How Long Does Money Stay in an FNB eWallet?
The FNB eWallet service offers a convenient way to send and receive money in South Africa. This service allows funds to be sent instantly to a recipient’s mobile number, enabling quick cash access without the need for a traditional bank account. However, there’s a specific timeline associated with accessing the funds, which is important for both senders and recipients to understand.
14-Day Expiry Period
Once money is sent to an FNB eWallet, the recipient has 14 days to withdraw or transfer the funds. During this time, the recipient will receive a notification via SMS from FNB, indicating that money has been received. If the recipient does not take any action within the 14-day period, the funds are automatically returned to the sender’s account. This return process is seamless and involves no additional fees for the sender.
Withdrawal Options
Recipients can access their funds in several ways:
- ATM Withdrawal: A temporary ATM PIN can be used to withdraw cash without a card at any FNB ATM. This PIN, however, expires within 16 hours, so it must be used promptly if chosen.
- Mobile Banking: Funds can also be transferred to a personal FNB account through the mobile app, which eliminates the need to handle physical cash.
- Participating Retailers: Certain retailers offer the option to withdraw cash using the eWallet PIN.
Activated eWallets
For recipients who have previously activated their eWallet, the 14-day rule does not apply. In these cases, funds remain accessible in the eWallet indefinitely until the recipient chooses to withdraw or transfer them.
Why the 14-Day Limit?
The 14-day window is designed to ensure the efficient handling of transactions and minimize the risk of inactive or unclaimed transfers. By providing a clear timeline, FNB helps both senders and recipients manage their funds effectively, reducing potential confusion around unclaimed money.
For those using the eWallet service, it’s crucial to act within the specified time to avoid unnecessary returns of funds. Whether for emergencies or routine transactions, understanding the 14-day expiry helps users navigate this efficient payment option.
