Does Old Mutual Have Immediate Payment?

Old Mutual is best known for being one of the biggest insurance companies in South Africa. But the company also has a banking division. A lot of people in the country have been opening Old Mutual Money accounts, attracted by the rewards that are on offer and by the low monthly maintenance fees. With your Old Mutual account, you are able to send money to any other bank. The question that many have been asking is “does Old Mutual have immediate payment?”

Does Old Mutual Money Account have Immediate EFT?

Like with any other bank account in South Africa, Old Mutual’s Money Account offers immediate payments. It means you are able to send money to other banks almost instantly from your money account? With this option, the person to whom you are sending money via EFT will get it within a couple of hours.

What is an immediate payment?

Old Mutual does have immediate payment. But what does it mean to have instant payment for EFTs? Normally, when you send money to people at other banks in South Africa, it can take as much as 3 days for it to arrive at its destination.

We have previously written on the Old Mutual to Capitec transfer time. We noted then that you can expect to wait 2 days before receiving your money. That time is better than with other banks in the country.

However, it’s still a long time to wait for money to reflect at the destination account. Most people wish to have their money arrive instantly after being sent. That’s ideal when it comes to the business world.

When paying for some service, as an example, having to wait 2 days can be something of a challenge. This is where immediate payments come into the fray. Every bank in the country offer them.

They allow money to be sent as quickly as is possible. One thing that we need to note here is that immediate payments are not really immediate. It doesn’t matter what bank you may be using. You normally need to wait a couple of hours for money to arrive at the destination account.

Immediate payments are not free

Another important thing that we need to highlight is that immediate payments are not free. So, how much is an Old Mutual immediate payment?

You can refer to the provided article to gather more facts. The fee largely depends on the amount that you are sending. When sending more money, you will pay more.

Rounding up

This post was dedicated to answering the question “does Old Mutual have immediate payment?” It was shown that Old Mutual is not only an insurance company. The company also offers banking services that have been getting popular with South Africans over the past few years. Like all the other banks in the country, Old Mutual does offer immediate payments.

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