If you’ve ever sent money to the wrong number or person through Capitec Bank and need to reverse the transaction, this comprehensive guide will walk you through the process.
Capitec Bank Cash Send is a convenient method for sending money to individuals who don’t have a Capitec Bank account or any bank account at all. It can be done through mobile banking or the Capitec Bank online app, making it incredibly user-friendly.
When you send cash through Capitec Bank, the recipient can withdraw the money from any Capitec Bank ATM using a unique 10-digit C number and a four-digit pin set by the sender. If you need to reverse the transaction, the C number acts as a code to initiate the return process.
How you can reverse a Capitec Bank Cash Send
Here’s how you can reverse a Capitec Bank Cash Send transaction:
- Dial or text the number 0860 102 043 and patiently wait for instructions from a Capitec Bank customer service representative.
- Stay on the line and inform the consultant that you want to cancel the recently processed cash transfer to your account.
- The consultant will assist you in reversing the transaction into your account, but please note that it may take up to 24 hours for the funds to be credited.
- Keep in mind that a fee of R160.00 will be deducted from your account for reversing a cash transfer. This fee is non-refundable, regardless of whether the initial transaction was completed or not.
The cost of Cash Send transactions through Capitec Bank depends on the total amount of money being sent. There are limits on the monthly and per-transaction amounts, which can vary based on the platform used for the transfer.
For mobile banking, the maximum amount per transaction without additional fees is R1000.00, while the maximum monthly limit is R24,999.00. Using the Capitec Bank app, the maximum amount per transaction is R3,000.00, and the daily limit for money transfers is R5,000.00.
If you prefer not to reverse the transaction over the phone, you can also visit a convenient Capitec Bank location for assistance. However, it’s important to note that account holders cannot reverse cash transfers using the mobile banking app.
In some cases, it may be possible to refund a Cash Send transaction within a 30-day timeframe. If the cash transfer voucher is not redeemed within the first thirty days, Capitec Bank will automatically return the money to the account where it was originally deposited, with no associated costs.
If you have already shared the C number and pin code with the recipient, you can change the pin code within the Capitec Bank app to prevent them from accessing the funds, free of charge.
You can collect the money sent to you from various locations, including Game stores, Boxer, Builders Warehouse, Shoprite USave, Checkers, Makro, Pick n Pay, and Shoprite.
Remember, once the cash has been withdrawn from a Cash Send transaction, it cannot be reversed or retrieved.
FAQs Capitec Bank Cash Send Reversal
For additional information, here are some frequently asked questions about Capitec Bank Cash Send reversal:
What is the Capitec App?
The Capitec app is a mobile banking tool offered by Capitec Bank, one of the leading retail banks in South Africa. It provides features such as bill payments, financial transfers, and account management.
Can I reverse a transaction using the Capitec app?
While certain types of transactions can be cancelled using the Capitec app, there are limitations based on the transaction type, recipient’s bank, and the elapsed time since the transaction was completed.
When does Capitec Cash Send expire?
The timeframe to undo a transaction depends on the nature of the transaction and the recipient’s financial institution. Generally, there is a limited period to cancel an electronic fund transfer, and up to forty days for debit orders.
What happens if I send cash to the wrong person?
If you accidentally transferred money to the wrong person, contact Capitec Bank’s customer service immediately. They may be able to assist you in reversing the transaction, depending on the circumstances and cooperation of the recipient’s bank.
When will my account reflect a reversed transaction?
The time it takes for a reversed transaction to appear in your account can vary based on the transaction type and involved institutions. Typically, reversed transactions are processed within a few business days. If you have concerns, contact Capitec Bank’s customer service.
What is the maximum Capitec app transactions am I allowed to reverse?
There are no specific restrictions on the number of transactions you can reverse using the Capitec app. Capitec Bank has the right to investigate your reversal if it suspects any suspicious activity and will put limitations if it thinks its related to fraudulent activities. Always exercise caution and verify transaction details before initiating transfers.
In conclusion, this guide provides all the information you need to successfully reverse a Capitec Bank Cash Send transaction.
