FNB eWallet | FNB eWallet Cost

In today’s fast-paced digital world, convenience is key, especially when it comes to financial transactions. South Africa’s banking landscape has been revolutionized by digital innovations, with FNB (First National Bank) leading the charge with its innovative solutions. Among its arsenal of digital tools, FNB eWallet stands out as a beacon of seamless and hassle-free money transfers.

However, a lot of question arise such as what is eWallet, who is able to use and how does it work just to mention a few.

In this article, we are going to take a look at some of the common question asked about the FNB eWallet and hopefully give you a better understanding of how it works.

Let’s get started.

What is FNB eWallet?

FNB eWallet is a convenient and secure money transfer service in South Africa that allows you to send money instantly to anyone with a valid South African cellphone number. Here are the key details about eWallet:

Sending Money:
- As an FNB customer, you can use various channels to send money to recipients with valid South African cellphone numbers.
- Channels include Cellphone Banking, Online Banking, and the FNB Banking App.
- The recipient receives an SMS notification once the money is transferred into their eWallet.
- You can also transfer funds from your eWallet back to your FNB account via the app.
Costs and Limits:
- The cost for sending money from your FNB account to eWallet is R2 plus R2.40 per R100.
- Reversal fees for incorrect transactions vary based on the banking channel used.
- There are no monthly account fees for eWallet.
- Withdrawals from FNB ATMs and certain retailers are free.
- Prepaid airtime transactions via cellphone banking are also free.
- Inactivity fees apply after 6 months of inactivity.
- The daily limits depend on your account type, ranging from R3,000 to R15,000 for sending money.
Activation:
- To activate eWallet, dial *120*277# on your phone.
- If you don’t have airtime, use *130*277# to buy airtime and activate the service.
- Once activated, you can start using eWallet.
USSD Codes:
- For sending and withdrawing money, use the USSD codes *120*321# and *120*277# respectively.
Additional Uses:
- eWallet can be used to withdraw cash from FNB ATMs, buy prepaid airtime or electricity, send money to other cellphones, and pay to a bank account.

For more details, you can visit the FNB eWallet page ¹. It’s a convenient way to transfer funds securely and instantly!

How Does FNB eWallet work?

To use this money transfer service, you have to be an FNB customer.

Using it is very easy and simple.

It basically involves 3 steps; first, you send money from your FNB account; second, money is transferred securely and immediately and the third and last step recipient get SMS confirmation after receiving money into the eWallet.

Who can receive money from the eWallet service?

Anyone with a with a valid South African cellphone number.

The recipient doesn’t have to have a bank account.

Ways to send money

FNB has various digital channels that you can use to send funds to your recipient. This gives you the convenience of using the channel you are more comfortable to use.

The digital channel available are cellphone banking, FNB Banking App, online banking and FNB ATM.

1. Cellphone Banking

TIP: To be able to use FNB Cellphone Banking you need to be registered for Cellphone Banking.

This is how you send funds via Cellphone Banking;

Dial *120*321#
Select ‘Send Money’
Next, select ‘eWallet’
Select the account you want to send money from
Key in the cellphone number you want to send to (make sure you have correct number)
Enter the amount you want to send
Select ‘Yes’ to send an SMS with an ATM PIN to the recipient for easy withdrawal
Confirm the amount and cellphone number

2. Online Banking

To send money via online banking is simple, follow the following steps;

Login to your Online Banking profile
Next, select ‘Send Money’
Select ‘Once-Off’
Enter the cellphone number of the recipient (make sure you have the correct number)
After this, enter the amount you would like to send
Check the account you want to send money from (in the bottom right corner). If you would like to change the account, select the orange icon next to the account name.
Check and confirm the transaction
Enter your OTP (one time PIN)

3. FNB Banking App

The FNB Banking App provides you a convenient way to do your banking. To be able to use the Banking App you need to have it installed on your phone.

You can download and install the FNB Banking App from the App Store or Google Play.

To send money via the Banking App follow these simple steps;

Login to FNB Banking
Select ‘Send Money’
Next, select ‘Send Money to eWallet’
Select the account you want to send money from
Enter the amount and cellphone you want to send to
Select ‘Send’
Confirm

4. FNB ATM

You can also send an FNB eWallet at an ATM. Just remember it has to be an FNB ATM for you to be able to send your money.

