How do withdrawals work?
How do withdrawals work?
There are two types of withdrawals from your client accounts at FundingPartner, automatic and manual. FundingPartner allows you to control your withdrawal preferences, so you can customize withdrawals according to your needs.
Automatic withdrawals:
You can choose up to four automatic payments per month. You will receive a payout if the balance in your client account is at least NOK 100. If you have less than that, your funds will be paid out once a month on the last automatic payout of the month.
According to Norwegian law, FundingPartner cannot hold deposits indefinitely in Norway. Therefore, all investors must have at least one automatic withdrawal from their Norwegian client account each month. This occurs through an automatic transfer of funds to your bank account on the 28th of each month when the account is emptied.
If you have funds available in a foreign currency on your client account, you must convert them to NOK before they can be paid out. You can choose to have your free funds in foreign currency automatically converted to NOK at regular intervals. The transfer will take place the day before your chosen automatic withdrawal days. Thus, free funds in foreign currency will be transferred to your bank account, along with free funds in NOK. Read more about exchange rates for automatic currency exchange under "Automatic Currency Exchange" in the "Deposits and Withdrawals" tab.
Note that funds in your securities account are not automatically paid out, and they have the option for automatic payment in the same way as the crowdlending account.
To change your preferences for automatic transfers, go to "My Overview," "Deposits and Withdrawals," and select options under "Automatic Withdrawal."
Manual withdrawals:
If you do not want to wait for automatic payment, you can choose to transfer to your own bank account at any time from the "Deposits and Withdrawals" tab under "My Overview." Here, you can choose which client account to transfer funds from and which account to transfer funds to. You can also transfer amounts standing on the client account between different currencies.
After that, the withdrawal must be confirmed with BankID. You must use BankID because it is legally required for security reasons to initiate a payment, cf. the regulation on payment service systems § 5. The withdrawal is usually transferred to your bank account within one working day.
The minimum amount for manual withdrawals to your own bank account is NOK 100.