Standard Bank also known as (Stanbank) is a leading provider of financial services in South Africa.
It provides financial services, including lending, savings account, advisory, insurance, financial transactions, and wealth management.
While revolution is paramount to make them stand out. Standard Bank has made it easier for their customers to transfer money to their phone and withdraw from an ATM with the help of Instant Money without using ATM card.
Instant Money is a cardless solution that makes transactions faster and more convenient. You can do a lot using Instant Money, including funds to anyone with a mobile phone in SA with ease.
In this article, we are going to give you all the information you need on how to use instant money by Stanbank.
Benefits of having an Instant Money Wallet
The Standard bank eWallet is useful because you can use it to buy airtime, data, electricity and other pre-paid services and also send and/or receive money effortlessly. It can be use to remove cash from an ATM when you’re not with your ATM Card, cancel a voucher to a receiver and view your transaction history.
The most you can send in a day is R5,000 and R25,000 per month to Receivers whether or not they are registered for an Instant Money Wallet. You can receive up to R10,000 per day on your wallet.
The daily eWallet limit for pre-paid purchases like electricity is R1,500. The daily limit for airtime is significantly lower at R500
To quality for eWallet you don’t need to have a bank account, although, it is much easier to top up your wallet if you have a bank account. During registration, you will create a unique PIN to safeguard your Instant Money Wallet.
Standard Bank Instant Money USSD
To access your Instant Money Wallet dial *120*212#. If you would like to know more about Absa wallet services, take a look at the article below to find out more.
Topping up your Wallet
If you have an Account, you can increase your eWallet balance at a Merchant or by using the mobile banking app, cell phone banking, a Standard Bank ATM or through internet banking. If you do not have an Account, you can replenish your Instant Money Wallet at a Merchant.
Topping up you Instant Money wallet at a merchant
- You will need to produce an original SA ID at the merchant.
- Give the merchant your phone number.
- Hand over the amount you want to deposit to the merchant plus the fee charged for sending.
- You may be required to give the Merchant information about the source of the funds.
What you will need for standard bank cash send to another number
- You will need a valid SA ID.
- Provide your phone number and that of the intended recipient.
- Declare the amount you wish to send.
- The charge for sending is subtracted from the amount you give.
- The release PIN and voucher number are sent to your device.
- The recipient receives the standard bank instant money voucher number.
- You then share the release PIN with the recipient to prove that they are authorized to claim the voucher.
Withdrawing at Merchant
Withdrawing is quick and easy. You will need a valid SA cellphone number.
- The first step is to give the Merchant the Voucher Number sent to both the receiver and sender.
- Next, enter the correct Cash Collection PIN on the merchant’s point of sale device. The Standard Bank Instant Money PIN is only sent to the sender. The receiver will need to contact the sender for the PIN.
- Once the PIN is verified, the merchant will hand over the cash to the recipient.
Standard Bank has partnered with several retailers to bring this service closer to you. Some of them include:
- Cambridge Food
Withdrawing at an ATM
- Simply key in the Voucher Number at the ATM followed by the correct Cash Collection PIN
- The ATM will release the cash after the PIN is verified.
How do I find my Standard Bank instant money voucher number?
You can access your vouchers by dialing *120*212#, then pick the “Manage Voucher” option. You then choose “Top up with IM voucher”. Click the voucher you wish to redeem and key in your 4-digit cash collection PIN.
Standard Bank Instant Money voucher expiry
How long does the standard bank voucher last? After getting the voucher, the receiver has up to three years to withdraw the funds. Given that the deposit does not earn interest, it is advisable not to wait too long to withdraw. As time passes, the value of money reduces due to factors like inflation.
Cancelling a Voucher
You can reverse or cancel a voucher by selecting the Manage Voucher option. Then, choose the voucher you wish to discard and delete. Confirm using the PIN sent to the receiver.
There are some situations where you will be unable to reverse. If you send cash to someone who has an Instant Money Wallet, the funds will be immediately available and can be accessed without a Cash Collection PIN. Such transactions cannot be reversed. Payment for a pre-paid purchase cannot be cancelled or reversed.
Cancellation of an IM Wallet
The Instant Money Wallet can be cancelled at any time by calling the Contact Centre. You must withdraw the remaining funds that remain in your Instant Money Wallet before you cancel it. It can also be cancelled if it turns out that the wallet was used fraudulently, negligently, for illegal or terrorist activities or for any purpose that does not comply with the law.