When you are submitting a withdrawal request, you may notice that some or all of your funds are not yet available for withdrawal. We've listed the most common reasons for this below:
Your Trade Hasn't Settled
To withdraw money from a 'sell' trade, the trade must be settled. Settlement is referred to as T+2 settlement and is a standard process governed by the ASX. Funds will then be released the following business day.
For example, if you sell your shares on a Tuesday, the trade will have settled by Thursday. You can then withdraw your funds on Friday. This is assuming there are no national public holidays.
Please note: you can still use unsettled funds to purchase additional shares in the same market immediately.
The Funds Are Reserved
The 'Reserved Cash' balance represents funds that have been reserved and are awaiting transfer.
Examples of this include:
- funds allocated to in-market orders or orders that have not yet reached settlement
- in-progress international cash transfers
- proceeds from shares sold on a 'deferred settlement' basis
If the funds are reserved for an in-market order, you can cancel the order and withdraw the funds. If the funds are reserved for an international cash transfer or deferred settlement, you will need to wait for the funds to become available. For more information on the reserved cash balance please click here.
The Funds Are In An International Cash Account
If you've transferred funds to one of your international cash accounts, you will need to transfer the funds back into your AUD cash account before withdrawing them. For more information, click here.
You've Only Just Deposited Money
Money you have deposited into your Selfwealth account will be reserved in your account for 3 business days from the time the funds clear into your cash account. This means you will need to wait 3 business days before you can withdraw the funds back to your nominated bank account. You can use these funds to trade or transfer to USD if you wish.
Once a transfer or withdrawal has been submitted it cannot be cancelled or adjusted.