Capitec Bank’s Cash Send service has gained popularity for its convenience, allowing individuals to send money to people who don’t have a Capitec Bank account or are unbanked.
This feature is user-friendly and accessible through both mobile banking and the Capitec Bank app, making it an efficient way to send funds.
The process is simple: once the sender initiates a Cash Send, the recipient receives a unique C-number, a 10-digit code, and a four-digit PIN.
These credentials enable the recipient to withdraw the funds from any Capitec Bank ATM or at several participating retailers in South Africa, such as:
- Makro
- Builders Warehouse
- Game stores
- Shoprite
- Shoprite USave
- Checkers
- Boxer
- Pick n Pay
However, there might be instances where the sender needs to reverse the transaction.
Below is a step-by-step guide on how to reverse a Capitec Bank Cash Send.
Reversing a Capitec Bank Cash Send
Sometimes, mistakes happen, and you might need to reverse a Capitec Bank Cash Send transaction.
Reversing the transaction is straightforward, provided the funds have not yet been withdrawn. Once the money has been withdrawn, it cannot be reversed. Here’s how to proceed with a reversal:
- Contact Capitec Bank: Dial 0860 102 043 to reach Capitec Bank’s customer service.
- Speak to a Consultant: Once connected, explain that you need to reverse a Cash Send transaction.
- Follow Instructions: The consultant will guide you through the process to reverse the transaction. Be aware that the reversal may take up to 24 hours to reflect in your account.
- Fee: There is a non-refundable fee of R160.00 for reversing a Cash Send, regardless of the outcome.
Alternative Reversal Methods
If you prefer not to call, you can visit any Capitec Bank branch to initiate the reversal.
However, please note that the Capitec Bank app does not currently support Cash Send reversals.
Another alternative is to wait; if the Cash Send voucher is not redeemed within 30 days, the funds will be automatically refunded to your account without any fees.
Changing the PIN Code
If you’ve shared the C-number and PIN code with someone but want to prevent them from accessing the money, you can change the PIN code using the Capitec Bank app.
This is a free service, and it can be done multiple times.
Capitec Cash Send Fees
Sending money via Capitec Bank Cash Send comes with specific fees depending on the amount being sent:
- R16.00 for amounts between R1,010.00 and R3,000.00
- R8.00 for amounts between R40.00 and R1,000.00
Comparing Capitec Bank Cash Send with Other Banks
Here’s how Capitec Bank’s Cash Send compares to similar services from other banks:
FNB eWallet
- Fee: R10.95 for amounts up to R1,000.00
- Withdrawal Points: FNB ATMs, selected retail stores
- Daily Limit: R3,000.00
Standard Bank Instant Money
- Fee: R10.00 for amounts up to R1,000.00
- Withdrawal Points: Standard Bank ATMs, selected retail stores
- Daily Limit: R5,000.00
Frequently Asked Questions
1. How do I withdraw money from a Capitec Cash Send?
To withdraw money from a Capitec Cash Send, the recipient needs to use the unique C-number and the four-digit PIN that the sender provides. They can then withdraw the cash at any Capitec ATM or at participating retailers like Shoprite, Checkers, and Pick n Pay.
2. What happens if I don’t use the Capitec Cash Send voucher?
If the Capitec Cash Send voucher isn’t used within 30 days, it will automatically expire, and the money will be refunded to the sender’s account without any additional fees.
3. Where can I access funds sent via Capitec Cash Send?
You can access the funds from a Capitec Cash Send at any Capitec ATM. Additionally, you can withdraw the cash at participating retail stores, including Shoprite, Checkers, and Pick n Pay.
4. Can I reverse a Capitec Cash Send transaction?
Yes, you can reverse a Capitec Cash Send transaction by calling Capitec customer support at 0860 102 043 or by visiting a Capitec branch. However, keep in mind that a reversal fee of R160.00 applies, and the funds cannot be reversed if they have already been withdrawn.
5. What should I do if I forget the PIN for a Capitec Cash Send?
If you forget the PIN for a Capitec Cash Send, you can easily change it using the Capitec Bank app. This process is quick, and you can update the PIN as many times as needed.
Takeaway
Reversing a Capitec Bank Cash Send transaction is possible through three main methods: contacting Capitec Bank via phone, waiting for an automatic reversal after 30 days, or visiting a branch.
It’s essential to ensure that the money is sent to the correct recipient, as withdrawn funds cannot be reversed.