Weget a lot of questions about why it takes so long for a balance to appear in Raizaccounts after hitting deposit, so to explain this we thought we’d break thisprocess down step-by-step, and how long these steps take.Whenyouinvestorwithdrawwith Raiz, we try tomake the process as smooth as possible, from the moment you hit the button, tothe money appearing in your Raiz account or back into your bank account.
Deposits
When youhit deposit, it should take just 1 to 2 business daysfor Raiz to withdraw money from yourchosen funding source. This is becausewe send withdrawal requests once a day to our bank, every business day. If you deposit in your Raiz Investment Accountbefore our daily cut-off time (approx. 3.30pm Sydney Time), your bank accountwill be debited that same night (and the following night if you deposit isreceived after this cut-off time).This can seem longer over a weekend or publicholiday. The following business day, once the withdrawalrequests are processed, we invest that money, buying the shares for yourinvestment (this is also done only once a day as outlined in the Product DisclosureStatement at around midday Sydney Time). As soon as that money has beeninvested, the value of your investment should be reflected in your Raiz InvestmentAccount balance.
Withdrawals
Whenyouwithdrawfrom your Raiz Investment Account, we willexecute that withdrawal within1 business day.We sell therelevant shares for that investment once a day again. If yourwithdrawal request is received after 9.30am Sydney time, your ETFs will not besold until the next business day.Dueto the rules of buying and selling shares on the ASX, it takes2business daysfor us to receive payment for your withdrawal. Oncereceived, Raiz transfers the withdrawal amount straight to your chosen fundingsource, which can take1-3 business days depending on your bank.Thisis why you can expect withdrawals to come back to your account in5 business days.Wewant this process to be as painless as possible for you, if you have anyfurther questions or concerns we encourage you to contact us atsupport@Raizinvest.com.auorcall us on 1300 754 748. For more information on Raiz fees, click here.
Important InformationThe 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 circ*mstances 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.
