Money transfer from one person to another is becoming easier as the years go by. With the rapid advancement in technology, it no longer matters if a recipient has a regular bank account or not. This is because sending money is now possible with the use of eWallets – as long as the recipient has an active South African cellphone number. And if there’s one bank in South Africa that should be offering this service, it would be Standard Bank – even though other banks like ABSA have also taken advantage of this service to satisfy the needs of their customers.
With Standard Bank instant money, you can send money to anyone in South Africa, as long as they have an active cellphone number. The process of registering for this process, sending the money, and withdrawing it is so simple that anyone, irrespective of the level of their knowledge of technology can do it. Also, sending money via Standard Bank instant money costs very little.
What Is Standard Bank Instant Money?
Standard Bank instant money is a service provided by Standard Bank to help all their customers send cash to anybody in South Africa, whether they have an account or not. The money is sent using their active South Africa cellphone number and a Voucher PIN.
Aside from online transactions within south Africa like payment of electricity bills or buying airtime, you cannot use the money in your instant money wallet to make international online transactions. Also, the Standard Bank instant money does not allow you to send money from South Africa to any other country.
The main difference between Standard Bank instant money and the regular Standard Bank cash transfer is that for the latter, the recipient of a cash transfer must have an existing bank account with any bank in South Africa. However, if your aim is just to send money to anyone around South Africa, especially if they do not have an account, but have a cellphone number from any telecommunication company in South Africa, then you should take advantage of the Standard Bank instant money.
Benefits Of Using Standard Bank Instant Money
For someone who may have been using the regular Standard Bank cash transfer methods to send money directly to a recipient’s account, you may be wondering why you should switch to Standard Bank instant money. Here is the answer you need:
- No extra monthly fees or charges are required to withdraw the money.
- You can send money to anybody at any time and any day whether they have a bank account or not. You can do this via cellphone banking, app, ATM, or a retail store.
- You can send both single and multiple cash vouchers.
- Instant money can be used to buy data bundles, airtime, and pay electricity bills.
- For safe withdrawal, a 4-digit collection PIN is used to redeem the cash at any Standard Bank ATM or retail point.
How To Register For Instant Money Service?
Registering for Standard Bank instant money banking is a very easy process and does not take so much of your time, the registration process requires that you have a South African identity number. Here is how to register for Standard Bank instant money banking:
- Dial *120*212# on your mobile phone.
- Enter your South Africa ID number.
- Create your own personal instant money wallet PIN with which you can access the wallet.
You can top up the money in your instant money wallet via cellphone banking, ATM, mobile app, or at any Standard Bank retail store.
How Much Does It Cost To To Use Instant Money Wallet?
Before venturing into the use of Instant Money Wallet, it is important to know the fees it may attract. The good news is that Standard Bank instant money wallet is budget-friendly, and does not cost so much to use and maintain. Registration is absolutely free to make it easier for all customers to get access. Here is a breakdown of all possible charges:
- Redeeming the cash – Free
- Withdrawal – First withdrawal is free, then subsequently you pay – R5
- Paying for electricity bills, buying airtime and data bundles – Free
- Sending money to someone who has an Instant Money Wallet – Free
- Sending money to someone who does not have a wallet – R5
If I Change My Phone What Happens To The Money In My Instant Money Wallet?
Since Instant Money is linked to a cellphone number, this is one of the questions most customers have. well, a change of phone is nothing to worry about as all the money in your Standard Bank instant money still remains intact for you. The possibility of phone theft is one of the reasons why you should keep your wallet PIN safe. Instead of writing it down somewhere or storing it on your phone, memorize it. If your phone is stolen and your PIN discovered, you may not get back your money.
How To Send Instant Money
From the comfort of your home and with your cellphone, you can send instant money to anyone with the help of a USSD code – whether you have a smartphone or not. To send instant money, the recipient must have an active South Africa number. Please note that there is a limit to the amount of Instant Money you can send. The daily limit is set at R5,000 while the monthly limit is set at R25,000.
Send Instant Money Using Cellphone Banking
- Dial *120*2345#.
- Follow the prompts to enter the recipient’s cellphone number and the amount you want to send.
- The recipient will receive an SMS containing a voucher and you will send a PIN with which they would redeem the money.
