Why moving money with Raiz can take time
We
get a lot of questions about why it takes so long for a balance to appear in Raiz
accounts after hitting deposit, so to explain this we thought we’d break this
process down step-by-step, and how long these steps take.
When
you invest or withdraw with Raiz, we try to
make the process as smooth as possible, from the moment you hit the button, to
the money appearing in your Raiz account or back into your bank account.
Deposits
When you
hit deposit, it should take just 1 to 2 business days for Raiz to withdraw money from your
chosen funding source. This is because
we send withdrawal requests once a day to our bank, every business day. If you deposit in your Raiz Investment Account
before our daily cut-off time (approx. 3.30pm Sydney Time), your bank account
will be debited that same night (and the following night if you deposit is
received after this cut-off time).
This can seem longer over a weekend or public
holiday.
The following business day, once the withdrawal
requests are processed, we invest that money, buying the shares for your
investment (this is also done only once a day as outlined in the Product Disclosure
Statement at around midday Sydney Time). As soon as that money has been
invested, the value of your investment should be reflected in your Raiz Investment
Account balance.
Withdrawals
When
you withdrawfrom your Raiz Investment Account, we will
execute that withdrawal within 1 business day. We sell the
relevant shares for that investment once a day again. If your
withdrawal request is received after 9.30am Sydney time, your ETFs will not be
sold until the next business day.
Due
to the rules of buying and selling shares on the ASX, it takes 2
business daysfor us to receive payment for your withdrawal. Once
received, Raiz transfers the withdrawal amount straight to your chosen funding
source, which can take 1-3 business days depending on your bank.
This
is why you can expect withdrawals to come back to your account in 5 business days.
We
want this process to be as painless as possible for you, if you have any
further questions or concerns we encourage you to contact us at support@Raizinvest.com.au or
call us on 1300 754 748. For more information on Raiz fees, click here.
Important Information
The information on this website is general advice only. This means it does not consider any person’s investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.
The information in this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.
Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz.
Past return performance of the Raiz product should not be relied on for deciding to invest in Raiz and is not a good predictor of future performance.
