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Withdrawals on Cowrywise: What you need to know
Withdrawals on Cowrywise: What you need to know

Everything you need to know about withdrawals on Cowrywise.

Tega avatar
Written by Tega
Updated over a week ago

Nothing makes you feel better than withdrawing your hard-saved or invested funds after months of exercising discipline.

After withdrawing, all you want is a notification from your bank that your bank account has been credited, your phone doing ‘tom-tom’, or a mail notification from your bank with the subject: Your account has been credited.

However, sometimes this does not happen. 😔

Let’s take a deep dive into some of the reasons why that can be the case.

  1. Withdrawal timeline: It is a stale gist that withdrawals get processed after 24 hours on Cowrywise, but it’s harmless to bring it to your notice again. After initiating a withdrawal from your Stash, it takes 24 hours to get processed. There is a timer that shows you how much time is left. You are implored not to attempt cancelling it at any point in time, except if you need to change the amount or the receiving bank.
    Wondering why it has to be 24 hours? Here is something to expatiate on that. This is an additional insight.

  2. Central processor downtime: Your withdrawal could be processed, but the central processor could be having a downtime. We want you to receive value for your withdrawal immediately, however, if the central processor for inter-bank transfers is not at an optimal service point, there might be a delay. We wrote an article here to buttress this.

  3. Recipient bank downtime: Ever experienced times when you send money to someone and they do not receive it immediately? Sometimes, it might not be the entire central processor, it might just be the bank. Once your withdrawal summary page shows processed, it means it has gone through, and if there is any delay, the bank might be your next option. At this point, you should reach out to the bank with the session ID on the withdrawal summary page.

  4. Failed status: When last did you check the status of your withdrawal? Confirm if the timer is still on. If you notice that it's failed, please do not cancel it. You have nothing to worry about, you can retry it for it to get processed immediately.
    Your withdrawal can fail because of three things:
    a) The receiving bank downtime when it was to be processed
    b) An amount limit on your bank account (withdrawing more than your bank can take per time)
    c) Withdrawing to wallets and banks that are unavailable on the bank list, don’t attempt your withdrawal to it, please.

The reasons listed below could be the factors that could stop your withdrawal from being initiated:

  1. Incomplete withdrawal: Sometimes, you have not completely initiated the withdrawal and you think you have. After successfully withdrawing your savings or liquidating your investments to Stash, the funds in Stash have to be transferred to your bank account. Take note of the N25 withdrawal fee for amounts less than N50,000 and the N50 fee for amounts greater than N50,000.
    One of the ways to confirm you have withdrawn is the timer page you see. If you do not see this, please reconfirm your withdrawal.

  2. The app version: Is your app up-to-date? You might be experiencing some challenges withdrawing because you are using an older version of the app. Always download the updated version of the app from your App Store. Alternatively, you can log in via the website here.

  3. Authenticator code request: This means that you have 2FA set on your account. This is different from the security questions and answers you set. A code is supposed to be displayed on the authenticator app you set up. If you have changed your phone since you set it up, you might need to turn it off and on on your Cowrywise account. It’s pretty easy, go to your profile and go to Two-factor authentication under Security.
    Here is all you need to know about 2FA on Cowrywise.

We know you have worked hard saving and investing your money, and we are always here to ensure you enjoy the benefits of our products to the letter. Whether you choose to reinvest or withdraw, whatever your choice is- we are always here to help 💙.

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