In the olden days – you know, about 25 years ago – if you wanted to send someone money and they were too far away for you to hand over the cash in person, you had to go through quite a procedure. You could send them a cheque or postal order by snail mail, or you could go to your bank branch, withdraw the cash and then deposit it into their account – hopefully at the same bank, or else you’d need to go to a branch of their bank to complete the transaction. Either way, it would take several days before the recipient could access the money.

The arrival of ATMs made this process slightly easier, but as digital banking evolved, the real game-changer was the ability to send money via SMS. You can send a money voucher and one-time password (OTP) from your online banking app to any cellphone number instantly, and the person you’re sending it to can simply use the voucher number and OTP at an ATM to withdraw the cash.

Nedbank cardless withdrawals make sending cash even simpler

Digital banking requires a bank that constantly strives to improve and add new features, which is why Nedbank has now made the process even easier. You can now send money to a recipient via your cellphone, and they can withdraw the cash not only at a Nedbank ATM, but also at a wide selection of participating retail outlets.

It’s often easier for recipients to get to a local supermarket if the closest ATM is some distance away, so this option makes sending and receiving money simple. We've partnered with Shoprite, Checkers, Pick n Pay, OK Foods and USave to offer this service, and aim to continue adding more partners to guarantee the broadest national footprint and ensure that this service is always available to everyone, everywhere.

Using your smartphone, you can access Online Banking or the Nedbank Money app to send money to a recipient’s cellphone. They will then receive a voucher number and an OTP in an SMS. The OTP is valid for 30 days, another new feature we’ve introduced, making the OTP valid for longer to ensure that the people you send money to will have enough time to withdraw it. They can do so at an ATM or a retail outlet, whichever is more convenient.

To withdraw the money from retail stores, recipients must request a Nedbank cardless withdrawal at the till, give the teller the voucher number and enter the OTP. With a minimum amount of R50 to use this service and a maximum amount of R5,000, it is the highest cash-to-cellphone transaction option available on the local market.
 

Benefits of cardless withdrawals

Cardless withdrawals, like all of Nedbank’s mobile money solutions, are focused on extending financial inclusion to more South Africans. Digital solutions make banking products and services available to everyone, no matter where they live or how much they earn.

Apart from making banking more accessible, cardless withdrawals offer other practical benefits. It’s now possible, for example, to pay an informal trader on the spot for a spur-of-the-moment purchase on the street, rather than trying to find an ATM to get cash. Your phone has become your ATM. If you’ve misplaced your wallet or left your cards at home and you find yourself needing cash, you can even send money to your own cellphone number and withdraw it at an ATM or participating retailer.

Remember to take the usual precautions

It goes without saying that you should ensure that you have enough money in your account to cover the payment and any applicable fees before you send money to anyone. It’s also important to make sure you enter the recipient’s cellphone number and the amount to be paid correctly before you confirm the payment. Nedbank is not liable for payments made to the wrong cellphone numbers or for wrong amounts.

Be sure to install the latest version of the Money app whenever there’s an update, too. This will not only keep the app’s security features up to date, but also ensure that you can enjoy the latest features and functions as soon as they’re available.

Finally, always watch out for online fraud whenever you use digital banking. Don’t reveal your usernames and passwords to anyone, and don’t write them down or record them. If you notice any fraudulent or unauthorised use of your account, report it to your bank immediately and freeze that account.