The Nedbank instant payment service is useful if you wish to send money immediately to a recipient who uses a different bank – something that would normally take 24-48 hours.
In this article, we outline some must-know details about this service, including how to make an instant payment as well as the fee and times involved i.e., how long it takes.
How to make a Nedbank instant payment
You can make a Nedbank instant payment on the bank’s digital platforms, which are online banking and the Money app. Follow the simple steps below:
- Log in to your Nedbank online banking or Money app profile.
- Choose the beneficiary you wish to pay or enter their account details.
- Choose Instant Pay and enter the amount you wish to pay.
- Follow the prompts to complete the payment, including making sure the details you entered are correct.
“You cannot cancel or reverse instant payments. Be sure to enter the correct account name and number before you make the payment,” Nedbank cautions on its website.
Fee
According to the 2022 pricing guide, the Nedbank instant payment fee is R10 for amounts less than R3,000 and R49 for amounts over R3,000.
These fees are standard across all the main Nedbank accounts, including Pay-as-you-use, Savvy Plus, Savvy Bundle, Nedbank4Me and Optimum.
Times
The Nedbank instant payment time is less than 30 minutes. This means that the recipient will get the funds in their account within 30 minutes after you complete the payment – provided that all the bank account details you entered are correct.
For example, an instant payment from Nedbank to Capitec Bank would take less than 30 minutes and the recipient will be able to access the funds in their account.
The service is available 24/7, including on weekends and public holidays. The processing windows or times are as follows:
| Days | Processing window | Limit |
|---|---|---|
| Business days (Mon-Fri daytime) | 00:00:01–16:00 | R5m |
| Weekdays (Mon-Fri overnight) | 16:00:01–00:00 | R250,000 |
| Public holidays | All day | R250,000 |
| Weekends | 16:00:01–00:00 on Sunday | R250,000 |
“You can make instant payments up to R10,000 a day. If you want to pay more, you can increase this limit to R50,000 via this channel. To increase the limit beyond R50,000 please visit your nearest branch with proof of your identity,” Nedbank says in its instant payment terms and conditions.
Last word
The Instant Pay service is especially useful when there’s an unforeseen emergency and the recipient needs funds as quickly as possible.
As much as you may need to send the money quickly, make sure you enter the correct recipient details because the transaction cannot be reversed once it is completed.
In case of inquiries, contact Nedbank on 0800 555 111, visit a branch or chat to them via the online banking or Money app platforms.