Request a withdrawal
Switch to the business profile you’d like to withdraw from.
Go to Wallet > Withdraw.
Enter how much you’d like to withdraw (NZD)—the Withdraw button will be greyed out until you’ve entered an amount.
Enter the name and number for the bank account you’d like to withdraw the money into (you can also choose a bank account number from the options available).
Withdrawal processing time
Settled money
If all the money you’re requesting to withdraw has settled, you should receive your withdrawal in 1–2 business days. It may take longer if we need more info from you (for example, for security purposes or to comply with any legal or regulatory obligation).
Unsettled money
If you’ve recently sold Fonterra Co-operative Group (FCG) shares or Fonterra Shareholders’ Fund (FSF) units and want to withdraw some or all of the money from the sale, your withdrawal will likely take longer to get to you.
Here’s the process that happens before the money reaches your bank account:
Sell order settling and processing (3–4 business days)
Once your sell order fills on market, it becomes a ‘trade’ and must go through a ‘T+2 settlement’ period—this takes two business days.
Settlement happens through an intermediary (such as the NZX Clearing House for NZ trades) and is the time it takes for legal ownership and money to be transferred from one shareholder to another.
After your trade has settled, we need to process the money. This means waiting to get the money from the intermediary that settled your trade, then making sure the amount matches our records (a process called ‘reconciliation’).
At Sharesies, this process takes between 1–2 business days depending on the exchange your sell order went through. For example, it usually takes one business day to process and reconcile money from an NZ trade.
Transferring you the money (1–2 business days)
We transfer money for withdrawals during business hours on weekdays. This is a regular bank transfer so the time it takes to get to you depends on your bank.
Withdrawal verification
There may be times when we’ll need to verify that it’s you who’s making a withdrawal.
We’ll send a verification code to the phone number (or email address) registered to your Sharesies account. You’ll need to enter the verification code when prompted before you’ll be able to submit your withdrawal request.
If you’ve updated your contact information recently, you may not be able to receive a verification code. If this is the case, please email us at help@sharesies.co.nz so we can help you withdraw the money manually.