Money Transfer Services in South Africa

Transferring money in and out of South Africa has never been easier. Whether you are South African, Zimbabwean, Namibian or all the way from America, there is a service you can use. Although I have tried to make this a comprehensive list it is by no means complete as there are new services springing up everywhere. Here are a list of eight services you can use to transfer money throughout South Africa. If you know of more please share it with us in the comments.

Checkers Money Transfer (Powered by Capitec Bank)

• Also available at Checkers Hyper, Shoprite & USave
• Instructions on how to use Checkers Money Transfer
• Transfers cost R9.99 each. (Collecting the money is free)
• Recipient needs ID plus secret PIN and Money Transfer number given by the sender.

PEP Money Transfer (Powered by ABSA)

• Instructions on how to use PEP Money Transfer
• Can be used via Cell Phone & Internet banking or most ABSA ATMs if you are a registered user of the respective services of ABSA.
• Transfers cost R9.99 each. (Collecting the money is free)
• Recipient needs 10-digit reference number plus the 4-digit access code and exact amount that was sent by the sender.

You can also send money from South Africa to Zimbabwe via their Border Money Transfers.

SPAR Instant Money (Powered by Standard Bank)

• Instructions on how to use Instant Money
• More information about Instant Money
• Fees
• Can be used via Cell Phone & Internet banking if you are a registered user of the respective services of Standard Bank.
• Transfers cost R9.95 each (Sending to other Instant Money users is free). (Collecting the money is free)
• The recipient does not need to produce their ID book or any other documentation.

You can also send money from South Africa to Zimbabwe (OK Zimbabwe stores) via Instant Money International if you are a registered user of Standard Bank Internet Banking. (Instant Money confirmed that it is “not accepted as a means of payment for goods and  services and cannot be used to shop online” yet, but it is in development.)

​

Pick n Pay Mobile Money Transfer (Powered by MTN, TYME & Bank of Athens)

• Also available at Boxer stores
• How to register Pick n Pay Mobile Money Transfer
• Fees & Limits
• Transfers are free if your network is MTN (costs R1 on other networks) + R4 deposit fee. (Withdrawing money costs R4)
• Recipient needs ID and phone number.

MTN announced November last year, that you will soon be able to make face-to-face & online transactions wherever Visa is accepted! This is great news for South Africans who don’t have a credit card or access to a PC to activate their Capitec Credit Card.

Update:
 "Standard Bank has bought the MTN Banking business from MTN Mobile Money SA" via http://www.standardbank.co.za/standardbank/Personal/Banking/MTN-Banking

Mzansi Money Transfers

• More details on Mzansi Money Transfers
• Recipient needs ID number, Reference number plus the pin sent by the sender.

(I have not received a reply on their fees; if any one knows please enlighten us?)

Western Union Money Transfer

• Information about sending and receiving money with Western Union
• How it works via Absa
• Can be used via Cell Phone & Internet banking if you are a registered user of the respective services of ABSA.

Vodacom M-Pesa (Powered by Nedbank)

• How to register for Vodacom M-Pesa
• Fees

According to this article on htxt, Vodacom M-Pesa will no longer be available via Nedbank and Vodacom might be relaunching M-Pesa sometime this year.

FNB eWallet

• More information about FNB eWallet
• Can be used via FNB Cellphone Banking, FNB Online Banking, FNB Banking App or FNB ATMs, if you are a registered user of the respective services of FNB.
• You can also deposit cash into an eWallet at a FNB ADT (ATM with automated deposits) You need a valid South African Cellphone* number. If you are not an FNB customer, you need to take your green bar-coded ID document to any FNB EasyPlan branch and follow a simple once-off registration process. (Transfers cost R9.95 each)

*Excludes devices operated by Windows 7.5

• Transfers cost R8.50+ each. (Collecting the money is free for the first withdrawal)
• Recipient only need a cell phone number. Recipients can:
  • Pay for goods and services online from the eWallet using Cell Pay Point
  • Pay to a bank account
  • Buy prepaid airtime, data and prepaid electricity from the eWallet
  • and more

FNB also provides eWallet Pro for businesses and a Zimbabwe Money Transfer service that makes use of OK Zimbabwe stores Money Counters.

If you know of any other services that I haven’t listed here and/or you know more about a particular service please tell us in the comments!