Cellphone banking is the act of making financial transactions online using mobile devices. It is the quickest and most cost-effective banking method to emerge in recent years allowing you to access your funds 247, offering convenience and flexibility.
Unlike physical branches with limited hours of operation, Cellphone banking is available anytime, anywhere. You can check your balance, transfer funds, or pay bills on your own schedule, without waiting in line.
Recognizing the power of this technology, two South African giants, Capitec and Nedbank, have harnessed advancements in the financial sector to make transactions seamless and fast. This leads us to the main question of this article: how long does it take to transfer money from Capitec to Nedbank using Cellphone banking in South Africa?
How long does it take to transfer money from Capitec to Nedbank using cellphone banking?
Standard transfers from Capitec to Nedbank using cellphone banking typically take 2 business days to reflect in the recipient’s account and Capitec transfers initiated on weekends or public holidays will typically be processed on the next business day.
To bypass this waiting period, you can use Capitec Immediate Payment Method to send money which would reflect in just a few seconds. This payment option attracts an additional fee of R7.50. With this, the money should be available in the recipient’s Nedbank account instantly.
This method is only available during a specific time. You can use the Immediate Payment Method on business days between 8:00 AM and 6:00 PM and Saturdays between 8:00 AM and 1:00 PM.
The recipient’s bank (Nedbank) must also be part of the immediate payment network for it to work instantly.
How to use the immediate transfer method on Capitec App and Internet Banking
To use the fast transfer method on capitec mobile, open your capitec app and tap on transaction, then click navigate to payments segment. Choose or create the beneficiary to pay and click on the pay button to continue.
This would require you to enter the beneficiary account details, then tap on the Immediate Payment option which would also require your PIN to confirm payment. Note that you will be charged R7.50 for using this service.
To use the method on Internet banking, go to the payments menu on the website, choose or create a new beneficiary to pay which requires you to enter the correct details of the person. After this, select the pay this amount immediately option. Same R7.50 service fee would be charged regardless of the medium you use.