In an age where technology has improved the lives of millions of people worldwide, banking institutions have had to overhaul their services just to keep up with the rapid changes. First National Bank (FNB) is known for offering innovative solutions to its clients and one such solution is the FNB Money Transfer.
This service allows FNB customers residing in South Africa to send money instantly to an individual in Mozambique who has a Mozambican ID.
There is no card and no account needed.
Recipients are able to access their money instantly.
One of the main benefits offered by the service is that it is able to reach many of the unbanked individuals on the African continent.
The recipient will receive voucher details from the sender and does not need a bank account or a bank card to get cash.
When using the FNB Money Transfer to send money to Mozambique, the fees paid are dependent on the amount of money that is sent.
Instant, easy and affordable this service meets the needs of many individuals who need to send money to family back home. It provides a convenient cross-border service with a daily limit of R1500 when using cellphone banking. When using online banking you can send up to R5000 daily.
When the service was launched, Leanora van der Plas, head of cross-border remittances at FNB said: “It’s a service that allows for instant, affordable money transfer and is more secure than informal channels and should be well-received.”
How the FNB Money Transfer service works:
Once the recipient collects the cash from the FNB Mozambique branch, the sender will receive an SMS or email confirming the recipient’s collection of the cash.
If the money is not collected at the branch within 14 days, it will be reversed bank to the sender’s FNB account.
The recipient must provide the following when collecting cash:
- Mozambique ID
- Voucher reference number
- Transfer amount
- Transfer code