Instant Money Wallet is one of the best digital banking we have in South Africa. It works for people with or without the Standard Bank Account. You can load up to R25 000 in your instant money wallet. You can spend the money on prepaid, or use it to send money to anyone with a valid cellphone number in South Africa.

Standard Bank Instant Money
Digital Banking, Instant Money. Image: pxhere.com

You have the ultimate control over how you send the money. You can purchase airtime, electricity, data or you can withdraw the cash to spend it on anything you want. You can receive up to R10 000 into your wallet in a day and you can send up to R5000 in a day, or R25 000 in a month to anyone with a cellphone number in South Africa.

Instant Money Wallet Features

  • After registration you can create a unique pin for your wallet – Do not share the pin with anyone (People are stubborn, I’ve seen how people easily reveal their PINs, please avoid doing that, rather send them the cash into their own accounts when you do not feel like doing things yourself like going to buy grocery)
  • Your Instant Wallet can be loading yours any banking channels such as Internet Banking, ATM banking, mobile app banking or at Standard Bank retail partners.
  • You can access your Instant Money Wallet using the USSD Code, *120*212#
  • You can make cardless withdrawals, using the voucher number and cash collection PIN
  • You can easily reset your cash collection forgotten the PIN, or your wallet PIN
  • You will have a view of your transaction history to track your transactions
  • You have the power to cancel payments made to a receiver.

Instant Money Wallet Retail Partners

If you are wondering where you can load your funds into your Instant Money Wallet, or if you want to redeem the voucher for cash, you can do so at the standard bank retail partners.

Here’s a list where you can do your Instant Money Wallet transaction

  • Spar
  • Game
  • Builders
  • Cambridge Food
  • Choppies
  • Rhino
  • Makros

Instant Money Wallet Fees

  • There are no monthly fees
  • When someone has sent you cash, you will not be charged to withdraw the cash
  • A small fee is charged when sending money to someone without an Instant Money Wallet
  • If you send cash from one Instant Money Wallet to another you will not be charged any fees (It’s free)

How do I Register?

  • Dial *120*212# and follow the prompts, it’s that simple (Remember that you can only have one Instant Money Wallet Account)
  • You will need a valid SA ID or Smart ID Card to send money and,
  • A valid SA Cellphone Number to receive money
  • You can send Instant Money Voucher through any banking channel when you bank with Standard Bank or from a retail partner if you don’t.

How to Send Instant Money

  • Standard Bank has made it possible for your convenience, to access Instant Money online banking, mobile app, cellphone banking, Standard Bank ATMs and or you can send via a retailer

Sending Money at a Retailer

  • At your retailer, produce your South African ID or Smart ID Card and provide your cellphone number as well as the recipient’s cellphone number.
  • Confirm at the till point how much you want to send, you will be charged a fee from the amount you send
  • You will receive a PIN and a voucher number
  • The recipient (The person you are sending money) will then receive the voucher number
  • You will have to contact the recipient and give ’em the PIN

How to Collect Instant Money

  • At an ATM you just have to select Instant Money or cardless withdrawals and enter the voucher number as well as the release PIN
  • At a retailer, you have to give the cashier a voucher number as well as the and enter the release PIN.
  • In your Cellphone, dial *120*212# and follow the prompt > Select “Manage Voucher” > then “Top Up with IM voucher” > then select the voucher to redeem and enter your PIN
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Author

  • Founder and Business Writer of iBusiness.co.za, (born June 28), a South African Business Reviewer and Blogger. A native of Ventersdorp, Mogopa Village (SA), often referred to as Zack. Let's talk iBusiness.

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