Transfer money from Nedbank to Capitec

Banking in South Africa has changed a lot over the past decade. The days of standing in line at the bank, filling out forms, and waiting for a teller to process your transaction are mostly behind us. While you can still do it the old-fashioned way, most people now enjoy the convenience of transferring money right from their smartphones in just a few taps.

Banks like Nedbank and Capitec have embraced digital innovation to make interbank transfers seamless and hassle-free. If you’re looking to transfer money from Nedbank to Capitec, you’re in the right place—this guide will walk you through everything you need to know to make it quick and easy.

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 Nedbank to Capitec?

Transferring money from Nedbank to Capitec is quick and easy. Nedbank has worked hard to make sure their customers can send money to other banks, including Capitec, without any hassle. And with Capitec being South Africa’s largest bank in terms of customer numbers, it's no surprise so many people rely on it for their day-to-day banking needs⁹.

Whether you’re sending money to a friend or paying a bill, the process is simple and convenient. In the sections below, we’ll walk you through the different ways you can transfer money from Nedbank to Capitec, step by step, so you can choose what works best for you.

How much does the transfer cost?

Sending money from Nedbank to Capitec will incur you fees based on your mode of transfer. Transferring funds through internet banking will cost you R8.075. It costs the same when you send money through the Nedbank Money app. Payments at the branch to Capitec will cost you R100. The fee for instant payments is R40⁵.

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 Nedbank to Capitec?

You can transfer funds from your Nedbank account to a Capitec 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:

Using Cellphone banking

1. Dial *120 *001# and log in to Cellphone Banking.
2. Choose Transfer from the main menu.
3. Select the account from which you would like to transfer the money.
4. Then select the account to which you would like to transfer the money.
5. Enter the amount and follow the steps to complete the transfer.

Making an instant payment

Through the Money app

1. Log on with your Nedbank ID, app PIN or fingerprint.
2. Select Transact.
3. Tap on Pay and then on Single payment.
4. Enter the recipient’s name.
5. Tap Payment type.
6. Select Instant pay.
7. Accept the T&Cs.
8. Enter the amount.
9. Select your account.
10. Enter your reference details.
11. Tap Next, review your payment then tap Finish.

Through online payments:

1. Log on with your Nedbank ID.
2. Select Transact.
3. Click on Pay and then on Single payment.
4. Enter the recipient’s name.
5. Click on Payment type.
6. Select Instant pay.
7. Accept the T&Cs.
8. Enter the amount.
9. Select your account.
10. Enter your reference details.
11. Click Next, review your payment then Finish.

Through a branch

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

• Walk into your nearest Nedbank 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.

Through a Nedbank ATM

Another way you can transfer the money is by getting it done through a Nedbank ATM machine without going to the bank. You just need to take the following steps:

• Find the nearest Nedbank ATM
• Insert your debit card into the machine
• Put in your PIN
• Choose the “Payment” option from the menu on the ATM screen
• Select “Capitec” from the list of destination banks. If Capitec isn’t listed among the options, simply opt for “Other Banks” and then manually enter “Capitec”.
• Put in the recipient’s bank account number, this is a 10-digit number unique to the recipient. Always double check the details to ensure you don’t run into any issues with the transfer.
• It is also advised that you enter a reason for transfer for future reference and to track the payment.

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

These days, you can simply make an electronic funds transfer (EFT), and if you’re making a payment to someone’s account at the same bank, they will receive the money right away.

However, you’ll still experience a delay of 2 or 3 days if you’re making an EFT to an account at a different bank6. But you can also opt for instant payments. Payments to other banks are processed swiftly – typically within 30 minutes6. Instant pay is accessible 24/7, including weekends and public holidays. There is a fee charged for each transaction.

Banking with the most prestigious banks in South Africa is a hassle-free process. Both Nedbank and Capitec prioritise customer experiences and have implemented innovative options for easier transfer and a better banking experience. Whether you’re someone that likes to go get things done in person or someone who prefers getting things done from the comfort of their home, Nedbank has solutions for each of your preferences. There is a higher fee associated with instant payments but it guarantees you peace of mind for those urgent transfers.

If your banking involves transactions with family/clients abroad, you can also try Wise 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. Fees
6. Transfer times
7. Cellphone banking
8. Instant Payments
9. Capitec customers