This is the guide to depositing money into your Discovery Bank account.
Discovery bank is a new bank in South Africa, established in 2019 attracting more users annually. Discovery operates mostly online or digitally with no physical branch or ATM.
As a Discovery Bank account holder, I want to show you how to do cash deposits into your account.
Let’s get started.
Deposit via Supermarkets
Ever heard of the saying, retail banking is the future of banking in South Africa? Well, that means people are more comfortable doing banking at supermarkets than at ATMs.
Discovery Bank is simply a digital bank that offers all banking services online. This means, at this stage, you cannot visit a branch or ATM to perform banking services like other banks but only use the Discovery app.
So Discovery accounts, the bank has partnered with Pick n Pay or Boxer stores to enable customers to make cash deposits into their accounts. Simply tell the cashier at any of the stores you want to deposit cash into your Discovery transaction or credit card account.
It comes at a cost though…
To deposit money at the above-listed stores, it’s going to cost you R19.95 per transaction into your Discovery bank account. You’ll be allowed to deposit a maximum daily amount of R5,000.
Other Methods to Deposit Cash
The most obvious way of depositing money into your Discovery account is by making a payment from other banks.
Yes, I know most people prefer ATM cash deposits but whenever someone wants to send you money, simply ask them to make a payment instead of a deposit.
How to Withdraw Money
In my experience, I have used pretty much any nearby ATM that offers Visa services to withdraw cash from my Discovery Bank account.
You’ll get 4 free withdrawals per month and R5+2.25% afterwards, so bank smart.
Otherwise, you can simply withdraw at any of the listed supermarkets across South Africa.
How to Open the Discovery Account
This section is for people who’d want to join the Discovery Bank but don’t know where to start. As indicated, Discovery Bank is a digital bank with currently no physical branch to visit for further assistance.
Here are the simple steps I took to open my Discovery Bank account:
- Download the Discover Bank app.
- Register and create your user account with your details.
- The app will then verify your details against the Home Affairs data after you take a selfie of your full face.
- Choose the product you want to apply for by answering a few employment questions.
- Complete your registration and schedule your card delivery via their courier.
- Once received, scan the letter to activate the account and start banking in a few days.
Alternatively, call 0860 000 628 to sign up in minutes.