When you open a Selfwealth trading account, you will be asked to provide details for your 'nominated bank account'. Any funds that you withdraw from the Selfwealth platform will always be sent to your nominated bank account.
It is not possible to withdraw funds to an external account other than your nominated bank account, meaning that if you wish to withdraw to a different account you will first need to change your nominated bank account by completing a 'Change of Nominated Bank Account Details' form.
Please note: you can download a copy of the 'Change of Nominated Bank Account Details' form by clicking this link.
How to complete the 'Change of Nominated Bank Details' Form
Before completing the form, it is recommended you have the below documentation ready to provide with your request:
- photo ID for all account signatories
- a bank statement for the new account showing the account name(s), BSB and account number
Please note: to reduce the risk of unauthorised activity, the nominated bank account must be in the same name as the Selfwealth Trading Account. For more details, please see page 2 of the 'Change of Nominated Bank Details' form.
Client Account Details
The first section on the form requires you to enter your Selfwealth account details.
- Your 'OpenMarkets ID' can be found by following the instructions here
- The 'Selfwealth Trading Account Name' will be the name of the individual or entity the account is held under
New Bank Account Details
The next section requires you to fill in the details for your new nominated bank account.
- The financial institution that manages the account
- The name which the account is registered under
- The BSB number for the account
- The account number
Signing the Form
Once you've entered your new account details, you're ready to sign the form! When signing the form, make sure that all account holders sign and date the form in pen (for company accounts, sign as per the company constitution).
Please note: we cannot accept digital signatures.
How do I submit my 'Change of Nominated Bank Details' form?
You can submit your completed form by emailing it to firstname.lastname@example.org. Don't forget, you will also need to include a copy of a bank statement from within the last 90 days for the new account, and photo ID for all account signatories.
Verification Phone Call
Within 5 business days of receiving your request, we will attempt to contact you on the phone number associated with your trading account. The purpose of this phone call is to verbally confirm your instruction to update your nominated bank account.
Selfwealth takes the security of our clients' accounts very seriously, and if we are unable to reach you this may impact the processing of your request.
Once we have verbally confirmed your instructions, we will typically update your nominated bank account straight away. We will then reply to you via email to confirm your nominated bank account has been updated.
Once you receive the confirmation email, any funds you withdraw will go to your new nominated bank account.