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Banking & Finance news

New money transfer system from Pick n Pay

24 Dec 2010 09:06
Late last week, Pick n Pay launched its Money Transfer Solution (MTS), which enables shoppers countrywide to seamlessly transfer money to and from any Pick n Pay and Boxer store around the country. The service is reportedly offered at the cheapest flat rate for transfers of this nature in the country.
New money transfer system from Pick n PaySaid Lyndsay Webster-Rozon, Pick n Pay's general manager of E-tailing, "While the concept of money transfers may not be new for South Africans, we are offering the service at R8.50 per transfer, no matter what the amount. Also time-strapped consumers will be able to save valuable time as they can do a safe and secure transfer in a matter of minutes while doing their grocery shopping.

"The system allows for the secure transfer of cash between two individuals, both of whom must be in possession of a valid South African identity document, without the need of a bank account. The funds are instantly available, which means that once the money is transferred from any store, it will immediately be available for withdrawal by the recipient at his or her chosen group store.

"A daily limit of R5 000 can be transferred, with a rolling 30-day limit of R25 000. While money can remain in the system for any length of time before being withdrawn, it does not accrue interest and at the time of drawing, the full amount must be drawn.

"While this is a handy service all year round, it is particularly helpful at this time of year when people may want to send money to loved ones in other parts of the country without the hassle of bank queues and high charges. It also provides the ideal, and most affordable solution for those who may not have a bank account," she concludes.
    
 
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