VALR, the fast-growing South African exchange, has introduced a Fast Withdrawals option allowing customers with bank accounts at participating banks to receive their funds nearly immediately after withdrawal processing.
The near-instant withdrawal option, dubbed ‘Fast Withdrawal,’ is available to customers withdrawing to bank accounts at the following banks in South Africa:
- ABSA (formerly Barclays Bank)
- African Bank
- Al Baraka Bank
- Bidvest Bank
- Capitec Bank
- Discovery Bank
- Finbond
- First National Bank
- Investec Bank
- Nedbank
- Rand Merchant Bank
- SASFIN
- Standard Bank
- U Bank
ALSO READ: South Africa’s VALR Crypto Exchange Matches Luno Bitcoin Trading Volumes Just 6 Months After Launch
Here are a few details about the new withdrawal option:
- Fast Withdrawal is available along with regular withdrawals which take 2 days to process
- Fast Withdrawals may be delayed for up to 2 hours for huge amounts due to fraud monitoring by banks
- An extra charge for fast withdrawals is levied by banks and will be highlighted at the time of withdraw
- Fast Withdrawals are done at the following times:
* MONDAY – FRIDAY: 0900HRS, 1300HRS, 1700HRS
* SATURDAY: 0900HRS
- Withdrawal requests need to be received at least 15 minutes before the above processing times
- VALR may process withdrawals more frequently than the above schedule on a best-efforts basis
- Fast Withdrawal amounts greater than R250, 000 may be delayed to the following business day if submitted after 1:00PM, on weekends, and public holidays
According to VALR, the Fast Withdrawal option leverages the immediate payment services of banks. This means any costs and limitations to the service is imposed by the banks and not VALR.
Speaking to BitcoinKE, Farzam Ehsani, CEO, VALR, said:
“We are excited to be the first in the market to offer this option to all customers to allow their rands to move much quicker between VALR and their bank accounts. It normally takes up to two days for rands to be settled between banks but with the Fast Withdrawal option it can now be done in a matter of minutes or hours.”
Introducing⚡Fast Withdrawals⚡
Our early Christmas present to you 🙂
Learn more (and enjoy) 👉https://t.co/juU6J4Hny8
💝VALR pic.twitter.com/K8VjMF3Fjg— VALR (@VALRdotcom) December 17, 2019
When asked about the service uptake, Ehsani said:
“We have seen a large number of customers use this option. Even before we formally announced it many customers saw the option on the platform and began using it. We are always delighted to bring out features that customers find useful.”
The new service further positions VALR above other exchanges in South Africa and across Africa.
Recently, the crypto exchange matched Luno bitcoin trading volumes, South Africa’s most active exchange and one of the world’s top 10 best exchanges, just 6 months after launch.
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