Frequently Asked Question

What is Fast Clearing and how to use it?

Last Updated 26 days ago

Fast Clearing is an added function that allows non-Standard Bank users to process their withdrawals on the same day they have made them.

Why non-Standard Bank users only? 

ChainEX currently uses Standard Bank as their bank of choice, therefore any withdrawals made to a Standard bank already receive their funds within 24 hours.

Please follow these easy steps to make a ZAR withdrawal using the fast clearing function:

1. Navigate and log in to chainex.io

2. Select “Balances”

3. Identify your ZAR wallet

4. Under “Action” there are four different icons, select the second icon - withdraw (a Bitcoin with an up arrow) or click the withdrawal button on the ZAR Card on the top of

the balance page.

5. If you have not yet enabled your 2 Factor Authenticator (2FA), you would be required to do so first. If you are not sure what 2 Factor Authentication is then please click here for more information.

6. Click on "Enable 2FA" and follow the steps

7. Enter all the information required to make the withdrawal - you are required to link your bank account to your ChainEX account. To link your bank account, follow these

simple steps here.

8. To enable the fast clearing function you will need to select the “Fast Clearing” checkbox below the amount input on the ZAR withdrawal page.

9. Select “Process Withdrawal”

PLEASE NOTE: Your ZAR withdrawal will be cleared within 24 hours of confirmation to any bank at an increased fee of R55.00 per withdrawal. This facility is also only available from 09:00 to 15:00 daily.

PLEASE NOTE: Fast Clearing is only available for the following banks:

  • ABSA
  • FNB
  • Capitec
  • NedBank
  • Investec
  • Sasfin Bank
  • Discovery Bank

For more information regarding "What is Fast Clearing and How to use it?", please watch this Youtube video, over here

If you are not sure how to make a ZAR withdrawal please see click the link here

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