Xendit offers a feature called Auto Withdrawal, which enables businesses to schedule withdrawals on a recurring basis. With this feature, you have the flexibility to select the frequency and the destination bank account for your auto withdrawals. Additionally, you can opt to set a Minimum Balance, specifying the amount you wish to maintain in your Xendit balance after each withdrawal. If no minimum balance is set, the default is zero, indicating that your entire Xendit Balance will be withdrawn to your bank account with each transaction.
There are three types of auto withdrawals, as follows:
- Daily auto withdrawal - This type of auto withdrawal runs everyday on weekdays at 9am and withdraws your final balance from right before 12am of the previous day.
2. Weekly auto withdrawal - This auto withdrawal runs every Wednesday at 9am and withdraws your final balance from end of Tuesday of the same week.
3. Monthly auto withdrawal - This auto withdrawal runs every first day of the month at 9am and withdraws your final balance from the last day of the previous month.
Scheduling Auto Withdrawal
Follow the following steps to schedule auto withdrawals:
- On your Xendit Dashboard, go to Settings > Withdrawal Settings > Auto Withdrawal
- Click the Add Auto Withdrawal button
- Select Destination Bank Account and Frequency
- Indicate Minimum Balance
- Select Start Date
- Click Submit
Tracking Auto Withdrawal Status
For every completed withdrawal, we send an email notification to the business email you used to register with Xendit. You may set email recipients of these notifications by doing the following steps:
- Go to Settings > Withdrawal Settings > Email Notifications
- Click Edit emails button
- Start adding email addresses in the provided text box. Note that once you’ve added email addresses in the Email Notifications section, withdrawal notifications will be sent only to the email recipients you’ve added, no longer to all users with Withdraw access. This can be useful for cases when your users with Withdraw access do not want to receive withdrawal notifications or when a non-Xendit user within your team or organization needs to be notified. Note as well that you may only be able to add up to ten (10) email recipients.
You can also check the status of your withdrawal request in the dashboard:
- Go to Balance Tab
- Select Balance History
- Filter table to “Withdrawal”
- Check whether your withdrawal is already on the list, which means it is completed
- If withdrawal transaction is not found in the said table, go to Pending section beside Balance History. Balance History contains all transactions that have been successfully debited from or credited to your Xendit Balance. Pending, on the other hand, displays transactions that are still pending in process and haven’t been settled.
- Filter Pending table to “Withdrawal”
- Look for your withdrawal transaction
Notes for Auto Withdrawal:
- You can add multiple withdrawals right now but only one auto withdrawal can be active at a time. You can pause or delete an auto withdrawal by clicking the pause or trash icon located in the Auto Withdrawal section.
- If you have zero balance, you won’t be able to create an auto withdrawal.
- If your balance is equal or below the minimum balance you set, the auto withdrawal will not run. Once your balance is above the minimum again, the auto withdrawal will resume and run on the next cut-off date/time.