How Do I Transfer Money from my Bank App?

In recent years, we’ve become more and more enamoured with the idea of carrying out various tasks without ever having to leave home. Lifestyles that were once derided as ‘unsociable’ and ‘reclusive’ are now part and parcel of the modern community. Banking and all of its related functions are no exception. Many people today make some pretty hefty financial decisions without getting out of bed and the growing efficiency of banking apps is making it all the more common. How Do I Transfer Money from my Bank App?

This article will go on to highlight how to Transfer Money from the respective bank you are looking for. Scroll down to find your bank and then follow the step-by-step procedure on how to transfer money using your banking App. Please note the online banks referred to in this article are all South African banks.

But what happens if you’ve never learnt the basics? Some of us find ourselves in that boat while others may just need a quick refresher. Either way, let’s look at one of the more important online functions and ask ourselves – How do I make banking app transfers and what do I need to know?

 How Do I Transfer Money from my Bank App?
How Do I Transfer Money from my Bank App?

How to Transfer Money

CapitecHow Do I Transfer Money from my Bank App?

  • Click on the ‘Save’ option
  • Enter in your remote PIN
  • Click on the ‘Transfer Money’ option
  • Pick which accounts you wish to transfer ‘To’ and ‘From’
  • Enter in the amount of money you wish to transfer
  • Click on the ‘Transfer’ option

FNBHow Do I Transfer Money from my Bank App?

  • Log in to your FNB banking app
  • Click on the ‘Transfer’ option
  • Choose which accounts you wish to make a transfer between
  • Enter in the amount you wish to transfer and the reference
  • Click on the ‘Transfer’ option

Standard BankHow Do I Transfer Money from my Bank App?

  • Log in to your Standard Bank app
  • Click on the ‘Transact’ option
  • Click on the ‘Transfer’ option
  • From here you can either repeat previous transfers or you can select the ‘Make a New Transfer’ option
  • Choose the account that you wish to transfer money from
  • Enter the relevant information for the account you wish to transfer money to and then click the ‘Next’ option

NedbankHow Do I Transfer Money from my Bank App?

  • Log in to your Nedbank banking app
  • Click on the + icon and then select the ‘Transfer’ option
  • Choose the accounts that you wish to transfer money to and from and then click on the ‘Next’ option

Discovery BankHow Do I Transfer Money from my Bank App?

  • Log in to your Discovery Bank app
  • Click on the ‘Transact’ option
  • Click on the ‘Transfer’ option
  • Choose the accounts that you wish to transfer money to and from
  • Enter in the amount you wish to transfer along with the relevant reference
  • Click on the ‘Next’ option and verify the information
 How Do I Transfer Money from my Bank App?
How Do I Transfer Money from my Bank App?

What are the Different Ways to Transfer Money from my Banking App?

As you can see, transferring money between your accounts is a pretty standard feature for most banking apps. That said, there are many other ways to move money around depending on where you want to send it. These methods include –

Once-off payments – Don’t clutter up your banking app with random beneficiary information when you don’t have to. Most apps present a simple ‘pay’ option that can be used to send once-off payments if you don’t intend to deal with the recipient again. If, however, you change your mind halfway through, there will generally be an option to add the recipient as a beneficiary anyway.  
Paying beneficiaries – Once a beneficiary has been established, you should be able to quickly send them funds by simply selecting the ‘pay’ option and choosing their information from the given list.   You may even get the option to repeat a previously completed transaction if the amount of money in question doesn’t need to be changed.  
Send vouchers/put money into an eWallet – Most banking apps also allow you to send money to a person’s phone number rather than to a specific bank account. The recipient can then redeem the money at their earliest convenience.   You can also transfer money back and forth from your personal eWallet to your other accounts.  

The term ‘eWallet’ may have caught some people off guard simply because it hasn’t been around for too long. Despite its relatively new nature, however, it’s actually a pretty convenient tool for you to use in your daily finances, so let’s find out what it does and how it works.

What is an eWallet and How does it Work?

The eWallet system allows you to send money to a cell phone number rather than to a bank account. The recipient receives a code on their cell phone which they can then use to draw the money from an ATM or to make payments at certain participating outlets.

eWallets are generally used by people who don’t have bank accounts as a sort of digital stand-in, but they can just as easily be used as a means of convenience for people who don’t want to carry around a physical wallet. You can choose to send money from one of your accounts to your cell phone number and then just carry around your cell phone rather than your various credit cards.

Most banking apps utilise the eWallet system but they tend to display it under different names, as such, it’s important to learn what your bank calls the service in order to find it on the app. Usually, the system can be referred to as vouchers, instant money, cardless withdrawals, etc.

Do I Always have to Add a Beneficiary when I want to Transfer Money?

Not always. As noted, many banking apps allow you to store information during transfers so that your next experience will be that much quicker. Normally, you will only have to fill in all the relevant information once, on your first attempt. If you remember to save the data, you should be able to simply select the beneficiary’s details from the beneficiary list the next time you go to make a transfer.

Some banking apps will even allow you to repeat previous transfers with the same amount of money, which can make recurring interactions much easier to accomplish.

 How Do I Transfer Money from my Bank App?
How Do I Transfer Money from my Bank App?

Can eWallet Transfers be Reversed?

Yes, they can. Although certain banks may differ slightly, most will allow you to get your money back so long as it has not already been drawn from an ATM and usually within a certain timeframe.

To reverse a transfer, you’ll have to call your bank’s helpline or look for a specific call number on their website. A small reversal fee may also be charged to you for the service.

Are eWallets Safe?

Yes, they are. Aside from the risk of entering in the wrong phone number and making a random person’s day, eWallets are fairly safe and are not particularly vulnerable to hackers who want to steal your money.

In Conclusion – How do I Transfer Money on my Banking App?

Transfers are one of the more common functions of online banking apps and are thus quite easy to find. Most apps present a dedicated ‘transfer’ option on their main menu and feature easy-to-follow instructions when you click on them.

You will need to fill in the relevant information regarding accounts and beneficiaries when you make your first transfers but you’ll normally be given the option to save these details and subsequent transfers should be much simpler. Once the data has been saved, you’ll only need to choose which accounts you want to transfer money to and from and go from there.

Beyond transfers, most apps will also allow you to make once-off payments,  pay beneficiaries, and send cash to eWallets. These functions will also require some preliminary information but they should also allow you to save any relevant details to streamline the process in the future.

eWallets

eWallets are digital accounts that allow you to send money to a cell phone number rather than to a bank account. Once money has been sent to a specific number, the recipient can draw it from an ATM or they can use the given codes to make purchases at participating stores.

This can either be used to pay money to a person who does not have a bank account or, it can be a neat trick when you don’t want to carry around an actual wallet. Simply send the money to your number and use your cell phone to make all your payments. The eWallet system is fairly safe and reversals can be made within a certain time frame if the money hasn’t already been withdrawn.

Different banks have different names for the eWallet system including things like ‘vouchers’ and ‘Instant money’. While the names may differ slightly, the central premise remains more or less the same.

Irrespective of which bank you use or which transfer option you decide on, most apps will provide you with an opportunity to save the recipient’s banking information which should allow you to make faster payments in the future as you won’t need to fill out all the information again.

Disclaimer Finance101: All of our posts are for research purposes only. Finance 101 aims to assist its readers with useful information on the laws of our country that can guide you to make financial decisions that will enable you to become more financially independent in the future. Although our posts cite the constitution in many instances, they are intended to assist readers who are looking to expand their knowledge of the law & finance-related queries. Should you require specific legal/financial advice we advise you to get in touch with a qualified financial expert.

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