Knowing the exact timeframe and how long it will take for money to enter or reflect if you make payment or transfer of money from Capitec to standard bank or from standard bank to Capitec is essential for your own planning.
Generally, without an ostentatious or unforeseen circumstances and also excluding weekends/public holidays, it takes less than 1 hour for money to reflect in a customer or clients standard bank account if you make an immediate or instant payment from your Capitec account.
This is the average base transfer time assuming all things are working perfectly i.e. no internet connectivity issues or sender/receivers banks not having communication protocol problems!!
If the instant or immediate option is not enabled, it can take anytime within 72 hours ( i.e. 3 days) for normal transfer from Capitec to Standard bank.
With plethora of information flying around, this guideline dissects the fundamentals you need to know when transacting between the two banks.
With a yearly increase of active customer base since March 2001 ( the year it was launched), Capitec’s 21 million customers as at August 2023 catapulted the bank to the pole position of the largest South African bank in terms of customer base. This figure, compared to the 10.8 million Standard bank customers presents an interesting trend between the two banks.
Capitec, being the largest bank in terms of customer base and Standard bank, being the biggest bank in terms of assets and earnings both have a huge digital transactional history that happens on a daily basis.
In terms of performance and efficiency, Capitec’s many features like the use of the App to stop money and the engagement of its free ussd code to cancel cash send showed similarity to the features offered by standard bank.
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Capitec To Standard Bank Transfer Time
The following are detailed explanation on the various transfer times between Capitec and Standard bank;
1. Immediate Or Instant Payment
When you enabled the immediate payment option on your Capitec App or internet banking, the following fees are applicable:
- When you use Capitec banking App
It cost R7.50 to send payment from Capitec to standard bank on the immediate method using your App. The recipient of the standard bank account for the EFT transfer or payment gets it within 1 hour when done anytime of the day.
From standard bank to Capitec on the immediate payment option, it takes less than 50 mins and it cost R10.
- When you use Capitec EFT ( Online or Internet)
When you login to your Capitec online banking portal or platform and initiate immediate payment from Capitec to standard bank, the service charge is R7.50 and it takes less than 1 hour to show or reflect in the standard bank account.
For EFT standard bank to Capitec on the immediate payment option, it takes less than 50 mins and it cost R10.
- When you use your Capitec Card
By going to an ATM and initiating payment from your Capitec account using your card to a standard bank account, the EFT payment goes through within 1 hour when you chose the immediate or instant payment option.
The cost for this is R7.50!!
- When you use your Capitec Cellphone banking
The use of Capitec USSD to initiate payment transfer is faster and quicker, however, the same service fee of R7.50 still applies.
The transfer time to Standard bank is also less than 1 hour if you enable the instant or immediate payment transfer.
The same is true for standard bank to Capitec, however, it cost R10, which is roughly R3 higher than for Capitec to standard.
2. Normal Transfer / Payment
An average South African individual sends money from Capitec to standard bank normally i.e. without the immediate or instant payment option.
I run business and one of the things I tell my customers if they want to pay me is that they should make it instant payment, so sometimes unless you tell the sender to make it instant payment, there is every likelihood that the payment will be the normal mode.
The implication to this is that it takes between 24 – 72 hours for the money to actually show/reflect in the recipient standard bank account, excluding weekends.
For standard bank to Capitec on normal payment or transfer, it takes roughly 2-3 days, excluding weekends.
The following are briefs of the Capitec to Standard bank transfer time based on how you made the EFT payment:
- When you Use Capitec banking App
Time you sent it plays a huge role here. When you make payment to standard bank from your App anytime before 4 pm, the money shows in the standard bank account within 24 to 36 hours.
When you make payment anytime after 4 pm, it takes approximately 72 hours ( an average of 3 days) for the payment to reflect in the standard bank account of the recipient.
The service fee or cost is R2!!
Same applies for Standard bank when using the App to make payment or transfer to Capitec, expect the money to reflect between 2-3 days.
- When you use Capitec EFT ( Online or Internet)
The same concept applies here and it cost R2 service fee. When you use your online banking platform to make payment from Capitec to Standard bank account before 4pm, customer gets the money in their account within 24-36 hours.
Anytime after 4pm, it takes approximately 72 hours.
- When you use your Capitec Cellphone banking
Service fee of R2 applies and depending on the time of the day that you initiated the payment using your cellphone banking USSD code, the receiver of the standard bank may get within 24-36 hours ( before 4pm) and up to 3 days ( after 4pm).
- When you use Capitec SST to Make Payment to Standard Bank
The use of Capitec stand alone self service terminal inside the banking hall cost R5 to send payment to Standard bank.
Now, per the transfer time, it takes less than 36 hours if payment is done before 4pm and up to nearly 3 days if transfer is done after 4pm.
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3. Weekends And Holidays
The following what you should know when you transfer or make payment from Capitec to standard bank on weekends and on public holidays
- Using Capitec App
An average of 1 hour when instant or immediate payment options is selected for weekends of holiday transfers.
When you use Standard bank App to send money to Capitec, expect the money to reflect within 50 mins ( this applies if you use immediate payment even when you send on weekend)
- Internet banking
For EFT using your online banking, it is approximately 1 hour for payment sent from Capitec to Standard bank accounts to show on weekends and holidays ( if instant payment option is chosen)
- When you use your Capitec Card
it is roughly 1 hour when you select immediate payment, this applies also to weekends and holidays.
- Cellphone payment transfer
Same as above
Now, if you did not select immediate or instant payment option for the weekends or holidays, no matter how you sent it using the 4 options above, it will be processed starting from Monday. This literally means it may take more than 3 days depending when you sent it e.g. Friday, Saturday or Sunday.
