Are you wondering how the FNB ewallet work? Worry not, even if it is your first time to hear about it. I’ll share everything you need to know and understand how ewallet works in this quick guide.
FNB ewallet has revolutionized and eased the mode of sending and receiving money.
The service has made it easier and faster for all people in South Africa with a mobile phone to transfer money to friends and family.
You get to save time and money by using FNB ewallet services. To have a deeper understanding, let first get to understand what ewallet is.
What is FNB e-Wallet
Ewallet refers to an electronic wallet that is a prepaid account and allows transferring money online and offline through a computer or mobile phone.
E-wallet is a fast mode to transfer money anytime, anywhere.
Ewallet services are meant to ease the transfer of money in this digital era of the 21st century. The requirement to open eWallet account includes;
- Valid South Africa ID
- South Africa cellphone number
How Does FNB South Africa eWallet Work
The main use of FNB ewallet is to send and receive money through a mobile phone or bank account.
It is fast money to access your FNB bank account and carry out the transfer at the comfort of your home. After opening the account, the first thing is to load your account.
The deposit is debited from the ewallet account but in the form of digital representation or electronic money.
The money being in digital representation means the service provider holds the money.
The service provider is the one who keeps the records of the account and data. However, you can access your money anytime you would like.
When you choose to send the money to another person, there is no actual money transfer.
Rather the ewallet service provider updates the ledgers to indicate you have transferred the money.
You get to receive SMS you have sent money to this recipient number to a bank account, and equally the recipient receives an SMS after receiving the money into his or her ewallet account.
The requirement to send or receive money is either a Mobile phone number or bank account.
The money can be withdrawn from FNB ATM or bank. FNB ewallet services are available for both customers and non-customers.
However, the FNB ewallet extra services are meant for those who have an account with FNB South Africa or FNB customers.
There are no actual subscription fees to use the service, but there are charges incurred when using FNB South Africa eWallet services, and it depends on the amount of money you are transferring.
That is how FNB eWallet works.