What Is Standard Bank Instant Money?
Standard Bank Instant Money is a convenient and secure way of sending and receiving money using your mobile phone. With Instant Money, you can send money to anyone in South Africa, even if they don’t have a bank account. The recipient can withdraw the money at any Standard Bank ATM or participating retailers such as Spar, Shoprite, and Boxer.
To withdraw Standard Bank Instant Money, you need to follow these simple steps:
Step 1: Get the Instant Money voucher number
The sender will send you an SMS or notification with an Instant Money voucher number. This number is a 10-digit code that you will use to withdraw the money. Keep the voucher number safe and do not share it with anyone.
Step 2: Go to a Standard Bank ATM or retailer
The next step is to visit a Standard Bank ATM or participating retailer. Look for the Instant Money logo or sign at the ATM or retailer. You can find a list of participating retailers on the Standard Bank website.
Step 3: Select “Withdraw money” on the ATM or retailer’s machine
At the ATM or retailer, select the “Withdraw money” option on the screen.
Step 4: Enter the voucher number
Enter the 10-digit Instant Money voucher number that you received from the sender. Make sure you enter the number correctly.
Step 5: Enter the amount you want to withdraw
After entering the voucher number, you will be asked to enter the amount you want to withdraw. Make sure you enter the correct amount.
Step 6: Collect your money
Once you have entered the voucher number and the amount you want to withdraw, the ATM or retailer’s machine will dispense the cash. Collect your money and keep it safe.
Withdrawal limits
There are withdrawal limits for Standard Bank Instant Money transactions. The minimum withdrawal amount is R10, and the maximum withdrawal amount is R5,000. If you need to withdraw more than R5,000, you will need to make multiple transactions.
Fees and charges
There are fees and charges involved in Standard Bank Instant Money transactions. The sender will pay a fee for sending the money, which varies depending on the amount sent. The recipient will also be charged a withdrawal fee, which is a percentage of the amount withdrawn. The withdrawal fee is deducted from the amount withdrawn, so the recipient will receive less than the amount sent.
Safety and security
Standard Bank Instant Money is a safe and secure way of sending and receiving money. The voucher number is encrypted, which means that it cannot be intercepted or accessed by unauthorized persons. The sender and recipient also receive notifications when the transaction has been completed, which adds an extra layer of security.
In conclusion, withdrawing Standard Bank Instant Money is a simple process that can be done at any Standard Bank ATM or participating retailer. To withdraw the money, you need to have the voucher number, visit an ATM or retailer, enter the voucher number and the amount you want to withdraw, and collect your cash. Remember to keep the voucher number safe and not share it with anyone. If you encounter any issues, you can contact Standard Bank customer service for assistance.
