IC Markets
The single best test of a broker is how it handles withdrawals, and the second-best question is how long they take. A withdrawal has two stages: the broker approving it, and the money moving to your bank. The second stage is fairly predictable. The first is where good and bad brokers separate. This guide has realistic timings for South African traders.
The two stages
- Broker approval. The broker checks the request against your verified details and any compliance flags, then releases it. This ranges from a few hours at a good broker to several days, or indefinitely at a bad one.
- Settlement to your bank. Once released, a local EFT to a South African bank clears in roughly one working day. A card refund can be near-instant or take a few days depending on your bank. An international transfer takes longer.
| Method | After broker approval | Total typical time (good broker) |
|---|---|---|
| Local EFT to SA bank | About 1 working day | 1 to 2 working days |
| Card refund | Instant to 3 days (bank dependent) | 1 to 3 working days |
| E-wallet (Skrill, Neteller) | Minutes to hours | Same day to 1 day |
| International bank transfer | 1 to 4 working days | 2 to 5 working days |
Bank differences
Once the broker has sent a local EFT, the major South African banks are broadly similar: Capitec, FNB, Standard Bank, Absa and Nedbank all typically credit within a working day, sometimes same day if the payment is sent early. Immediate-payment rails can make it faster for smaller amounts. The bank is rarely the bottleneck. The broker's approval step is.
What slows an approval
- Incomplete verification. Get your FICA-style documents fully approved before you request a withdrawal.
- Withdrawing to a different account or method than you deposited from. Brokers often require you to return funds to source first.
- A first withdrawal, which some brokers review more carefully.
- Withdrawing during a bonus lock-in or before meeting a volume condition.
- Weekend and public holiday timing. Approvals and bank settlement both pause.
Sifiso requested his first withdrawal on a Friday afternoon and panicked when nothing moved over the weekend. It was approved Monday morning and the EFT hit his FNB account Tuesday, about one working day after approval. His second withdrawal, requested on a Tuesday morning with verification already complete, was in his account by Wednesday. Nothing was wrong; the weekend and the first-withdrawal review were the only delays.
Complete your identity verification fully when you open the account, not when you want to withdraw. Do one small test withdrawal early so the first-time review is out of the way before you have real profit to take out.
Weekend and month-end timing
Broker approvals and bank settlement both pause over weekends and public holidays. A withdrawal requested at 16:00 on Friday will usually only be approved on Monday and credited Tuesday, which feels like a four-day delay but is really one working day of processing. Month-end can add a day at some brokers because of higher volumes. If you need the money by a certain date, request it early in the week and well before month-end, not on a Friday afternoon.
Partial withdrawals and daily limits
Some brokers cap the amount you can withdraw per day or per request, especially by card. If your balance is above that cap, the withdrawal is split across days or you request a manual release from support. This is normal, but it means a large withdrawal can take longer than a small one purely because of the limit, not because anything is wrong. Check the withdrawal limits in your account terms before you have a large balance to move.
A broker that keeps adding verification requests, changes the rules on each withdrawal, or delays past its own stated times is showing you the most important thing about it. Take your money out and do not add more.
The bank side of a withdrawal is boringly predictable, about a working day to any big South African bank. The broker side is the test. A good broker approves within hours to a day and pays on schedule. If a broker is slow or evasive on your first withdrawal, believe it, because it does not improve when the amounts get larger.
Frequently asked
How long do forex withdrawals take to a South African bank?
At a good broker, one to two working days in total for a local EFT: a few hours to a day for the broker to approve, then about one working day for the bank to credit. Card and e-wallet withdrawals can be faster.
Which stage takes the longest?
The broker's approval step. South African banks credit a received EFT within about a working day. The variable is how quickly, and whether, the broker releases the payment.
Why is my first withdrawal slower?
Some brokers review a first withdrawal more carefully, and it may be delayed if your identity verification is incomplete or you are withdrawing to a different method than you deposited from. Do a small test withdrawal early to clear this.
Do withdrawals process on weekends?
Usually not. Broker approvals and bank settlement both generally pause over weekends and public holidays, so a Friday request often only completes the following week.
What if my withdrawal is stuck?
Check your verification is complete and that you are withdrawing to source. Contact support with your request reference. If a broker repeatedly delays past its stated times or keeps changing requirements, withdraw everything and stop depositing.