Transfer money from Capitec to FNB

Banking in South Africa has evolved considerably in the past decade. Back in the day transferring money meant walking into the bank, queueing if needed, filling a form, and submitting it to the teller. While you still have the option to do this, most transfers now happen from the comfort of your home using your cell phone in a few taps.

Capitec and FNB are major banks in South Africa with large volumes of transactions taking place every minute. But how do you make these transfers? Don’t worry we’ve got you; our guide helps you understand all there is to know about transfers from Capitec to FNB.

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 FNB?

Yes, you can transfer money from Capitec to FNB. FNB, a part of the ‘big four’ banks in South Africa have been in the market since 1838 and has a large volume of customers in the country. Capitec is a major bank in South Africa and is the largest bank if we consider customer numbers. With its innovative offerings and excellent customer service it is a top choice for South Africans as well as expats. Transferring money from Capitec to FNB is a simple process and can be done in several ways which will be covered in detail in our guide.

How much does the transfer cost?

Transfers from Capitec to FNB are not free of cost. 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 consultant⁷. If you need to send an immediate payment the fee for both digital and self-service payments is R6.5⁷.

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 FNB?

There are several ways in which you can send money from Capitec to FNB. Including digital and in-person routes of transfer⁵.

Transferring money via the Capitec app

• Grab your phone and open the Capitec app
• Once in, 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 Tyme account recipient correctly. The bank code for FNB is 250655. Be sure to double check the details to ensure there are no delays or issues with the transfer.
• 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 verify 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, the bank code for FNB is 250655.
• 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 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 FNB?

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 FNB can take up to 24 hours, however, during regular business hours most transactions are completed almost immediately⁵.

Money transfers to FNB from Capitec are fairly simple and quick. Capitec gives you several options to send the money and you have the option of doing it online from the comfort of your house or simply walking into the nearest branch during business hours doing it in person. You will end up paying a small amount of fees to complete the transfer and there are transfer limits that you need to be aware of. You can also try Wise as an alternative for receiving money at the mid-market rate for international transfers to South Africa.

Whether you're a Capitec customer sending funds locally to FNB 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.

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