How to Do Immediate Payment on Old Mutual

Most of the time when you send money to someone else who uses another bank in South Africa, you wish to have the money delivered there and there. However, this does not always happen. On average, you need 2 days for money to be transferred from one bank to another via normal EFT. The time can run to 3 days in some cases. If you send the money towards or during weekends, you will actually need to wait even longer. Old Mutual, like all the other banks in the country, has a solution for those looking for quicker transfers. Here is how to make an immediate payment on Old Mutual.

Old Mutual immediate transfer steps

The following is how to make an immediate payment on Old Mutual;

• Log into the Old Mutual Money app on your phone
• Choose a beneficiary to whom you wish to send money. If you have not already added a beneficiary, this is something that you will need to do
• Once the beneficiary has been chosen, enter the amount that you wish to send
• Choose the Immediate Payment option
• Confirm that you wish to proceed with the transfer
• You will get a summary of the impending payment
• Click on the Pay to finish the transaction
• Money will now be send to the selected beneficiary
• Select the beneficiary you want to pay

It makes sense to use the immediate payments option

Every day we get a number of questions from people asking when their money is going to arrive. This applies for all banks in South Africa.

Most people transfer money thinking the money will reflect in the receiving account immediately. However, that is not the case.

When you transfer money via EFT the normal way, it can take days for it to be reflected in the receiving account. That can become a problem.

Imagine you wish to pay for a service or for a product. It wouldn’t do for the person providing the service to have to wait days before getting their money. That can be a problem.

This is where immediate payments come into play. We have already noted that they are offered by every bank. You do need to know that immediate transfers are not free however.

How much is an immediate payment at Old Mutual? You can check out the provided article for information about this. The amount is small and it depends on how much you are sending.

Summary

Sending money to another account at another bank can be stressful. Should the money fail to arrive early, that can end up causing issues, particularly within the business environment. It’s the reason why people look to make immediate transfers. In this article, we showed you how to make an immediate payment on the Old Mutual app.

Where to withdraw Old Mutual Send Money