Standard Bank is one of the leading financial institutions in South Africa, offering a variety of products and services including banking, investing, borrowing, and insurance. One of the most popular services offered by Standard Bank is the ability to send money to family, friends, or businesses both domestically and internationally. In this article, we will provide a step-by-step guide on how to send money using Standard Bank.
Step 1: Decide on the Payment Method
Standard Bank offers four primary payment methods for sending money to a recipient’s account at another bank. These payment methods include Instant Money, Electronic Funds Transfer (EFT), Swift, and CashSend. Each payment method has its own unique features, benefits, and fees.
Instant Money: This is a simple and quick way to send money to anyone in South Africa. The recipient can then collect the funds at any Standard Bank ATM or selected retailers. To use Instant Money, both the sender and receiver need to have a Standard Bank account.
EFT: This method allows the sender to transfer funds from their Standard Bank account to another bank account in South Africa. It is a cost-effective way to make payments in South Africa, and it usually takes 2-3 business days for the funds to reflect in the recipient’s account.
Swift: This payment method is used for sending money internationally. It is a secure and reliable way to transfer funds to over 200 countries worldwide. The recipient will receive the funds in their local currency, and it usually takes 2-5 business days for the funds to reflect in the recipient’s account.
CashSend: This is a convenient way to send money to someone who does not have a bank account. The recipient can collect the funds from any Standard Bank ATM by using a unique code provided by the sender. The sender needs to have a Standard Bank account to use CashSend.
Step 2: Gather the Recipient’s Information
To send money using Standard Bank, you will need to provide the recipient’s information. This information will vary depending on the payment method you choose.
For Instant Money, you will need the recipient’s South African ID number and cellphone number.
For EFT and Swift, you will need the recipient’s bank account number, bank name, and branch code.
For CashSend, you will need the recipient’s cellphone number.
Step 3: Log in to Your Standard Bank Account
To initiate a payment, you will need to log in to your Standard Bank account. You can do this through the Standard Bank website or mobile app.
Step 4: Select the Payment Method
Once you have logged in, select the payment method you want to use. Follow the prompts to complete the payment, including entering the recipient’s information, payment amount, and any applicable fees.
Step 5: Confirm the Payment
Before the payment is processed, Standard Bank will require you to confirm the details of the payment. Carefully review the information and make any necessary corrections before submitting the payment.
Step 6: Track the Payment
After the payment is submitted, you can track the status of the payment through your Standard Bank account. You will receive updates on the payment’s progress, including when it is completed and when the recipient receives the funds.
Sending money using Standard Bank is a simple and convenient process. Whether you need to send money to a family member in South Africa or make an international payment, Standard Bank has a variety of payment methods to choose from. By following the steps outlined above, you can ensure that your payment is processed quickly and securely.
