5 of your Capitec and XM questions answered

Although the processes may seem confusing at first, making deposits and withdrawals between XM ( and Capitec is actually quite easy.

Capitec has managed to cement itself as one of the leading banks in South Africa, despite its young age.

Moreover, it is likely that Capitec will continue to grow in popularity if it continues to form partnerships with trusted forex platforms like XM.

Capitec is South Africa’s biggest bank

It is never easy for a new name to breakthrough in the consumer banking industry, but Capitec (which was only founded 22 years ago in 2001) has not only managed to make a name for itself among South African consumers, but to also leave the country’s so-called “Big Four” banks in the dust, in the process.

Capitec had over 18 million active clients, with about R25 billion in shareholders’ funds at the end of the financial year in 2022. It has expanded its business to include over 850 branches and 14000 employees across the country.

5 things you did not know about Capitec and XM

Riaan Stassen (Capitec’s founder and chairman) explained in a 2018 interview that he believed that the bank’s success was due to its unrivalled “focus”. And a survey done by the bank in 2019 revealed that lower fees and faster turnaround times were among the top reasons why clients chose Capitec over other service providers. Now Capitec is leading the charge once again, when it comes to forex trading with forex brokers.

Not only is Capitec an Authorised Foreign Exchange Dealer, but you can actually use your Capitec accounts (as well as the Credit and Debit Cards linked to your Capitec accounts for VISA or MasterCards) to deposit and withdraw funds from your accounts on forex trading platforms like XM. XM ( is one of the most popular global forex brokers and has become a particular favourite among South African forex traders.

In fact, the processes for completing these transactions are actually quite simple, once you get the hang of it and understand the answers to your questions.

The Pros and Cons of the XM trading platform

The forex broker and trading world can be complicated and confusing. This is why it always best to remind yourself about the most important pros and cons that a platform like XM has to offer, before you jump into the nitty-gritty details of deposits and withdrawals, as follows:

Pros Cons
  • The XM platform does provide the option for you to choose ZAR as your base currency
  • XM does not charge you any withdrawal fees (though some terms and conditions do apply)
  • XM has a variety of withdrawal and deposit methods to choose from
  • Deposits and withdrawals may take longer during peak times
  • Although XM does not charge you withdrawal fees, some service providers might

1. Does XM work with Capitec?

The XM platform offers clients a wide range of both deposit and withdrawal methods for account holders to choose from, including Debit and Credit Cards, Neteller, Skrill, and more.

And fortunately for South African traders who access the platform regularly, XM has also partnered with several South African banks (including Capitec) to offer clients local (domestic) bank transfers for deposits.

2. Can I deposit on XM with Capitec?

Since there is this agreement between XM and local banks like Capitec to allow local (domestic) bank transfers and the XM platform does provide the option to choose ‘ZAR’ as your base currency, you will be able to deposit funds on XM with Capitec.

Although it may take you some time to get used to using the XM platform and to navigate all of the different tabs when you are just starting out, the deposit and withdrawal processes are not very complicated, and they can be explained in just a few simple steps.

3. What is the process and how can I deposit on XM using Capitec?

The process to deposit funds into your XM account using Capitec is quite simple. The only thing that you really need to remember is that you start this process on the XM platforms, and not the Capitec platform, as is outlined below:

  • Step 1: Log in to your XM account
  • Step 2: Access the “Members Area” and click on the “Deposit Funds” option
  • Step 3: Select your preferred deposit option (pro tip: try selecting the “Online Bank Transfer” option instead if you are having trouble depositing funds via your Capitec card.)
  • Step 4: Enter all of the necessary information for the deposit (the boxes will turn green once the required information is entered)
  • Step 5: Click on “Deposit”
  • Step 6: Click on “Confirm” once you have reviewed the information

If you selected the Online Bank Transfer option, you may be required to use the information provided upon completion of this process to make the actual transfer through the Capitec app.

4. How do you do a XM withdrawal to Capitec bank?

The process for withdrawing funds from your XM trading account is quite similar to the process for depositing funds. It requires that you do the following:

  • Step 1: Log in to your XM account
  • Step 2: Access the “Members Area” and click the “Withdraw Funds” option
  • Step 3: Choose your preferred withdrawal method from the options provided
  • Step 4: Enter all of the necessary information when prompted
  • Step 5: Click “Submit” to finalise the withdrawal

It is, however, noteworthy that you may be required to validate your account before you can make a withdrawal. This process will require additional documentation, like proof of identity and/or proof of residency.

5. How long do withdrawals take between XM and Capitec?

Typically, it should only take about 24 hours for your withdrawal to be processed by the XM team once your account has been validated. However, as with all banking activities, this process may take a bit longer, particularly during busy times (like during public holidays, over weekends, or at times when there is a very high trading volume).

If you do find that you are having problems withdrawing your funds, your best bet is to contact the XM Customer support team with the details provided on the “Contact Us” page on the XM website.