When selling equities on a share trading account, there is a ‘settlement period’ of 2 or 3 days before your funds become available to withdraw.
This time is used to exchange, clear and settle your trade and is a function of the underlying market we must follow.
Within the settlement period:
- You can reinvest your funds in a different stock on the same account
- You cannot transfer your funds to a different account or withdraw your funds
You can see the 2 or 3 day settlement period, known as T+2 or T+3, within the deal tickets ‘info’ section.
In this example, if you sell shares on Monday, the transaction would settle by Wednesday as it’s a T+2 settlement.
How do I know if my trade has settled?
Within the desktop platform you can see ‘unsettled credit’ in the dropdown menu. Once the trade has settled, this value will read zero.
You will only see the funds available to withdraw or transfer in your My IG dashboard under ‘live accounts’ or on the mobile app under ‘account’ once the trade has settled.
After the settlement period, you can request a withdrawal
- In your My IG dashboard on the desktop, select ‘live accounts’ and then ‘withdraw funds’
- On the mobile app under ‘account’, select the ‘withdraw’ button.
Withdrawal times
After your trade has settled, the following withdrawal times will apply.
- Card: typically within 3 to 5 working days
- PayPal: usually immediate and within 1 working day at most
- EFT: if requested before 11am (AEST): on the same day if you’re banking with Westpac, any other bank accounts should receive the funds the next day
- Same day bank transfers: For a minimum of A$2000 if requested before 11am (AEST)
- International and foreign currency withdrawals: typically within 2 to 3 working days
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