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.
Why you don’t get your withdrawn funds in the nick of time
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? Check these two articles: Stash is Getting a Major Upgrade and How Investments Work at Cowrywise.
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. To buttress this, see this article on Navigating Downtime on Cowrywise.
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 your 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. You have 3 retry attempts to get the withdrawal processed immediately.
This can happen because of three reasons:
- The receiving bank downtime when it was to be processed
- An amount limit on your bank account (withdrawing more than your bank can take per time)
- Withdrawing to wallets and banks that are unavailable on the bank list, don’t even bother, please.
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 to retry.
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.
Read more on How Two-factor Authentication (2FA) Works on Cowrywise.
In conclusion..
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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Good evening, my question to you please if open an account today in naira his the money will converted to us dollar to running the account
If you are investing in a dollar fund, yes.
Can the funds be traded rather than investing to increase gains?
What if your money is in cash(Dollar)
Please I already have an account, will I have to re-open another account before investing in dollar?
Can I invest in the next eurobond using dollar (cash)? If yes, will my returns be in dollar as well or it will be converted to naira??
Hi Helen, you can invest in Eurobonds at any time. However, we only accept naira deposits at the moment. Also, your returns accrue in dollars.
So which is best to earn the second way or first?
Focusing on returns will be better
Hi, what is the minimum amount you can invest with.
Hi there. You can invest the naira equivalent of $100
Hi Ope, does that mean I’d need two accnts to operate the fund, I.e a naira account to put in the naira funds which is d only 1 u currently accept, then a domicilary account where my returns would accrue in?
I want to invest in your Eurobond.
I have re-installed your new app an still can get the eurobond plan?
How much is the minimum equivalent dollar for a start?
Can i get an overview of all the benefits and rules of this plan?
***and still can’t get the eurobond plan?
Do you allow people from south Africa
Hello, my question is if I invest in the dollar mutual fund how do I get the returns?
Will it be in naira or in dollars and will I have to open another account for the returns to go into
Can’t you go down to 50USD
Hello Nsikak, currently the minimum is $100 but we we are looking at a possible review in the future.
The new minimum is $10
Hello will I have to re-open another account before investing in dollar?
luckysolomon444@gmail.com
I have invested in dollars mutual fund… It means I Will get my return in one year
Hi Jonathan,
How is the return/interest on your investment from November 27,2020 so far??
No you don’t have to, just click on invest in mutual funds, you will see the options there. You can navigate and alot with your account.
If I invest in the euro bond, it is expected that my return accrues in dollar, right? And how do I withdraw the dollar? Do I need to convert it to naira, if yes, how can I convert my dollar to naira on the app. Lastly, how long do I need to leave my investment on cowrywise? Or can I withdraw anytime?
Am interested. Let’s say I put in a $1,000. What the ROI…within 1 year.
Your interest is 6.6% then calculate it for one year, I think so
Hello,
As a Nigerian, can I save my money in dollars even though I don’t want to invest in a dollar mutual fund?
Pretty soon, yes!
If l invest in naira am l going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Am going to save in naira am going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Hello ope pls how much is $10 in naira
How long does the investment last.i.e when can I get my returns
I will give BIG CONGRATULATIONS to the entire Management of COWRYWISE for this wonderful opportunity to be a good investor with simple and sound education on various investment opportunities an investment can be done with little and grow within a short period period of time
God bless
Thank you so much ?
Now if I put 100$ in one year what is my return
If my return will be in the current dollar rate at the time, when i am investing and when am getting my returns, what exchange rate do u use? Black market rates or the bank rates – please verify in each case. Thanks.
Hello please if you can create the one we can start with the minimum $1 we’ll be happy ??
I just started investing in eurobond funds on cowrywise. So far so good, it has been a good platform to invest money and earn back. Kudos to the team behind this platform