Money Transfer is a service jointly offered by Standard Bank and MTN Banking. Money Transfer is a hassle- free method of getting funds to your friends and families. Money Transfer caters for the unbanked market. It involves a sender (person who wants to send money) and receiver (person who is receiving the money) and does not require a bank account to effect a Money Transfer transaction. The Money Transfer transaction is immediate. A transaction is limited to R1,000 per day per ID number. This service is offered by participating merchant outlets.
Benefits to the Customer
Simple to use
Attractive pricing
No need to have a bank account
No need to own a mobile phone
Only the sender pays for the transaction
How does a Money Transfer transaction take place?
The Sender goes to a participating Money Transfer merchant outlet with the principal amount in cash plus the fee amount, their ID document and the Receiver’s ID number.
The merchant employee captures the transaction on the handset.
The Sender is then issued with a receipt that contains a transaction ID and token number.
The Sender will now have to convey these details (tansaction ID and token number) to the Receiver.
The Receiver then goes to a participating Money Transfer merchant outlet with their ID book, the transaction ID and token number.
The Receiver’s ID is validated by the merchant employee, who then captures the transaction on the handset.
Once the transaction is validated, the cash is given to the Receiver accompanied by a receipt.
Requirements for sending money
Sender’s ID book (only valid South African IDs)
Receiver’s ID number
Cash to be sent
Transaction fee (currently this is a flat fee of R15.00)
State source of income
Agree to the Terms and Conditions
Outcome: You will receive an invoice for the transaction which contains the transaction ID number and the token number.
