Frequently asked questions

About

Money247 is a company that provides a free, safe and bank independent wallet to store money and enabling income creation. At the same time, Money247 also provides mobile facilities and a business portal to spend, send, receive and track money. Money247 presents the first regulated alternative to payment services offered by the banks today.

No, Money247 is not a bank. Money247 is is provided by a regulated Financial Service Provider and the payment services is provided by a registered Payment Service Provider.

Money247 services are available to any South African citizen or passport holder (over the age 18) with a valid identity document as well as registered businesses and organizations.

The Money247 app manager can be used to pay any other Money247 app user, any retails store that uses QR scan payments like Zapper, Masterpass, snapscan and Chips. You can also create a payment code using your Money247 app to pay at selected merchants that accepts wiCode mobile payments like: Nando’s. Burgerking, Mugg & Bean, Checkers, Shoprite, Dis-Chem, Steers and Hungry Lion.

Sending from one Money247 wallet to another Money247 wallet is real-time, therefor the recipient will receive their money instantly. If the transaction does not appear immediately in the transaction history or the balance is not updated, swipe down on the screen to refresh the information.

Prepaid Cards are now turning to ‘the thing of the past’. Our aim is to move away from the old banking system. But if you wish to have our optional prepaid card connected, we offer this at a minimal price for our customers convenience. Please contact our customer service center on our website contact form to make a request for this service.

Yes. Some services utilizing third parties can have restricted hours of service. As far as possible your Money247 app does provide warning of such instances.

No. You need access to a Wi-Fi connection or must have mobile data available to use the app.

Sign up & Registration

You need to be 18 years or older and have a valid South African identity number or a valid passport holder. You will need a smartphone to install and use our Money247 app

Money247 app can be installed on Apple Iphone with IOS version 8 or higher and Android smartphones with Android version 4.4 (KitKat0 or higher

The Money247 mobile app is available on the South African app stores of Google and Apple. Search your specific phones app store for the Money247 app and install from there.

In order to comply with the Financial Intelligence Centre Act (Act No. 38 of 2001) and subsequent amendments (FICA), the Financial Service Provider providing the value store account, is compelled by law to keep up to date identity records of each client holding an account. Similarly, the Money247 service has to ensure that all transactions comply with the anti-money laundering and counter-terrorism regulations.

Transacting

  1. Transferring from your existing bank account. Please see our user manual.
  2. Buying cash vouchers at a participating store
  3. Transfer cash at participating stores using your unique Pay@ QR code. Please see user manual
  4. Get paid by an employer or any friend via EFT, please contact support for assistance
  5. Get paid by any other Money247 app user with instant wallet to wallet transfers
  6. Receive money in your wallet from a friend in exchange for cash

Yes. By utilizing the Money247 ‘Funds In’ function, you can instantaneously withdraw money from your bank account and transfer the equivalent value into your Money247 account. Bank and processing charges apply.

Yes. By using the ‘Funds Out’ function, you can transfer money from your Money247 account to any chosen beneficiary that was pre-setup under your profile. Bank and processing charges apply.

There are various payment options:

  1.  Send money from your Money247 wallet to wallet
    1.1 Send cash to your linked contact
    1.2 Send cash to any contact from your phone. If your contact is not a Money247 user, the app will notify you and give you the option to invite this contact.
    1.3 Make a payment to a company that has sent you a payment request via their Money247 app, simply scan their QR code they sent to you.
  2.  Send cash vouchers via Nedbank E-wallet and or SMS
  3. EFT to any beneficiary added to your profile
  4. At any retailers that display a Masterpass, zapper Logo, you will be able to use your mobile scan payment via your Money247 app. Please see our user manual for assistance
  5. Swipe your Money247 prepaid card at any store.

No. Once you have authorized a transaction it is final and cannot be cancelled or reversed. This also applies to our prepaid services.

If you need money from another Money247 user, you can create a payment request by clicking on the request tab. This will give you the opportunity to fill in the amount that you require from the payer and reference to remind you what the payment was for, in the ‘my reference’ field.

Yes, this facility is available at Nedbank that offers cardless withdrawals which have a daily withdrawal limit of up to R5,000 per day. Bank charges apply.

  1. At any Nedbank ATM use the withdrawal from ATM function by navigating to your Funds In/Out tab and clicking on Funds out. Your Money247 app generates a code that you can enter into a Nedbank ATM that offers cardless withdrawals. Bank charges apply.
  2. At any participating retail stores, by buying a voucher

You can buy mobile prepaid products and services without transaction fees within your Money247 app. You will find the prepaid bundles on the main screen after you log in.

Yes. The history button provides your history of transactions, including details of each transaction. You can search and sort your transactions as well.