You can also send Instant Money via online banking and the Standard Bank mobile app. All you need to do is navigate through your online portal or mobile app to find the instant money option.
Send Instant Money Directly From Your Wallet
- Dial *120*212# on your phone.
- Enter your Instant Money wallet PIN.
- Follow the prompts to enter the amount and cellphone number of the recipient.
- The recipient will receive a voucher number, while you send them the four-digit withdrawal PIN.
For those who are not very familiar with using their phones for transactions or may not be able to use their phones to send Instant Money at the time they need to, Standard Bank has made it possible for them to also send Instant Money offline – through a retail store.
How To Send Instant Money Through Retail Stores
- Visit a Standard Bank retail store.
- Give your ID and cellphone number to the cash register.
- Provide information regarding the amount you want to transfer.
- A voucher and PIN will be given to you.
- Sending money is free if you send it directly to someone who has an e-wallet, and really cheap when you send it to those who do not have an e-wallet.
- Send the PIN and Voucher you received to the recipient, as he/she will be needing them to withdraw the money.
- You can withdraw instant money at any Standard Bank without an ATM card.
- Redeeming the money is free at any Standard Bank ATM.
How Much Does It Cost To Send Instant Money?
The amount it will cost you to send instant money will depend on your method of sending. Sending Instant Money through a retailer would cost you R9.95, irrespective of the amount you are sending. For sending through Internet banking, Mobile app, ATM, and cellphone banking, up to R500 would cost R8, between R501 and R999 would cost R10.50, while between R1000 and R5 0000 would cost R12.50.
Where Can I Find A Standard Bank Instant Money Retail Store?
You can send Instant Money, as well as withdraw from any Standard Bank Retail store. To save you the stress of going too far to get a retail store, Standard Bank has a list of retail stores from which you can pick the one nearest to you. Here is a detailed list of all Standard Bank instant money retail stores:
- Pick n Pay
- Makro
- OK Furniture
- Cambridge Food
- Checkers
- Game
- House and Home
- Builders
- OTT Collect approved sites
- PEP stores
- Rhino
- Spar
- Usave
- Shoprite
How To Withdraw Instant Money
There are just two methods of withdrawing instant money. It is either you withdraw at any Standard Bank ATM or visit any of the retail stores listed above.
How Do I Withdraw Instant Money From An ATM?
- Locate a Standard Bank ATM.
- Select instant money on the screen.
- Enter the voucher number.
- Input the PIN.
- Immediately the PIN is verified, you will receive the cash from the ATM.
How Do I Withdraw Instant Money At A Retail Store?
- With your voucher number and the PIN (sent to you by the sender), visit the closest retail store to you.
- Enter the Voucher and PIN at the till.
- Immediately the PIN is verified, you will be given the money.
What Is Standard Bank Instant Money Withdrawal Limit?
You have a daily withdrawal limit of R5,000 (depending on the cash denomination that is available at the point of withdrawal), and a monthly limit of R25000.
What You Need To Know About Instant Money Voucher And PIN
The Voucher number and PIN are very important numbers when it comes to instant money. With them, a recipient can withdraw instant money, and a sender can cancel the money sent. While the voucher card is sent directly to the recipient’s line as an SMS, the sender is solely responsible for sending the PIN to the recipient.
Does Standard Bank Instant Money Voucher Number Expire?
Yes, the Standard Bank instant money voucher expires, but only after three years, which is a long time to allow you to redeem your voucher.
Does Instant Money PIN Expire?
No, the instant money PIN does not expire. But since it works hand in hand with the voucher card, it’s best if you redeem the money within 3 years of sending it.
How Do I Cancel A Standard Bank Instant Money Voucher?
In a situation where you no longer want the recipient to receive the voucher, you can simply cancel it. But you will have to do this using the same method you used to send the voucher.
How To Cancel Voucher Using Standard Bank App
The fact that you sent the money using the Standard Bank mobile app means that you already have the app downloaded, installed, and registered on your smartphone. Here is how to go about canceling a voucher through your mobile app.
- Open the Standard Bank mobile app.
- Log in to the app.
- Tap on ‘Transact’.
- Select ‘Pay’.
- Click on ‘Instant Money’.
