How to Reverse eWallet

Arguably, sending and receiving money in South Africa is easier than it has ever been. Today, you can send and receive money at the comfort of your home with a touch of a screen. You can also do it on transit or while enjoying a good time with friends. But what happens when you make an erroneous transaction and you need to reverse your transaction? This guide will show you how to reverse ewallet transactions.

All these is made possible by technology and an increasing uptake of digital financial products. FNB eWallet is one of these digital financial products in South Africa. This eWallet allows registered users to complete banking transactions from their phone and other internet enabled devices. It has a simple user interface and exciting graphics that makes it easy for anyone to use. Users particularly love it for its convenience, ease of use and ready access to their bank account.

Reversing an eWallet transaction on the FNB app is as important a function in the app as sending or completing payment. It allows users to recover money sent to the wrong address. Typically, an erroneous transaction might occur if a user keys in the wrong mobile number or bank account number when sending money. Given that money sent through the FNB e-Wallet can be received and used instantly, it is important for you to know how to reverse a transaction immediately you realize it is erroneous. So, how do you reverse e-Wallet transaction on FNB app?

How to reverse an eWallet on FNB App

Discovering you made a wrong transaction on your e-Wallet can be distressing. Users often panic when they realize they have made a wrong transaction. Amid this stress, you are likely to make more mistakes instead of saving the situation. Therefore, when you realize you have sent money to the wrong address, you have to control your emotions and keep calm.

Follow these steps to reverse your ewallet and send money back to your account:

1. On your phone dial pad, press *120*321#
2. A new page will appear on your screen. Select option 4, dubbed “Send Money”
3. A new set of instructions will appear on your screen. Choose option 5, called “eWallet Reversal”
4. A list of transactions will appear on your screen. Choose the specific transaction your need to reverse

You can also contact the FNB Contact Center during opening hours to stop your already complete transaction. To contact the FNB call centre:

• 0875750362 – for questions on how to reverse eWallet transaction on FNB app 
• 0875750362 – for questions on FNB eWallet online reversals
• 0875759405 – for questions on FNB eWallet reversal on cellphone banking transactions

If none of these options is appealing enough, you can choose a third option to get your issue resolved. This is contacting the FNB complaints resolution desk through:

• Telephone: 0875759408
• Email: care@fnb.co.za

If you send an email to the complaints resolution desk, you need to explain your issue exhaustively and provide all the relevant details for your issue to be resolved quickly. However, you are more likely to get attended to quickly when you call the complaints resolution desk.

Essential Details on e-Wallet FNB Reversal

In case you send money to the wrong address through the FNB eWallet, you have to place a reversal request by calling the company’s team. After that, the reversal process is initiated and the money reverted from a recipient account might get to the sender’s account after a maximum of 4 business days if the registered recipient number works. However, the money from the reversed transaction can reach the sender’s account after a maximum of fifteen business days if the ‘wrong’ recipient does not answer their phone or the phone number isn’t working.

The FNB e-Wallet reversal transaction comes at a cost. Typically, it will cost you a R50 fee to return the money into your account. While this option is available, FNB does not guarantee safety of reversal. Therefore, it is recommended that you check all the details before you send money to your intended recipient. Here is a quick recap of what you need to do to ensure you conduct a successful eWallet FNB transaction on your app:

• Select your preferred option i.e ATM, mobile banking, online banking, mobile app, to transact an e-Wallet transaction. In this case, we will use the mobile app.
• Choose the send money option and click e-Wallet
• Key in your recipient’s mobile number and double-check to ensure it is correct
• Chose whether or not the app should provide your recipient with a PIN
• Key in the amount of money you would wish to transfer to your recipient
• Finally, you should confirm the transaction and send

After completing the transaction, the recipient will receive a message prompt informing them money has been deposited to their account. To withdraw, the recipient will need to go to any ATM machine close to them. After which, you need to follow these steps:

