Transfer money from Capitec to Standard Bank

Over the past decade, banking in South Africa has transformed dramatically. Gone are the days when transferring money required a trip to the bank, waiting in line, filling out a form, and handing it to the teller. While this option is still available, most transactions now take place effortlessly from the convenience of your home, with just a few taps on your smartphone.

Major banks like Capitec and Standard Bank handle vast volumes of transactions every minute and have led the way in digital innovation to improve customer experience, making interbank transfers nearly seamless. So, how can you make these transfers? Don’t worry; our guide covers everything you need to know about transferring money from Capitec to Standard Bank.

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.

Join Wise!

Can I transfer money from Capitec to Standard Bank?

Transfers from Capitec to Standard Bank are possible and very easy. Having an account with Capitec means you are banking with the largest bank if we consider customer numbers¹⁰. The bank has ensured the process of transferring money to other Capitec accounts or accounts in different banks is easy and not stressful for its customers. Transferring money from Capitec to Standard Bank can be done in several ways which we break down step by step in later sections of this guide.

How much does the transfer cost?

Transfers between Capitec accounts cost R1 when done through the app. However, if you're transferring funds from Capitec to another bank, such as Standard Bank, the fee is higher. The fee varies depending on the method you choose. Digital transfers cost R2, self-service transfers are R5.5, and transfers done through a consultant cost R119. For immediate payments, both digital and self-service options have a fee of R6.5⁹.

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 Standard Bank?

You can transfer funds from your Capitec account to a Standard Bank account using the bank’s digital offerings as well as do it in person at a branch or using an ATM. Let’s take a look at the steps you need to take for each of these methods:

Send money to Standard bank via Capitec app

• Grab your phone and open the Capitec app
• Once you navigate to the ‘Send Money’ or ‘Payments’ option this is where you will initiate the transfer.
• Upon getting to the payments page enter the details of the Standard Bank account recipient correctly. Be sure to double check the details to ensure there are no delays or issues with the transfer. The bank code for Standard bank is 051001.
• The next step is to 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 setup.
• Post authorisation the app will give you a confirmation message or even send you a receipt confirming the transfer.

Send money to Standard Bank via 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

Send money to Standard Bank through 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 account⁶. 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 Standard Bank?

Transferring money using the EFT (electronic fund transfer) from your Capitec account to a Standard Bank account usually takes 15 minutes but can take longer⁷. Keep in mind this does not include weekends or any public holidays. These typically cause a delay in the transfer reaching the recipient.

Capitec offers an immediate payment option for an additional fee, but this service has specific timeframes and might not be available for all transfers.

All in all, transferring money from Capitec to a Standard Bank account does not require much effort. The process has become considerably simpler in recent times, and you can get the transfer done in minutes without needing to speak to a representative. While there is a fee attached based on type of transfer and urgency it is still quite affordable.

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

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

Join Wise!

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. Methods of transfer
7. Transfer times
8. Immediate Payments
9. Fees
10. Capitec