Superhero deposits and currency transfers

by

Superhero Team

July 2nd 2021 3 minute read

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 three sections:

  1. AUD
  2. USD
  3. Bank Accounts

Deposit funds into your Superhero Wallet

You can deposit funds into your Superhero Wallet in real time and start trading straight away with PayID. PayID is free to use. Note, our minimum trade amount for ASX shares is A$100, including brokerage. 

Superhero also offers direct Bank Transfers and BPAY, in the case that your bank doesn’t support PayID. Bank Transfers and BPAY deposits may take 1-2 business days to appear in your Superhero Wallet and BPAY transfers will incur a $1.00 transaction fee. This means you will need at least $101 in your wallet to make a trade.

For more information on transferring funds, click here.

Transferring AUD to USD

Superhero allows you to transfer funds from AUD to USD and back in real time, with no express funding fees. If you wish to trade U.S. shares through Superhero, you will need to transfer Australian Dollars in your Superhero Wallet to U.S. Dollars. To get started, navigate to the USD tab in your Superhero Wallet. 

Specify the amount in AUD you wish to transfer to USD (minimum trade amount for U.S. shares is $50 USD). Click the calculate button to see the amount you will receive in USD, as well as the FX Rate and the FX Fee that will be charged on the transfer (in AUD).

When you’re ready, click the confirm button to transfer funds in real time (no extra fee for real-time transfers). Transfer confirmation has a time limit of 10 seconds. If your transfer times out, simply re-enter the amount you wish to transfer and confirm.

To transfer funds back from USD to AUD, simply click the directional arrows button to reverse the transfer direction. 

Types of Funds in your Superhero Wallet

Available to Invest

These are the funds you can use to invest right away , and the funds that can be used to transfer funds between AUD and USD.

Restricted Funds

Restricted funds are funds withheld from your account in order to fulfil pending buy orders or dividends that have been declared but not yet paid.

Funds may also be restricted if you elected to participate in corporate actions (e.g. share purchase plans, entitlement offerings). 

If you recently deposited funds to your Superhero wallet, these funds will be restricted from withdrawal, but you can use the funds to trade at any time. PayID deposits will be restricted for one business day, while BPAY deposits are restricted for five days.

Unsettled Funds

Share sale proceeds settle according to the T+2 settlement process, on the trade date plus two trading days. During this time, unsettled funds can be used to place trades, but they cannot be withdrawn from your Superhero Wallet.

Total Cash

The total funds in your Superhero Wallet, including funds available to invest, unsettled funds and restricted funds.

Withdrawing Funds

Before you withdraw funds from your Superhero Wallet, you’ll need to have a Bank Account linked to your Superhero Wallet. Any deposit made after May 26th, 2021 using PayID or a direct bank transfer (BSB and Account Number) will automatically create and authenticate your bank account for withdrawal. 

Funds can be withdrawn from the AUD tab of your Superhero Wallet. Enter the amount to transfer and a reference for your record. Funds can only be withdrawn from your Superhero Wallet in AUD. If you have sold U.S. shares and wish to withdraw funds, you will need to transfer funds back into AUD.

For share sale proceeds – proceeds settle according to the ASX T + 2 settlement process, on the trade date plus two trading days. Once the funds settle, you can withdraw them.