To find your nearest FNB ATM, you can make use of google or you can use the ATM locators on the FNB website.

Once at an FNB ATM, you can follow these steps to send your money;

Insert your FNB Debit, Cheque or Credit Card at the FNB ATM and enter your PIN
Select ‘More Options’
Next, select ‘Send or Receive Money’
Select ‘Send Money to eWallet’
Enter your date of birth. Read the terms and conditions and then select ‘Proceed’
Key in the cellphone number you want to send money to and select ‘Proceed’
After this, key in the amount you want to send and select ‘Proceed’
Confirm that all the details are correct and select ‘Proceed’
Remember to take your card before leaving the ATM

Having looked at all four methods we can really see that its is really easy to use any of the digital channels available.

Which option should you use? I love convenience, so for any channel that would prevent me from having to go to the branch or an ATM, I always choose that.

Cellphone Banking, Online Banking and the FNB App allow you to send money from wherever you are. This means you can simply send money from the comfort of your home.

However, that is a personal preference. After all, all four ways of sending will achieve the same purpose. Choose the method you feel more comfortable with.

How to make use of received funds

Once money has been sent, you’ll get and SMS with the confirmation of the amount received.

You can draw cash at an FNB ATM or at selected retailers.

Alternatively, you can make purchases at selected retailers or buy airtime and electricity if you are an FNB customer.

FNB eWallet PIN

If you wish to withdraw cash at an FNB ATM you can use the PIN you received with your SMS. And in case you don’t have the PIN do not panic! Simply dial *120*277# to access the FNB eWallet and generate a new PIN.

If you don’t have enough airtime to dial the activation dial string, you may dial *130*277# to top up the airtime.

This PIN is valid for 4 hours.

At an ATM, simply select “cardless services” and follow the prompts.

FNB eWallet reversal

What do you do if you wish to reverse a transfer? Fortunately, reversals can be done on the Banking App, Online Banking and via Cellphone Banking.

For Cellphone Banking, simply dial *120*321# from your cellphone, enter your PIN, select option 4 which is ‘send money’, next you’ll see the ‘eWallet reversal’ option. From there you can follow the prompts until you finish the reversal.

Alternatively, you’ll have to Call 087 575 9405 to request a Send Money transaction reversal.

It usually takes 4 to 5 working days for the funds to reflect back in your account.

We encourage you to make sure you use the correct number as reversals will incur a fee and cannot be guaranteed.

At least FNB will attempt to recover your money although they cannot be help accountable for any wrong numbers used.

If you use a money transfer service like TymeBank Send Money, once the money is gone there is nothing that can be done to reverse it.

How much does FNB eWallet cost?

Good news for recipients is that they are not charged for receiving money.

However, the sender is charged a fee for creating and funding an eWallet

To send money from FNB Account to eWallet will cost R2 + R2.40 per R100.

Reversal of incorrect ‘send money to eWallet’ transaction – telephone/branch will cost R75.

Whilst reversal of incorrect ‘send money to eWallet’ transaction – cellphone banking will cost R17.50.

Please note there are other transactions you can do without incurring any charges. These include eWallet balance enquiry, mini-statement and transfer from your eWallet to your FNB Account.

NB. The fees stated above are the correct ones as of March 2024. Always confirm correct charges with FNB directly.

What is the maximum amount for FNB eWallet?

The maximum amount for FNB eWallet is R3 000 per day. This includes cash withdrawals, in store and all prepaid purchases.

However, you limit is also dependent on the digital channel you use for transacting. If you send money via Cellphone Banking and the ATM your daily transactional limit will be R1 500. But if you use FNB Online Banking or the FNB Banking App you’ll get to use the full amount of R3 000 per day.

The eWallet account can hold up to R10 000 at any given time and can be withdrawn at any FNB ATM or selected retailers.

The total monthly spend limit is R10 000.

Conclusion

Making use of the FNB eWallet is simple, convenient and easy to use. It is one of the best money transfer services in the client.

The downside is that you cannot send a lot of money as the limit is only R3 000.

Key reminders when using the eWallet service, always remember to make sure you’ve selected the correct amount to send. Also, make sure you are using the recipients correct cellphone number.

If you will to get more information on eWallet you can contact their contact center on 087 575 9405.