How does Standard Bank Instant Money transfer work? A simple guide
Standard Bank has a cardless service called Instant Money. It is a fast and convenient way of sending and receiving money. You use Instant Money on a smartphone or computer. Learn how Standard Bank Instant Money service transfer works below.
Source: UGC
In this article, we are going to give you all the information you need on how to use Instant Money by Stanbank. We look at how to send instant money using Standard Bank, what you need as a receiver, information about the voucher, how to reverse, and much more.
How Standard Bank Instant Money service transfer works
You need a Standard Bank account to qualify for their eWallet services. Once you open an account, you can access the Instant Money Wallet services using these steps:
- Open your Standard Bank's Instant Money Wallet by dialling *120*212#.
- Enter your ID number and create a unique Instant Money Wallet PIN.
- You can load and send money on your Instant Money Wallet through Cellphone Banking, Internet Banking, Standard Bank's app, ATMs and retail partners.
- When the money is sent, the recipient will get a voucher number and PIN to collect the money at Standard Bank's ATMs or retail partners.
- You can send up to R5 000 a day at selected retail partners.
- You can reset the cash collection PIN if it’s lost or forgotten.
- You can resetyour wallet PIN.
- You can see your transaction history.
- You can cancel a payment to your receiver.
Can I open a wallet for my children?
You cannot open a wallet for someone else. Anyone over the age of 16 years with a valid SA ID document/ Smart ID Card and a valid cellphone number can register for the wallet facility.
How to top up your Standard Bank Instant Money Wallet
You can upload money, check balance, and withdraw money from your Instant Money eWallet through Cellphone Banking, Internet Banking, on Standard Bank's app, ATMs and retail partners.
How to top up money on you Instant Money wallet at a merchant
Give the merchant your original South African ID, phone number, and the amount you want to deposit plus the sending fee. You may be required to give the Merchant information about the source of the funds.
Source: UGC
How to transfer Instant Money Standard Bank?
- You will need a valid SA ID.
- Provide your phone number and that of the intended recipient.
- Declare the amount you wish to send.
- The charge for sending is subtracted from the amount you give.
- The release PIN and voucher number are sent to your device.
- The recipient receives the standard bank instant money voucher number.
- You then share the release PIN with the recipient to prove that they are authorized to claim the voucher.
How to do instant money transfer with Standard Bank via a cellphone
- Dial Standard Bank Instant Money transfer USSD *120*2345#
- Select ‘Send Money’ (Option 4)
- Enter your recipient’s cellphone number and the amount you would like to send.
- The funds will be credited to the wallet and can be withdrawn by the receiving wallet owner.
How much does sending Instant Money cost?
People in South Africa love Standard Bank's eWallet because:
- Creating an Instant Money voucher on Instant Money Wallet costs R6.
- If you send from a retailer, it costs R9.95 and if you send from PEP, it costs R9.90.
- If you use Internet Banking, Cellphone Banking, app, or ATMs to send less than R500, it costs R8.50.
- If you send between R501 and R1 000, it costs R11, and you’ll pay R13 for sending R1 001 or more.
- There are no monthly fees or registration fees.
- Sending from one Instant Money Wallet to another Instant Money Wallet is free.
- Redeeming Instant Money is free.
- Buying airtime, data or electricity is free.
Source: UGC
Can I send Instant Money to another country?
Standard Bank Instant Money services are currently limited within South Africa.
Can foreign nationals receive Instant Money?
Anyone within the country who has a South African cellphone number can receive money via Standard Bank's Instant Money services.
Can I send money to someone who doesn’t have a wallet?
You can send money to someone who doesn’t have a wallet by sending them an Instant Money voucher.
Standard Bank Instant wallet transfer limits
- You can only send up to R5,000 daily and R25,000 monthly to whether or not you are registered with Instant Money Transfer Standard Bank services.