- For a list of your active vouchers to be displayed, select ‘Manage Voucher’.
- Under the voucher you wish to cancel, click on ‘Delete Voucher’.
- Input the 4-digit cash withdrawal PIN, and confirm cancellation.
How Do I Cancel A Voucher Using USSD Code?
For those who sent the voucher that they wish to cancel via USSD code, here is how to cancel it:
- Dial *120*2345# on your cellphone banking number.
- Enter your cellphone banking PIN.
- Choose the ‘Payments and Transfers’ option.
- Select ‘Instant Money’.
- Select the option that says ‘Cancel a Voucher’.
- A list of all your vouchers will be displayed.
- Choose the voucher you wish to cancel.
- Enter the four-digit withdrawal PIN and confirm cancellation.
How To Cancel A Voucher From Your Instant Wallet
Here is how to cancel a voucher using the Instant Money wallet:
- Dial *120*212#.
- Enter your 5-digit Instant Money wallet PIN.
- Select ‘Manage Voucher’.
- Choose the option that says ‘Cancel Voucher’.
- Select the particular voucher you will like to cancel.
- Enter the four-digit withdrawal PIN and confirm cancellation.
How Do I Cancel A Voucher Via Online Banking?
- Sign in to your online profile.
- Click on ‘Transfer’.
- Select ‘Pay’.
- Click on ‘Instant Money’.
- Select ‘Manage Vouchers’ to see a list of all active vouchers.
- Under the voucher you want to cancel, click on ‘Delete Voucher’.
- Enter the withdrawal PIN.
- Confirm the cancellation process.
If you sent the voucher through a retail store, then you have to visit that retail store.
Is It Possible To Reset My Withdrawal PIN?
Yes, it is possible to reset your withdrawal PIN, and here is how to go about it using different methods. Please note that the Withdrawal PIN is the same as Voucher PIN. It is a four-digit number that can not be made up of four sequential numbers or repeated numbers.
How to Reset Your Voucher PIN Using Instant Money Wallet
- Dial *120*212#.
- Input your Instant Money wallet PIN.
- Select the ‘Manage Vouchers’ option.
- Choose the ‘Change Collection PIN’ option.
- Voucher lists will be displayed on your screen.
- Choose the Voucher you will like to change its PIN.
- Enter the new four-digit PIN you will like to change to.
- Complete the process by confirming the change.
How To Reset Your PIN Using Standard Bank App
- Log in to the mobile app.
- Select ‘Transact’.
- Tap on ‘Pay’.
- Click on ‘Instant Money’.
- To see a list of all vouchers, select ‘Manage Vouchers’.
- Select ‘Change PIN’ under the voucher you want to reset the PIN.
- Input a new four-digit PIN.
- Confirm the change.
How To Reset Your Withdrawal PIN Through Online Banking
- Sign in to your online profile.
- Select ‘Transfer’.
- Click on ‘Pay’.
- Click on ‘Instant Money’.
- Select ‘Manage Vouchers’ to see a list of all active vouchers.
- Under the voucher you want to cancel, click on ‘Change PIN’.
- Enter the new PIN.
- Confirm change.
How Do I Reset My Voucher PIN Using USSD Code?
- Dial *120*2345#.
- Enter your cellphone banking PIN.
- Select the ‘Payments and Transfers’ option.
- Choose ‘Instant Money’.
- Choose ‘Change Collection PIN’.
- A list of all your vouchers will be displayed.
- Select the voucher you will like to reset its PIN.
- Enter a new PIN.
- Confirm the change.
If you sent the voucher PIN at a retail store, simply call 0860 466 639 to assist you with resetting it.
What To Do If The Recipient Does Not Receive The Voucher
All things being equal, it is the responsibility of Standard Bank to send the voucher via SMS to the recipient, but in a situation where that does not happen, it is nothing to panic about. Simply call the instant money team on 0860 466 639 to file your complaints. Alternatively, with your ID you can resend the active voucher via Spar.
What Do I Do If My Voucher Or Withdrawal Is Blocked?
If you notice that your voucher or PIN is blocked, simply reset it using the methods above. Keep in mind that the method you should use to reset is the same method you used to send it. Or simply call Standard Bank instant money customer service on 0860 466 639.