Deposits and withdrawals for South African clients are processed in accordance with AML, FICA, and Terms of Service requirements. These rules are designed to ensure secure, traceable, and compliant handling of your funds.
Can I use a different payment method for withdrawals?
Using an alternative payment method is generally not permitted. In exceptional cases, it may be allowed only after additional verification and prior compliance approval. Approval is not guaranteed and depends on regulatory and risk considerations.
Can a withdrawal request be cancelled?
A withdrawal request can be cancelled only if processing has not yet started. Once the payment has been sent to the payment provider, cancellation may no longer be possible.
Why are these rules required?
As a licensed intermediary, Weltrade SA (PTY) Ltd must comply with South African AML and FICA regulations. These rules:
Prevent third-party payments and fraud
Ensure traceability of funds
Reduce the risk of financial crime
What happens if rules are not followed?
If payment rules are breached, transactions may be:
Delayed
Placed on hold
Rejected or refunded
Additional verification may be required before processing can continue.
Key takeaways
Clients onboarded under South African FSP licence must use the same, verified payment method for both deposits and withdrawals. Withdrawal cancellation depends on processing status, and all payment activities are subject to regulatory compliance requirements.