Taking your money out

Risk and the mind: how accounts survive3 min read

What you learn in 3 minutesThis lesson answers a reader question: how does money actually leave a trading account in South Africa, and what can delay it. You will see each step, how long it usually holds your money, and the checks that can stop a withdrawal. Every figure is in rand, and every number is worked through so you can check it yourself.

R1,000 out by EFT — what arrives and when

Step	Amount	Note
Withdrawal request	R1,000	You enter this amount in the broker's withdrawal form.
Broker processing	1 business day	The broker checks the request and releases it.
Compliance check	1–3 business days	The broker may ask for ID, proof of address or source of funds.
EFT to your bank	1–2 business days	The local bank transfer time, which varies between banks.
Amount received	R1,000	The same amount, unless the broker charges a withdrawal fee.

The broker may round the amount, charge a withdrawal fee, or apply a currency conversion if your account is not in rand. These details vary between brokers, so check your agreement.

Nalediyour course guide

The mistake people make here

The common mistake is to request a withdrawal before the broker's compliance team has finished its checks. People then assume the money is lost and send repeated requests, which can slow things down further. Instead, submit the documents the broker asks for once, and wait for the stated processing time. If the delay is longer than the broker's published timeframe, contact support with your request reference.

Check yourself

Nalediyour course guide

If a broker takes 1 business day to process, compliance takes 2 business days, and the EFT takes 2 business days, how many business days in total before the money reaches your bank?

1 + 2 + 2 = 5 business days.

You request R1,000, but the broker charges a R50 withdrawal fee. How much reaches your bank account?

R1,000 − R50 = R950.

In South Africa

Regulator: The Financial Sector Conduct Authority (FSCA) regulates financial services in South Africa.
Local payment methods: EFT, instant EFT and bank cards are common ways to move money in and out.
Example instrument: USD/ZAR is around 18.4100 in this lesson's example.
Currency: The rand is written R (ZAR).
Withdrawal times: Processing and transfer times vary between brokers and banks.

Trading forex and CFDs carries a high risk of losing money. Most retail accounts lose. Nothing here is a recommendation to trade or a forecast of any result.Nalediyour course guide