Taking your money out
What you learn in 3 minutesThis lesson explains the word withdrawal as it appears on a trading platform, and then follows the route your money takes from the trading account back to your bank. The steps are the same for everyone, but the time each step holds your money can vary. A withdrawal of A$500 may leave the platform on the same day and still reach your bank account two business days later. The lesson shows where the delays sit and why a request can be stopped before it is sent.
A$500 out by a local method: time, limit and the compliance ask
| Step | Amount | Note |
|---|---|---|
| Withdrawal request | A$500 | The amount you type into the withdrawal form. |
| Platform cut-off | Same business day if submitted before 3pm | The platform's published cut-off time for same-day processing. |
| Compliance check | 1 business day | The platform's stated review time for a first withdrawal or a changed bank account. |
| Payment provider | 1 business day | The provider's stated processing time for PayID, BPAY or card refunds. |
| Bank posting | 1 business day | The receiving bank's stated time to show the funds. |
| Total time | 3 business days | 1 + 1 + 1, from the cut-off to the bank posting. |
| Minimum withdrawal | A$50 | A common platform minimum; this figure varies between brokers. |
| Withdrawal fee | A$0 to A$20 | Some platforms charge nothing, some charge a flat fee; this varies between brokers. |
The broker may round the amount, charge a withdrawal fee, or apply a currency conversion if your account is not in Australian dollars. The figures above are examples and vary between brokers.
The mistake people make here
The common mistake is to assume that a withdrawal request is the same as a bank transfer. It is not. The request starts an internal review, and that review can pause the money while the platform asks for documents. People often send the request and then trade the same funds again, which can create a negative balance if the market moves. Instead, leave the amount in cash until the withdrawal is confirmed, and check the platform's cut-off time before you submit. If the platform asks for identification, send it once and wait for the review to finish.Check yourself
You request A$500 before the 3pm cut-off. The compliance check takes 1 business day, the payment provider takes 1 business day, and your bank takes 1 business day. How many business days in total?
3 business days. Add the three steps: 1 + 1 + 1 = 3.
A platform charges a A$20 withdrawal fee on a A$500 request. How much reaches your bank before any bank fee?
A$480. Subtract the fee: 500 - 20 = 480.
The minimum withdrawal is A$50. You have A$40 in cash. Can you withdraw?
No. The amount is below the minimum, so the request would be rejected.
In Australia
- Regulator
- ASIC
- Local payment methods
- PayID, BPAY and cards
- Currency
- Australian dollar, written A$ (AUD)
- Example instrument
- AUD/USD, around 0.6640
- One pip on one standard lot
- 10 units of the quote currency (100,000 x 0.0001), converted at the current rate