Get cash across borders with FNB

2012-08-25 09:33

FNB has become the first bank in South Africa to launch a money transfer service for people with ­cellphones outside the country.

But for now, the service will only be available for customers transferring money to people in ­Swaziland and Lesotho.

Ravesh Ramlakan, the chief ­executive of FNB Cellphone ­Banking, said: “With the launch of Pay2Cell cross-border payments, the service will benefit local FNB customers as well as customers in Swaziland and Lesotho.

“In South Africa, Pay2Cell has seen in excess of 400% growth in transaction values since ­inception.”

The money transfer product is run through a Pay2Cell service launched in September 2011.

The Pay2Cell service enables FNB Cellphone Banking customers to make payments directly into other FNB accounts using only the recipient’s cellphone number.

No bank account details are ­necessary. The service has been costing between R8.50 and R12.50 for transactions between R0.01 and R1 500.

“Electronic channels are changing the way customers transact. We are trying to meet our ­customers’ lifestyle needs for simple, 24/7 on-the-go banking,” said Ramlakan.

“Traditionally, making payments to other African countries has been limited to internet banking for senders, or making a deposit or withdrawal through a branch or via an international money transfer company,” he said.

“We needed to have a simpler ­solution for our customers,” said Ramlakan.

Dione Sankar, the chief operating officer of FNB Cellphone Banking, said: “Offering cross-border payments from a cellphone allows our customers to send and receive money instantly.

“In addition to this, the use of ­only the recipient’s cellphone number makes the payment process extremely simple for our customers. Pay2Cell is a confirmation of how we are constantly innovating to the benefit of our customers,” said Sankar.

To access Pay2Cell, registered Cellphone Banking customers can either go to the FNB.Mobi site or dial *120*321#, select the banking option and opt for Pay2Cell from the list.

Thereafter, an option to transfer funds from South Africa to Swaziland or Lesotho may be chosen.

All that is then required to ­complete the transaction is the ­recipient’s cellphone number and the value to be paid.

The maximum transaction value is R1 500 per day.

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