Sending and receiving money has become an everyday need for individuals and businesses globally, and with the advancement in technology, sending and receiving money has become much more accessible and convenient. Standard Bank is one of the leading financial institutions in South Africa, and they offer a range of services, including instant money transfer. In this article, we will describe the steps you need to follow to send instant money using Standard Bank.
Step 1: Register for Standard Bank Instant Money Service
Before you can send instant money using Standard Bank, you need to register for the service. You can do this by visiting any Standard Bank branch or by logging into your Standard Bank account online. Once registered, you will need to activate the service by selecting a secret pin that will be used to authenticate your transactions. You will also need to set up your profile by providing your personal information, including your ID number, name, and contact details.
Step 2: Deposit Money into your Standard Bank Instant Money Wallet
After you have successfully registered for Standard Bank Instant Money Service, the next step is to deposit money into your wallet. The wallet is a virtual account that is linked to your Standard Bank account. You can deposit money into your wallet at any Standard Bank branch or by transferring funds from your Standard Bank account. To make a deposit at a branch, you will need to provide the teller with your ID number and the amount you wish to deposit. If you want to transfer funds, you will need to log in to your Standard Bank account online, select the instant money tab, and enter the amount you wish to transfer.
Step 3: Send Instant Money
Once you have deposited funds into your Standard Bank Instant Money wallet, you can send instant money to any recipient. To send money, you will need to dial *120*2345# from your mobile phone and follow the prompts. You will be required to enter the recipient’s mobile phone number, the amount you wish to send, and your secret pin. The recipient will receive an SMS notification with instructions on how to withdraw the money.
Step 4: Withdraw Instant Money
The recipient can withdraw instant money at any Standard Bank ATM, Shoprite, or Checkers store. To withdraw money, the recipient will need to dial *120*2345#, select the withdraw option, and enter the unique 10-digit withdrawal code that was sent to their mobile phone. The recipient will also need to provide their ID number.
Step 5: Track Instant Money Transactions
You can track all your instant money transactions by logging into your Standard Bank account online. You can view your transaction history, including the date and time of the transaction, the recipient’s details, and the amount sent.
Advantages of Using Standard Bank Instant Money
1. Convenience – Sending and receiving money through Standard Bank Instant Money is convenient as it can be done through a mobile phone.
2. Security – Standard Bank Instant Money requires a secret pin to authenticate transactions, making it more secure than traditional money transfer methods.
3. Speed – Instant Money transactions are completed in real-time, allowing recipients to access the money within minutes.
4. Low Transaction Fees – Standard Bank Instant Money charges lower transaction fees compared to traditional money transfer methods.
Conclusion
Standard Bank Instant Money Service is a convenient, secure and cost-effective way of transferring money to anyone, anywhere in South Africa. The service is simple to use, and it allows you to send and receive money quickly and easily. By following the steps outlined above, you can send instant money to anyone in South Africa using Standard Bank Instant Money.
