How to Transfer Money in Discovery Bank

In today’s digital era, mobile banking has changed the way South Africans handle money. Discovery Bank, known as the world’s first behavioral bank, makes it easy for customers to save, transact, and invest using cutting-edge digital tools. One of the most essential banking services is money transfers, whether you’re sending funds to family, paying bills, or moving money between your own accounts.

This comprehensive guide will explain how to transfer money in Discovery Bank, covering mobile banking, online banking, debit card transfers, EFTs, and international payments. We’ll also answer frequently asked questions and provide expert tips to ensure your transfers are safe, fast, and cost-effective.

Quick Overview of Discovery Bank Transfers

Before we dive deep, here’s what you need to know at a glance:

• Transfer methods: Discovery Bank App, online banking, debit card payments, EFT, PayShap (instant payments).
• Supported transfers: Between Discovery Bank accounts, to other South African banks, international transfers, and bill payments.
• Costs: Local transfers are often free, while international transactions may involve fees and currency conversion rates.
• Speed: Instant transfers available via PayShap or to Discovery accounts; EFTs may take 1–2 business days depending on the receiving bank.

Why Choose Discovery Bank for Transfers?

Discovery Bank isn’t just a traditional bank—it’s a digital-first bank designed for mobile users. Here’s why many South Africans prefer it:

1. Convenience: Fully app-based, no need to visit physical branches.
2. Low or no fees: Many local transfers are free.
3. Instant payments: Using PayShap and Discovery-to-Discovery transfers.
4. Security: Biometric logins, two-factor authentication (2FA), and fraud monitoring.
5. Global payments: Options for international transactions.

How to Transfer Money in Discovery Bank Using the Mobile App

The Discovery Bank App is the most popular method for transferring money. Follow these steps:

Step 1: Log into the App

• Open the Discovery Bank App.
• Log in using your PIN, fingerprint, or Face ID.

Step 2: Navigate to Transfers

• On the dashboard, tap “Transact”.
• Select “Payments & Transfers.”

Step 3: Choose Transfer Type

• Between your accounts (savings, credit, or transactional).
• To another Discovery Bank customer (instant and free).
• To another South African bank (EFT or PayShap).
• To an international bank account (requires SWIFT details).

Step 4: Enter Details

• Recipient’s name and account number.
• Select the bank (for EFTs).
• For PayShap: use the recipient’s cellphone number.
• Enter the amount and payment reference.

Step 5: Confirm and Authenticate

• Review transaction details.
• Confirm using two-factor authentication (OTP or app approval).
• Receive confirmation instantly.

How to Transfer Money Using Discovery Bank Online

While Discovery Bank is app-first, you can also use the online banking portal:

1. Visit Discovery Bank Online.
2. Log in with your internet banking credentials.
3. Select “Transact” → “Payments & Transfers.”
4. Follow similar steps as the app: enter recipient details, amount, and confirm.

Online banking is especially useful for business payments and large transfers.

How to Transfer Money via Debit Card Payments

You can also transfer funds indirectly using your Discovery Bank debit or credit card:

• Tap & Pay: Transfer money when paying bills or shopping.
• ATM Transfers: Some ATMs allow transfers to accounts.
• Virtual Card Payments: Generate a virtual card in the app for secure payments online.

EFT Transfers in Discovery Bank

Electronic Funds Transfers (EFTs) remain a popular option. Here’s how they work:

1. Open your Discovery App or Online Banking.
2. Select “Pay/EFT Transfer.”
3. Enter the recipient’s bank details.
4. Confirm payment.
5. Processing time: Immediate if using PayShap, otherwise 1–2 days.

International Money Transfers in Discovery Bank

Discovery Bank allows you to transfer money overseas.

Requirements:

• Recipient’s SWIFT/BIC code.
• Their international account number (IBAN).
• Purpose of payment (e.g., education, travel, family support).

Steps:

1. Open the Discovery App → Transact.
2. Select International Payment.
3. Enter details and amount.
4. Review currency conversion rates and fees.
5. Authenticate and confirm.

Security Features for Money Transfers

Discovery Bank ensures every transfer is safe with:

• Biometric login (fingerprint/Face ID).
• Two-factor authentication (OTP or app approval).
• Encryption for all transactions.
• Fraud monitoring & alerts.

Fees for Transfers in Discovery Bank

While Discovery Bank is known for low-cost banking, here’s what to expect:

• Discovery-to-Discovery transfers: Free & instant.
• PayShap transfers: Free or minimal fee (depending on amount).
• EFTs: Generally free, but some banks may charge receiving fees.
• International transfers: Subject to foreign exchange and SWIFT fees.

Always check the Discovery Bank Fee Guide for updated charges.

Tips for Faster and Cheaper Transfers

1. Use PayShap for instant payments across banks.
2. Prefer Discovery-to-Discovery transfers for free services.
3. For recurring payments, set up debit orders or scheduled transfers.
4. Always double-check details to avoid failed transactions.

FAQs About Discovery Bank Money Transfers

1. Can I transfer money without the app?

Yes, via online banking or ATM transfers.

2. How long do EFTs take?

• Discovery-to-Discovery: Instant.
• To other banks: 1–2 business days (unless PayShap is used).

3. What is PayShap in Discovery Bank?

It’s a real-time payment system allowing transfers using a cellphone number instead of an account number.

4. Can I send money internationally?

Yes, but you’ll need SWIFT details and fees may apply.

5. Are there transfer limits?

Yes, depending on your account type. Limits can be adjusted in the app.

Transferring money in Discovery Bank is simple, fast, and secure thanks to its digital-first design. Whether you’re sending funds locally, paying bills, or transferring money internationally, the Discovery Bank App and online platform give you complete control over your finances.

By leveraging PayShap, EFTs, and app-based transfers, Discovery Bank customers enjoy low fees, instant transactions, and maximum security.

If you’re looking for a modern banking experience in South Africa, Discovery Bank offers one of the best solutions for hassle-free money transfers.