Nedbank Send-iMali is a new option added by Nedbank to enable you to send and receive money easy and faster. If you are a Nedbank account holder you can now send money to anyone in South Africa and they will receive it using their cellphone.
Nedbank Send-iMali - How Does It Work?
Sending Money
You will need to log on to your profile using one of our digital channels, either internet banking or cellphone banking.
To send money through internet banking:
Log on to Nedbank internet banking at netbank.co.za or mobile banking at nedbank.mobi and select the ‘Money Transfer’ option on the top menu bar (the other channels will follow soon).
Use the dropdown menu and select ‘Pay Now’.
Follow the simple set of steps to send money to recipients, using only their cellphone number.
To send money through the Nedbank App Suite™:
Log on to the App Suite and select the ‘Money Transfer’ option.
Read the terms and conditions and accept if satisfied.
Complete the required fields and then select ‘Submit’.
The confirmation screen will display a summary of the transactions and you will be requested to confirm the transfer.
To send money through cellphone banking:
Dial *120*001# and select option 1.
Log in using your profile number and PIN.
Select ’Money Transfer’.
Read and accept the terms and conditions if satisfied.
Choose an account to debit.
Enter the recipient’s cellphone number.
Enter the amount you want to send, and then select ’Submit’.
A summary of the transaction will appear on your screen, and you will be requested to confirm the transfer.
How much does it cost to use Nedbank Send-iMali?
The person sending money through Nedbank Send-iMali will be charged a service fee of R9,50, including VAT, for each transaction.
If the recipient does not withdraw the money within seven days, the money will be returned to the sender. The R9,50 service fee will, however, not be refunded.
How does the recipient withdraw the money?
Once the sender has completed all the steps and the money has successfully been sent, the recipient will receive an SMS with instructions on how to access the money.
The recipient must dial *120*001# to generate a unique ATM PIN, which he/she will need to withdraw the money at any Nedbank ATM. Funds are available instantly and no card or account is needed.
When the recipient is at the Nedbank ATM, he/she must do the following:
Select ’Cardless Transactions’.
Select ’Nedbank Send-iMali Withdrawal’.
Enter the recipient’s cellphone number to which the SMS was sent.
Enter the one-time PIN (OTP) generated when the recipient dialled *120*001#.
Enter the full amount that was transferred by the sender - a partial withdrawal is not allowed and will be declined.
The cash will then be dispensed and a receipt will be generated - this will serve as confirmation that the money has been dispensed and received.