Your balance is displayed as ‘current balance’ at the top of most your screens. Your balance will be hidden at the app startup for your security, to view the balance, simply click on current balance to open your balance and click again to hide your balance.

Linking to another Money247 user makes it quick to select the person you want to pay. Another reason is that you can setup categories and references for future payments, so that the app will automatically populate the fields that were previously setup.

To link to another user, you can either ask them to show you their unique QR code (My ID) which can be found under your dropdown menu, or after receiving a payment from an unlinked Money247 user, you will be asked if you would like to link to the payer.

Fees & Limits

Money247 is a free wallet account that you can transact on a monthly basis with no subscription fees, service fees or annual charges. 
We offer an optional membership at a small monthly charge with great value for money. 
Bank transactional charges apply

Free of charge on Google Play Store and Apple Store.

A minimum fee will be charged to transact. For more information on transactional charges please contact support.

Yes. Transaction limits are imposed and enforced based on the FICA status level of each individual user. The FICA status determined by the quality and quantity of verifiable documentation that the user can provide. The different levels, documentation requirements and transaction limits are provided on our Compliance  terms.

Businesses wishing to register, are taken through a separate online process that collects the necessary documentation based on the business entity’s legal structure.

Yes. You can set your own limit on the total daily spend. The default limit is R1,000 per day. You can find the setting in the dropdown menu under My Profile/ My limits. To implement the change to your daily limit, you will need to authorize the change with your Pin.

Yes. You can set an amount under which a PIN or fingerprint must be provided. You will find this setting in the dropdown menu under my profile / my limits. By increasing or decreasing the Secure pay limit value you set a new amount above which the app will require your PIN to authorize the amount. 

Yes. If you want to pay and walk (much like NFC payments with cards) you can specify an Express limit – any payment below the Express limit will not require any further action from you and will be processed. With an express payment you will not have the chance to view the transaction details or fees etc. You can set your express limit by selecting my profile in the dropdown menu, then my limits and the you can change the express amount. In order to implement this change, you need to authorize it by providing your PIN or using your fingerprint.

Safety & Security

Yes. We thrive to deliver the utmost secure wallet for you to feel comfortable and secure using Money247 app.

Yes. Money247 app is safe to use on multiple levels. Apart from the security mechanism implemented on a technical level, both from a mobile and the back-end system, the user can also use several other ways to enhance the security levels, including device locking mechanism. The Money247 app requires your password to sign in as well as requesting you to key in your PIN to authorize transactions before they are actioned. This prevents anyone who gains unauthorized access to your phone, and obtains your password in some or other way. From transacting or effecting any changes to settings, your PIN will be required to authorize payments or changes to your settings. If you have touch ID enabled device, you can use fingerprint instead of your PIN to authorize.

Money247 provides multiple layers of security to ensure your money is safe. Therefor never give your PIN to anyone.

No. The Money247 app does not allow any transactions not authorized by you at any time of transaction.

If your phone supports fingerprint recognition, you can activate your biometrics under security settings in the dropdown menu. Simply check the box and register your finger print on the Money247 app.

General Help

Don’t worry, your money is safe. Once you have purchased a new mobile simply just download the Money247 app again and login with your credentials.
However, we do advise that when you upgrade to a new smartphone that you uninstall the Money247 app on your old device for safety and security reasons.

You can change your contact details like your mobile number in the contact details under my profile. Failing to do this may result in your cash being paid out to your old number which may be linked to another Money247 user.

No. You can only register for one app in your name.

Yes. You can login by using another person’s Money247 app. Remember to logout when you have finished.

For support you can apply online or email us, you can find our contact details on our contact page.

The release number of the software you are using is provided in the dropdown menu under app information.

The terms and conditions can be found under your dropdown menu.

You can reset your password by clicking on ‘Forgot Details’ at the login screen. You will then be asked to provide your mobile number or email address.
You can also change your password or PIN under security settings of your profile, accessible from the dropdown menu.

By going to your transaction history, using the history button. You can search the transaction and open the details by clicking on the payment. The details of the transaction provide proof of payment. The system automatically generates a unique reference number for a transaction.

The pay point operator can manually enter the 7-digit payment code that is displayed underneath the QR code in your Money247 app.

Yes. You can find your photo under the dropdown menu under my profile. By clicking on update photo.

Click on the menu and select my profile.

Client the menu, select my profile, select contact details. By changing these details, a OTP will be sent to your mobile number or email address.

Go to menu, select my profile and click on contacts. By changing these details, a OTP will be sent to your mobile number or email address.

There are two ways you can do this.
1. Open your dropdown menu and click on invite
2. On your referrer commission screen at the bottom.
Send this link via any platform provided through the app.