Transfer money from Standard Bank to Capitec

Standard Bank is one of the largest banks in South Africa and the biggest in all of Africa as a lender of assets. It was established in 1862 and has been a major player in the country’s banking scene. It is present in several other African countries. It is a popular choice for expats looking to open an account in the country as well as locals.

Capitec is another major bank in South Africa with millions of customers. If you’re someone with an account in Standard bank and are looking to transfer money to your own account or someone else’s in Capitec you’ve come to the right place. Our guide gives you the step-by-step on how to transfer money from Standard Bank to Capitec and also discusses the fees and timelines associated with it.

We’ll also introduce to you Wise for international money transfers to South Africa at the mid-market exchange rate - similar to the exchange rate you see on Google.

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Can I transfer money from Standard Bank to Capitec?

Yes, transferring money from Standard Bank to Capitec is possible and very straightforward. In the last ten years, banking in South Africa has undergone a significant transformation. The tedious process of visiting a bank branch, waiting in line, and completing paperwork to transfer money is largely a thing of the past. While traditional methods are still an option, most people now enjoy the simplicity of managing transactions from their homes with just a few taps on their smartphones. Leading banks like Capitec and Standard Bank process millions of transactions daily and have pioneered digital innovations, making interbank transfers faster and more convenient than ever. Capitec, South Africa’s largest bank by customer numbers, is a top choice for locals and expats alike thanks to its innovative banking options and excellent customer service⁷.

Standard Bank has made the process of sending money to Capitec or other banks easy and stress-free. Whether you’re paying someone or moving money between your own accounts, the transfer can be done quickly and conveniently. In the sections ahead, we’ll guide you through the different ways to transfer money from Standard Bank to Capitec, step by step.

How much does the transfer cost?

Transfers between Standard bank accounts are free when done online and cost R75 through a branch. However, if you're transferring funds to another bank, like Capitec, the fee is higher. It costs R1.2 for digital transfers and R75 if you transfer through the branch⁶. Immediate payments of amounts below R3000 would cost you R10 in fees whereas amounts above that incur a fee of 0.3% of the value (minimum R312 up to a maximum R1560)⁶.

Get the mid-market exchange rate when making international money transfers to South Africa with Wise

If you’re living in South Africa, Wise can help you save money¹ when making international money transfers to South Africa.

Although the majority of banks may allow their account holders to make an international transfer, it is possible that a markup is added to the mid-market exchange rate. Find out what you would pay for an international money transfer with Wise:

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!

Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

How to send money from Standard Bank to Capitec⁵?

Online Banking

One of the easiest and most common ways to transfer money is through online banking. Here is how to do it:

• Open Standard Bank website and hit log in.
• Enter your login details
• Go to Transfers by clicking on it.
• Navigate to the “Payments” or “Transfers” area.
• Choose a Recipient: Should Capitec not be on the list already, select the option to add a new beneficiary.
• Input the beneficiary’s information, making sure to include Capitec’s bank code (470010).
• Enter the transfer’s information.
• Enter the amount you want to transfer along with any notes or references that are required.
• Verify and Send: Examine the information and validate the transmission. You may need to authenticate the payment with an OTP or PIN.

Mobile Banking

If you prefer to use your smartphone, the Standard Bank app offers a convenient method of making money transfers:

• Download the Standard Bank app:
• Open the app after downloading it to your mobile device.
• Log in: To log in, use your credentials.
• Start the Transfer: Either choose “Transfer” or “Pay.”
• Add Beneficiary: Provide the essential information to add Capitec as a new beneficiary, if needed.
• Whole Transaction: After confirming and authenticating the transaction, enter the transfer amount.

Visiting a branch

• Visit a Standard Bank branch or use an ATM.
• Request to make a fund transfer to a Capitec account.
• Provide the Capitec account details (Account Number, Bank Name, bank code: 470010).
• Confirm the amount and authorize the transfer.
• Receive confirmation from the bank once the transfer is done.

Via Cellphone

• Dial Standard Bank’s USSD code: *120 *2345#.
• Select “Transact” or the option to send money.
• Enter Capitec’s account details and the amount.
• Confirm the details and authorize the transfer.

How long does it take to transfer money from Standard Bank to Capitec?

Transferring money using the EFT (electronic fund transfer) from your Standard Bank account to Capitec can take around 15-30 mins⁸. Keep in mind this does not include weekends or any public holidays. These typically cause a delay in the transfer reaching the recipient.

Standard Bank offers an immediate payment option for an additional fee, but this service has specific timeframes and might not be available for all transfers.

Moving money from Standard Bank to Capitec has never been easier. With multiple options like online banking, mobile apps, ATMs, and in-branch services, you can choose the method that best fits your preferences. Whether you're transferring funds to your own account or to someone else's, the process is efficient and user-friendly.

While fees and timelines may vary depending on the type of transfer, Standard Bank provides flexibility with options like immediate payments for urgent transfers.

You can also try Wise as for receiving money at the mid-market rate for international transfers to South Africa.

Join Wise!

Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available in all regions. Please visit www.wise.com to check for availability and learn more about our offerings.
5. Methods of transfer
6. Fees
7. Capitec customers
8. Transfer times