• Choose FNB cardless service on the ATM’s screen
• Options will appear for you to select. Press on the e-Wallet services
• Key in your mobile number then click on the “Proceed” button
• Key in the ATM PIN sent to you in the prompt message during the money transfer transaction. Key in the amount you would like to withdraw
• Take the money withdrawn and double-check to ensure your transaction is completed. You can, as well, press the “Cancel” button on the ATM before departing from the machine
• In the event you do not need to withdraw the amount received, you can buy air time, services, goods or pay your utilities using your FNB e-Wallet

Benefits of Using eWallet on FNB App 

Many benefits come with using the FNB eWallet. They include;

1. FNB customers can use eWallet to manage their everyday spending by sending money between themselves or paying merchants electronically at no charge, regardless of how much they transfer each time. 
2. Customers can also monitor their spending easily through online banking and set limits to ensure their account remains within their predetermined limits.
3. Merchants that use the FNB eWallet can also benefit from automated notifications, which keep them up to date on how much money they have made. The FNB e-Wallet is an easy and safe way for merchants to receive payments, and customers love the ease of using it as well. Using the FNB e-Wallet is an easy way for customers to manage their money, and there are no fees involved.
4. FNB e-Wallet is secure and operates on the user’s mobile phone number only it does not require an internet connection 
5. Money transferred via eWallet can get used immediately, unlike transferring funds directly into a bank account which might take up five days.
6. Another great benefit of using this app is that customers save on fees! Banks usually charge around 10c for every transaction under R250. You will never have to worry about these fees again because there are none.
7. You can send money instantly regardless of geographic location or time zone. You can also create a group and send money to all your friends in that group at once.
8. Another advantage is that you don’t have to visit an ATM each time you need cash. This way, not only do you save a lot of time, but you also save on transport costs, since most ATMs charge fees for withdrawals. 
9. With this e-wallet, there are no hidden charges as it follows the simple rule’ what I pay – I keep.’ 
10. You can also use this e-wallet as a backup account if you run out of money from your bank account.
11. The E-Wallet is very secure, and one cannot make a transaction unless they have access to their FNB App or a registered fingerprint on the device they are using.
12. It is straightforward to create an account if you already have an FNB Account Number. But first, make sure you download the app from Google Play Store & Apple Store today.

Cons of Using eWallet on FNB App

There are disadvantages of using the FNB eWallet in 2021. They include;

1. One has to be at least 18 years of age before registering for the wallet. This means that people under 18 cannot use this wallet unless they are with an adult or guardian who is over 18-years-old.
2. Once the user registers their banking details with the FNB eWallet 2021 service, they cannot access it. This is because its primary purpose is for quick and easy payments without carrying cash all the time.
3. Some users like using more prominent denominations when paying for goods or services that cost over R200, even if it means carrying extensive bulky notes in their wallets. But with this e-Wallet system, there is a maximum limit of R500 that one can load into the wallet. This means that if someone were to buy a particular item costing R1500, they would have to remove money from the wallet until it reaches a balance below the R500 limit before making their payment.
4. There is no option for users to set up automatic payments from their bank account or EFT facilities. This is because they limit it to only those people who use cards as their primary means of payment. Most times, people carry cash and cards. Even though it says “e-Wallet,” you cannot directly use this facility with money and will always require a card linked to an EFTPOS terminal for payments to go through successfully.
5. The security system of this e-Wallet 2021 is not very secure. This is because it has experienced hacking by people who have used fake bank cards that got loaded into that account without permission from the user or FNB.

FNB eWallet Reversal FAQs

Here are some of the frequently asked questions about FNB eWallet:

While it is easy and convenient for you to send and receive money through FNB e-Wallet, it is prudent for you to ensure you make the right transaction from the on-set. Always double-check your recipient’s address and the amount to send before clicking the send button. This will not only save you from sending money to the wrong address, but also spare you the hassle associated with pulling an e-Wallet reversal in your FNB app. Even so, when you need to reverse your transaction, use this guide to complete your reversal transaction unhindered.

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