FNB instant payment cost: All FNB account fees in 2024

FNB instant payment cost: All FNB account fees in 2024

First National Bank (FNB) is among the leading banks in South Africa. It offers multiple financial and banking services and trades in the Johannesburg Securities Exchange (JSE). One of its services is instant payment. The FNB instant payment service allows customers to deposit money directly to card numbers rather than account numbers.

all about the FNB instant payment
The FNB logo. Photo: @FNB (modified by author)
Source: UGC

FNB serves millions of customers in South Africa, Botswana, and Namibia. The bank keeps up with the latest technologies in the financial industry to offer excellent services to all clients. Through the FNB instant payment system, customers can remit money directly to card numbers.

FNB instant payment: everything you should know

The FNB instant payment service enables payments directly to the recipient’s card number instead of an account number. Like many other services, this service attracts some cost.

Generally speaking, FNB bank charges are quite fair and competitive. Below is all the information you need about the instant payment service.

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Cost of FNB immediate payment in South Africa

The cost of an Instant Payment transaction is R7 per transaction. Note that the service is free on Private Wealth in bundle pricing.

Customers are allowed up to R3,000 per transaction. If you wish to transfer more than R3,000, you will attract an FNB pay and clear fee.

The instant payment service is unique because it does not require an account number. Instead, it enables money transfer directly to the recipient’s 16-digit card number.

Instant payments can be made to any debit or credit card (VISA & Mastercard) issued by participating banks in the country. Check out the list of participating banks below.

  • Absa
  • African Bank
  • alBaraka
  • Bidvest Bank
  • Capitec
  • Discovery
  • HBZ Bank
  • Investec
  • Nedbank
  • Sasfin Bank
  • Standard Bank
  • TymeBank

Note that customers can only pay from a debit or cheque account. All other types of accounts cannot be used to make instant money transfers.

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Transfers made to a debit card take about 60 minutes to reflect, while those made to a credit card take up to 48 hours. The service is available 24 hours a day, all year round.

In addition, the FNB Instant Payment service is only available on the FNB Banking App at the moment. The financial institution is working towards making the service available on online banking enterprise and cellphone banking platforms.

The bank has yet to roll out a scheduled payment functionality but hopes to introduce it at a later stage.

If you make a payment to an inactive, closed, expired, or invalid card, the recipient bank will reverse the transaction. FNB will also reject or cancel a transaction made to an invalid card.

All about the FNB instant payment service
A person holding a credit card and a cell phone. Photo: pexels.com, @Tima Miroshnichenko
Source: UGC

FNB immediate payment cost calculator

There is no need for an FNB immediate payment cost calculator because the cost is standard. The bank charges R7 per transaction for instant money transfers. The limit is R3,000. If you wish to transfer an amount in excess of R3,000, you will attract an FNB pay and clear fee.

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How to make an immediate payment on the FNB app to Capitec

As mentioned earlier, immediate cash transfers can be made using the FNB app. Before using this service, you should download the app from the Google Play Store for Android devices or Apple Store for iOS devices. Follow the steps below to make an immediate payment to Capitec.

  • Open the app on your phone.
  • Enter your login details to access your account.
  • Select the Payments option, then enter the Capitec recipient (their 16-digit number).
  • Enter the amount, and follow the prompts to complete the transaction. Note that the FNB instant payment limit is R3,000, and the charge is R7 per transaction.

NB: To make immediate transfers to another participating bank, follow the steps above. The process remains the same as for Capitec, except you enter another bank's card number.

All about the FNB instant payment
A blue MasterCard debit card. Photo: pexels.com, @Pixabay
Source: UGC

Does FNB have immediate payments?

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Yes, the FNB instant payment service allows you to make immediate cash transfers from a debit or cheque account to a recipient's card number instead of an account number.

What is the charge for an immediate payment?

FNB charges R7 per transaction for an immediate transaction. The limit is R3,000.

How much does FNB charge for immediate payments to Capitec?

FNB charges R7 per transaction. The limit per transaction is R3,000.

How long does an instant payment take on FNB?

It takes about an hour for immediate cash transfers made to a debit card to reflect and about 48 hours for those made to a credit card.

How much is the immediate payment from FNB to Capitec?

Capitec is one of the participating banks in the FNB instant payment service. It costs R7 per transaction, and the limit is R3,000.

How much are the bank charges for FNB?

The bank charges for FNB differ depending on the type of account and the kind of transaction you wish to make. Some accounts have monthly account fees, while others do not.

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The FNB instant payment service is one of the services that have made banking with FNB better and more attractive to customers. The service allows you to make immediate cash transfers using card numbers instead of account numbers.

DISCLAIMER: This article is not sponsored by any third party. It 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!

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Authors:
Priscillah Mueni avatar

Priscillah Mueni (Lifestyle writer) Priscillah Mueni is a lifestyle and entertainment content creator with more than 4 years of experience. She graduated from Meru University of Science and Technology with a Bachelor of Technology in Civil Engineering in 2019. In 2023, Priscillah finished the AFP course on Digital Investigation Techniques. She has been writing articles on Briefly.co.za since 2019. Email: pshmueni@gmail.com

Cyprine Apindi avatar

Cyprine Apindi (Lifestyle writer) Cyprine Apindi is a content creator and educator with over six years of experience. She holds a Diploma in Mass Communication and a Bachelor’s degree in Nutrition and Dietetics from Kenyatta University. Cyprine joined Briefly.co.za in mid-2021, covering multiple topics, including finance, entertainment, sports, and lifestyle. In 2023, she finished the AFP course on Digital Investigation Techniques. She received the 2023 Writer of the Year Award. In 2024, she completed the Google News Initiative course. Email: cyprineapindi@gmail.com

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