- You can R5,000 daily from a retailer or ATM (depending on the cash and note denomination availability) and up to R25,000 per month.
- The daily Instant Money Wallet limit for pre-paid purchases like electricity is R1,500, while the daily limit for airtime is R500.
What is the maximum amount I can have on my wallet?
Your Standard Bank Instant Money wallet can only hold a maximum of R25 000 per month.
Source: UGC
How to withdraw money from Standard Bank's Instant Money Wallet
With a service like Instant Money, one can collect their cash at the date and time of their convenience. Just be careful not to miss the three-year deadline.
How do I withdraw Instant Money as cash?
- Visit a Standard Bank ATM or a participating retailer.
- Select ‘Withdraw money.’
- Enter the amount.
- Enter your 4-digit voucher PIN.
- You will receive an Instant Money voucher by SMS.
- Select the voucher to be redeemed.
- Enter the PIN for it and collect the cash.
Withdrawing at from Standard Bank's Instant Money Wallet from a merchant
Withdrawing money from Standard Bank's eWallet is quick and easy. You will need a valid SA cellphone number.
- Give the Merchant the Voucher Number sent to both the receiver and sender.
- Enter the correct Cash Collection PIN on the merchant’s point of sale device. The Standard Bank Instant Money PIN is only sent to the sender. The receiver will need to contact the sender for the PIN.
- Once the PIN is verified, the merchant will hand over the cash to the recipient.
Where can I withdraw or use Instant Money?
Standard Bank partners with these retailers to bring Instant Money services closer to you. Kindly note that some of the ATMs do not dispense R20 notes. You will be required to redeem cash at the participating retailers.
- Boxer
- Builders
- Game
- Spar
- Makro
- Rhino
- Usave
- Checkers
- Shoprite
- Kazang
- PEP stores
- Pick n Pay
- OK Furniture
- Cambridge Food
- House and Home
- OTT Collect approved sites
Source: UGC
How do I find my Standard Bank Instant Money voucher number?
You can access your vouchers easily with these simple steps
- Dial Standard Bank Instant Money transfer USSD *120*212#
- Pick the “Manage Voucher” option.
- Choose “Top up with IM voucher”.
- Choose the voucher you wish to redeem.
- Enter your 4-digit cash collection PIN.
How long does the Standard Bank's voucher last?
Standard Bank Instant Money voucher expiry duration is convenient for customers. After getting the voucher, the receiver has up to three years to withdraw funds. Given that the deposit does not earn interest, it is advisable not to wait too long to withdraw. As time passes, the value of money reduces due to factors like inflation.
How to reverse Instant Money transfer on Standard Bank
Below is a simple guide on how to reverse Instant Money transfer with Standard Bank:
- Sign into the Standard Bank App.
- Click 'transact.'
- Select 'send.'
- Select 'manage vouchers.'
- If the voucher does not appear under manage vouchers, this means that it has been cashed out.
- You can reverse or cancel a voucher by selecting the Manage Voucher option.
- Choose the voucher you wish to discard and delete.
- Confirm using the PIN sent to the receiver.
Some Instant Money Wallet transactions are irreversible. If you send cash to someone who has an Instant Money Wallet, the funds will be immediately available and can be accessed without a Cash Collection PIN. Such transactions cannot be reversed. Payment for a pre-paid purchase cannot be cancelled or reversed.
Can I change a voucher PIN?
You can change a voucher PIN by calling the Instant Money Team on 0860 466 639 or change it within the channel it was sent from (your app, though Internet Banking or at an ATM under ‘Manage vouchers’).
What should I do if my recipient didn’t get their Instant Money voucher?
- Spar is the only retailer that can re-send the last active Instant Money voucher. You will be required to produce proof of ID.
- You can also call the Instant Money contact centre on 0860 466 639, select option 1 for self-service or option 2 to speak to a consultant.
