Banking

How does the Standard Bank Instant Cash work and how to make a reversal?

Published by
Lethabo Ntsoane

Standard Bank Instant Cash allows Standard Bank account holders to send money to Standard Bank account holders, non-standard bank account holders, and unbanked cash vouchers to redeem. The service has proven to be very efficient, as it is one of the best money wallet services in South Africa.

Even Standard Bank account holders can benefit from instant cash. Being in a remote area can sometimes leave you short on cash, and Standard Bank ATMs may not be found at a nearby shopping center, and forgetting a Standard Bank bank account can make it even more difficult to access money.

Standard Bank Instant Cash has made it easier to get money thanks to the power of the Standard Bank mobile app and mobile banking. Instant cash enables recipients to collect funds at various locations throughout South Africa. These retail establishments include any of the following:

  • Boxer,
  • Builders,
  • Cambridge Food,
  • Checkers,
  • Game,
  • House and home,
  • Kazang,
  • Makro,
  • OK Furniture,
  • OTT collect approved sites,
  • PEP stores,
  • Pick n Pay,
  • Rhino cash and carry,
  • Shoprite,
  • Spar, and
  • Shoprite USave.

Standard Bank instant cash vouchers can be redeemed at any of these retailers. The instant money voucher can also be redeemed at any Standard Bank ATM and branches across the country.

How does the Standard Bank Instant Cash work?

The Standard Bank Instant Cash is a simple ewallet that provides recipients with cash in an instant. The Standard Bank banking app or Standard Bank cellphone banking can be used to send instant cash. Below, we go over both methods of sending Instant Cash.

Sending Instant Cash with the Standard Bank Mobile App

  1. Open the Standard Bank banking app and sign in,
  2. Press the transact icon on your device,
  3. Select the send option with the money icon,
  4. Choose the option “send a voucher to someone else” if you want to send it to another person or choose the option “send the voucher to yourself” if you want to send a voucher to yourself,
  5. Select the person that you want to send a voucher to from your contact list or add a phone number that you want to send a voucher,
  6. Insert the amount that you want to send that ranges between R50.00 to R5,000.00,
  7. Then generate a 4-digit pin for collecting the money and then press “send” to send the voucher.

After sending the voucher, send the recipient the pin you generated or created. Furthermore, you can change the collection pin on your Standard Bank Mobile App by going to send money, selecting manage vouchers,’ and then progressing to ‘change collection pin.’

Sending Instant Cash with the Standard Bank cellphone banking

  1. Dial *120*2345* on your mobile phone,
  2. Enter your 4-digit cellphone banking pin,
  3. Select option 4 “send money”,
  4. Then enter the cell phone number of the recipient,
  5. Then enter the amount that you want to send to the recipient and then send.

If you want to generate a new pin through cellphone banking, you can reset the generated pin. Simply enter the USSD, then select ‘instant money,’ and then select ‘change collection pin.’

A voucher may be sent to the incorrect person, or there may be another reason to cancel the transaction; therefore, reversing the transaction is required. There are three ways to reverse an Instant Money transfer; we’ll go over how to reverse a Standard Bank Instant Cash below.

Ways to reverse the Standard Bank Instant Cash voucher

How to reverse a Standard Bank Instant Cash voucher using the Banking App

  1. Enter your 5-digit Cellphone Banking PIN by dialing *120*2345#.
  2. Select ‘Payments and transfers,’ then ‘Instant Money.’
  3. Choose ‘Cancel a voucher.’
  4. A list of available vouchers will be displayed.
  5. Choose the voucher that you want to cancel.
  6. Confirm the cancellation by entering the 4-digit cash collection PIN.

Reversing a Standard Bank Instant Cash voucher using Internet Banking

  1. Sign in to your app and go to the ‘Transact’ tab.
  2. Choose ‘Pay’ and then ‘Instant Money.’
  3. When you click ‘Manage vouchers,’ a list of active vouchers will appear.
  4. Under the voucher you want to cancel, click ‘Delete voucher.’
  5. Confirm the cancellation by entering the 4-digit cash collection PIN.

How to reverse a Standard Bank Instant Cash voucher using cellphone banking

  1. Enter your 5-digit wallet PIN by dialing *120*212#.
  2. Choose ‘Manage vouchers’ and then ‘Cancel voucher.’
  3. A list of available vouchers will be displayed.
  4. Choose the voucher that you want to cancel.
  5. Confirm the cancellation by entering the 4-digit cash collection PIN.

Conclusion

The Standard Bank Instant Cash service makes it simple to send money throughout South Africa. Money can be sent to anyone who does not have a bank account. However, mistakes can occur, necessitating the need to cancel an Instant Cash voucher. Standard Bank provides three in-house platforms for making an instant cash reversal for clients’ convenience.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

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Published by
Lethabo Ntsoane

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