Last Updated on February 8, 2023
Whether you sent money by mistake to the wrong recipient and want to reverse a Capitec Bank cash send, or for any other reason you want to perform a Capitec Bank cash send reversal, here’s a guide to help you.
The Capitec Bank Cash Send has become an alternative method of sending money to those who do not have a Capitec Bank account or are unbanked. The cash send option is very simple to use because money can be sent using mobile banking or the Capitec Bank online app.
Cash send by Capitec Bank enables recipients to withdraw funds from any Capitec Bank ATM. To collect money, all that is required is a C number and a four-digit pin set by the sender. The c-number is a ten-digit number that the sender receives and must send to the receiver in order for the cash to be redeemed.
Cash can also be withdrawn from a number of stores in South Africa. The stores include:
- Shoprite,
- Shoprite USave,
- Checkers,
- Makro,
- Builders Warehouse,
- Game stores,
- Boxer, and
- Pick n Pay.
On a number of occasions, a Capitec Bank cash send sender may wish to reverse a cash send. A sender may want to reverse a cash-send transaction for a variety of reasons; however, Capitec Bank allows cash-send senders to reverse their transactions.
Reversing a Capitec Bank cash send is simple and it applies to a voucher that has not yet been redeemed. Money withdrawn from cash send cannot be reversed. The steps for reversing a Capitec Bank cash send are provided below.
Table of Contents
How to reverse a Capitec Bank Cash Send
- Call or text 0860 102 043 and wait for the Capitec Bank client service instructor to give you instructions.
- Hold the line while you wait for a consultant to assist you in reversing the cash send.
- When the consultant responds, inform him or her that you want to make a cash send reversal to your account.
- After that, the consultant will assist you in reversing the cash send transaction into your account. There may be a 24-hour waiting period before the funds are credited to your account.
- When you reverse a cash send, you will be charged R160.00. The fee is non-refundable and is charged whether the transaction is successful or not.
- If you are not comfortable calling Capitec Bank to make a reversal, you can go to your nearest Capitec Bank branch. The Capitec Bank app does not allow account holders to reverse cash transfers.
What is an alternative way of reversing a Capitec Bank cash send?
You can use a cost-cutting method or allow it to take its cause to have money reversed to your bank account. Capitec Bank refunds all cash-sent transactions within a 30-day window. As a result, failing to redeem the cash send voucher within 30 days of its creation will result in the money being returned to the account.
The funds will be transferred to your Capitec Bank account without any fees. If you have already shared the C number and the pin code, you can change the pin code on the Capitec Bank app so that the other recipient does not have access to the money. Changing a pin code on the Capitec Bank app is free and you can do it for an unlimited period.
How much does it cost to send the Capitec Bank Cash send?
The Capitec Bank cash send fees are determined by the amount of money sent. Cash send, on the other hand, has a maximum amount that can be sent monthly and per-month transactions. These fees vary depending on the platform used to send the funds.
The cost per transaction limit for sending cash via mobile banking is R1000.00. The monthly maximum for both mobile banking and App banking is R24,999.00. The daily limit for sending money via the Capitec Bank app is R5,000.00, and the maximum amount to send per transaction is R3,000.00.
There are two cost thresholds for sending Capitec Bank cash send. These are the threshold charges:
- R16.00 for cash send between R1,010.00 – R3,000.00 for Capitec App cash send, and
- R8.00 for transactions between R40.00 – R1,000.00 using the Capitec Bank app or mobile banking.
Conclusion
Capitec Bank cash send reversals can be accomplished in 3 ways: by calling the bank, by waiting for the bank to perform an automatic reversal, or by visiting the Capitec Bank branch. When sending cash, make sure the money is sent to the correct recipient; otherwise, you may not be able to reverse it once it has been withdrawn.