Withdrawals typically take 4-5 business days from the day you verified the withdrawal request.
Because of the delay with data reflected in the online platform, you may see your cash component in your PMA larger than usual.
This increased cash holding is temporary and shows that the cash has been 'freed up' and will shortly be sent to your nominated bank account.
Why does it take 4-5 business days and not immediately?
We're proud to offer low and capped management fees for our InvestSMART investment products. At the heart of everything we do, our purpose is to make investing rewarding, accessible and affordable.
To keep fees low and capped, we take a process-driven approach. For instance, our trading team can keep costs down by trading once a day during a specific period. This means that withdrawal requests that are verified and submitted are actioned the following business day.
As with any ASX listed share or ETF, there is a two business days settlement period. The ASX explains this here. This settlement period means your funds won't be available until two days after the transaction takes place.
Your investments are held in a CHESS sponsored brokerage account. This adds an extra layer of protection and can offer more tax advantages as you can transfer holdings to your share trading account and not be forced to sell them. However, this means that getting funds from your brokerage bank account to the InvestSMART bank account adds an extra step. We are in the process of investigating CMA accounts to improve this.
What can I do to help?
Please be aware of the four to five day withdrawal period and factor in potential public holidays that may extend the process.