Transfer money from Capitec to FNB
Need to transfer money from Capitec to FNB but unsure on how to? Our guide has you covered!
Banks like Capitec and FNB are at the forefront of the fintech revolution in South Africa and manage millions of transactions daily. But it’s common to have questions like how to transfer money from FNB to Capitec, how long does it take to transfer money from FNB to Capitec, and many more. Our guide covers everything you need to know about transferring money from FNB to Capitec.
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.
It is possible to transfer money from your FNB account to a recipient with a Capitec account. Having an account with FNB means you are banking with one of the oldest and most reputed banks in the country⁸. With its innovative offerings and excellent customer service it is a top choice for South Africans as well as expats. The bank has ensured the process of transferring money to other FNB accounts or accounts in different banks is easy and not stressful for its customers. We break down the steps you need to take to transfer money from FNB to Capitec in a later section of our guide.
Transferring money from your FNB account to the e-Wallet (a service we discuss later) costs R10.95⁵. Whereas an instant payment costs R7⁷.
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!
It’s easy to transfer money from your FNB account to a Capitec account using more than one approach⁵.
How to transfer money from FNB to Capitec without the app?
e-Wallet allows FNB customers to send money instantly to anyone with a valid South African cellphone number, including those banking with Capitec. For your convenience, you can also transfer money from your e-wallet to your account. To use this service, you first need to connect your FNB account to the e-Wallet using the following steps:
Once verified, you can transfer funds from your e-Wallet to your FNB account. Post this you can then securely transfer money to any South African mobile number.
You can do this through:
To send money using FNB Cellphone Banking you need to be registered for Cellphone Banking.
Transfers from the e-Wallet happen almost instantly⁵. If you’re using the immediate payment option for all transfers including those through the app, online payment or through the ATM the amount should reflect in the recipient's account within 5 minutes⁶. Transferring money using the EFT (electronic fund transfer) from your FNB account to a Capitec account can take a day. Keep in mind this does not include weekends or any public holidays. These typically cause a delay in the transfer reaching the recipient.
Transferring money from FNB to Capitec has become a quick and hassle-free process. With recent advancements, you can complete the transfer within minutes without needing assistance from a representative. While there is a fee involved, depending on the type and urgency of the transfer, it remains relatively affordable.
Whether you're an FNB customer transferring funds locally to Capitec or receiving money from abroad, it's crucial to understand the processing times, fees, and available options to ensure a seamless experience. Additionally, for international transfers to South Africa, you might consider using Wise as an alternative to benefit from the mid-market exchange rate.
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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