Absa Online

 

Making payments is even easier with Absa Online


We like to make sure that you never have to pay a cent more than you have to, a day later than you have to – which is why we have sophisticated online payment options that allow you to bank the way you want to.


Making payments is a stressful process – get one digit wrong, and you could be transferring your hard-earned cash to the wrong person. Which is why, with Absa Online, payments have been made as easy and as stress-free as possible. 

What do you need to know about beneficiaries?
  • On Absa Online, you can link, manage and view the payment histories of up to 999 beneficiaries
  • To ensure that you don’t send money to the wrong person – always check your beneficiary details before transferring money
  • You can create your own permanent beneficiary list online (using their bank account number, branch code and account type) – allowing you to go back and pay them quickly and easily without having to re-add their details
What type of payments can you make?
  • Pre-listed beneficiary payments are payments to third parties which can be selected from the Absa beneficiary master list. This includes Telkom, SARS, your local municipality and even some of those Metro guys who gave you a traffic fine
  • Once-off payments are payments to beneficiaries that will not form part of your permanent list of beneficiaries, as you only make a payment to them once
  • Future dated payments are payments to beneficiaries on your list that will occur at a date in the future. You can schedule transactions for up to 12 months in advance
  • The multiple payments function allows you to select up to 20 beneficiaries at a time and make payments to all of them before you move on to your next transaction
  • Group payments allow you create and store your own groups of beneficiaries for future use with multiple payments
  • Immediate Interbank Payments (IIP) will make immediate payments to accounts held at other financial institutions possible and beneficiaries will, as a result, have immediate access to the funds transferred. Once you have instructed the bank to transfer the funds and make use of IIP, the transaction cannot be revoked, set aside or cancelled, as payment takes place immediately. We can change the terms of IIP and delay immediate access of funds to beneficiaries if we deem it necessary to implement measures to combat fraud.
  • With inter-account transfers you can transfer funds from one account to another in your own portfolio; this will not affect your monthly payment limit as it has a separate limit
  • You can purchase PrePaid airtime online for Cell C, MTN, Virgin Mobile, 8ta and Vodacom. The amount is automatically loaded on to your phone; but with Telkom airtime, you will need to load the voucher onto your phone
  • A recurring payment allows you to make repetitive payments of equal amounts to third parties. These third parties must bank at a financial institution registered within South Africa. Once you have loaded the details, you do not have to action each payment. The system will automatically trigger the payment at your requested frequency until the end date or until cancelled
  • CashSend for individuals allows you to make payments to beneficiaries who do not own bank accounts, you provide them with a code they simply have to enter at an Absa ATM to withdraw the money
  • Send money overseas quickly and effortlessly with Western Union
What is a Notice of Payment?
  • A Notice of Payment is generated to inform you (or the person you are paying) that a specific payment has been made using Absa Online. The information of the beneficiary is captured either when the beneficiary is created or when the payment is made. The proof of payment can be sent to the beneficiary via SMS, e-mail or fax
  • If you send a Notice of Payment via fax, e-mail or SMS, there are charges that apply
  • Separate charges apply for NotifyMe and they do not form part of your Absa Online Fees
What is a payment limit?
  • Absa Online payment limits apply to inter-account transfers, payments and stop-orders. These form an important part of your internet banking security and can potentially stop a phisher from transferring very large volumes of money from your account
  • When limits are set you will only be able to transfer money and make payments within these limits. They are daily limits and start from scratch every day
  • The limit values you set-up are entirely up to you. You can reset them at any time. Increase them to make one transaction and, for you own security, lower them the very next
  • A payment limit is set independently from your account balance. You still need to have the money available to make payments
  • When you initially register, your daily payment limits will not be set up and you will only to perform basic enquiries using Absa Online. You will need to visit a branch to set up these payment limits
  • Once payment limits are set up you can maintain them under “Profile”
  • The cut-off time for Immediate Interbank Payments (IIPs) to the value of R5 million per transaction is 14:45 for the 1st, 2nd and once-off payments. Thereafter the limit changes to R25 000 per transaction. If this IIP is the 3rd payment onwards to a specific beneficiary, the cut-off time will be 16:00 for transactions valued up to R5 million and thereafter it will be R25 000 per transaction.
How to stop a payment
  • You can stop a cheque or debit order payment online and view and manage all stopped payments
  • When a debit order is stopped on Absa Online, the debit order will still be debited from your account and returned 3 to 4 days later. This happens because the debit order is submitted by an external company e.g. an insurance house or service provider on a day agreed by you and them. The transaction information is not held by Absa

 

What are the lead times for payments?

Absa Online utilises Electronic Funds Transfer (EFT) and cut-off times are governed by Interbank Clearing Rules.

  • Internal transactions made from one Absa account to another will be credited immediately
  • Immediate Interbank Payments will make immediate payments to accounts held at other financial institutions possible. Immediate access of funds to beneficiaries might be delayed if it is deemed necessary to implement measures to combat fraud.
  • On a Sunday or Public Holiday all transactions to external bank accounts will be credited the following business day
  • During the week and Saturdays payments to external bank accounts will follow these guidelines:
  Expected delivery at the other bank
Payment Type Value Weekdays Saturday  
Normal payment < R5 million Before 15:30 Before 10:45 End of same business day
< R5 million After 15:30 After 10:45 End of following business day
< R5 million Before 14:00 Before 9:30 End of same business day
< R5 million After 14:00 After 9:30 End of following business day
Immediate Interbank Payment <R5 million
(per transaction)
Before 14:45 Before 09:30 Immediately subject to an hour’s delay for 1st and 2nd payments made to new beneficiaries/once-off payments
<R25 000
(per transaction)
After 14:45 After 09:30 Immediately subject to an hour’s delay for 1st and 2nd payments made to new beneficiaries/once-off payments

 

Immediate Interbank Payment (IIP) Limits

IIP will make immediate payments to accounts held at other financial institutions possible. Beneficiaries will, as a result, have immediate access to the funds transferred.

Weekdays:
Transaction value Time When at receiving bank
Immediate and daily interbank payments of less than R5 million (five million rand) Can be performed on weekdays from 08:00 to 14:45 The funds will reach the receiving bank immediately and will be credited to the recipient’s account according to the receiving bank’s internal process
Immediate access of funds is subject to an hour’s delay for1st and 2nd payments to new beneficiaries/once-off payments
Immediate and after-hours interbank Payments of less than R25 000 (twenty five thousand rand) Can be performed after hours from 14:45 to 08:00 The funds will reach the receiving bank immediately and will be credited to the recipient’s account according to the receiving bank’s internal process
Immediate access to funds is subject to an hour’s delay for1st and 2nd payments to new beneficiaries/once-off payments
Saturdays, Sundays and public holidays:
Transaction value Time When at receiving bank
Immediate and after-hours interbank Payments of less than R25 000 (twenty five thousand rand)
Saturdays, Sundays and public holidays
Can be performed on Saturdays, Sundays and public holidays from 14:45 on Fridays to 08:00 on Mondays and public holidays The funds will reach the receiving bank immediately and will be credited to the recipient’s account according to the receiving bank’s internal process
Immediate access to funds is subject to an hour’s delay for 1st and 2nd payments to new beneficiaries/once-off payments


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