Should you wish to withdraw Naira, you have the option to transfer funds from your NGN wallet directly into your bank account by following the steps below.
How to withdraw directly to your bank account
- Sign in to the Luno app
- Navigate to Portfolio
- Open your NGN wallet
- Select WITHDRAW
- From the selection, choose Bank transfer
- Add your banking details if you haven’t already, then select SUBMIT
- Select your preferred bank account
- Enter the amount that you’d like to withdraw and then select NEXT
- Confirm the amount and withdrawal fee, then select CONTINUE
- Enter your 4-digit Luno PIN or biometrics to complete the transaction
Note
Your bank account needs to be registered in your own name for the withdrawal to be successful. You will not be able to withdraw to someone else’s bank account.
Frequently asked questions
How soon will the funds reach my bank account?
In Nigeria, it generally takes 6-12 hours for your withdrawal to get from Luno to your bank account, unless any specific issues cause delays.
Are there any withdrawal fees?
Yes, withdrawals less than ₦5 million will incur a 2% fee capped at ₦2,000, while withdrawals greater than ₦5 million will incur a 2% fee capped at ₦3,000. If you have enough funds left over in your NGN wallet, the fee will be deducted from there, or else it will be taken from the amount you’re withdrawing.