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Here is How to transfer money using Capitec in South Africa

By Oluchukwu Ikemefuna

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Navigating the world of digital banking in South Africa has become increasingly efficient and user-friendly, with Capitec leading the charge in providing seamless financial services.

One of the essential features that Capitec account holders value is the ability to transfer money swiftly and securely.

In this article, we will delve into the comprehensive guide on how to transfer money using Capitec Bank in South Africa.

From initiating transfers to different bank accounts to managing payments with ease, Capitec’s user-centric approach ensures that your financial transactions are not only convenient but also tailored to suit the needs of the modern consumer.

Let’s explore the step-by-step process, demystifying the art of money transfers with Capitec Bank.

What does Capitec Do?

Capitec Bank is a prominent South African retail bank established in March 2001.

In August 2017, it became the second-largest retail bank in South Africa based on customer numbers, with 120,000 new accounts opened monthly.

Picture Source- Instagram

It has a widespread presence including over 850 retail branches nationwide and a network of 3,418 ATMs either owned or in partnership, the bank caters to a customer base of 20 million individuals, including both online and mobile banking users.

The bank has consistently earned high praise for customer satisfaction, achieving an impressive score of 82.2 points in the South African Customer Satisfaction Index (SAcsi) of 2015.

Furthermore, it was recognized as the world’s best bank in the inaugural Bank Quality Rankings by the International banking advisory group, Lafferty.

In terms of affordability, Capitec Bank has garnered widespread appeal.

As of February 2017, the majority of its clients, enjoyed banking costs of less than R50 per month.

How to Send Cash Using the Capitec Bank App

According to Capitec, any money you send can be collected for free anywhere. Downloading the Capitec Bank app is completely free, and there are no monthly subscription fees.

Picture Source- Instagram

Additionally, most network users, including MTN, Vodacom, Cell C, and Telkom subscribers, incur zero data charges when using the app.

There are numerous financial activities you can carry out in the app like budgeting, insurance, savings, and funds transfer among others.

To send cash using the app, you should first download the app and sign in indicating if the Capitec account is personal or for business purpose.

After signing in, click on ‘transact’ then the button to ‘send cash’  

Indicate the amount you want to send, then create a four-digit code that will be known only to you, as it will be used when collecting the cash.

Next, click on the ‘send’ option

After that you should get a ‘terms and conditions’ pop-up, click the boxes then tap ‘accept’ to conclude the transaction.

Meanwhile, once your funds transaction is successful, a reference number will be provided, which you can share with the recipient too.

Ultimately, you can share the secret code to the recipient via any messaging platform.

How to Send Cash Using Capitec Online Bank

When using Capitec online bank, you can either use personal banking or business banking option online. It is similar to their app but this time you are conducting your bank transactions straight from their website.

To get started with funds transfer via Capitec online bank, you should first 

Navigate to the ‘payments’ menu

Click on ’send cash’

Click ‘continue’

Indicate the ‘From’ account, which should be yours

Indicate the amount you want to send then enter a ‘4-digit code’ known only to you and the recipient of the cash.

Then click on the ‘send cash’ option

Once you are done with the process, head over to the Capitec bank app to authorize the transaction.

Remember to send the reference number for the cash sent and the secret code to the recipient of the cash.

How to Send Cash Using USSD

With Capitec account, you can also send funds from your phone, any type of phone, even  without the internet data. Here’s how to:

To send cash without the internet, you can simply dial *120*3279# and reply 9

Say yes to the ‘terms and conditions’ indicated then reply 1 

Next you will indicate the ‘From’ account, which is yours

After that, you will insert the amount you want to send

Once you’ve done that, create a ‘4-digit secret pin’ that the recipient will use to collect the cash

Then enter your mobile banking pin( which you must have created with your Capitec account)

How Much Does it Cost to Send Cash?

According to Capitec, on the bank app, via online transaction and USSD, it cost R9.50 to send R40 – R1 000.

Then, on the bank app and online banking it cost R16 to send R1 010 – R3 000.

How Much Does it Cost to Collect Cash Sent through Capitec?

Capitec asserts that collecting the cash is free at PEP, PEP HOME, PEP CELL, Shoprite, Checkers, Usave, Game, Pick n Pay, Boxer or Capitec ATM.

What is the transaction Limit at Capitec When Sending Cash?

When using USSD, you can send up to R1 000 per transaction which is the daily limit, also, you can send up to R24 990 cash per month. 

Then when using the Capitec Bank online, you can send up to R3 000, the daily limit is R5 000 and you can send up to R24 990 per month. 

How to Collect Cash Sent via Capitec Transaction

To collect cash sent via Capitec transaction, you have to visit any PEP, PEP HOME, PEP CELL, Shoprite, Checkers, Usave, Game, Pick n Pay, Boxer or Capitec ATM near you

When collecting your cash from one of the teller outlets mentioned above, you have to notify them that you want to collect money from a Capitec client.

Then the teller will request for the reference number and 4 digit code, some may also ask for you name and phone number, to ensure utmost safety.

Once confirmed, the cash will be sent to you immediately.

Conclusion

Conclusively, Capitec Bank’s commitment to providing a straightforward and accessible banking experience in South Africa is evident in its seamless money transfer services.

As we wrap up this guide, it’s clear that Capitec’s user-centric approach empowers account holders to manage their finances effortlessly.

The step-by-step process outlined herein emphasizes the simplicity and efficiency of transferring money using Capitec. 

FAQs

What do I need to collect my cash from the Capitec Payout centers?

You need the reference number sent by SMS from Capitec to the sender, you also need the 4-digit secret code from the sender of the cash.

What if I can’t get my cash?

If, for any reason the cash payout cannot be completed, contact the Capitec Client Care Centre on 0860 10 20 43.

What happens if I send the wrong cash amount?

You can collect the money yourself through the different payment outlets, if the cash is not collected, it will be returned back to your account in 30 days.

Can I send cash to someone that is not in South Africa through Capitec?

No, you cannot, this is not available yet.

Can I collect cash at Capitec ATM?

Yes, you can.

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Peremoboere Numa
Peremoboere Numa

Pere is a versatile SEO writer with a Master's degree in English, who is dedicated to creating engaging and impactful content.

She excels in weaving content that not only informs, enlightens and impacts but but also optimize its online presence to rank on major web sites.

Pere brings a unique blend of linguistic proficiency and SEO knowledge, ensuring that each piece she crafts leave a lasting impact.

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