Transfer money from Capitec to Nedbank

If you’re someone that’s looking to transfer money between Capitec and Nedbank but are confused about the process, you are in the right place. This guide helps you understand more about transfers from Capitec to Nedbank.

We’ll also introduce to you Wise for international money transfers to South Africa at the mid-market exchange rate - similar to the exchange rate you see on Google.

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Can I transfer money from Capitec to Nedbank?

Yes, you can transfer money from Capitec to Nedbank. Capitec is a major bank in South Africa and is the largest bank if we consider customer numbers⁵. Nedbank is also one of the oldest banks in South Africa and a major player in the country⁶. Transferring money from Capitec to Nedbank is a fairly easy process and can be done in several ways. We discuss these in a later section.

How much does the transfer cost?

Transfers from Capitec to Nedbank are not free of cost like the Capitec to Capitec transfers unfortunately. Capitec charges you a minimal transaction fee for transfers to other banks. This is R2 for digital transfers, R5.5 for self-service transfers, R11 for transfer through a consultant¹⁰. If you need to send an immediate payment the fee for both digital and self-service payments is R6.5¹⁰.

Get the mid-market exchange rate when making international money transfers to South Africa with Wise

If you’re living in South Africa, Wise can help you save money¹ when making international money transfers to South Africa.

Although the majority of banks may allow their account holders to make an international transfer, it is possible that a markup is added to the mid-market exchange rate. Find out what you would pay for an international money transfer with Wise:

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!

Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

How to send money from Capitec to Nedbank?

There are several ways in which you can send money from Capitec to Nedbank. The SWIFT code for Nedbank is NEDSZAJJ. Including digital and in-person routes of transfer.

Transferring money via the Capitec app:

• Open the Capitec app on your phone.
• From the ‘Send Money’ or ‘Payments’ initiate the transfer.
• On the payments page enter the details of the Nedbank account recipient correctly.
• Next, enter the amount you want to transfer. You can also add in a reason for transfer for future reference.
• Be sure to check all the details before finalising the payment. Once you’re sure everything is in place enter your PIN or authorise the transfer with any other security measures you have set up.
• Post authorisation the app will give you a confirmation message or even send you a receipt confirming the transfer.

Transferring money through internet banking

• Login to internet banking using your credentials
• Navigate to the Payment’s menu
• If you want to pay an existing beneficiary simply select their name, if you want to pay a new beneficiary hit ‘Add beneficiary’ and enter their details
• Choose Pay the selected beneficiary
• Enter the amount you wish to transfer
• Be sure to double check the recipients details and also add a payment reference
• Choose Pay this amount immediately

Transferring money via a Capitec branch

If you don’t have the app and would rather get the transfer done in person you can also visit a Capitec branch.

• Go to your nearest Capitec branch.
• Request a transfer form and fill in the details of the recipient. Also include the amount you need to transfer.
• Once you’ve completed the form and checked the details, hand the form to a teller and they will get the transaction done for you.
• They will also hand you a receipt that confirms the transfer.

Send cash using USSD

You can also send cash to any recipient using your Capitec account via cellphone banking⁶. It is important to note that you will need to be registered for mobile banking to do this. The steps to do so are as follows:

• Dial *120*3279# and reply 9
• Accept the terms and conditions
• Reply 1
• Choose "From" account
• Enter the amount you want to send
• Create a 4-digit secret code (this will be used to collect the cash)
• Enter your Mobile Banking PIN

You will be sent a reference number on your registered mobile number, you can send this to the recipient who will need to show this to receive the cash.

The recipient can collect the cash by doing the following:

• Ask them to visit any Capitec ATM, Shoprite, Checkers, Usave, Game, Makro, Pick n Pay or Builders store near them.
• Once at the store inform the teller that they have a transfer from a Capitec client
• They will be asked to provide the reference number
• They will be asked your name, surname and cellphone number, along with the secret code
• Once all the details are authenticated, the cash is paid out immediately.

How long does it take to transfer money from Capitec to Nedbank?

It is important to know how quickly the funds you’ve transferred reach the beneficiary. In most cases this happens almost instantly. However, on weekends transfers between Capitec and Nedbank can take up to 24 hours, however, during regular business hours most transactions are completed almost immediately⁸.

You can also try Wise for receiving money at the mid-market rate for international transfers to South Africa.

Whether you're a Capitec customer sending funds locally to Nedbank or looking at international options, it is important that you’re well aware of the processing times, fees, and options available to you to ensure a smooth banking experience.

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Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available in all regions. Please visit www.wise.com to check for availability and learn more about our offerings.
5. Capitec customers
6. Nedbank
7. Methods of transfer
8. Transfer times
9. Immediate Payments
10. Fees