Changes to withdrawals

With fraud becoming more sophisticated, we’re continuing to invest in the latest technology to keep your personal information and accounts safe.

Macquarie Online Banking makes it easy to manage your everyday transactions, with two-step authentication providing an extra layer of security that helps protect your account from unauthorised access.

From 1 March 2023, we’ll no longer accept paper signed requests for withdrawal amounts under $100,000 for Macquarie Cash, Vision Cash and Investment Wrap Accounts. Instead, you’ll be able to make withdrawals yourself via our online and mobile banking platforms.

Our online functionality is a safer and more secure way to make withdrawals, because you can verify transactions with two-step authentication.

If you currently make transactions online

You can continue to use Macquarie Online Banking and verify payments via Macquarie Authenticator, as this change will not impact you.

If you're not making transactions online

Refer to Transfer money or make a payment from your account article for instructions on how to make withdrawals online.

Refer to Your Macquarie ID and password article for instructions on what to do if you’ve forgotten your password or Macquarie ID.

What are the alternatives to paper signed requests?

You can transfer up to $100,000 per day via Macquarie Online Banking and via the Macquarie Mobile Banking app (providing you have downloaded Macquarie Authenticator). If you haven’t downloaded Macquarie Authenticator, we encourage you to do so as it’s a safer and more secure way to verify transactions and other account information. If you haven’t downloaded Macquarie Authenticator, your daily transfer limit is $5,000.

If you need to transfer more than $100,000 you can use our withdrawal forms, or submit a paper signed request.

What is Macquarie Authenticator?

Macquarie Authenticator is our most secure and recommended verification method. It’s a mobile app that sends you actionable push notifications instead of SMS when you’re prompted to verify certain transactions and account changes when using both Macquarie Online Banking and the Macquarie Mobile Banking app.

How can I set up Macquarie Authenticator?

Refer to the Set up Macquarie Authenticator article to find out how you can set up Macquarie Authenticator.

Why do you need my email address or mobile number to transact online?

For security purposes, a mobile number and an email address is required to transact online.

Providing a mobile number means you can verify transactions through two-factor authentication. Having your email address on file also means that we can contact you quickly if we need to.

Can my adviser transact on my behalf?

If you have an adviser linked to your account, they’ll be able to initiate Adviser Initiated Payments (AIP). AIP is a service which allows advisers to make payments on behalf of their clients from their cash account. It is a faster and more secure way to make payments.

If your adviser initiates an AIP, you’ll receive a push notification to approve/deny the payment via Macquarie Authenticator. If you haven’t already downloaded Macquarie Authenticator, you can authorise the payment via an SMS code.

What if I can’t transact online for accessibility reasons?

We remain committed to ensuring that our digital products and services remain accessible. If you cannot use online banking for accessibility reasons, please give us a call on 1800 806 310 to discuss your options.

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