Express withdrawals - fees and processing times explained

Luno South Africa flag icon

For our South African customers that request express withdrawals to a supported bank - there are two factors that come into play that determine the fee that you’ll pay, as well as how fast your withdrawal takes to reflect in your bank account. These are:

  • Who you bank with

  • And when you request the withdrawal

Tip

Still unsure? Our guide on how to request an express withdrawal has all the information you need.

The fee

The fee you’ll pay depends on whether your bank is an RTC (real-time clearing) participant.

The following banks are currently RTC participants:
ABSA, Access Bank, African Bank, AlBaraka Bank, Bidvest Bank, Capitec Bank, Discovery Bank, Finbond EPE, Finbond Mutual Bank, First National Bank, HBZ Bank, Investec Bank, Nedbank, SASFIN, Standard Bank, Standard Chartered, Tymebank and UBank LTD.

Note

All South African supported banks not listed above are not RTC participants.

The express withdrawal fee to RTC participant banks is R20.00 and the fee for all other supported banks is R80.00.

How long the withdrawal takes

  • Express withdrawals below R250,000 are processed 24/7, including weekends and public holidays. The funds will arrive in your bank the same day you request them.
  • Express withdrawals above R250,000 are processed Mondays to Fridays from 0:00 to 15:45. If requested in time, funds should arrive in your bank the same day you withdraw them.

Note

Withdrawals to Standard Bank accounts will always reflect in about 15 minutes from 8:00 to 17:45, Mondays to Saturdays - so there’s no need to request an express withdrawal. In fact, the option won’t be available to you. The reason for this is that Luno also banks with Standard Bank, which means that when you request a withdrawal, there’s no inter-bank processing needed.

If you request an express withdrawal outside of Luno’s withdrawal processing times, your withdrawal request will be processed as soon as processing times open again.

Let’s use an example: You request an express withdrawal at 11:15 on a Saturday. It’s outside of Luno’s withdrawal processing times, so it will only be processed at 08:00 the following Monday. It will then reflect in your bank account on Monday morning.

Keep in mind

It's possible that express withdrawals could be slightly delayed due to internal processes at the bank, which is unfortunately outside of our control.

 
Share this article

Did this article help?

Thank you!

We value your feedback