Source: UGC
How to cancel Standard Bank's Instant Money Wallet
You can cancel the voucher on the channel you used to send it (your app, though Internet Banking or at an ATM under ‘Manage vouchers’). Please note that the voucher send fee is non-refundable on all platform channels for cancellations.
If the voucher was sent from a retailer, you would need to take your ID and the slip (transaction reference) to the store to cancel the transaction. If the slip is lost, you may call the Instant Money call centre on 0860 466 639 to obtain transaction reference number.
How do I cancel a voucher using Cellphone Banking?
- Dial Standard Bank Instant Money transfer USSD *120*2345#
- Enter your 5-digit mobile Banking PIN.
- Select ‘Payments and transfers.’
- Click on ‘Instant Money.’
- Select ‘Cancel a voucher’.
- A list of vouchers will be displayed.
- Select the voucher you want to cancel.
- Enter the 4-digit cash collection PIN.
- Confirm the cancellation.
You must withdraw remaining funds from your Instant Money Wallet before you cancel it. It can also be cancelled if it turns out that the wallet was used fraudulently, negligently, for illegal or terrorist activities or for any purpose that does not comply with the law.
What happens to my Instant Money Wallet if my cellphone is lost or stolen or if my number changes?
Funds in your Instant Money Wallet will still be available after a SIM swap. Ally you need to d is to contact the Instant Money Team on 0860 466 639 to update your wallet to your new cellphone number.
Can you do instant money transfer online standard bank?
You can transfer money on your Instant Money wallet using the bank's app.
What are the benefits of using Standard Bank's Instant Money Wallet?
There are many benefits of using Standard Bank's Instant Money Wallet:
- You can buy airtime, data, electricity, and other pre-paid services on Standard bank eWallet.
- The eWallet also allows you to send and/or receive money effortlessly
- You can withdraw cash from an ATM without an ATM Card
- An eWallet holder can cancel a voucher to a receiver.
- You can view your transaction history.
Source: UGC
Safety tips when using Standard Bank Instant Money
- You must keep your Wallet Pin secret and safe.
- When you send someone money, ensure that you keep the PIN safe. If someone other than the intended recipient gets both the PIN and the Voucher number, you can withdraw funds before the recipient.
- During a transaction, if you forget or lose the Cash Collection PIN, you can use the Instant Money Wallet to reset the Cash Collection PIN.
- Should you require further assistance on Instant Money Standard Bank, the right number to contact is 0860 123 000.
Now that you know how Instant Money works, you can start sending money without the hassle of creating a bank account. Next time you are in an emergency, a simple phone call to a loved one can help you out of that unpleasant situation. On the other side, you can surprise a family member upcountry and put a smile on their face using the power of Instant Money.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
READ ALSO: How to reverse eWallet payment in 2022? (with infographics)
Briefly.co.za also posted a simple guide for reversing eWallet payment with FNB. FNB is a leading online and mobile banking institution in South Africa.
The bank provides commercial banking, consumer banking, and wealth management services. Learning how to reverse FNB's eWallet payment saves time.
Source: Briefly News
Lynn Kandie Lynn Kandie is a reporter with 5 years of experience in writing. Before joining the team in 2018, Lynn wrote for Kenyan media platforms and several other websites. She graduated from the University of Nairobi in 2019 with honours after pursuing a BSc. in Meteorology. She is currently studying for a Master's degree in the same field. Lynn specialises in writing celebrity biographies, listicles and teasers for popular TV shows. Contacts; +254707596322, lynnkandie27@gmail.com
Peris Walubengo (Lifestyle writer) Peris Walubengo is a content creator with 5 years of experience writing articles, researching, editing, and proofreading. She has a Bachelor of Commerce & IT from the University of Nairobi and joined Briefly.co.za in November 2019. The writer completed a Google News Initiate Course. She covers bios, marketing & finance, tech, fashion & beauty, recipes, movies & gaming reviews, culture & travel. You can email her at perisrodah254@gmail.com.
