Thanks to a new service launched by Absa recently, you can send cash to, say, your teenage daughter or domestic worker quickly and with little hassle.
CashSend allows you to transfer money electronically to another person, who can then withdraw the money from any Absa ATM, even if they do not have a bank account or do not bank with Absa.
Venete Klein, the executive director of Absa retail bank, says you can also use the facility to have money sent to you if your ATM card has been stolen or you have forgotten your PIN.
"It can also be used by parents to send money to children at boarding school or university, and breadwinners can send money to family members in other provinces," she says.
The person who sends the money has to be an Absa account holder. The sender pays R3, plus the ATM cash withdrawal fee that applies to his or her account package.
You can transfer up to R3 000 from an Absa ATM or a self-service kiosk, and up to R1 000 using a cellphone or internet banking.
How it works
To send money from an Absa ATM, select "Other transactions" after you have inserted your ATM card. Then select "More options" to get to the CashSend facility. Enter the cellphone number of the person to whom you are sending money and the amount you wish to transfer. You must then select a six-digit access code.
The steps are similar if you are sending money via the internet or a cellphone.
Absa will generate a 10-digit withdrawal number, which is automatically sent to the recipient's cellphone number.
You must contact the person to whom you are sending money and give him or her the six-digit access code you chose, as well as the amount he or she will receive.
The person withdrawing the money must press the "CashSend withdrawal" icon on the screen of an Absa ATM. He or she will be prompted to enter the amount to be withdrawn, the 10-digit withdrawal number and the six-digit access code, which Absa's computer system will validate. If successful, the ATM will issue the requested funds.
Klein says you have to request the full amount as specified by the Absa account holder because CashSend does not allow partial withdrawals.
"Unclaimed funds are automatically returned to the sender's account after 30 days," she says.