Why have I encountered a problem with my withdrawal?

Why Am I Having Problems With My Withdrawal?

As a financial services firm, IG is obligated to comply with anti-money laundering regulations, which sometimes affects how quickly we can process withdrawals. This article explains the most common reasons why your withdrawal might be unsuccessful and provides clear guidance on how to resolve each issue.

If your withdrawal has been declined, you should have received an email explaining the specific reason. If you didn't receive this information, please contact our customer support team.

1. We Need to Send Your Funds Back to Source

We're required to return money in the same method and to the same place we received it from. For example, if you made a deposit using a debit card, we would typically need to return your funds to the same card.

Example: If you deposited £500 via your Barclays debit card, we would need to return funds to that same Barclays card.

We may consider a suitable alternative at our absolute discretion, subject to verifications of cards, payments, or bank accounts.

2. We Need to Verify Your Source of Funds

When we receive a bank transfer or card payment from you, we usually don't receive the complete bank account details from which the deposit originated.

Because of this, we often require you to verify your source of funds by providing a statement so we can securely return the funds to an account in your name.

How to Verify Your Source of Funds

Log in to your IG account
Go to the 'My Account' section
Select 'Verification' from the menu
Choose the type of verification needed (card or bank)
Upload the required documentation
Wait for confirmation (typically within 1-2 business days)

Desktop

Mobile

Common Verification Scenarios:

Bank Transfer Deposits: If you've deposited by bank transfer, we'll need to verify the deposit and bank account it originated from before returning your funds. Please upload a bank statement showing the transaction to IG.

Card Deposits: If you've deposited by card, we might need to verify your card before returning your funds to the linked bank account. Please upload a statement showing the card transaction to IG.

Multiple Card Deposits: If you've used several cards to deposit, we recommend verifying all card payments so we can refund a higher amount than initially deposited to these cards.

For example, if you deposited £300 from card A and £400 from card B, we might need to verify both cards before returning £700 to card A. Alternatively, without verification, you can return £300 to card A and £400 to card B.

Expired Card: If you've funded your account with a now expired card, we need to verify the payment from that card before returning your funds to a different card or the linked bank account.

If your card no longer shows in our 'verification' section, you may upload your statement as a 'bank deposit' verification.

Closed Bank Account: If your bank has closed down or your account is no longer active, please provide the bank's confirmation letter or statement of closing. This will allow us to verify your original source of funds and process your withdrawal to an alternative account.

3. We Need to Verify Your Receiving Bank Account

If you have added a bank account we haven't verified before, we'll need to ensure we're sending your funds to a bank account held in your name.

To do so, please verify your receiving bank account before requesting a withdrawal.

Example of a bank statement suitable for verification. Ensure it shows your name, account number, and bank details.

Additional information

If your transaction to IG appears on a separate page to your other credentials, please make sure your bank account number is visible on both pages.

Please also note that your bank statement must be sent to us in a non-editable format.

4. Your Card Provider is Preventing Us from Returning Funds

If your card withdrawal gets rejected instantly, it was most likely declined by your card issuer. We recommend verifying your initial card payment to us and requesting a withdrawal to the linked bank account instead.

Note: Some card providers have policies that prevent them from accepting large refunds or refunds for certain types of services. In these cases, a bank transfer is usually the best alternative.

5. Your Bank Details Are Invalid

If we're unable to process your withdrawal due to invalid bank details, please check your bank details registered with IG to ensure they are correct.

For international transfers and transfers within UK, the correct format is:

Transfer Type	Required Details
UK Transfers (GBP)	Account Number + Sort Code
International Transfers or UK (non-GBP)	IBAN + BIC/SWIFT

How to Check Your Bank Details:

On Desktop:

Go to your My IG dashboard under 'live accounts', and select 'card/bank details'

On Mobile App:

Tap 'account' in the bottom right of the app, select 'withdraw funds', and then 'cards & accounts'

6. Your Funds Are Not Available to Withdraw

When selling equities on a share dealing or ISA account, there's a 2-to-3-day settlement period before your funds become available to withdraw.

Example Settlement Timeline:

Monday: You sell your shares
Tuesday: Settlement in progress (funds not yet available)
Wednesday/Thursday: Settlement complete, funds available to withdraw

During the settlement period, the value will appear as a credit to your account should you wish to trade, but you cannot withdraw these funds until settlement is complete.

For more information on settlement periods, click here.

Frequently Asked Questions

How long does verification take?

Verification is typically completed within 1-2 business days after we receive your documents. During busy periods, this may take up to 3 business days. You'll receive an email confirmation when your verification is complete.

Why is my withdrawal not in my account after 7 days?

Once approved by IG, bank transfers typically take 1-3 business days to appear in your account, depending on your bank's processing times. If it's been more than 7 days since approval, please contact our support team with your withdrawal reference number.

I've changed cards since opening my account. What should I do?

If you've changed cards since opening your account, you'll need to verify your original deposits before withdrawing to a new card or bank account. Upload statements showing your original deposits to IG through the verification section of your account.