We’re delighted to offer an express withdrawal option for our customers in South Africa. Depending on who you bank with, normal withdrawals can take up to 2 business days to reflect in your bank account.
With an express withdrawal, you can speed up the process, allowing your funds to reflect much more quickly in your bank account.
How to do an express withdrawal
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From the Portfolio screen, select your local currency wallet
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Select WITHDRAW
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Enter the amount you’d like to withdraw
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Select the fee check box, and then NEXT
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Add an optional reference note if you want to and select NEXT
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On the confirmation screen, select CONFIRM
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And lastly, enter your Luno PIN to finalise your express withdrawal
Tip
You’ll need to have your bank account linked in order to request a withdrawal. Not sure how to do that? Learn how to add your bank account to Luno.
Note
If you withdraw funds to a Standard Bank account, it 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.
Frequently asked questions
All South African banks, except for Postbank, are supported with express withdrawals.
Yes. 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 Limited, 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.
- 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.
The maximum amount you can withdraw is R5 million per withdrawal.