FAQs

How can I withdraw funds from my Collctiv pot to my bank account?

You can withdraw your funds to your bank account from within your pot. Simply tap or click on 'Send money' and the 'Withdraw to your bank account'. From there you can select which bank you would like to send the funds to (that bank account does need to be in your name), or add a new bank account.

How long does it to receive my funds?

We have three different options for withdrawals: standard, next day and priority.

• 🚶 Standard withdrawals will be with you in 2-3 working days
• 🏃 Next day withdrawals will be with you the next day (funnily enough), by 7pm
• 🏇 Priority withdrawals will be with you the same day, so if you're really running out of time, you can get your funds pretty much straight away!

How much does it cost to do a bank withdrawal with Collctiv?

You can withdraw funds to your bank completely for free using our standard withdrawals! If you need your funds a little sooner than 2-3 working days, there are two options:

• Next day withdrawals cost £2.50 per withdrawal
• Priority withdrawals cost £3 per withdrawal

The fee is taken from the total amount you withdraw. So, for example, if you were to withdraw £100 and requested a next day withdrawal (and that request was approved), then you would receive £97.50 into your bank before 7pm the next day.

As we review all withdrawal requests, sometimes we may not be able to grant a request for a priority or next day withdrawal. If that happens, we will simply send you your funds on a standard withdrawal as usual, and credit any fees back to the withdrawal amount, so you won't be out of pocket.

Why aren't all of my pot funds available for a faster withdrawal?

All of your funds are available straight away for you to withdraw on a standard withdrawal (which will take 2-3 days to reach your bank account). However, only funds which have 'cleared' into your Collctiv pot will be available for you to withdraw on a priority or next day withdrawal. This is because when someone makes a payment into your pot, those funds can take a couple of days to reach your pot. You will be able to see how much of your pot balance is available for a next day or priority withdrawal by clicking on those options when you go to make a withdrawal.

Please note: next day and priority withdrawals are currently only available on the website version of Collctiv, not on the iOS or Android app. If you want to use one of these withdrawal methods, please log into your account on the Collctiv site.

Please do have a read of our terms & conditions for all the full details on how our standard and faster withdrawals work, what limits and restrictions there are and how the fees work.