How does Standard Bank Instant Money Work?
How does Standard Bank Instant Money Work? It’s something that you may be wondering about. Standard Bank Instant Money allows people across South Africa to send and receive money even when they do not have bank accounts. The requirement is that the person getting the money needs to have a phone number. Money is then send to that person’s number. But how does this all work?
How does Instant Money work?
The following is how Standard Bank Instant Money works;
- To get started using Instant Money, you need to first register. You can do so by dialing *120*212# on your phone.
- You will be asked to enter your South African ID number. You will also be asked to create a PIN for your Instant Money Wallet.
- Once you have a wallet, you can load money into it. This can be done using Cellphone banking, Internet Banking or at an ATM. You can also load money into your wallet at retails stores such as Game, Checkers and more.
- After loading money into your wallet, you can now send it to anyone in South Africa, as long as they have a phone number. They actually don’t need to be registered with Instant Money. Neither do they need to be a Standard Bank customer.
- You can also receive money into your wallet. This money can be withdrawn from any one of the many Standard Bank retail partners. Here is a full list of the places where you can collect your Instant Money.
- The moment you sent money to someone, they get a voucher number. They also get a PIN. Both the voucher and PIN are needed when they collect the money that you have sent to them.
How much does it cost to send money?
That’s the answer to the question, how does Standard Bank Instant Money work? This service is revolutionary in that it allows people to send money to anyone in South Africa. They don’t need to have a Standard Bank account.
Money is send to their account. But how much does Instant Money cost? How much do you need to pay when sending out money? The prices for sending Instant Morning are displayed in the table below;
| Sending Channel | Less than R500 | More than R500 | More than R1000 |
|---|---|---|---|
| Retail partner | R9.95 | — | — |
| PEP | R9.90 | — | — |
| Internet banking | R9.00 | R11.50 | R13.50 |
| Cellphone Banking ATM App | R9.00 | R11.50 | R13.50 |
Why this is an important service
In this article we showed you the answer to the question how does Standard Bank Instant Money work? But why is this service important? The greatest thing about Instant Money is that it cuts across banking and mobile platforms.
It doesn’t matter what network you are on. It also doesn’t matter what bank you use. You can still receive money and use Instant Money to send money to people around the country. That’s great in that it allows everyone in the country to benefit from the service.
Here is how to get SMS notifications from Standard Bank