Send money to anyone, anywhere using your mobile phone and SPAR. Instant Money can also be accessed via internet banking for Standard Bank internet banking customers.
What is InstantMoney?
InstantMoney is a payment solution that allows the transfer of funds from a sender to a beneficiary.
InstantMoney is available to our customers and non-Standard Bank customers to send cash to both Standard Bank and non Standard Bank customers, which they can access at an ATM, on their cellphone (USSD), Internet and AccessPoints.
Benefits of InstantMoney
Using InstantMoney to send cash to someone else is a good idea because:
The person sending the money and the recipient don’t need to have a bank account, they just need a cellphone number
The transaction is instant, so the recipient doesn’t have to wait for any bank clearances
You can send money or cash-in an InstantMoney voucher at any of our many cash-out partners
InstantMoney is backed by Standard Bank, a leading South African bank
Using InstantMoney to spend cash yourself is a good idea because:
If you have registered your cellphone number for InstantMoney, it is free to load onto your cellphone
Its free to spend
It’s safe and secure and means you don’t need to carry cash or credit cards
To Send Money
Sending money is quick, safe and easy to do.
This is how it works:
Show the teller your green bar-coded South African identity document
Pay the teller the amount of money you want to send
Assisted by the teller, if needed, enter the cellphone number of the person you’re sending money to
Choose a four-digit secret PIN number
The recipient will automatically receive an SMS telling them that an InstantMoney voucher with a specific voucher number is available
As soon as you tell them the secret PIN, they can go to any of our many retail shopping partners, selected AccessPoints and Standard Bank ATMs nationwide to cash out the voucher
InstantMoney is very cost-effective; The sender pays a once-off fee of R9.95, including VAT, for each transaction
You can send up to R5 000 a day and R25 000 a month
To Cash out Money
Converting an InstantMoney voucher into cash is quick – all you need is the voucher number and PIN.
It’s easy to exchange an InstantMoney voucher for cash at one of our Instant Money counter in-store, or you can cash out at a Standard Bank ATM.
This is how it works:
Give the teller the voucher number you received via SMS
Enter the PIN into the InstantMoney device
The system will indicate the value of the matched voucher
The teller will give you the cash value of the voucher.
Money can be safely sent to relatives back home, children at Varsity or anyone who you’d like to send cash.