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Sending money: Let us count the ways
Nedbank has 5 digital solutions to easily send money anywhere in the world.
A few years ago, sending money to someone was quite a mission. Sending cash by mail is very insecure, so mailing them a cheque was a popular option. If you didn’t have a chequebook, you had to go the bank to deposit cash into their account. You stood in long queues and filled in a deposit slip to give to the tellers. Worse, you could only do it during the bank’s operating hours. If you were late, you’d have to make the deposit the next day.
Today, sending money is simple. Nedbank is a leader in digital banking, which makes it possible to send money to anyone, anywhere, at any time. Such unparalleled convenience was a futuristic fantasy less than 40 years ago. Let’s look at the 5 ways we can help you send money.
Different ways to send money locally
Nedbank makes it convenient to send money digitally, no matter which method you prefer. You can access payment options through the Nedbank Money app, Online Banking or Cellphone Banking. Use these digital channels to send money within South Africa:
PayShap
PayShap allows you to send money instantly to an account with another bank. All you need is the recipient’s ShapID or account number when you make a payment, and the money will be available within 10 seconds of sending it. There is a limit of R3,000 per PayShap transaction.
EFT
Most of us are already familiar with electronic funds transfers (EFTs). This form of digital payment makes it easy to move funds from one account to another, although the person you’re paying may have to wait a few days for the EFT to clear if their account is with a different bank. If you’re paying someone with a Nedbank account, the money will be available that same day. You can send EFTs using the Money app, Online Banking or Cellphone Banking.
Instant pay
Instant pay, which you can access on the Money app or Online Banking, is a sped-up version of an EFT, with no delays for clearance. However, you will be charged a fee for the service. Instant pay is ideal if you want to pay accountholders at other banks that also use the Instant pay platform. The money will be cleared in less than 30 minutes, and the service is available at any time – even on weekends and holidays. The daily limit is R10,000, but it can be raised to R50,000 using digital channels. To set payment limits higher, you’ll need to go into your branch.
Nedbank offers you 6 different ways to send money digitally, securely and conveniently
Send money
Send money is the latest upgrade to our services formerly known as Send-iMali and Pay-to-cellphone. You can send cash to anyone with a South African cellphone number, whether they’re a Nedbank client or not. Use the Send money feature on the Money app, or the Pay-to-cellphone feature on Online Banking or Cellphone Banking. You simply enter the recipient’s details and follow the prompts. The receiver gets an SMS with a voucher code that they then use to make a cardless withdrawal at any Nedbank ATM or participating store. Voucher codes remain valid for 30 days, so this is a convenient way to send money to someone who doesn’t have a bank account, or who may not be able to get to an ATM or participating store immediately.
Making international payments
Nedbank offers an easy way to send money to people in other countries:
Swift transfer
You can send money to someone abroad for business or personal transactions, using their bank’s Swift code to transfer the money into their account. On the Money app or Online Banking, scroll to International payments, then choose the country you want to send money to, and the currency you wish to use.
Follow the prompts to add the required details, including the Swift code of the bank you’re sending to. Note that exchange control regulations apply, and your single discretionary allowance limits international transfers to
R1 million a year – if you want to send more than that, you will need to provide supporting documents by the South African Revenue Service authorising the transfer.
You can also send money to other African countries using Ecobank.
As you can see, Nedbank offers you 5 different ways to send money digitally, securely and conveniently using the Money app, Online Banking, or Cellphone Banking. Learn more about the cost-effective convenience you can expect from digital banking.
Get digitally active and win the trip of a lifetime!
Nedbank is giving away 3 fantastic travel vouchers worth R60,000 each! All you need do to stand a chance of winning a dream vacation is make a transaction on 1 of our digital banking channels – the Money app, Online Banking or Cellphone Banking*120*001#.
Terms and conditions apply.
