How to reverse Capitec Bank cash send

Capitec Bank Cash Send

The Capitec Bank Cash Send has become an alternative method of sending money to those who do not have a Capitec Bank account or are unbanked. The cash send option is very simple to use because money can be sent using mobile banking or the Capitec Bank online app.

Cash send by Capitec Bank enables recipients to withdraw funds from any Capitec Bank ATM. To collect money, all that is required is a C number and a four-digit pin set by the sender. The c-number is a ten-digit number that the sender receives and must send to the receiver in order for the cash to be redeemed.

Cash can also be withdrawn from a number of stores in South Africa. The stores include:

  • Shoprite, 
  • Shoprite USave, 
  • Checkers, 
  • Makro, 
  • Builders Warehouse, 
  • Game stores, 
  • Boxer, and 
  • Pick n Pay. 

On a number of occasions, a Capitec Bank cash send sender may wish to reverse a cash send. A sender may want to reverse a cash-send transaction for a variety of reasons; however, Capitec Bank allows cash-send senders to reverse their transactions.

Reversing a Capitec Bank cash send is simple and it applies to a voucher that has not yet been redeemed. Money withdrawn from cash send cannot be reversed. The steps for reversing a Capitec Bank cash send are provided below.

How to reverse a Capitec Bank Cash Send

  1. Call or text 0860 102 043 and wait for the Capitec Bank client service instructor to give you instructions.
  2. Hold the line while you wait for a consultant to assist you in reversing the cash send.
  3. When the consultant responds, inform him or her that you want to make a cash send reversal to your account.
  4. After that, the consultant will assist you in reversing the cash send transaction into your account. There may be a 24-hour waiting period before the funds are credited to your account.

When you reverse a cash send, you will be charged R160.00. The fee is non-refundable and is charged whether the transaction is successful or not.

If you are not comfortable calling Capitec Bank to make a reversal, you can go to your nearest Capitec Bank branch. The Capitec Bank app does not allow account holders to reverse cash transfers.

What is an alternative way of reversing a Capitec Bank cash send? 

You can use a cost-cutting method or allow it to take its cause to have money reversed to your bank account. Capitec Bank refunds all cash-sent transactions within a 30-day window. As a result, failing to redeem the cash send voucher within 30 days of its creation will result in the money being returned to the account.

The funds will be transferred to your Capitec Bank account without any fees. If you have already shared the C number and the pin code, you can change the pin code on the Capitec Bank app so that the other recipient does not have access to the money. Changing a pin code on the Capitec Bank app is free and you can do it for an unlimited period. 

How much does it cost to send the Capitec Bank Cash send? 

The Capitec Bank cash send fees are determined by the amount of money sent. Cash send, on the other hand, has a maximum amount that can be sent monthly and per-month transactions. These fees vary depending on the platform used to send the funds.

The cost per transaction limit for sending cash via mobile banking is R1000.00. The monthly maximum for both mobile banking and App banking is R24,999.00. The daily limit for sending money via the Capitec Bank app is R5,000.00, and the maximum amount to send per transaction is R3,000.00.

There are two cost thresholds for sending Capitec Bank cash send. These are the threshold charges:

  • R16.00 for cash send between R1,010.00 – R3,000.00 for Capitec App cash send, and 
  • R8.00 for transactions between R40.00 – R1,000.00 using the Capitec Bank app or mobile banking. 

Frequently Asked Questions: Reversing Money Using Capitec App

  1. What is the Capitec app? The Capitec app is a mobile banking application developed by Capitec Bank, one of South Africa’s leading retail banks. It offers a range of features, including account management, fund transfers, bill payments, and more.
  2. Can I reverse a transaction using the Capitec app? Yes, it is possible to reverse certain types of transactions using the Capitec app. However, the ability to reverse a transaction depends on the type of transaction, the recipient’s bank, and the time elapsed since the transaction was made.
  3. What types of transactions can be reversed using the Capitec app? Generally, you can reverse transactions such as EFTs (Electronic Funds Transfers), debit orders, and certain bill payments. However, it is crucial to verify the specific transaction’s eligibility for reversal before proceeding.
  4. How do I reverse a transaction using the Capitec app? To reverse a transaction using the Capitec app, follow these steps:

a. Log in to your Capitec app with your credentials. b. Navigate to the ‘Transaction History’ or ‘Statements’ section. c. Locate the transaction you wish to reverse. d. Tap on the transaction and look for an option to ‘Reverse Transaction’ or ‘Dispute Transaction.’ e. If the option is available, follow the on-screen prompts to initiate the reversal process.

