How much is Nedbank Instant Payment? It’s something that Nedbank customers often wonder about when seeking to make immediate payments to people on other banks. Nedbank has a feature called Instant Pay that’s you can use to make fast payments. It’s possible to do this via the Money App or through online banking. But how much do you pay for Instant Pay?
How much is Nedbank Instant Pay?
Nedbank Instant Payment currently costs R10 for transfers that are below R3000. If you wish to make transfers that are above R3000, Nedbank Instant Pay will cost you R49.
How to make and instant payment on Nedbank
That the answer to the question; how much is Nedbank instant payment. To pay someone instantly using the Money app, you need to do the following;
- Log into the app
- Choose a beneficiary.
- Select Instant Pay.
- Enter the amount to be paid.
- Confirm your details and make your payment.
How soon will the recipient get their money
Those are the steps for using Nedbank Instant Pay. The whole idea behind this facility is to make sure that money is transferred to another bank as soon as is possible. In fact, you wish to have the money transferred almost instantly.
However, payments using Instant Pay are not actually instant. You will need to wait up to 30 minutes for some of the payments to reflect in the other person’s account. So, that’s something to always bear in mind. Instant pay is faster than normal transfers, but it’s not exactly instant.
Instant payment limits
Now that we have answered the question how much is Nedbank instant payment, it’s time to cover the issue of limits. The default Instant Pay limit stands at R10000. However, this can be increased to R50000.
Check out how to increase Nedbank limits on the Money app. If you need to make Instant payments that are greater than R50000, you will need go to a nearby Nedbank branch to have your limit increase. In any case, the R10000 limit is usually enough for ordinary people.