Introduction:

FNB’s eWallet service is a popular way to send money instantly to anyone with a South African cellphone number. Whether you’re using it for personal transfers or business purposes, understanding how long the money stays in the eWallet and what happens if it isn’t collected is crucial. This guide provides detailed information on the duration funds remain in an FNB eWallet, ensuring you can manage your transactions effectively and avoid potential issues.

How Long Does Money Stay in an FNB eWallet?

1. Standard Duration:

• Money Availability: Once you send money to an eWallet, the recipient has up to 15 days to withdraw the funds. During this period, the money remains in the eWallet and can be accessed anytime.

2. Notification to Recipient:

• SMS Notification: The recipient will receive an SMS notification with instructions on how to withdraw the money from the eWallet. This includes a temporary PIN needed for the withdrawal.

3. Uncollected Funds:

• Automatic Reversal: If the recipient does not withdraw the money within the 15-day period, the funds are automatically reversed and credited back to the sender’s account. This ensures that your money is not lost if the recipient fails to collect it.
• Notification: Both the sender and recipient will receive notifications regarding the reversal, ensuring transparency and awareness of the transaction status.

4. Managing Expired eWallet Transactions:

• Resending Funds: If the funds are returned to your account due to non-collection, you can resend the money if needed. Simply initiate a new eWallet transaction through the FNB app or online banking.

Benefits of Using FNB eWallet:

1. Convenience:

• Instant Transfers: Money sent via eWallet is available to the recipient immediately, providing a quick and efficient way to transfer funds.
• Accessibility: The recipient does not need a bank account to receive money, making eWallet accessible to a wider audience.

2. Security:

• Secure Transactions: Each transaction is secured with a one-time PIN sent to the recipient, ensuring that only the intended person can withdraw the funds.
• Automatic Reversals: The automatic reversal feature protects the sender’s money if the recipient fails to collect it within the specified period.

Tips for Using FNB eWallet:

1. Ensure Correct Details:

• Double-Check Information: Always verify the recipient’s cellphone number before sending money to avoid sending funds to the wrong person.

2. Communicate with the Recipient:

• Notify Recipient: Inform the recipient about the eWallet transfer and the 15-day collection period to ensure they are aware and can act promptly.

3. Monitor Transactions:

• Track Status: Use the FNB app or online banking to monitor the status of your eWallet transactions and ensure funds are collected on time.

Conclusion: Efficiently Managing Your eWallet Transactions

Understanding how long money stays in an FNB eWallet and what happens if it isn’t collected is key to managing your transactions effectively. By being aware of the 15-day collection period and the automatic reversal process, you can ensure your funds are always secure and accessible. FNB’s eWallet service provides a convenient and secure way to send money, and with the right knowledge, you can make the most of this financial tool.

FAQs:

• What happens if the recipient loses the SMS with the PIN? If the recipient loses the SMS with the PIN, the sender can cancel the transaction and resend the money, generating a new PIN.
• Can I cancel an eWallet transaction? Yes, you can cancel an eWallet transaction before the recipient withdraws the funds. This can be done through the FNB app or online banking.
• Is there a fee for using eWallet? FNB may charge a fee for sending money via eWallet. It’s advisable to check the current fee structure on the FNB website or app.

This guide should help you navigate the ins and outs of FNB eWallet transactions. If you have any more questions or need further assistance, feel free to reach out!