Cash Withdrawals and Payments 

Make multiple withdrawals and payments to third party bank accounts.

Overview

Cash withdrawals and payments, made easy 

This guide is for advisers and investors

Did you know that as a user with transact access, you can make multiple withdrawals from a Netwealth account every day? You can also make payments to third party bank accounts.

These are just more ways we're making withdrawals and payments more flexible for our account holders.

 

In this module we will cover: 

Get started 

How to get started


Before using this tool, consider:


Do you have the appropriate Netwealth account?

Withdrawals to nominated bank accounts are available to Netwealth Wealth Accelerator account holders. For information on when you can withdraw from your Super Accelerator account, read your member information guides here.

Payments to third party bank accounts are available to Netwealth Wealth Accelerator account holders who do not have multiple signatories on their account.


Has pay anyone been enabled by the account holder?

To enable Pay Anyone, an account holder must log into their Netwealth account and navigate via the main menu to My Details > Bank Details, select the Pay Anyone tab and 'enable':


Are the correct nominated bank account details connected to your Netwealth account?


 Advisers and their clients:

Check to see if the required bank account is already connected by selecting a client and then navigate via the main menu to Client details > Bank settings.

 Investors:

Check to see if your required bank account is already connected by navigating to My details > Bank settings.

How-to-guide 

Adding an additional nominated bank account 

 

 For advisers and their clients:

Step 1: Download and complete the nominated bank account form

Navigate using the main menu to Forms & Research > Super Accelerator or Wealth Accelerator and download the 'Nominated bank account' form.

Advanced tip: Complete the form by adding the new account detail and have your client sign using their preferred method, which includes the use of digital signatures.

Note that we cannot accept click-to-sign signatures, we can accept signatures that involve the signer applying their hand-signature mark on the document with the additional protection of a cryptographic digital signature. For more information on our digital signature service, click here.

 

Step 2: Upload the completed form to Netwealth

Navigate using the main menu to Activities and Tasks > Document Upload and upload the signed form.

Advanced tip: If you do not upload your form via the secure document uploader, the original signed from will need to be posted to Netwealth and digital signatures would not be accepted in this case.

 

Step 3: Security check

For security purposes, the Netwealth account holder may receive a call from Netwealth to confirm that your client is aware of the instruction to add the additional nominated account. When the new account details are updated, the Netwealth account holder will receive a text message confirming the change.


 For investors:

Step 1: Add a new nominated bank account online

If you have transact access you can navigate using the main menu to My Details > Bank Settings and add your additional account

Step 2: Security check

For security purposes, you may receive a call from Netwealth to confirm that you are aware of the instruction add the additional nominated account, and to validate the account details. When the new account details are updated, you will receive a text message confirming the change.

How-to-guide 

Making a withdrawal or third party payment

 

Step 1: Navigate to the cash withdrawal tool

Select any account and then navigate using the main menu to Transactions > Pay and Withdraw > Withdrawal 

 

Step 2: Input the amount to withdraw from your account

a) Elect the withdrawal amount 

If there is enough available cash, input in the amount you would like to withdraw, and a narration for the withdrawal (e.g. investment property deposit).

b) Sell assets to top up available cash (optional) 

If there is not enough available cash at the time of the withdrawal, you can choose to sell a managed funds within the withdrawal screen (select the Yes option at the bottom of the page).

To track the status of the managed fund redemption, navigate to your Dashboard and look under My Tasks > Pending Withdrawals.


Advanced tip:
If you would prefer selling shares, you can proceed with the withdrawal and then go to Transactions > Buy and Sell > Sell Shares. The withdrawal will not proceed until sufficient cash is available, so will need to aware for any share trades to fill on market, or managed fund sales to settle.


Step 3: Selecting your withdrawal destination  

Option 1: Making a withdrawal to a nominated bank account

a) Click on the radio button to select the bank account option and select one of the nominated banks accounts.
b) When you are happy with the details, click Submit.


Option 2: Making a payment to a third party bank account 

a) Click on the radio button to select the pay anyone option.

b) In the blank fields, enter the bank details for the payment.

 

For advisers and their clients

 

c) Click Submit and the payment will be processed, and a confirmation notification will be sent to the client once completed.

Note: If the cumulative value of withdrawals instructed on the day exceeds $5,000, a SMS text notification will be sent to the account holder asking them to approve the withdrawal. We require the account holder to login to their account and verify the transaction before it can proceed. 

To approve the withdrawal, the account holder must login, navigate to Portfolio > Dashboard and under the My Tasks area click on the Pay Anyone task under Pending Approvals. This task will be automatically deleted after two weeks if it has not been approved/ rejected by the account holder. 

Once the client clicks on the task they will be able to view the withdrawal information. To proceed they simply click on Send SMS Code in the Security Check box which will provide a code to their mobile phone to enter.

The transaction will then be sent to Netwealth to finalise the payment and a confirmation notification will be sent to the account holder. 

Advanced tip: Advisers can view all their clients’ outstanding Pay Anyone proposals by navigating in the main menu to My Business > Open Activities.

 

For investors

c) When you are happy with the details, click Submit and you will be taken to the Withdrawal Summary page. 

Note: If the cumulative value of withdrawals instructed on the day exceeds $5,000, you will need to click on Send SMS Code which will provide a code to your mobile phone to enter. The transaction will then be sent to Netwealth to finalise the payment and a confirmation notification will be sent to the client once completed.

 

FAQ's

Yes. You are able to make as many payments to nominated accounts in a single day.

Yes, you can use our pay anyone functionality. Simply add the bank details and reference for the Netwealth account you would like to make payment to. Netwealth will process the payment via the Netwealth Applications account, and the contribution will be added to the receiving account the following day.

Netwealth will not allow Pay Anyone withdrawals to be used to pay advice fees. To instruct the payment of an advice fees, please complete the Change of Advice Fees form, which can be found at Forms & Research > Forms & Disclosure Documents > Wealth Accelerator.

Want to see this feature in action?

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