What is a Fast Withdrawal?
VALR uses the traditional banking system to process rand withdrawals. The banking system can take up to 2 business days for funds to reflect in a bank account.
To speed up the withdrawal process for our customers, VALR has a Fast Withdrawal option which allows customers to receive their funds almost instantly, thanks to VALR's Blitz Processing of ZAR withdrawals. This near-instant withdrawal option is called a "Fast withdrawal".
- The following banks are part of the Real-time Clearing (RTC) network and VALR will make an RTC payment for Fast Withdrawals:
- African Bank
- Al Baraka Bank
- Bidvest Bank
- Capitec Bank
- Discovery Bank
- First National Bank
- Investec Bank
- Rand Merchant Bank
- Standard Bank
- U Bank
- For all other banks, a Real-Time Gross Settlement (RTGS) payment is required for Fast Withdrawals and a higher fee will be charged as the banking fees VALR incurs are increased significantly.
- The Fast withdrawal option will be auto-enabled and VALR will make an RTGS payment when the withdrawal amount is R5 million or more.
Please note: Fast Withdrawal is implied and hence auto-enabled if you bank with the same financial institution as VALR.
Processing Times & Limitations
Please note the following:
- VALR will process Fast Withdrawals along with regular withdrawals on an ongoing basis from Monday to Saturday from 08h00 to 18h00 per our Blitz Processing function.
- Please be aware that due to fraud monitoring by the banks, Fast Withdrawals may be delayed for up to 2 hours.
- RTC payments for amounts greater than R250,000 will be delayed to the following business day if submitted after 15h50 on weekdays or at any time on weekends and public holidays. This limitation is imposed by the bank.
- RTGS payments of any amount will be delayed to the following business day if submitted after 15h50 on weekdays or at any time on weekends and public holidays. This limitation is imposed by the bank.
- VALR utilises the immediate payment services of banks to enable Fast Withdrawals and this service can sometimes be unavailable. VALR will not be held responsible for any delays of Fast Withdrawals. VALR will also not be held responsible for fees charged when a Fast Withdrawal is not processed by the bank for any reason (as VALR is charged regardless of outcome).
- Banks levy extra charges on VALR to submit these near-instant payments. When you select the "Fast Withdrawal" option on the rand withdrawal page, the fee will be highlighted.
How to Select a Fast Withdrawal
Select the check box called "Fast Withdrawal" on the withdrawal page. The fee for this service will also be displayed on the withdrawal page.