The standard bank brand is one that features prominently on the list of giant global banking institutions. With a history that dates back to 1862 and formed as a South African subsidiary in 1962, this banking brand now operates in 32 countries around the world with 19 of these being in Africa.This bank has over time been driven to prominence by the variety of products and services provided. One of these is the Instant Money product.
The Instant Money product is a quick and easy facility for sending money. As a Standard Bank customer, you can use this avenue to send money to anyone and anywhere and the receiver doesn’t even need a bank account to collect their money because they can simply collect from a participating Spar outlet.
Instant Money benefits include being safe and convenient, sending and receiving money instantly, no need of a bank account to receive money, no need to travel long distances for collection as any Spar outlet can be used.The receiver of the money doesn’t incur any costs except for the R9.95 per transaction charged to the sender.
For the sender you simply go the Standard Bank website, click on the drop down menu on the far right and select “Send Money”, select Spar (this is where the beneficiary will collect his or her money), enter your Identity number, the recipient’s cell number and the amount to be sent, the sender is quoted the final cost of the transaction i.e. amount to be sent plus once-off transaction fee, create a 4 digit release code (this is a 4 digit number that you do not share with anyone besides the receiver of the money), the receiver will be asked to enter in the release code when collecting his/her money from Spar, you will then be requested to review and confirm the information provided and you will need to re-enter the release code, click on the autoPay button to make the payment.
The recipient will receive an SMS advising that he/she has received money and he/she should visit their closest participating Spar to collect the funds. The SMS will also have details of the voucher number to be used at collection, approach the Instant Money counter at your nearest outlet and request a Pay-Out, you will be asked to present the voucher number, present the 18 digit Instant Money voucher number to the Spar operator, the Spar operator will enter the number into the terminal, the recipient is requested to enter the 4 digit release code, which was created by the sender and provided to the recipient outside of the transaction, the terminal operator prints a customer receipt and the recipient receives his funds.
Standard Bank can be contacted on 0116369111.