According to Marius Reitz, Luno GM for Africa:
“Luno customers wanting to withdraw their rands on the Luno platform can now count on real-time processing instead of waiting for manual batch payments, which have traditionally taken place twice a day.”
Currently, only Standard Bank account holders are enjoying this service. However, Luno is looking to expand real-time instant withdrawals to other non-Standard Bank accounts at a low fee.
“This service has been launched in response to customer feedback. Cryptocurrency traders need a quick, secure and reliable mechanism to withdraw their cryptocurrency. The instant withdrawal and payment feature will support our customers’ requests for faster processing times.” ~ Reitz
The new instant withdrawal service comes just a month after, VALR, the fast-growing South African exchange, introduced a ‘Fast Withdrawals’ option allowing customers with bank accounts at participating banks to receive their funds nearly immediately after withdrawal processing.