How can I withdraw funds from my Superhero Wallet?
To withdraw funds:
- Navigate to your Superhero Wallet
- Click on the Withdraw tab
- Choose the bank account you wish to withdraw to from the drop down menu
- Enter an amount to withdraw
- Provide a reference for your records (optional)
- Click Confirm
Why can’t I withdraw funds from my Superhero Wallet?
There may be a number of reasons why you can’t withdraw funds from your Superhero Wallet.
Withdrawal Type and Risk Restrictions Restrictions:
If a withdrawal includes recent BPay and PayTo deposits (within the last 5 business days) this portion may be unavailable until the end of the fifth business day. In some circumstances, withdrawals from your Superhero Wallet may be restricted due to internal risk concerns (including fraud or scams). If you think this has occurred, please contact us.
Maximum Withdrawal Reached:
The daily withdrawal limit for Superhero accounts is $20,000. The maximum amount you can withdraw at any time is shown in your ‘Wallet’ under ‘Total Cash’, subject to the daily withdrawal limits.
Trade Settlement Timings:
Share sale proceeds will settle according to the T+2 industry standard in Australia (two business days after the trade date) and the T+1 standard in the U.S (one business day after the trade date).
If available, you can use Instant Settlement for the immediate settlement of your funds after a securities sell order is executed.
Please note - some shares may trade on deferred settlement basis after certain corporate actions, which can extend settlement beyond T+2 before returning back to their standard settlement time frame. Check the company’s announcement if you notice a delayed settlement after a corporate action has occurred.
Bank Account Verification:
You are able to withdraw funds from your Superhero Wallet to a bank account that is in the same name as your Superhero account, provided it has been used to deposit funds into your Superhero account via Bank transfer (direct deposits) or PayID.
To withdraw funds from a SMSF/Company/Trust account, these need to be transferred to an account owned by that entity.
Please note - You can transfer funds to a joint account, provided that you are one of the account holders.
How do I add/verify my bank account for withdrawals?
To link your bank account, please follow the below steps:
- Make a deposit of $1 or more, via PayID or Direct Deposit into your Wallet. This must be from a bank account in the same name as the Superhero account.
- Wait until the funds have arrived in the “Total Cash” balance of your Superhero Wallet.
- You should see the account that you deposited from listed in the withdraw tab.
If your funds have already arrived in your Cash Balance, but the account is not appearing in the withdraw tab, please contact us. Please include the last 3 digits of your bank account number in your request.
You can also try to link another account via a new deposit of $1 or more, if you believe the previous bank account is not in the same name as the Superhero account.
This process typically takes 1-2 business days to complete and you will receive an email confirmation once this is processed.
How do I increase my withdrawal limit?
Superhero has a default daily withdrawal limit of $20,000 to help protect your assets from fraud, as stated in our Terms and Conditions.
However, you can increase this limit to a maximum of $100,000.
To initiate this transfer, please submit your request here. You’ll need to include in the description:
- The amount you’d like to increase to (eg: $30,000)
- If you have multiple bank accounts, confirm the last 3 digits of the account this limit applies to.
The form has a section for attachments. Please attach the below documents:
- A copy of your Bank Statement showing your Full Account Name, Account Number and BSB Number. ((You may redact all other information, including transaction history.)
- A photo of you (selfie) holding a Government-issued photo ID.
- If this is a driver’s licence, please ensure you send both the front and back.
How long does it take for my funds to arrive?
Funds will be transferred to your bank account within 2 business days, although may be subject to bank processing times.
Are there any withdrawal fees?
There is no cost to withdraw funds from your Superhero account.