Once you have successfully created your Superhero account, you’re ready to deposit funds into your Superhero Wallet and start trading.
Your Superhero Wallet has two sections:
- AUD Wallet
- USD Wallet
Deposit funds into your Superhero Wallet
Superhero offers three convenient funding methods: PayID, Bank Transfer, and BPAY.
You can swiftly deposit funds into your Superhero Wallet and initiate trading with PayID. PayID, an Australian payment platform, is both free to use and facilitates instantaneous fund transfers.
In cases where your bank doesn’t support PayID, Superhero also accommodates deposits through direct Bank Transfers and BPAY.
It’s important to note that Bank Transfers and BPAY deposits may take 1-2 business days to reflect in your Superhero Wallet. Additionally, BPAY transfers will incur an additional A$1.00 transaction fee.
Please keep in mind that our minimum trade amount for ASX shares is A$100, which includes brokerage fees. Consequently, for BPAY transfers, you will need at least $101 in your wallet to execute a trade.
For more information on transferring funds, click here.
Converting your AUD to USD
Superhero offers seamless in-app currency conversion between AUD and USD.
If you plan to trade U.S. shares using Superhero, you’ll need to convert your Australian Dollars in your Superhero Wallet into U.S. Dollars. To initiate this process, navigate to the USD tab within your Superhero Wallet.
Specify the amount in AUD that you want to convert into USD, keeping in mind that the minimum trade amount for U.S. shares is $50 USD. Click the calculate button to view the resulting USD amount, along with the applicable FX Rate and FX Fee (in AUD).
Once you’re satisfied with the details, click the confirm button to execute the transfer in real-time, without any additional fees for real-time transfers. Please note that the transfer confirmation has a 10-second time limit. If the process times out, simply re-enter the desired amount and confirm.
Do note that the currency conversion rate may dynamically update to reflect real-time rates, potentially resulting in a different quoted price.
To convert your funds back from USD to AUD, simply click the directional arrows button to reverse the transfer direction.
Movement of funds within your Superhero Wallet
Available to Invest
These are the funds available for immediate investment and/or for facilitating currency transfers between AUD and USD.
Restricted funds refer to funds that are temporarily held in your account to fulfill pending buy orders or to cover dividends that have been declared but not yet distributed.
Additionally, funds can be restricted if you have chosen to participate in corporate actions, such as share purchase plans or entitlement offerings.
If you’ve recently deposited funds into your Superhero wallet, these funds will be temporarily restricted from withdrawal. However, you can freely utilise these funds for trading purposes at any time. PayID deposits will be restricted for one business day, while BPAY deposits will remain restricted for five days.
The sale proceeds from shares are settled in accordance with the T+2 settlement process, which means they are available for use two trading days after the trade date. During this period, Superhero allows unsettled funds to be used in making new trades, however they cannot be withdrawn from your Superhero Wallet until they have settled.
The total funds you have in your Superhero Wallet, including funds available to invest, unsettled funds and restricted funds.
To initiate a withdrawal from your Superhero Wallet, it’s essential for you to have linked a Bank Account.
Any deposits made using either PayID or a direct bank transfer (via BSB and Account Number), will automatically establish and authenticate your bank account for withdrawal purposes.
Withdrawals can be made from the AUD tab within your Superhero Wallet. Simply input the desired withdrawal amount and provide a reference for your own record.
Please note that funds can only be withdrawn in AUD. If you have sold U.S. shares and intend to withdraw funds, you will need to convert them back into AUD.
For proceeds from share sales, they follow the ASX T+2 settlement process, which means they become available for withdrawal two trading days after the trade date. Once the funds have settled, you can proceed with the withdrawal process.
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