The Nedbank eWallet is called Send iMali.
It's a method of sending money from your Nedbank account to a cellphone number. It's very efficient when you want to send money urgently to people who don't have a Nedbank account.
The best part?
It can be the most cost-effective way of sending quick cash to loved ones across South Africa.
Let's dive right in.
How to Send Cash
The Nedbank eWallet or Send iMali allows you to transfer money to a loved one's cellphone number.
iMali is a Zulu word that means money - Send 'Money'.
The maximum amount you can send R2,500.00 per day with Send iMali. And it'll only cost you R8.50 for sending any amount less than R1,000.00 and R14.00 for anything higher.
Your loved ones will get the money instantly and can withdraw immediately.
And the most interesting feature about the Nedbank eWallet is the period they allow a recipient to collect the money.
The recipient will have 48 hours to withdraw the money, for security reasons and if not, it'll be reversed bank into the sender's bank account.
How to Withdraw Cash
Once you've successfully processed the ewallet payment, the recipient will receive a notification with the details of the transaction.
And to collect your money, the first step is to dial *120*001# from your phone and follow these instructions:
At the ATM, select the option "Nedbank Send-iMali" and enter details as per the instructions.
Then select the option "Withdrawal Money" and choose the transaction you'd like to collect.
You'll receive a pin via SMS, that'll be available to use within two (2) hours from the time it was generated.
Now proceed to the Nedbank ATM and get your money.
# How to Reverse the Nedbank eWallet Payment?
Well, unfortunately, the bank cannot reverse or correct a payment made by Send iMali system to the wrong cellphone number.
It's in their terms and conditions.
The only way your money can be reversed is when the recipient doesn't withdraw cash and it has expired within 48 hours.
So always triple-check the cellphone number of the recipient before sending.
To avoid this unfortunate error, the best solution is to always use the Nedbank mobile app to send e-wallets because you'll have access to your contact list.
That way, you don't manually enter the cellphone number but rather select from your contact list in the device, which you engage with daily.