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FAQ: Why can’t my money be converted or withdrawn after selling my shares?
Also known as : How to withdraw funds from moomoo to my bank account? How to withdraw my money from Funds/Unit Trusts?
This is written from the perspective of a moomoo Singapore customer. If you are in other countries, the information regarding conversion to SGD and withdrawing to a bank account in Singapore is not applicable to you.
Withdrawal FAQ for those in the US
Click the link and scroll down to FAQ on Deposits and Withdrawals https://www.moomoo.com/community/feed/107171423388054?_=1657719525
Withdrawal FAQ for those in Australia
https://www.moomoo.com/community/feed/108021206024198?lang_code=2
Settlement Period
After the shares are sold, you have to wait T+2 trading days (based on the time zone of the stock market) for the funds to settle before you can:
1) Withdraw, or
2) Convert to your preferred currency using moomoo’s rate (Accounts > More > Currency Exchange) and withdraw.
If you sold a stock on Mon, Tue is only T+1. Do factor in time zone differences (SG, Malaysia and Australia are ahead of the US). Furthermore, stock markets don’t operate on weekends and public holidays.
This is written from the perspective of a moomoo Singapore customer. If you are in other countries, the information regarding conversion to SGD and withdrawing to a bank account in Singapore is not applicable to you.
Withdrawal FAQ for those in the US
Click the link and scroll down to FAQ on Deposits and Withdrawals https://www.moomoo.com/community/feed/107171423388054?_=1657719525
Withdrawal FAQ for those in Australia
https://www.moomoo.com/community/feed/108021206024198?lang_code=2
Settlement Period
After the shares are sold, you have to wait T+2 trading days (based on the time zone of the stock market) for the funds to settle before you can:
1) Withdraw, or
2) Convert to your preferred currency using moomoo’s rate (Accounts > More > Currency Exchange) and withdraw.
If you sold a stock on Mon, Tue is only T+1. Do factor in time zone differences (SG, Malaysia and Australia are ahead of the US). Furthermore, stock markets don’t operate on weekends and public holidays.
Note: The settlement period for the US market will be shortened to T+1 starting from 28 May 2024.
For funds redeemed from mutual funds, there is also a waiting period before the amount is withdrawable (it varies for different mutual funds). To check this, you can go to the fund, click on “Subscribe” > ”Buying Rules” at the top right corner > “Redemption” tab. The picture below is for Cash Plus SGD.
To learn how to redeem from funds/unit trusts, click Cash Plus - a possible vehicle to park your idle funds and scroll down to “How to Redeem”.
How to Withdraw (for those in Singapore)
Please add your bank account details prior to withdrawal.
Accounts > More > Bank Account
Accounts > More > Withdraw
1) Withdrawal to a third party account is not allowed due to anti-money laundering policy.
2) You have to upload a picture of the passbook page or bank statement showing the bank account number and the name of the bank account holder (the name must be the same as the moomoo account holder). Other sensitive information can be concealed.
3) Withdrawing USD/HKD directly to a SGD bank account will result in conversion to SGD by the receiving bank at the bank’s exchange rate. If you have a multi-currency bank account, you can withdraw USD/HKD without conversion but non-DBS accounts and overseas bank accounts will be charged telegraphic fees. Withdrawal Fees-moomoo Help Center
1) Withdrawal to a third party account is not allowed due to anti-money laundering policy.
2) You have to upload a picture of the passbook page or bank statement showing the bank account number and the name of the bank account holder (the name must be the same as the moomoo account holder). Other sensitive information can be concealed.
3) Withdrawing USD/HKD directly to a SGD bank account will result in conversion to SGD by the receiving bank at the bank’s exchange rate. If you have a multi-currency bank account, you can withdraw USD/HKD without conversion but non-DBS accounts and overseas bank accounts will be charged telegraphic fees. Withdrawal Fees-moomoo Help Center
I’m not a staff of Moomoo. I wrote this to help fellow Moomoo users. Pls click 👍 if it has helped you.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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bubbleberrygum : What does it mean by “ funds to settle”? Thank you for sharing your knowledge in advance
70087910 bubbleberrygum : "become withdrawable cash"
bubbleberrygum Dadacai OP : done so :)
Dadacai OP bubbleberrygum : Thanks.
Mr Ricky ling : Done
102719228 : If so, this also means have to wait T+2 for the funds (example USD settlement) before any new Buy trade (in USD in US Market) with the Sale proceeds?
Alpacanotyourpapa : so how do i go from cash to withdrawal cash?
Dadacai OP Sentinel88 : You should be able to use the funds to trade immediately. Check with customer service if you have problems.
Dadacai OP Alpacanotyourpapa : Wait, as explained in my main post.
iTiNg27 : Why my cash were not converted to withdrawable funds? What do i need to do?
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