What is an NSFAS wallet?
An NSFAS wallet is an online digital wallet that is used by NSFAS (National Student Financial Aid Scheme) to disburse funds to eligible students who are enrolled in higher education institutions in South Africa.
Can I transfer money from my NSFAS wallet to my bank account?
Yes, you can transfer money from your NSFAS wallet to your bank account.
What are the steps I need to follow to transfer money from my NSFAS wallet to my bank account?
The following is a step-by-step guide on how to transfer money from an NSFAS wallet to a bank account:
Step 1: Log in to your myNSFAS account.
Step 2: Once you are logged in, click on the ‘My NSFAS wallet’ tab.
Step 3: Click on the ‘Withdraw cash’ option.
Step 4: Enter the amount you wish to transfer from your wallet to your bank account.
Step 5: Select the bank account you want to transfer the money to.
Step 6: Click on the ‘Withdraw’ button.
Step 7: You will receive a One Time Pin (OTP) on your registered cellphone number. Enter the OTP onto the page and click on the ‘Confirm’ button.
Step 8: The transfer will be processed, and you will receive a confirmation message of the withdrawal.
How long does it take for the transfer to reflect on my bank account?
The transfer may take between 24-48 hours to reflect on your bank account, depending on your bank’s processing time. However, it usually reflects within 24 hours.
Are there any fees associated with transferring money from an NSFAS wallet to a bank account?
No, there are no fees charged for transferring money from an NSFAS wallet to a bank account.
What if I encounter any problems when trying to transfer money from my NSFAS wallet to my bank account?
If you encounter any problems when trying to transfer money from your NSFAS wallet to your bank account, you can contact the NSFAS Call Centre on 08000 67327 or send an email to info@nsfas.org.za. They will be able to assist you with any queries or issues you may have.
Is there a limit on the amount of money I can transfer from my NSFAS wallet to my bank account?
Yes, there is a limit on the amount of money you can transfer from your NSFAS wallet to your bank account. The limit is R5,000 per day and R10,000 per week.
Can I use the money in my NSFAS wallet to make purchases?
Yes, you can use the money in your NSFAS wallet to make purchases at selected merchants who are registered with NSFAS. To find out which merchants are registered, log in to your myNSFAS account and click on the ‘My NSFAS wallet’ tab.
What happens to the money in my NSFAS wallet at the end of the academic year?
Any funds remaining in your NSFAS wallet after the end of the academic year will be returned to NSFAS. Failure to return any unused funds may result in a block being placed on your account, which will prevent you from receiving further funding from NSFAS.
In conclusion, transferring money from an NSFAS wallet to a bank account is a straightforward process that can be done through the myNSFAS website. It is important to ensure that you have registered the correct bank account details to prevent any delays or errors in the transfer process. If you encounter any issues or have any queries, contact the NSFAS Call Centre for assistance.
