How To Send Money or Reverse a Transfer

Taking the spot of the best bank in the world for two years in a row as rated by Lafferty Group is indeed a huge achievement. As if that’s not enough, Capitec Bank is also the second-largest retail back in the whole of South Africa. Knowing how the bank has simplified the banking experience for their customers, you would see the reason why up to 120,000 people switch banks or open a fresh account with Capitec Bank every month. Yes, sending money from your Capitec account to another account is so easy. You don’t even have to visit a branch in order to do that. By the time you are done reading this short post, you should know how to transfer money using the Capitec Cash Send feature on the bank app and whether or not it is possible to reverse a transfer.

Capitec Cash Send is a method of transfer used by Capitec Bank to make the transfer of money from one Capitec account to another easier for all their customers. With your mobile phone and at your convenience, you can transfer money by either using the app or USSD code. To get the Capitec app, you can choose to download it from Google Play Store (for Android phone users) or App Store (for iPhone users) on your phone or visit any Capitec bank branch around you.

It is pertinent to note that before you are allowed to make use of the app to transfer money, you have to have an account with Capitec Bank and activate the mobile app. To open a Capitec Bank account, you have to visit any branch around you. The only document you will need for this procedure is a document of identification.

After opening a Capitec account, if you are finding it difficult to download the app, here is how to go about it:

If you already downloaded the app from the play store or app store and your email address is not verified, you don’t have to reinstall the application. Here is how to go about it.

After activating your mobile app, you can now send money from one Capitec bank account to another or any other bank account.

If you have friends and family who also have accounts with Capitec bank and you wish to use the Capitec Cash Send to transfer money, Capitec bank has made the process very easy and secured. Here is what you do:

If you do not want to use the mobile banking app, you can still transfer money from your Capitec account using a USSD code. Please note that before using the code, you must have the mobile app and activate it as well. Here is how to use the USSD code to transfer money from your Capitec account:

Transferring money from your Capitec account will cost you a token. The exact amount will depend on the amount of money you transfer. To transfer between R40 to R1,000 attracts a fee of R8, while to transfer between R1,010 to R3,000 attracts R16. However, any transfer above R1,000 cannot be done using USSD code, so, if you wish to send above R1,000, you should consider using the mobile banking app.

The procedures above should not be used if the recipient account is not a Capitec account. Follow the method below to transfer money from your Capitec account to any other bank account.

Note that the transfer limit from a Capitec account to another bank per day is R100,000.

In a situation where you transferred money to the wrong recipient, Capitec Bank cannot be held responsible neither will they reverse the transaction. So, you will have to be very careful when making any transaction. Before confirming any transaction, ensure that all the information you provided is correct. And also avoid sending the reference number and four-digit code to the wrong person.

But, in a situation where your mobile banking app was used without your permission, you can dispute the debit order and demand a reversal, and here is how to go about it:

Please note that your Mobile Banking app cannot be used to dispute any debit order from R800 and above. So, if R800 or more was transferred out of your Capitec bank account without your permission, kindly visit any Capitec bank branch around you.

It is possible for your money to be reversed back to your Capitec bank account in less than 24 hours if you dispute the debit order immediately after it occurs – not more than 40 days after. However, it may be difficult for your debit order dispute to be accepted and your money reversed if the order is registered 40 days or more after the transaction was made.