What types of beneficiaries can I transfer ZAR to?
You can send ZAR payments to individual and business accounts in South Africa.
Payment Types
ZAR transfers are sent via local transfer.
Name Checks
Name verification is required for ZAR transfers.
Is there a limit on the amount I can send?
Transfer Limit: ZAR 196,000 per transfer
How long does it take for the funds to reach the beneficiary?
Cut-off Times: 3:20 PM, 5:20 PM, 6:15 PM, and 9:50 PM SGT (Singapore Time)
Delivery Estimate: Typically up to 1 business day after currency conversion is completed
Notes:
Currency conversion can take up to 2 business days from the time your transfer is approved.
No payouts are processed during weekends or South Africa public holidays.
Transfers submitted after the cut-off times will be processed at the next available window.
What will the sender's name be reflected as?
Your business name will be displayed as the sender on the recipient's bank statement.
What information should I include when sending ZAR transfers?
Recipient and Transfer Details
When initiating the transfer in the Aspire app, Admin and Finance Users will be asked to provide:
Full recipient or business name:
Up to 100 characters
Latin alphabet only
Date of birth
Account number: 7–11 digits
Phone number: Prefix 0 or +27, followed by 10 digits
Email address
Reference:
Up to 18 characters
Latin alphabet only
Mandate form requirement
As required by the South African Reserve Bank, every sender-recipient pair must complete a mandate form once per calendar year when a payment is initiated.
The recipient will receive an email from our payout partner with a link to complete the form. They have 7 days to submit it. If the form is not completed within this period, the payment will be returned to your Aspire account.
Traces and Recalls
Traces: Trace requests are supported. You will need to provide the recipient's bank statement to initiate a trace request.
Recalls: Recall requests are supported with valid reasons.
To request a trace or recall, contact Aspire Support Team via the Aspire app.
Bounceback
If your transfer is rejected by the recipient's bank, the funds will be returned to your Aspire account. The timeline varies depending on the recipient's bank processing time.
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.