
In the week that you requested the withdrawal from your USD account, you should receive an email from our finance team containing a letter that may be used for this purpose.
If you haven't received this letter and need one in order to process your withdrawal, please log a ticket with the team here.