Please note that the option to reverse a transaction might not be available if the transaction is ineligible for reversal or if the reversal window has closed.

  1. What is the time frame to reverse a transaction using the Capitec app? The time frame to reverse a transaction depends on the type of transaction and the recipient’s bank. Generally, you have a limited window (usually 24-48 hours) to reverse an EFT. For debit orders, you may have up to 40 days to dispute the transaction.
  2. Are there any fees associated with reversing a transaction using the Capitec app? Yes, there may be fees associated with reversing a transaction, depending on the type of transaction and the specific circumstances. It is recommended to consult Capitec Bank’s fee schedule or contact their customer support for detailed information.
  3. Will reversing a transaction always be successful? Reversing a transaction is not always guaranteed to be successful. The success of a reversal depends on various factors, such as the recipient’s bank’s cooperation, the type of transaction, and whether the transaction is eligible for reversal.
  4. Who can I contact for assistance with reversing a transaction using the Capitec app? If you need assistance with reversing a transaction or have questions about the process, you can contact Capitec Bank’s customer support via phone, email, or online chat. Their contact information can be found on the Capitec Bank website or within the app.
  5. What if I accidentally sent money to the wrong person? If you accidentally sent money to the wrong person, you should immediately contact Capitec Bank’s customer support to report the incident and seek assistance. They may be able to help you reverse the transaction, depending on the circumstances and the recipient’s bank’s cooperation.
  6. Can I reverse a transaction if the recipient’s account is with another bank? Yes, you may be able to reverse a transaction if the recipient’s account is with another bank. However, the success of the reversal depends on the cooperation of the recipient’s bank and the transaction’s eligibility for reversal.
  7. What should I do if my transaction reversal request is denied? If your transaction reversal request is denied, you should contact Capitec Bank’s customer support for further guidance on your options. They may be able to provide additional information on why the reversal was denied and advise you on the best course of action.
  8. How long does it take for a reversed transaction to reflect in my account? The time it takes for a reversed transaction to reflect in your account depends on various factors, such as the type of transaction and the involved banks. Generally, reversed transactions may take a few business days to be processed and reflected in your account. It is advised to monitor your account and contact Capitec Bank’s customer support if you have any concerns.
  9. Can I reverse a transaction if the recipient has already withdrawn or spent the funds? Reversing a transaction when the recipient has already withdrawn or spent the funds can be challenging. In such cases, the success of the reversal depends on the recipient’s bank’s policies and cooperation. You should immediately contact Capitec Bank’s customer support to report the incident and seek assistance.
  10. What measures can I take to avoid the need for transaction reversals in the future? To minimize the need for transaction reversals in the future, take the following precautions:
    a. Double-check the recipient’s account number and bank details before initiating a transaction.
    b. Verify the transaction amount before confirming it.
    c. Regularly monitor your account for unauthorized transactions and report any suspicious activity immediately.
    d. Set up SMS or email notifications for transactions to stay informed about your account activity.
  11. Are there any limits on the number of transactions I can reverse using the Capitec app? There are no specific limits on the number of transactions you can reverse using the Capitec app. However, Capitec Bank reserves the right to investigate any suspicious reversal activity or impose restrictions if it deems necessary. It is always best to exercise caution and verify transaction details before initiating a transfer.

Conclusion 

Capitec Bank cash send reversals can be accomplished in 3 ways: by calling the bank, by waiting for the bank to perform an automatic reversal, or by visiting the Capitec Bank branch. When sending cash, make sure the money is sent to the correct recipient; otherwise, you may not be able to reverse it once it has been withdrawn.

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