Wave goodbye to ZAR withdrawal fees – you'll now be able to take out your funds absolutely free of charge with Luno ?? pic.twitter.com/7m3BLmg7QL
— Luno (@LunoGlobal) December 10, 2020Luno has introduced free withdrawals for the South African Rand (ZAR) while also enabling express withdrawals for users to receive funds even faster for a fee of just $1 (R20).
The free withdrawals are permanent and apply only for ZAR and not other crypto withdrawals.
This update comes a few months after Luno announced it had crossed the 5 million customer mark and introduced a savings wallet to enable African customers earn interest on their bitcoin savings.
SEE ALSO: Luno Launches a Savings Wallet to Enable African Customers Earn Interest on Bitcoin
Luno has also recently been expanding rapidly having entered the following jurisdictions in a span of 3-5 months:
- Australia
- UK
- Zambia
- Uganda
A recent survey by the company revealed that 35% of users do not currently earn any interest on their money.
In our recent survey, 35% of respondents said they don’t currently earn any interest on their money.
It's time to make your money work for you. Earn up to 4% interest PA with a Luno BTC Savings Wallet:
Learn : https://t.co/l7Dk2Oxm6W pic.twitter.com/53fXked6kK
— Luno (@LunoGlobal) December 6, 2020
The survey also showed that:
- 95% of luno customers want to earn interest on their bitcoin
- 95% of South Africans would use a Savings Wallet that offered interest on their bitcoin balance
- 55% of South African customers do not have investments other than crypto
The introduction of the Luno Bitcoin Savings Wallet and the free withdrawals in ZAR thus offers an attractive option for anyone looking to benefit from the new offerings without incurring extra costs.
RECOMMENDED READING: South Africa’s Luno Crypto Exchange Hits 5 Million Customers and Expands into Australia
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